Copper Mountain real estate market report

Have you wondered how  Copper Mountain real estate has fared over the last ten years? 

So did we, and we were not able to find any numbers that went back that far, so we put them together ourselves. 

First, let me fill you in on what has been happening this year.  Currently, as of February 26, 2008, there are 50 wholly owned units listed for sale.  They range from a Telemark studio for $225,000 to a Lewis Ranch home for $3,995,000.  Of the 50 condos and homes for sale, 20%, or ten of them are listed at more than $1,000,000.  Seven of those are ski-in/ski-out homes in Lewis Ranch. 

Only three condos are listed at less than $300,000 and two of the three are studios.  Of the nine units between $300,000 and $400,000, one is a studio, one a 2 bedroom condo in an older building, and the rest are one bedroom units.  Between $400,000 and $500,000, only four condos are available.  Two are in the Center Village and two in the East Village.  The price range with the most selection between $500,000 and $600,000.  12 condos, with all but one being two bedroom units, are on the market in that price range. 

If you are looking for 3 bedrooms or larger, your choices are a Foxpine Inn condo in the East Village near the Super Bee, for $569,000, a Snowbridge square near the Center Village for $649,000, a 4 bedroom Peregrine Condo for $749,000 (also near the Super Bee) or a Beeler Place Townhome for $779,000.  Beeler Place is between the Center Village and Union Creek.  Additionally, there are two Woods at Copper Creek townhomes for sale, both 3 bedrooms and 2 baths, for $795,000 and $859,000.  The Woods is at the entrance to Copper Mountain and most of them back to either the pond or the golf course.  The last one under $1,000,000 is a Mill Club Condo, right at the bottom of the American Eagle lift.  It is a 3 bedroom, 3 bath, 1415 sq ft condo for $895,000. 

Seven properties are under contract awaiting closing.  Five of them range from $174,900 for a deed restricted unit in Passage Point (restricted to locals only), to $349,900 for a Copper Valley Condo.  The other two that are under contract are listed between $2.54M and $2.74M. 

Between January 1, 2008 and today, 8 condos have sold and closed with the average purchase price being approximately 96% of list price.  Today, the question people always ask me when the find out I am a Realtor, is “how is the market?”  They are expecting me to tell them how bad it is, but these figures say that the market is strong, especially in the high end properties.  I remember in 2002 when we sold 51 condos all year and had 167 listings on the market.  We had more than a 3 year supply.  Our busiest season for closings is July to October, and you cannot take sales for the first two months of the year and assume that we will only sell 48 units this year based on these sales.  This is a strong market, although one where properties must be priced properly and updated in order to sell quickly. 

Take a look at the numbers below to get a feel for the history of the Copper market.  Note that the last column is not appreciation, but the average price of all properties sold.  It can be skewed if one or two more multi-million dollar homes sell than sold the year prior.  The average sales price for the eight sales so far in 2008 is $438,828.  They ranged from $233,250 to $950,000.  If you need any further information, please feel free to contact us.

 

If you liked this post, you might also like:

 Ten years of Summit County home prices.

Copper Mountain and the Over the Hill Gang

The Center Village at Copper Mountain

Our Ski resorts are 100% wind powered (almost)

Posted by Summit County Real Estate Agent Joanne Hanson at 4:48 pm in Summit County Real Estate. Subscribe to comments RSS feed.

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