Colorado Ranch and Real Estate Market Update
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http://www.wildercolorado.com Colorado Ranch & Real Estate Market Update Get an update from the experts in the Colorado market! Colorado Ranch and Real Estate has unprecedented buying and investing opportunities. See the trends only brokers know about. What you'll learn: - Trends in the Colorado resort real estate market - Transaction activity in Colorado resort towns - Colorado ranch market report Join out great line-up of panelists from Hall & Hall, Crested Butte Resort Real Estate, and Wilder on the Taylor!
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Colorado Ranch and Real Estate Market Update
- 1. Colorado Ranch & Real Estate Market Summer 2012 Presented by
- 2. Great Speaker Line-Up I. Doug Duryea, Managing Broker Crested Butte Resort Real Estate CB Market Report II. Brad Willett, General Manager Wilder on the Taylor Opportunity at Wilder III.Jeff Buerger, Partner Hall & Hall Ranch Brokerage Ranch Market Overview WilderColorado.com
- 3. Doug Duryea WilderColorado.com
- 4. 54% increase in Crested Butte properties sold in 2011. WilderColorado.com
- 5. Residential sales volume up 60% over 2010 WilderColorado.com
- 6. 77 properties sold in Q1 2012 WilderColorado.com
- 7. Vacant land sales up 90% in 2011 WilderColorado.com
- 8. 2 High-end properties sold in Q1 of this year. WilderColorado.com
- 9. 36 condos sold in 2011 WilderColorado.com
- 10. 2011 single family home prices up 60% over 2010 WilderColorado.com
- 11. Transactions Trending Transactions Forecast 800 723 600 627 On pace for 324 400 414 311 243 294 283 275 200 246 240 156 160 172 81 0 2000 2002 2004 2006 2008 2010 2012 WilderColorado.com
- 12. Brad Willett WilderColorado.com
- 13. Life Begins ... Wilder Overview WilderColorado.com
- 14. Evaluating a Properties Proximity
- 16. Considering a Ranches Natural Features WilderColorado.com
- 17. Ranch Improvements • Rarick Creek • 6 ponds • Taylor River Enhancements • Fish Habitat • Meadow Roads • 3 Ranch Bridges • Automatic Gates • Electrical, Phone, & DSL • 4 River Cabins Restored • Founder’s Porch • Taylor River Fishing Path WilderColorado.com
- 18. Luxury Sales Report Statistics Report Through First Quarter 2012 (% compared to same period 2011) Percentage Change 70% 60% 50% 40% 68% 30% 20% 27% 10% 15% 6% 9.5% 0% 2% (8%) (6%) (10%) (24%) (20%) (39%) (30%) (40%) Telluride Aspen Breckenridge Crested Butte Durango Incline Village, NV Jackson Hole Steamboat Vail Whistler Disclosure: All sales are for the entire MLS for which the resort town is geographically located. WilderColorado.com
- 19. Jeff Buerger WilderColorado.com
- 20. Who is Hall & Hall? WilderColorado.com
- 21. Asset Classes Traditional Ranches Recreational Ranches Farmland WilderColorado.com
- 22. Authentic Recreational Property WilderColorado.com
- 23. Amenities of Recreational Property WilderColorado.com
- 24. Buyer & Seller Profiles WilderColorado.com
- 25. Where is the Ranch Market Headed? List vs. Sale Price • 2009 at 21% • 2010 at 18% • 2011 at 8% WilderColorado.com
- 26. Why Buy? It’s Tangible, It’s Finite Resource, It’s Enjoyable to Own WilderColorado.com
- 27. Conclusion • Selling ranches over 65 years • 80% comes from referrals • Opportunity to invest in: • Tangible hard asset • Fosters distinct lifestyle • Intrinsic values WilderColorado.com
- 28. Contacts Brad Willett (970) 641-4545 WilderColorado.com WilderColorado.com/Blog Brad@wildercolorado.com Facebook.com/WilderColorado Doug Duryea (970) 275-2355 dduryea@cbmr.com Jeff Buerger (303) 229-9932 Jeff@hallandhall.com
Notas del editor
- \n
- I would like to welcome everyone that has joined us this morning. We are all very excited with the great turnout! My name is Ron Welborn, and I am a Partner at Wilder on the Taylor and Vice President of Jackson-Shaw, a national development company based in Dallas, Texas. \n\nI will be your moderator for today’s presentations. I want to thank everyone for attending and would like to cover some administrative items before we begin. If you have any questions for me or any of our panelists you can submit your question through your control panel on the screen. We will have time to answer a couple questions per speaker today and if we don’t get to your question we will certainly follow up after the webinar so that we can respect to everyone’s time.\n\nThe plan is to discuss a local Colorado market and expand the discussion to a broader regional scope. You are about to hear from a fantastic set of speakers and first up we have Doug Duryea. \n
- RON: Doug is the Managing Broker for Crested Butte Resort Real Estate. Doug has been in the Crested Butte Real Estate market for over 12 years. As I have worked with Doug for several years, I know that he has a great pulse on the overall Gunnison Valley market. Doug welcome... \n\nDOUG: Thanks Ron. Very glad to be here. I’ve been in the Crested Butte real estate market for over 12 years and have been able to see my clients really enjoy all that CB has to offer. This morning I’d like to give you a brief update on the current real estate conditions here in Crested Butte...\n
- In 2011 the number of properties sold in the Crested Butte valley overall increased 54% and sales volume increased 32% over the previous year.\n\n
- Residential sales volume for 2011 was up 60% over the previous year. Two areas that have witnessed big jumps in activity are luxury single family homes in the Town of Crested Butte and ski area condos at the base area.\n\n
- 2012 sales have been off to a great start with 77 properties sold thus far.\n\n
- Prospect vacant land has been selling incredibly well lately. Prospect is the premier ski-in/ski-out subdivision at the ski area. In fact, during the first 5 months of 2012, 9 Prospect homesites have sold and another is under contract. Homesite sales at this subdivision have been almost non-existent over the 3 previous years. One investor here bought 2 homesites just to protect the view from his home. Two new multi-million dollar homes are scheduled to break ground here this summer.\n\nOverall, vacant land has see a big increase in activity in 2011/2012 as many buyers are starting to realize the tremendous deals available on land. Vacant land sales is 2011 were up 90% over the previous year. Many great opportunities still exist, especially on ski-in/ski-out homesites and golf course land.\n
- Two very high-end homes sold during Q1 of this year\n$4M dollar ski-in/ski-out home at Prospect sold for $613/SF and a large ranch, Rock House Ranch, outside of Crested Butte sold for $7.5M.\n
- Mt. Crested Butte condo activity up. Distressed properties harder to find. The sale of ski-in/ski-out condos has picked up recently. In 2011 there were 36 condos sold in the popular Grand Lodge (17 sold), Lodge at Mountaineer Square (12 sold) and WestWall Lodge (7 sold) condominiums. Inventories are shrinking at these complexes and prices appear to be correcting themselves- upward!\n\n\n
- In 2011 we saw very strong single family home sales in the Town of Crested Butte. The majority of the 17 single family homes sold last year were over $1M. Incredibly, during 2011, the average sales price of these homes ($1,197,367) had gone up 60% over the previous year. \n\nMany of the buyers of these homes were from Texas and Oklahoma.\n
- Overall, real estate sales in all categories (residential, land, ranches, commercial) in the Crested Butte area have resulted in the numbers represented in this graph. \n\nIn conclusion Ron, I really encourage buyers to consider the special nature of Crested Butte--- its unique and beautiful wilderness setting, its deep history and amazing people. To look at the commitment of the community, local government, Crested Butte Mountain Resort, area businesses, developers and non-profits in the valley. Add it all together and your opportunity to live in this amazing place knocks here and now.\n\nQUESTION FROM ATTENDEE\n
- RON: Thank you Doug. I now welcome our next speaker, Brad Willett. Brad has been in the Colorado real estate business for 10+ years and in the national real estate market for over 15 years. Brad is General Sales Manager for Wilder on the Taylor and truly understands what buyers are looking for in Recreation Properties.\n\nSeveral years ago, Brad chose to move his family to Crested Butte and become very rooted in the community. Brad, I know that you are also very experienced in the Crested Butte and Gunnison market and very knowledgeable in recreational real estate. \n\nBRAD: Thanks Ron! And I sincerely appreciate everyone attending today. \n
- Again, I’m the General Manager at Wilder on the Taylor which is a preservation-oriented 2,100± acre shared ranch community offering a total of 26 homesteads.\n\nWhat I want to focus in on today is key elements for buyers when evaluating Colorado ranches and I’ll also show some data comparisons of resort mountain areas.\n\n
- I talk to a lot of people and one of the main things they focus in on is proximity to things important to them such as airport(s), dining, skiing, access to National Forest, fishing, hunting, golf, and more.\n\nThis property as shown in RED on the map is virtually surrounded by almost 2 million acres of national forest yet only 15 miles from the Gunnison Regional Airport and 17 miles from the World Class Ski resort of Crested Butte.\n\nNot only are you in close proximity to all the luxuries of home, it also provides access to unlimited outdoor adventures. This is a key element when evaluating a ranch.\n\n
- Continuing the proximity conversation with buyers we definitely discuss local recreation. \n\nAnd the question is always “what can we do in the Gunnison Valley when it comes to recreation?” - What’s not to do in the Gunnison Valley is probably the better question!\n\nNonetheless, some of the highlights on and surrounding Wilder include:\nPrivate gold-medal fly-fishing waters\n6 ponds to fish\nEndless trails for horseback, hiking\nWildflower capital\nCB ski resort and all amenities that come with the resort\nWorldclass trophy big game hunting (Gunnison National Forest and other)\nRanching\nCamping\nArt & Music Festivals\nAnd much more!\n
- The next things to consider when evaluating ranches is natural features of the ranch itself.\n\nWhat are some key assets to a ranches?\nWater\nWaterfront properties\nWinter road access\nAccess to sporting amenities (fishing and hunting)\nAccess to national forest\nRecreational activities (sporting, horseback, hiking, atv, golf, camping)\nTopography of the land\nScenic views\n
- Next, you’ll want to consider all the ranch improvements. \n\nIn my case at Wilder on the Taylor we’ve done all the heavy lifting from a development standpoint. Everything is here and ready to use which is the beauty of owning at a shared ranch. Ranch lifestyle without the personal efforts to maintain!\n
- The resort markets in the Rocky Mountain region had mixed results this first quarter, but you saw from Doug’s data that Crested Butte is trending back up and leading the pack. With this Q1 data compared to same time last year, you’ll see that Crested Butte is off to a fast start in 2012 at 68% improvement over Q1 2011.\n\nWhy is CB sales growth out front? Believe it is attributed to amenities of CB area:\nNear proximity trophy big game hunting in Gunnison National Forest\nAbundant fisheries\nTop rated ski mountain\nExtensive summer events schedule\nShared value of Gunnison/Crested Butte close proximity\nMix of dining, shopping, mountains, skiing, hunting, fishing, and endless outdoor activities \n
- RON: The final speaker today is Jeff Buerger who will give us an expanded Ranch overview. Jeff is very knowledgeable in the Western United States Ranch market and is a Partner at Hall & Hall Real Estate Company. Jeff has been marketing and selling ranches in the Western United States for over 17 years. Jeff if you could please tell everyone about yourself and Hall and Hall.\n\nJEFF: Ron, thanks for having me.\n\nI’m Jeff Buerger with Hall & Hall. I’ve been marketing ranches for over a decade in the Western United States. Some say I have the best job in the country and I will have to agree with them. To experience ranches and specifically Wilder on the Taylor is just a privilege.\n
- Hall & Hall is a ranch brokerage operating primarily in the Western United States since 1946. \n\nWe offer services in the following areas:\nRural Real Estate & Marketing\nMortgage Banking\nAppraisal Services\nResource Management\nAuctions\n\n...but, MOST IMPORTANTLY: Building and maintaining long term relationships\n\nUltimately we solve problems and negotiate transactions.\n\n
- 3 Distinct Asset Classes\nTraditional Ranches - centered around raising livestock (Ag/Mixed use)\nFarmland - production and income generation (Ag/Mixed use)\nRecreational Properties - (my focus and specialty) location, amenities, pleasure, legacy, investment \n\n
- Authentic Recreational Properties are like fine art: their value is tied to rarity\n\nauthentic rec props are like fine art/their value is tied to its rarity/not tethered to livestock or production. its about intrinsic qualities & physical attributes: possessing a significant water resource as an example (a world class fishery will always be in high demand/short supply/resort location/access to public land/close proximity to airport/about lifestyle and liveability. this class of investment is about long term appreciation/future value & disposable income. \n\n
- It is about intrinsic qualities and physical attributes:\nSignificant water source (world-class fishery) - water properties will always be in high demand, short supply. (Private fishing waters of the Taylor River)\nResort location (Crested Butte)\nAccess to public land (Gunnison National Forest)\nClose proximity to airport (Gunnison Regional Airport & FBO 15 minutes)\nLifestyle (family, friends, business, outdoors, etc)\nLivability (Custom homes, paved roads, winter access)\n\nSporting Amenities\nThe elements of game, fish, water, equestrian, and outdoor activities continue to be an enormous driver. Adds a valuable component and user friendly component. So many of the buyers of legacy properties are looking for a place where they can bring family, friends, business associates, try and put together deals, try to develop bonds ...for some of them it might be done at Augusta, a duck blind, on a boat, or on a fly fishing stream (the Taylor River).\n\nThe recreational component adds an immeasurable aspect to a great ranch.\n** This class of investment is about long term appreciation/future value and disposable income\n\n
- buyer\ndiscerning/intelligent/sophisticated & value driven\nseeking alternative investment/something tangible in nature \ncash is king - make offer \n\nseller\nwealthy, most cases insulated from current economic conditions and does not need $ from sale \nwillingness/motivation to sell depends on dynamics of deal\n\n\n
- One of the things we track and monitor closely at Hall & Hall is list price vs sale price. Coming out of 2008 into 2009 we saw a 20+ percent difference between listing price and sale price.\n\nWe saw an 8% variance in 2011. \n\nOverall ranch market has been resilient & will remain strong \n\n“Grade A” properties or best of the best will continue to drive the market and create value\n\nMarginal grade properties have been heavily impacted and less desirable in the marketplace \n\nIn an effort of full disclosure a challenge with any of the asset classes we sell is they do not have the liquidity of most other investments. It’s difficult to analyze..... as it does not lend itself to any easy investment formula. \n \n
- Why Buy?\nIt’s Tangible\nIt’s Finite Resource\nIt’s Enjoyable to Own\n\nOther Reasons:\nFamily, Legacy, Endowment\nLifestyle, Recreation, Liveability\nLong-Term Investment - venue to park capital\nTax Advantages and Inflationary Hedge\nPrivacy & Security\nDiversity in Portfolio\n\n\n\n
- H&H 65 years & over 80% referral orientedStatistics Mentor\n\nSummary:The acquisition of a ranch, farm, mixed use or recreational property presents an opportunity to invest in something tangible, a hard asset, that also fosters a distinct lifestyle and chance to enjoy the intrinsic values of rural property. \n\nclear understanding of the asset classes we sellmindset of buyer/seller - reasons to buyprovided a brief overview of the ranch RE market\n\nRON: QUESTION\n\n\n
- Ron Welborn: This has been a great source of information and I trust that everyone that has taken part today has gained useful information from our group of experts that are truly knowledgeable in their markets.\n\nOn behalf of myself and our speakers I would like to thank everyone for attending today. Please know that we are all available to answer any of your questions and are all at your service.\n\nThis concludes our webinar. \n