Crested Butte Real Estate Market - Year in Review - 2014

CRESTED BUTTE & GUNNISON

Quarterly Report

Year End - 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 in 2014 Gunnison County

Total Transactions in 2014 Gunnison County Percentage up in 2014 Gunnison County

2 | 401 Elk Avenue | 970.349.6653

$155.4 346 6.5%

Million

$194.2 527 7.2%

Million

Quick Hits Total Sales Volume in 2014 Upper Valley Total Transactions in 2014 Upper Valley Percentage down in 2014 Upper Valley

Overall Market Update

Our 2014 market ended as strong as expected. We were expecting our market to be up around 5% to 7% at the end of the year and we ended up 6.5% in the upper valley and up 7.2% in Gunnison County compared to 2013. The sectors of our market that were strong were homes, condos and townhomes in Crested Butte, condos in Mt. Crested Butte and land in the Rural Gunnison area. Most other sectors were mixed from the previous year with the major exception being single family homes in the Rural Crested Butte area which was down by over 27%.

What does this mean for 2015? We are expecting to see similar growth in our 2015 real estate market.

Some factors that could negatively affect our 2015 market are a lack of inventory, especially homes in the town of Crested Butte, a lack of lower end properties, as some buyers could start to be priced out of our market, and if the price of crude oil continues to drop or hover near record lows, some of our middle to higher end properties might be vulnerable. Even with these negative factors we still expect our market to grow as visitor numbers were considerably up in 2014 with no signs of slowing down this year and the Crested Butte area is still an incredible value compared to other Colorado ski towns.

Upper Valley 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

$270,000 $426,912 322 $4,250,000 $4,000 342 92.4% $146,004,173

$275,000 $449,261 307 $3,900,000 $10,000 346 90.2% $155,444,575

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

BensonSothebysRealty.com | 3

Single Family Market

Town of Crested Butte | Single Family Homes

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

$775,000 $912,836 366 $2,100,000 $210,000 26 95.4% $23,733,755

$861,750 $1,028,630 253 $2,240,000 $465,000 29 94.5% $29,830,295

Mt. Crested Butte | Single Family Homes 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

$850,000 $1,034,055 323 $4,250,000 $200,000 22 91.8% $22,749,230

$610,900 $683,890 330 $1,375,000 $258,000 25 91.8% $17,097,270

Rural Crested Butte | Single Family Homes 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

$617,000 $819,300 330 $3,700,000 $155,000 45 91.5% $36,868,500

$800,000 $1,172,978 276 $3,900,000 $240,000 23 85.7% $26,978,500

Bob Brazell Photography

Single Family Market

Crested Butte South | Single Family Homes 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

$376,500 $396,870 203 $589,000 $245,500 20 95.6% $7,937,400

$402,500 $396,909 222 $571,000 $204,750 16 94.5% $6,350,550

Rural Gunnison and Surrounding | Single Family Homes 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

$212,000 $272,906 242 $1,675,000 $72,000 63 93.3% $17,193,123

$278,900 $308,983 271 $1,025,000 $17,500 71 94.2% $21,937,859

Town of Gunnison | Single Family Homes 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

$232,500 $241,525 237 $450,000 $110,000 35 96.3% $8,453,400

$200,000 $215,883 218 $384,000 $92,000 28 95.7% $6,044,750

BensonSothebysRealty.com | 5

Bob Brazell Photography

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

Condo and Townhome Market

Town Crested Butte | Condos and Townhomes 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

$295,000 $271,071 161 $430,000 $62,281 11 94.2% $2,981,789

$450,000 $446,365 381 $730,000 $192,500 13 93.7% $5,802,750

Mt. Crested Butte | Condos and Townhomes 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

$192,500 $260,468 334 $932,500 $43,000 94 92.6% $24,484,031

$198,000 $252,341 260 $1,795,000 $44,900 132 93.5% $33,309,139

Rural Crested Butte and Gunnison Areas | Condos and Townhomes 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

$180,250 $223,567 243 $750,000 $49,900 64 91.0% $14,308,332

$175,000 $237,295 234 $880,000 $35,000 53 95.0% $12,576,636

BensonSothebysRealty.com | 7

Land Market

Town of Crested Butte | Residential Lots

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

$571,500 $631,642 305 $1,250,000 $85,000 7 92.0% $4,421,500

$477,500 $466,435 316 $583,675 $300,000 5 92.3% $2,332,175

Mt. Crested Butte | Residential Lots 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

$157,500 $157,357 385 $325,000 $30,000 14 90.8% $2,203,000

$175,000 $271,590 687 $825,000 $61,000 13 70.6% $3,530,680

Rural Crested Butte | All Lots and Land 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

$121,293 $197,634 428 $1,150,000 $13,600 34 86.7% $6,719,586

$215,000 $210,825 390 $410,000 $10,000 20 85.7% $4,126,500

Land Market

Crested Butte South | Residential Lots 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

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

$55,500 $61,884 320 $185,000 $32,000 14 92.9% $886,380

Rural Gunnison | All Lots and Land 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

$72,250 $115,072 416 $1,169,750 $8,500 32 88.0% $3,682,324

$51,000 $269,800 398 $1,750,000 $18,000 45 80.5% $12,141,034

Gunnison County | All 11+ Acre and Over Parcels 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

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

$249,000 $548,373 461 $1,750,000 $49,000 21 81.4% $11,515,834

BensonSothebysRealty.com | 9

Significant Sales in 2014

152 Evergreen Drive | Rural C.B.

757 and 717 Ridge Drive | Rural C.B.

Listed by Coldwell Banker Bighorn Realty Sold by United Country Realty - Gunnison County

Listed by Red Lady Realty Sold by Coldwell Banker Bighorn Realty

758 Journey’s End Rd | Rural C.B.

130 Whetstone Vista Drive | Rural C.B.

Listed by Coldwell Banker Bighorn Realty Sold by Red Lady Realty

Listed by Benson Sotheby’s International Realty Sold by Crested Butte Resort Real Estate

Sold for $3,900,000

Sold for $3,200,000

Sold for $3,275,000

Sold for $2,425,000

102 and 104 Maroon Ave | Crested Butte

301 Butte Avenue | Crested Butte

Listed by Premier Mountain Properties Sold by Benson Sotheby’s International Realty

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

Sold for $2,240,000

10 | 401 Elk Avenue | 970.349.6653

Sold for $1,950,000

Benson Sotheby’s International Realty Stats • We are the leading real estate brokerage in Crested Butte by over $14.1 million in total sales volume compared to our closest competitor in 2014.

• Our office currently has a 30% market share of sales volume in 2014 in the Crested Butte area.

• We have been involved in 210 sides of the total transactions, which is the most in the Crested Butte area.

• We have sold over $39.8 million worth of listings in 2014 • Our brokers have been very successful in 2014.

• The top 2 brokers in sales volume in Crested Butte are from our office while 4 of the top 5 are from our office.

• The top 3 selling brokers in Crested Butte are from our office while 4 of the top 5 are from our office.

• The top 2 brokers in number of transactions in Crested Butte are 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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