Crested Butte & Gunnison Quarterly Report | First Quarter of 2014

CRESTED BUTTE & GUNNISON

Quarterly Report

First Quarter of 2014

Contents 3 Overall Market Update 8 4 Single Family Market 10 6 Area Map 11 7 Condo and Townhome Market 12

Land Market Significant Sales Our Office Update Contact Us

Total Sales Volume First Quarter 2014 Gunnison County

Total Transactions First Quarter 2014 Gunnison County Percentage down First Quarter 2014 Gunnison County

2 | 401 Elk Avenue | 970.349.6653

$19.0 48 (50.2%)

Million

$24.9 72 (30.7%)

Million

Quick Hits Total Sales Volume First Quarter 2014 Upper Valley Total Transactions First Quarter 2014 Upper Valley Percentage down First Quarter 2014 Upper Valley

Overall Market Update

With a myriad of things happening this winter such as rumors of the ski resort selling, a colder winter throughout the nation and a snowier winter in Crested Butte than we have had in multiple years, the First Quarter of 2014 was much slower than 2013. Buyers were more inclined to ski the fresh powder and take a wait and see approach to purchasing this winter.

Buyers finally did decide to start moving and putting properties under contract toward the end of March with a flurry of properties going under. Currently in the Gunnison County there are 85 properties under contract with a listing value of $34.6 million, with the majority clsoing in the Second Quarter.

The only segment of our market that made improvements was the condo and townhome market in Mt. Crested Butte. Due to the abundance of snow this winter, many skiers were in town to partake in the amazing skiing. The increase of skiers in town helped drive the sale of lower to middle range condos and townhomes. This segment almost doubled in sales volume from the previous year.

Upper Valley Transactions Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold

2013

2014

$243,781 $409,459 254 $2,964,000 $29,900 70 89.8% $28,662,161

$217,500 $396,851 313 $1,925,000 $37,000 48 94.5% $19,048,886

All Properties in Crested Butte, Mt. Crested Butte, Rural Crested Butte, CB South and Almont

BensonSothebysRealty.com | 3

Ravenswood | Offered for $5,500,000

James Ray Spahn Photography

Single Family Market

Town of Crested Butte | Single Family Homes

Q1: January to March Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold

2013

2014

$597,502 $732,501 354 $1,315,000 $420,000 4 96.7% $2,930,005

$1,222,500 $1,222,500 129 $1,785,000 $660,000 2 95.9% $2,445,000

Mt. Crested Butte | Single Family Homes Q1: January to March Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold

2013

2014

$1,300,000 $475,000 187 $1,300,000 $475,000 4 91.2% $3,550,000

$545,000 $546,000 247 $618,000 $475,000 3 95.0% $1,638,000

Rural Crested Butte | Single Family Homes Q1: January to March Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold

4 | 401 Elk Avenue | 970.349.6653

2013

2014

$625,000 $867,807 225 $2,964,000 $330,000 13 87.8% $11,281,500

$444,000 $869,666 154 $1,925,000 $240,000 3 91.5% $2,609,000

19 Kokanee Lane| Offered for $4,600,000

Single Family Market

Crested Butte South | Single Family Homes Q1: January to March Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold

2013

2014

$310,000 $310,000 105 $310,000 $310,000 1 95.4% $310,000

$515,500 $515,500 329 $571,000 $460,000 2 96.0% $1,031,000

Rural Gunnison and Surrounding | Single Family Homes Q1: January to March Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold

2013

2014

$187,000 $173,395 263 $282,000 $75,000 8 97.7% $1,387,163

$278,900 $335,322 313 $675,000 $111,500 9 95.4% $3,017,900

Town of Gunnison | Single Family Homes Q1: January to March Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold

2013

2014

$299,900 $299,900 57 $299,900 $299,900 1 100% $299,900

$154,375 $154,375 131 $173,750 $135,000 2 85.2% $308,750

BensonSothebysRealty.com | 5

535 Journeys End Road | Offered for $4,995,000

Area Map Meridian Lake Park

Skyland Trappers Crossing

Crested Butte South

Red Mountain Ranch Reserve on the East River Danni Ranch

Ohio Creek Valley

Blue Mesa Reservoir

6 | 401 Elk Avenue | 970.349.6653

WestWall Lodge | From $675,000 to $1,995,000

Condo and Townhome Market

Town Crested Butte | Condos and Townhomes Q1: January to March Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold

2013

2014

$368,500 $368,500 69 $368,500 $368,500 1 100% $368,500

$566,000 $566,000 317 $566,000 $566,000 1 95.1% $566,000

Mt. Crested Butte | Condos and Townhomes Q1: January to March Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold

2013

2014

$185,000 $223,553 265 $700,000 $50,000 17 91.0% $3,800,412

$203,500 $308,272 241 $1,487,500 $59,000 20 93.5% $6,165,450

Rural Crested Butte and Gunnison Areas | Condos and Townhomes Q1: January to March Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold

2013

2014

$115,000 $222,937 165 $750,000 $49,900 16 93.4% $3,567,000

$181,500 $269,614 358 $605,000 $89,686 6 94.7% $1,617,686

BensonSothebysRealty.com | 7

Land Market

Town of Crested Butte | Residential Lots

Q1: January to March Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold

2013

2014

$650,000 $650,000 13 $650,000 $650,000 1 92.9% $650,000

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Mt. Crested Butte | Residential Lots Q1: January to March Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold

2013

2014

$111,000 $106,750 450 $175,000 $30,000 4 81.9% $427,000

$61,000 $61,000 352 $61,000 $61,000 1 88.4% $61,000

Rural Crested Butte | All Lots and Land Q1: January to March Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold

8 | 401 Elk Avenue | 970.349.6653

2013

2014

$65,000 $69,081 491 $117,586 $29,900 6 80.4% $414,486

$134,250 $134,250 1007 $158,500 $110,000 2 93.2% $268,500

Land Market

Crested Butte South | Residential Lots Q1: January to March Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold

2013

2014

$40,000 $43,807 955 $88,000 $25,000 13 76.0% $569,500

$42,000 $41,825 601 $63,750 $20,000 10 87.3% $418,250

Rural Gunnison | All Lots and Land Q1: January to March Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold

2013

2014

$70,000 $225,141 638 $3,000,000 $5,000 41 81.2% $9,230,800

$74,500 $118,139 426 $1,169,750 $8,500 31 88.0% $3,662,324

Gunnison County | All 11+ Acre and Over Parcels Q1: January to March Median Price Average Price Average Days on Market Highest Price Lowest Price Properties Sold % Sold Price to Original List Price Total Volume Sold

2013

2014

$150,000 $471,972 606 $3,000,000 $5,000 18 83.9% $8,495,500

$240,000 $336,701 276 $1,169,750 $35,000 19 86.1% $6,397,324

BensonSothebysRealty.com | 9

Significant Sales in First Quarter of 2014

795 Skyland Drive | Rural C.B.

401 Gothic Avenue | Crested Butte

Listed by Coldwell Banker Bighorn Realty Sold by Crested Butte Resort Real Estate

Listed by Benson Sotheby’s International Realty Sold by Benson Sotheby’s International Realty

Unit 6 | Silver Ridge Condos | Mt. C.B.

202 Elk Ave(Commercial) | Crested Butte

Listed by Crested Butte Resort Real Estate Sold by Coldwell Banker Bighorn Realty

Listed by Benson Sotheby’s International Realty Sold by Coldwell Banker Bighorn Realty

Unit 406 | The Lodge at MTS | Mt. C.B.

Unit 12A | Villas Townhomes | Mt. C.B.

Listed by Benson Sotheby’s International Realty & Crested Butte Resort Real Estate Sold by Keller Williams Realty Colorado Heritage

Listed by Crested Butte Resort Real Estate Sold by Crested Butte Resort Real Estate

Sold for $1,925,000

Sold for $1,487,500

Sold for $820,000

10 | 401 Elk Avenue | 970.349.6653

Sold for $1,785,000

Sold for $1,250,000

Sold for $680,000

Benson Sotheby’s International Realty Stats • We are the leading real estate brokerage in Crested Butte by over $15 million in total sales volume compared to our closest competitor in 2013.

• Our office increased its total sales volume by over 51% in 2013 compared to 2102.

• Our office had a 31% market share of sales volume in 2013 in the Crested Butte area.

• Our office has been involved in 201 sides of the total transactions, while our closest competitor has 114 sides.

• Our office sold over $48.7 million worth of listings in 2013.

• Our brokers were very successful in 2013.

• The top 4 brokers in Crested Butte were all from our office.

• The top listing broker in Crested Butte was from our office.

• The top selling broker in Crested Butte was from our office.

• The broker with the most transactions in Crested Butte was from our office.

All data was pulled from the Gunnison County Association of Realtors MLS. Verify with a local Realtor.

All information is deemed reliable but not guaranteed. Each office is independently owned and operated.

BensonSothebysRealty.com | 11

Contact Us

If you would like more information about this Quarterly Market Report or would like to view properties in the Crested Butte and Gunnison area please contact one of our knowledgeable brokers.

Cathy Benson 970.209.5015

Sam Lumb

Channing Boucher

Corey Dwan

Gary Huresky 970.209.2421

970.275.2554

970.596.3228

970.596.3219

Kiley Flint

970.275.2448

970.275.9357

Jaima Giles

Karen Redden

Megan Clark

Larry Neilson

Katy Mattson

Jill Matlock

Jamie Watt

Wayne Meredith

Dustin Kujawski

970.275.4601

970.275.0595

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