Crested Butte Real Estate Market Report Q1 2013

Sales Volume numbers represent all Single Family Homes, Condos, Townhomes and Land sales in the North End of the Gunnison Valley, including Almont, CB South, Rural Crested Butte, Crested Butte, Mt. Crested Butte and Rural Mt. Crested Butte as shown in the Gunnison Country Association of Realtors MLS. Information contained herein deemed reliable, but not guaranteed.

CHRIS KOPF PREVIEWS® PROPERTY SPECIALIST COLDWELL BANKER BIGHORN REALTY cell: 970.209.5405 [email protected] www.chriskopf.com

CRESTED BUTTE REAL ESTATE MARKET REPORT 2013 YEAR TO DATE – THROUGH MARCH

PREPARED BY CHRIS KOPF

$10,576,307

$15,423,000 $15,085,478

$25,069,848$27,324,661

2009 2010 2011 2012 2013

23

41 43

5966

2009 2010 2011 2012 2013

Crested Butte Real Estate Market Report – Year to Date through March 31, 2013 Q1 Sales Show Strong Results As the numbers show there has been an increase in activity –Total Number of Properties Sold is up 12% over Q1 2012, and Total $ Volume is up 8%. It is worth noting as well that both metrics show nearly 3X increase over 2009. Looking at each month it also shows consistency with average of $9M per month in steady volume. Year to date Single Family homes made up 65% of the total volume representing $17.8M and 22 transactions with an average sales price of 810,000 and median of $675,000. There were 33 Condos & Townhome transactions YTD and this represented $8M in volume and an average sales price of $243,000 and median sales price of $183,000. The following data will show us that price per sq. ft. is down compared with previous years, and properties that are priced to the market are being recognized by Buyers as a good value - and selling.

2013 YTD Total $ Volume of Properties Sold

2013 YTD Total Number of Properties Sold

Month 2011 2012 2013JAN $4,216,000 $13,923,750 $8,751,700FEB $2,778,078 $4,545,898 $8,671,475MAR $8,091,400 $6,600,200 $9,901,486




PREPARED BY CHRIS KOPF Crested Butte Luxury Real Estate Market - Homes Sold for $1 Million + Previous 12 Months

Mt. CB7

CB3

Rural CB7

Rural Mt. CB2

Area / Type = Category$ Volume of Properties

Sold

% of Total

Count of # Properties

Sold

% of Total

Total All Sales $27,546,500 19Condos & Townhomes $2,300,000 8% 2 11%Single Family Homes $25,246,500 92% 17 89%Mt. Crested Butte $8,725,000 32% 7 37%Mt. CB Single Family Homes $6,425,000 23% 5 26%Crested Butte SF Homes $4,400,000 16% 3 16%Skyland Single Family Homes $1,175,000 4% 1 5%

Totals $1M+ Properties Sold - Previous 12

Months

Total Sold by Category

Average Sold Price

Total Asking Price by Category

Average Asking Price

$ Difference Asking Price vs. Sold Price

% Difference Asking Price

vs. Sold Price

Average Price Per Sq. Foot

Average Size in Sq.

Foot


Sold

Total All Sales $27,546,500 $1,449,816 $31,114,399 $1,637,600 $3,567,899 -11.47% 19Condos & Townhomes $2,300,000 $1,150,000 $2,499,000 $1,249,500 $199,000 -7.96% $420 $2,737 2Single Family Homes $25,246,500 $1,485,088 $28,615,399 $1,683,259 $3,368,899 -11.77% $344 $4,312 17Mt. Crested Butte $8,725,000 $1,246,429 $9,374,899 $1,339,271 $649,899 -6.93% $323 $3,856 7Mt. CB Single Family Homes $6,425,000 $1,285,000 $6,875,899 $1,375,180 $450,899 -6.56% $299 $4,304 5Crested Butte Single Family Homes $4,400,000 $1,466,667 $4,744,000 $1,581,333 $344,000 -7.25% $467 $3,144 3Skyland Single Family Homes $1,175,000 $1,175,000 $1,250,000 $1,250,000 $75,000 -6.00% $344 $3,413 1

There have been 7 Single Family homes Sold for $1M or more Q1 2013, this is compared with 5 during this same period in 2012, and 1 in 2011. The average sold price for these homes was $1.48M, median price of $1.3M, and Average Price per sq. ft. was $368.

Looking back at the Previous 12 months we see that there have been 19 luxury properties sold in the Crested Butte Real Estate Market with similar Average and Median price points to Q1 2013. The majority of homes sold in either Mt. Crested Butte or Rural Crested Butte (2 in Danni Ranch, 2 in Buckhorn Ranch, and 1 in Red Mountain Ranch, Skyland, and Roaring Judy Ranch). Downtown Crested Butte has 17 Single Family homes For Sale over $1M, and after a lull of transactions - there have been a few of late and historically there is rise in activity in the Summer months in town.





$325$275

$184 $206$173

2009 2010 2011 2012 2013

Condos $ Per Sq. Ft.

Single Family Homes"$ Per Sq. Ft.

$284$257

$311$290

$260

2009 2010 2011 2012 2013

Averages(for(Single(Family(Homes((&(Condo(prices(still(below(prior(years( Single Family (SF) homes – Comparing Q1 2013 results to all of 2012 we see that the price for Single Family homes in 2012 was in line with what we are seeing in 2013 – in the $260 per sq. ft. price range as the Average price per sq. ft. for all Single Family Homes sold. Looking at the details of the Full Market Report you will see these prices vary based on the area – as example Downtown Crested Butte shows $369, Skyland $344 as averages per sq. ft. and these numbers are up from previous years. Condos and Townhomes have seen a greater volatility in price points in the past three years but comparing results for the full years in 2011 to 2012 we see an increase in Average Price per sq. ft. from $171 to $191. So the Average price per sq. ft. of $173 for Q1 2013 is more a factor of the mix of condos sold. Interesting to note that as of the end of March there were 4 West Wall Condos Under Contract which will impact the metrics considering this is a coveted ski-in/ski-out luxury property. 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 – but close behind is Single Family homes. As the table shows the Single Family Home and Luxury Properties over $1M purchased by the Second Homeowner represents the lion share of the dollar volume in our market.

Area / Type = Category $ Volume of Properties Sold % of Total


Sold % of TotalTotal All Sales $27,324,661 66Condos & Townhomes $8,034,620 29% 33 50%Single Family Homes $17,817,055 65% 22 33%Mt. Crested Butte $7,777,412 28% 25 38%Mt. CB Single Family Homes $3,550,000 13% 4 6%Crested Butte SF Homes $2,930,005 11% 4 6%Skyland Single Family Homes $1,175,000 4% 1 2%CB South Single Family Homes $310,000 1% 1 2%Land/Lots $1,472,986 5% 11 17%SF Homes Sold > $1M $10,384,000 38% 7 11%





The detail below represents the past three years data by category. Interesting note for both Buyers and Sellers: after 3 years of price decline, most properties are priced to the Market and offer great value, evidence by % Difference Original Price vs. Sold Price and the % Difference Asking Price vs. Sold Price by Category, on average 10.1% for all property types.

Totals 2013 YTD Totals Total Sold by Category

Average Sold Price

Total Asking

Price by Category


Total Original Price by Category

Average Original

Price

$ Difference Origial Price

vs. Sold Price

% Difference

Original Price vs.

Sold Price

$ Difference Asking

Price vs. Sold Price

% Difference

Asking Price vs.

Sold Price


Total All Sales $27,324,661 $414,010 $30,401,350 $460,627 $33,553,950 $508,393 $6,229,289 -18.56% $3,076,689 -10.12%Condos & Townhomes $8,034,620 $321,385 $8,849,550 $353,982 $10,333,100 $413,324 $2,298,480 -22.24% $814,930 -9.21% $173Single Family Homes $17,817,055 $809,866 $19,829,700 $901,350 $21,966,500 $998,477 $4,149,445 -18.89% $2,012,645 -10.15% $260Mt. Crested Butte $7,777,412 $311,096 $8,590,700 $343,628 $10,025,100 $401,004 $2,247,688 -22.42% $813,288 -9.47% $244Mt. CB Single Family Homes $3,550,000 $887,500 $3,894,000 $973,500 $4,690,000 $1,172,500 $1,140,000 -24.31% $344,000 -8.83% $288Crested Butte Single Family Homes $2,930,005 $732,501 $3,028,900 $757,225 $3,258,900 $814,725 $328,895 -10.09% $98,895 -3.27% $369Skyland Single Family Homes $1,175,000 $1,175,000 $1,250,000 $1,250,000 $1,325,000 $1,325,000 $150,000 -11.32% $75,000 -6.00% $344CB South Single Family Homes $310,000 $310,000 $324,900 $324,900 $355,000 $355,000 $45,000 -12.68% $14,900 -4.59% $158Land/Lots $1,472,986 $133,908 $1,722,100 $156,555 $2,167,300 $197,027 $694,314 -32.04% $249,114 -14.47%SF Homes Sold > $1M $10,384,000 $1,483,429 $11,934,000 $1,704,857 $12,259,000 $1,751,286 $267,857 -15.71% $221,429 -12.99% $368Almont $105,550 $105,550 $91,000 $91,000 $116,150 $116,150 $10,600 -9.13% ($14,550) 15.99% $68


Average Sold Price

Total Asking

Price by Category



Average Original

Price


vs. Sold Price

% Difference

Original Price vs.

Sold Price

$ Difference Asking


% Difference

Asking Price vs.

Sold Price


Total All Sales $25,069,848 $424,913 $29,705,098 $503,476 $37,405,598 $633,993 $12,335,750 -32.98% $4,635,250 -15.60%Condos & Townhomes $6,915,450 $300,672 $7,917,700 $344,248 $13,167,098 $572,483 $6,251,648 -47.48% $1,002,250 -12.66% $206Single Family Homes $14,446,698 $802,594 $16,158,098 $897,672 $19,938,598 $1,107,700 $5,491,900 -27.54% $1,711,400 -10.59% $290Mt. Crested Butte $13,013,150 $394,338 $16,277,200 $493,248 $15,274,198 $462,854 $2,261,048 -14.80% $3,264,050 -20.05% $322Mt. CB Single Family Homes $5,370,000 $1,790,000 $6,312,500 $2,104,167 $8,418,000 $2,806,000 $3,048,000 -36.21% $942,500 -14.93% $337Crested Butte Single Family Homes $3,910,898 $782,180 $4,035,898 $807,180 $4,386,898 $877,380 $476,000 -10.85% $125,000 -3.10% $362Skyland Single Family Homes No Sales YTD CB South Single Family Homes $1,182,900 $394,300 $1,242,900 $414,300 $1,589,900 $529,967 $407,000 -25.60% $60,000 -4.83% $174Land/Lots $3,707,700 $247,180 $5,629,300 $375,287 $5,213,000 $347,533 $1,505,300 -28.88% $1,921,600 -34.14%SF Homes Sold > $1M $9,480,000 $1,896,000 $10,891,500 $2,178,300 $13,410,000 $2,682,000 $786,000 -36.08% $282,300 -12.96% $450Almont $849,500 $424,750 $954,900 $477,450 $1,249,100 $624,550 $399,600 -31.99% $105,400 -11.04% $274


Average Sold Price

Total Asking

Price by Category



Average Original

Price


vs. Sold Price

% Difference

Original Price vs.

Sold Price

$ Difference Asking


% Difference

Asking Price vs.

Sold Price


Total All Sales $15,085,478 $350,825 $17,545,977 $408,046 $21,754,330 $505,915 $6,668,852 -30.66% $2,460,499 -14.02%Condos & Townhomes $6,154,378 $267,582 $6,505,278 $282,838 $9,669,500 $420,413 $3,515,122 -36.35% $350,900 -5.39% $184Single Family Homes $7,655,000 $695,909 $9,315,199 $846,836 $11,151,700 $1,013,791 $3,496,700 -31.36% $1,660,199 -17.82% $311Mt. Crested Butte $7,356,578 $294,263 $7,898,478 $315,939 $14,236,900 $569,476 $6,880,322 -48.33% $541,900 -6.86% $220Mt. CB Single Family Homes $1,550,000 $775,000 $1,769,000 $884,500 $2,960,000 $1,480,000 $1,410,000 -47.64% $219,000 -12.38% $236Crested Butte Single Family Homes No Sales YTD Skyland Single Family Homes $1,176,000 $588,000 $1,144,000 $572,000 $1,250,000 $625,000 $74,000 -5.92% ($32,000) 2.80% $235CB South Single Family Homes $572,000 $572,000 $599,000 $599,000 $799,000 $799,000 $227,000 -28.41% $27,000 -4.51% $179Land/Lots $1,276,100 $255,220 $1,725,500 $345,100 $2,645,800 $529,160 $1,369,700 -51.77% $449,400 -26.04%SF Homes Sold > $1M $3,125,000 $3,125,000 $4,500,000 $4,500,000 $4,500,000 $4,500,000 $1,375,000 -30.56% $1,375,000 -30.56% $2,083Almont $325,000 $162,500 $349,800 $174,900 $454,800 $227,400 $129,800 -28.54% $24,800 -7.09% $150





!

Crested Butte is a Special Place – Changes afoot…? Talking with some of the “old-timers” it is common this time of year to hear rumors of major changes with the ski area – how did CBMR do financially, will there be an increase in ski pass prices, will they partner with other ski resorts, what will the airline service be for next year, and will there be a change in ownership? Even the CB News (who’s job it is to sell newspapers) seems to have lots of ink for printing such rumors, or giving advice on how to run a ski-area. Here’s what I know: 1) Anything is possible, 2) Everything is for sale, 3) Things Change, 4) Crested Butte is a Special place in the Winter and the Summer - planes will keep flying, lifts will keep spinning, and people will keep coming. If you haven’t noticed, the Residential Real Estate Market in the suburbs of most major Metro areas is “on fire”, the stock market is at an all time high, the Oil Industry is very profitable, 70% of our Transactions are Cash, and all indicators are that this will be a banner Summer for Real Estate in Crested Butte. If you are a Seller – price your property to the market and buyers will come, if you are a Buyer – there is more competition for the properties you may want –and after 4 years of price adjustments the majority of properties are priced correctly. 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 www.chriskopf.com. Contact me at: (970) 209-5405, or [email protected] Thanks,

Under Contract There are currently 52 properties Under Contract representing a total volume of $22.6M – this is up from January (33) and February (47) again showing a strong market. Of the 52 properties Under Contract 23 are Condos/Townhomes, 20 are Single Family homes and 9 are lots. Active Listings There are 748 properties For Sale in our market representing nearly $500M – this is down considerably from the averages we say a year ago in the range of 900 properties. Interesting that more than a 1/3 (313) are luxury Single Family homes ($1M+), and this category represents nearly $250M in total value.

Totals All Properties Under Contract

Total Current Listing

Price by Category

Average Listing Price


Under Contract

Total All Properties Under Contract $22,669,853 $435,959 52Condos & Townhomes $7,764,853 $337,602 23Single Family Homes $12,221,600 $611,080 20Mt. Crested Butte $8,421,700 $401,033 21Mt. CB Single Family Homes $2,284,900 $571,225 4Crested Butte Single Family Homes $1,794,000 $598,000 3Skyland Single Family Homes $2,584,000 $861,333 3CB South Single Family Homes $339,900 $339,900 1Land/Lots $2,683,400 $298,156 9SF Homes Sold > $1M $3,989,000 $1,329,667 3Almont $214,900 $214,900 135 Acre SF Homes None Sold

Totals All Current ListingsTotal Current Listing Price by Category

Average Listing Price


on the Market

Total All Properties Active Listings $477,109,570 $637,847 748Condos & Townhomes $81,758,878 $346,436 236Single Family Homes $227,800,900 $1,144,728 199Mt. Crested Butte $158,668,384 $560,666 283Mt. CB Single Family Homes $57,669,200 $1,153,384 50Crested Butte Single Family Homes $48,664,000 $1,081,422 45Skyland Single Family Homes $18,542,000 $1,545,167 12CB South Single Family Homes $6,713,900 $479,564 14Land/Lots $167,549,792 $535,303 313SF Homes Listed > $1M $249,606,400 $1,920,049 130Almont $40,282,300 $760,043 5335 Acre SF Homes $36,369,900 $2,139,406 17