Crested Butte 2014 YTD Real Estate Results “look like 2012” Crested Butte Real Estate Market Report – Year to Date through July 31, 2014 There are lots of visitors in town, but not Real Estate Buyers. Most shops and restaurants are experiencing record Summer numbers, but totals in Real Estate (YTD) show a different story so far in 2014. Year to date through July we see Total Number of Properties Sold down 23%, Total Volume down 29% compared to 2013 and pretty similar to the results YTD in 2012. July was the 2nd best month of the year at nearly $9M, and we are seeing quite a bit of activity on showings and contracts of late – primarily in the lower end of the market. Looking into the future a bit we see 54 Properties Under Contract representing $35M compared with the same time in 2013 we had 50 properties under contract totaling $20M – Totals in Real Estate (YTD) show a different story so far in 2014. Year to date Total Number or Properties Sold is down 22.5% at 141 vs. 182 in 2013, and 149 in 2012, while overall Dollar Volume of Properties sold is down almost 29% at $56M compared to $78.4M in 2013, and $56.3M in 2012.
Crested Butte Luxury Real Estate Market – Properties Sold for $1 Million + Year to Date There have been 11 properties sold for over $1M YTD – 8 of them have been Single Family Homes. The total high-end volume of $11.1M makes up 20% of the overall market volume YTD. Last year through the end of July there were 15 Luxury Single Family homes that Sold for $1M or more representing $25.5M; this is compared with 6 during this same period in 2012. The average sold price for these homes was $1.4M; median price of $1.26M, and Average Price per sq. ft. was $382. There has been 1 luxury condo sold fully furnished. There have also been 2 riverfront home sites sold for $1.5M each – these were riverfront home sites at The Wilder on the Taylor (the Wilder on the Taylor is a 2,100-acre ranch with 5 miles of live water). The story of the year will most probably be the auction of “The Castle” at 130 Whetstone (Hassford Gulch) which was listed for $5.1M and recently went to the highest bidder for $2.425M. Luxury Properties For Sale in the Crested Butte Area There are a total of 145 properties Listed for over $1M, including 92 Single Family Homes for sale with Asking Prices over $1M for a total Volume of $190M. There are a handful of high-end luxury condos and town homes for sale in Mt. Crested Butte at both the ski-in/out West Wall, and The Villas. High-end Land / Riverfront Home sites For Sale – There are 45 vacant parcels ready to build on. Of these the majority are in Mt. Crested Butte in the Prospect Subdivision – offering Ski-in / Ski-out lots. The next large category are developments offering 35 Acre parcels and multiple miles of live water fishing access as well as equestrian amenities – these lots are primarily located in The Reserve on the East River and Wilder on the Taylor (and another riverfront home site under contract at Wilder). There is a new luxury home site listing in East River Ranches that has a unique riverfront home site on the East River with 1.5 Miles of fishing access and located only 4 miles from downtown Crested Butte. Price per Sq. Ft. Averages for Condo & Townhomes Starting to Rise Condos and Townhomes have seen a steady rise in price points in the past four years. Looking back at previous Market Reports for full years in 2012 to 2013 the Average Price per sq. ft. for Condos and Townhomes was $198 and $209 respectively. So the 2014 YTD Average price per sq. ft. of $245 is quite a jump and may be more a factor of the mix of condos & townhomes sold. Single Family (SF) homes – Comparing YTD 2014 results to prior years we see that the price per sq. ft. for Single Family homes has risen and fallen with the homes that have sold – but YTD it is flat with the numbers seen in 2013. Current Price Per Sq. Ft. Averages are at $285 per sq. ft. Looking at the details in the tables you will see these prices per sq. ft. vary based on the area – as example Downtown Crested Butte shows $426, Mt. Crested Butte $260, Skyland $403, and CB South $188 averages per sq. ft. What Real Estate is Selling in the Crested Butte area? Given the inventory and price points of Condos and Townhomes this category represents the most transactions (75), with Single Family homes making up the second largest count (40). As the table shows the Luxury Single Family Homes Sold over $1M represents 20% of the dollar volume in our market (normally about 30%), and Land or Lots represents only11% of the transactions but 18% of the total volume sold YTD.
Single Family (SF) homes – Comparing Year to Date (YTD) results from 2014 to prior years we see that the Median Price for Single Family homes has risen from $520,000 to $591,000 and Average SF Home price has risen declined from $754,000 to $720,000. This may be a result of the sample set – as there were only 40 Single Family Homes Sold in 2014 compared with a larger sample set of 68 in 2013. Prices Firm up, SF homes Priced Closer to the Market — Asking Price to Selling Price for Single Family homes has dropped from 9.9% to 7.3% in the past 3 years. Condos & Townhomes – The activity for Lower end Condos and Town homes is strong. Sales Prices for Condos is flat trend – Median Sales Price currently at $170,000 and Average Sales Price is $234,000. Crested Butte Land Sold – Inventories for finished homes has been dropping over the past few years – but with over 450 Single Family homes, Condos & Townhomes on the market – there are many good choices… The activity in the Land/Lots category is still lagging the previous 2 years. As the table shows there have been 26 parcels Sold YTD compared with 35 in 2013, and 34 in 2012 for the same period. 19 of the lots sold were under $200,000 and 15 of the lots sold were under 1 acre. With over 300 parcels for sale – and high quality architects and builders in the valley – there is the opportunity to find the perfect location with spectacular views to build a mountain dream home. And still some primo lots available in town – including one on “the bench”. Under Contract Of the 54 properties Under Contract, 25 are Condos/Townhomes, 22 are Single Family homes and 7 are lots. At the end of July these 54 properties Under Contract represented a total volume of $35M.
Active Listings There are 782 properties For Sale in our market representing $536M – this is actually up from a year ago when we saw 750 properties for Sale. At the moment it seems there are more properties chasing less Buyers here in the CB Area.
Changes Afoot in Crested Butte – We have a new Chamber Director in Dave Ochs – he is a very organized and energetic guy and will do a great job for the Chamber. Peter & Molly Maxwell have sold Maxwell’s Restaurant to Curtis and Julie Higgins from North Texas and the new owners are promising “Fresh, new changes are coming to Maxwell’s Steakhouse…” Paradise Café is back and is doing great at the corner of Elk Ave & 6th Street next to the Alpineer.
On a bigger stage, the Biery-Witt Center in Mt. Crested Butte has raised over $18M and looking for another $5M to complete their capital campaign, The Center for the Arts has started their Capital Campaign for a new facility, and the owner of the Grubsteak Building (at 3rd & Elk Ave.) will pay nearly $1M in impact fees and obtain permits for a ~500 person music dance hall venue. In a few years Crested Butte will have ample space to host first class varied Performing Arts, Conferences, Incentive Travel Events, Large sit-down weddings, the growing Crested Butte Film Festival, and more. All this will allow for great venues for the newly announced Mountain High Music Festival in Crested Butte – Jan. 15-18, 2015. It may take a few years, but these new facilities are great amenities and all will be “game changers” for Crested Butte and business owners! Click these links:
- To see the Full Crested Butte Real Estate Report – July 2014
- To see the 7 Page .pdf Crested Butte Real Estate Market Report – 2013 in Review.
How can I help you? This Crested Butte Real Estate Market report and the level of detail is representative of what you can expect from me as your Real Estate Agent. If you are interested in finding out what your existing property is worth, or considering me to represent you as a Buyer, I would appreciate the opportunity to earn your business (or that of a friend you think I could help). To see featured properties or search the MLS – visit chriskopf.com. Contact me at: (970) 209-5405, or firstname.lastname@example.org Thanks, Chris Kopf