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Summer Real Estate Update
Crested Butte Real Estate Report
So, how is the real estate market doing?
A question many realtors are frequently asked is- "How is the real estate market doing?" Most realtors would love to say that real estate is doing "awesome", and many may be tempted to report just that. Some may declare that it is a "Buyers" market or a "Sellers" market. Or, it may be said that the market has not met previous forecasts, however............
But what do the statistics say about what is happening Crested Butte real estate? What are some of the facts? Let's take a look at some of the different sectors of the Crested Butte real estate market to see how each is doing.
SINGLE FAMILY HOMES
Mt. Crested Butte
Single-family home sales in Mt. Crested Butte have risen fairly well over the last few years. Average "sold" prices in 2000, 2001, 2002, 2003 and the first four months of 2004 have gone from $437,250 (4 homes sold) to $454,590 (10 homes sold) to $648,522 (17 homes sold) to $695,389 (15 homes sold) to $613,300 (10 homes sold) respectively. As plans for development in Mt. Crested Butte (i.e., the North Village, South Village, Convention Center, Recreation Center, and Prospect at Mt. CB) come to fulfillment, the homes in this area should appreciate greatly. Currently, the average asking price for the 23 active single-family homes in Mt. Crested Butte is $1,266,196 ($875,000 median). Prices range from $315,000 to $3,250,000.
Town of Crested Butte
In the town of Crested Butte the average sold price of a single-family home has varied from $427,496 (20 homes sold) in 2000, to $579,288 (13 homes sold) in 2001, and then dropped to $423,778 (9 homes sold) in 2002, then back up to $424,095 (23 homes sold) in 2003. So far, the first four months in 2004 have seen 15 single-family homes sell and taking a jump in the average sales price to $660,710.
Currently, in the town of Crested Butte, there are 10 active single-family listings, ranging in price from $575,000 to $1,750,000, now with an average asking price of $908,400.
Skyland/Country Club area
Although condos/townhomes have been a more popular product in the Skyland/Country Club area, many high-end luxury homes are currently being built here.
There are presently 16 single-family homes for sale in the Skyland/Country Club area with an average asking price of $1,444,781. Prices range between $729,000 to $3,200,000. As golf course properties become more and more scarce in this area look for these home prices to go up accordingly.
CB South
CB South has been a popular area for year-round residents over the last few years. Even during some years when most areas have experienced a slow down, CB South has seen steady real estate activity. With new amenities such as a full-size ice skating rink, a firehouse/community meeting hall and the installation of water and sewer lines to the third and fourth filings, this area should continue to be popular, especially with locals.
Average sold single-family home prices in CB South jumped from $293,167 in 2000 to $373,181 in 2001, and then dropped to $325,053 in 2002. In 2003 18 homes sold for an average of $336,611. In the first four months of 2004 there have been 11 homes sold, averaging $309,364.
There are currently 12 single-family homes for sale in CB South ranging between $280,000 to $725,000, now averaging $469,167.
CONDOMINIUMS/TOWNHOMES
Mt. Crested Butte
The 2001 data show that the number of sold condos soared 89%, from 37 sold units (2000) to 70 sold units (2001). Total sales dollar volume skyrocketed during this time frame from $5,652,650 in 2000, to $16,599,975 in 2001. In 2002, 59 units sold for a total sales figure of $15,516,691. From 2000 to 2002 the average condo sale price jumped 72% ($152,774 in 2000, to $237,143 in 2001, to $262,995 in 2002). In 2003 65 units sold at an average of 237,198, for a total volume of $15,417,900.
The figures for the first four months of 2004 have been record breaking. The tremendous amount of condo sales from January to April resulted in 72 units selling at an average of $241,255 per unit. Total sales volume exceeded $17 million. So within just four months of 2004 sales have exceeded figures for the entire 12-month periods of previous years.
Condo sale prices and action in Mt. Crested Butte will continue to be strong with additional amenities and development planned for the mountain. New condominium projects like the classy West Wall Lodge and more affordable units at the former Sheraton Hotel should be very popular.
Currently there are 43 condo units for sale in Mt. Crested Butte ranging in price from $60,000 to $1,300,000.
Town of Crested Butte
The condo/townhome market in the town of Crested Butte has stayed fairly steady over the last couple of years. The number of units sold has gone from 22 in 2000, to 6 in 2001, to 11 in 2002. The average sale price has remained constant- $237,764 in 2000, $232,750 in 2001 and $237,773 in 2002. For 2003, 14 condos/townhomes have sold in town with an average price of $244,107.Thus far in 2004 9 units have sold averaging $210,767.
There are presently 9 condo/townhomes for sale in town ranging between $155,000 to $650,000. Due to its charm, convenient location and relative affordability, there always seems to be strong demand for condo/townhome units in town.
Skyland/Country Club area
The number of condo/townhome units sold at the Skyland/Country Club area remained the same in 2000/2001 with 17 units sold each year and 9 units sold in 2002. The average sale price has gone from $358,529 (2000), to $441,852 (2001), to $486,111 in 2002. During 2003, 20 units have sold with an average sold price of $295,439. For the first four months of 2004, 9 units have sold averaging $471,444. Newer complexes such as Fairway Park and The Links continue to be popular in this area.
There are now 8 condo/townhomes for sale in the Country Club area ranging between $57,000 to $1,385,000, averaging $551,363.
CB South
There are a few condo/townhomes in CB South. In 2000, 7 units sold for an average of $139,700, and in 2001 the average went up to $198,188 on 8 units sold, and in 2002, 7 units sold for an average of $152,000. Seven units have sold during 2003 with an average price of $198,614. The first four months of 2004 have seen 11 condos sell with an average price of $197,650.
Presently, there are 5 condo/townhomes for sale in CB South ranging in price from $115,000 to $230,000.
VACANT LOTS (UP TO 4 ACRES)
Mt. Crested Butte
Vacant land sales in the Mt. Crested Butte area have been up and down over the last few years. The median "sold" price for vacant land in 2000 was $190,000. In 2001 the median price went up slightly to $200,000, and in 2002 the median was $177,250. The year 2003 saw 23 lots sell for an average sold price of $231,565. In the first four months of 2004 21 lots have sold averaging $231,286.
There are 17 active land listings for sale in Mt. CB, ranging in price from $189,000 to $1,595,000, with an average asking price of $486,265 ($284,250 Median). New developments such as the ski-in/ski-out homesites at Prospect and the 3 to 4- acre Saddle Ridge Ranches are very popular right now.
Town of Crested Butte
The number of residential lots sold in the town of Crested Butte dropped from 12 in 2000, to 6 in 2001, to 1 for 2002, and 9 have sold during 2003. During the first four months of 2004 5 lots have sold averaging $246,624.
There are now 7 vacant town lots for sale with an average asking price of $469,771. These figures do not include a large 3-acre tract for sale-42 town lots (15 zoned for Business and 27 zoned Residential) with an asking price of $8.9 million.
Skyland/Country Club area
The year 2000 saw tremendous activity in homesite sales in the Skyland/Country Club area. Forty-five homesites sold in 2000 with an average sold price of $160,451. The majority of these sold parcels were located at the Back Nine (phase I) and Riverside at the Club. In 2001 the volume of homesites sold in this area declined to 15, with the average sold price increasing to $219,600. For 2002, 17 parcels have sold for an average of $88,162 (6 of these were locals affordable housing lots) For 2003 9 lots have sold for an average of $199,111. The first four months of 2004 had 10 lots sell for an average of $139,512.
As of May 2004 there were 15 active lot listings in the Skyland/Country Club area with an average asking price of $281,923.
CB South
Vacant land in CB South also did very well in 2000 with 37 lots sold, averaging $62,169 per lot. 2001 slowed down to 20 lots sold for an average of $60,408 per lot. 2002 had 17 lots sell for an average of $76,376. Twenty-three lots sold in 2003 with an average of $67,235 per lot. Thus far in 2004 there has been a tremendous amount of vacant lot sales. So far 37 lots have sold averaging $63,224 per lot.
There are currently 11 residential lots for sale in CB South ranging in price from $72,500 to $249,995.
As mentioned earlier, CB South will probably continue to be a popular place as lot prices tend to be more affordable and many nice amenities continue to be developed in this area.
RANCHES/4+ACRE SITES
Ranch land in the Crested Butte area (CB area = Rural CB, CB South, Town of CB, Mt. CB & Rural Mt. CB) has seen a decent amount of activity. In the year 2000, ten parcels sold ranging between 5 to 70 acres in size and had an average sold price of $352,700. In 2001, seven parcels sold ranging between 15 to 71 acres with an average sold price of $313,000. In 2002, three 35-acre sites sold, averaging $371,667. Eleven parcels have sold in 2003 for an average of $428,955. The year 2004 has so far seen 4 sites sell for an average of $454,090.
Overall, there are currently 33 listings of ranches/4+acre sites in the CB area, ranging in size from 15 to 62 acres. Most of the larger parcels can be found at the Danni Ranch, Whetstone Mountain Ranch, Red Mountain Ranch, Trappers Crossing, Roaring Judy Ranch, and The Smith Hill Ranch. For those who prefer to get outside of the CB area, Star Mountain Ranch provides spectacular views and is located just 45 minutes from Crested Butte. These larger/35-acre parcels should sell very well this summer. Prices on these properties, for the most part, have not seen the big price increases many other properties are experiencing and many of these ranches offer great value for the money.
OVERALL PICTURE
Overall, the year 2001 was down 41% from 2000 in the number of listings sold in the Crested Butte area (414 listings sold in 2000 compared to 246 in 2001). 2002 had 240 listings sell. Total sales volume dropped from $90,723,414 in 2000, to $65,546,541 in 2001 (down 28%) to $64,932,448 in 2002. The year 2003 resulted in 311 listings sold with a sales dollar volume of $93,986,592. During the first four-month period of 2004 272 listings have sold for a total sales dollar volume of $73,108,170. The overall average sales price for all classes of real estate has gone from $219,139 in 2000, to $266,449 in 2001, to $270,552 in 2002, to $302,208 in 2003. For the first four-month period of 2004 the overall average was $268,780.
Unquestionably, the first four months of 2004 have experienced record-breaking sales activity. Due in part to the sale of the ski resort and a stronger national economy, there has been a frenzy of real estate action in Crested Butte since January. The first four months of 2004 sales volume is up nearly three-fold over the first four-month period of 2003. (Jan.-Apr. 2003- 76 listings sold for $25,066,356; Jan.-Apr. 2004- 271 listings sold for $72,589,170).
As for what the future holds in the Crested Butte real estate market is anybody's guess. There are, however, many signs that point to a bright future.
Certainly one of the more important and exciting events that have occurred recently is the sale and change in ownership of the ski area. In March of 2004, CBMR announced that Tim and Diane Mueller, owners of Triple Peaks, LLC, had officially finalized their purchase of Crested
Butte Mountain Resort.
Tim and Diane Mueller are the owners of Okemo Mountain Resort in Ludlow, Vermont, one of the largest and most successful ski and golf resorts in the East; and operators of Mount Sunapee Resort in Newbury, New Hampshire, known for its pristine location, friendly environment, diverse trail system and family appeal. By reinvesting in the infrastructure of the mountain and by recognizing the potential of the staff, both Okemo and Mount Sunapee have received national acclaim in both the snow sports and golf industries.
Many Crested Butte locals are very excited about the Mueller's coming to town and bringing their expertise and enthusiasm into the development of the ski area here; and many are expecting great improvements to our area in the near future.
Also encouraging is the new leadership in the local government. The new mayors and town council members in Mt. Crested Butte and the Town of Crested Butte bring new and positive leadership for dealing with the challenges facing our local economy. These members seem committed to dealing with new development issues and programs needed to better our community.
Finally, as is the case with most resort communities, the success of the Crested Butte real estate market also depends largely on the overall national economy. But, assuming the economy continues to improve (or at least stabilize) and our visitors continue to see how unique and special this area is, the Crested Butte real estate market this summer should continue with its current robust level of activity.
The above figures and data were taken from Gunnison Country Association of Realtors' MLS system.
by Doug Duryea (May 2004)
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Real Estate in the Crested Butte Valley
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