Real Estate of Winter Park 2011 Annual Market Update

[2011 Annual Market Review]

THE REAL ESTATE OF WINTER PARK REPORT

REAL ESTATE OF WINTER PARK

LOCALLY OWNE D, LOCAL LY INVESTED

THE REAL ESTATE OF WINTER PARK REPORT

Introduction...............................................................................................................2 Winter Park.................................................................................................................3 Fraser...........................................................................................................................4 Tabernash....................................................................................................................6 Granby..........................................................................................................................7 Grand Lake..................................................................................................................8 Land..............................................................................................................................9 Neighborhood Overview.........................................................................................10 Residential Transactions by Price Point..............................................................11 Condo Transactions by Price Point.......................................................................12 Listing & Absorption Rates......................................................................................13 Community.................................................................................................................14

REAL ESTATE OF WINTER PARK

LOCALLY OWNE D, LOCAL LY INVESTED

Source of all data contained in this report is the Grand County Board of Realtors, Multiple Listing Service. Information is deemed reliable but not guaranteed.

Consult your Real Estate of Winter Park Broker for more information.

Affordability is back in Winter Park. Whether your interest is to own a year round residence, vacation getaway or an investment, today’s real estate market holds great opportunities. Adding to the affordability equation are historically low interest rates. That is the good news. On the flip side, our market still remains complex, due to short-sales and bank owned properties, and differs vastly from neighborhood to neighborhood.

At Real Estate of Winter Park we understand that our value is the sum of our people, products and services. Our brokers collectively and individually bring in-depth knowledge of communities and neighborhoods. We also believe it’s important to be your resource for everything related to real estate in the Fraser Valley and Grand County. We strive to maintain consistency by bringing you innovative tools as well as relevant publications that allow you to understand our ever-changing market.

In this report, we offer you an outline of the trends and sales patterns. While we have a long way to go to regain the higher sales prices of the mid-2000’s, we feel cautiously optimistic about our real estate market in the coming years. We are blessed to live in such an amazing place.

Warm Regards, Your Real Estate of Winter Park Team

REAL ESTATE OF WINTER PARK

LOCALLY OWNE D, LOCAL LY INVESTED

Winter Park

SINGLE - FAMILY/DUPLEX NUMBER OF SALES

SALES VOLUME

AVG. DAYS ON MARKET

AVG. SALE PRICE

2006

81

$47,425,432

259

$585,499

2007

96

$64,192,780

267

$668,675

2008

27

$20,877,214

228

$773,230

2009

35

$17,516,100

273

$500,460

2010

44

$23,176,989

353

$526,750

2011

30

$15,948,400

322

$531,613

NUMBER OF SALES

SALES VOLUME

AVG. DAYS ON MARKET

2006

172

$49,929,055

122

$290,285

2007

138

$43,542,004

144

$315,522

2008

242

$102,215,372

121

$422,378

2009

83

$22,985,458

145

$276,933

2010

75

$17,748,486

283

$236,646

2011

71

$18,326,199

204

$242,404

CONDOS AVG. SALE PRICE

PRICE PER SQUARE FOOT COMPARISON CONDOMINIUM/TOWNHOME

SINGLE FAMILY/DUPLEX 2007

2008

2009 $462

2010 $364

HIGH

$580

$457

AVG

$580

LOW

$68

2011 HIGH

2007 $696

2008 $719

2009 $574

2010 $469

2011 $449

$328

$273

$225

$204

$206

AVG

$334

$505

$330

$455

$255

$95

$83

$68

$71

LOW

$95

$228

$184

$87

$150

REAL ESTATE OF WINTER PARK

LOCALLY OWNE D, LOCAL LY INVESTED

3

Source of all data contained in this report is the Grand County Board of Realtors, Multiple Listing Service. Information is deemed reliable but not guaranteed.

Consult your Real Estate of Winter Park Broker for more information.

Fraser

SINGLE - FAMILY/DUPLEX NUMBER OF SALES

SALES VOLUME

AVG. DAYS ON MARKET

AVG. SALE PRICE

2006

96

$51,234,653

267

$533,694

2007

77

$46,197,892

259

$599,973

2008

50

$31,434,571

245

$628,691

2009

54

$25,946,292

421

$480,487

2010

54

$25,902,682

317

$479,679

2011

57

$25,846,577

373

$453,449

NUMBER OF SALES

SALES VOLUME

AVG. DAYS ON MARKET

2006

132

$32,219,462

260

$244,087

2007

112

$27,688,780

126

$247,221

2008

49

$12,660,300

151

$258,373

2009

45

$10,617,662

202

$235,948

2010

69

$16,567,790

201

$240,113

2011

63

$12,583,000

219

$199,730

CONDOS AVG. SALE PRICE

PRICE PER SQUARE FOOT COMPARISON CONDOMINIUM/TOWNHOME

SINGLE FAMILY/DUPLEX 2007

2008

2009 $414

2010 $350

HIGH

$428

$654

AVG

$428

LOW

$68

2011

2007

2008

2009

$395

$654

$239

$210

$140

$116

$92

$378

2010 $314

HIGH

$326

$400

$201

AVG

$244

$57

LOW

$125

2011 $298

$246

$226

$208

$192

$165

$153

$132

$88

REAL ESTATE OF WINTER PARK

LOCALLY OWNE D, LOCAL LY INVESTED

Source of all data contained in this report is the Grand County Board of Realtors, Multiple Listing Service. Information is deemed reliable but not guaranteed.

Consult your Real Estate of Winter Park Broker for more information.

4

Who Said You Can’t

Buy Happiness?

Built by Terra Firma Custom Homes

REAL ESTATE OF WINTER PARK

LOCALLY OWNE D, LOCAL LY INVESTED

Tabernash

SINGLE - FAMILY/DUPLEX NUMBER OF SALES

SALES VOLUME

AVG. DAYS ON MARKET

AVG. SALE PRICE

2006

53

$28,160,000

199

$531,321

2007

48

$24,977,450

223

$520,364

2008

37

$17,020,500

186

$460,014

2009

23

$10,928,410

166

$475,148

2010

31

$13,094,500

234

$422,403

2011

36

$13,568,721

268

$376,909

NUMBER OF SALES

SALES VOLUME

AVG. DAYS ON MARKET

CONDOS AVG. SALE PRICE

2006

0

$0

0

$0

2007

0

$0

0

$0

2008

1

$205,000

106

$205,000

2009

0

$0

0

$0

2010

0

$0

0

$0

2011

0

$0

0

$0

PRICE PER SQUARE FOOT COMPARISON CONDOMINIUM/TOWNHOME

SINGLE FAMILY/DUPLEX 2007

2008

2009 $371

2010 $314

HIGH

$312

$301

AVG

$208

LOW

$130

2011

2007 -

2008 -

2009 -

2010 -

2011 -

$271

HIGH

$213

$201

$184

$144

AVG

-

-

-

-

-

$83

$124

$101

$41

LOW

-

-

-

-

-

REAL ESTATE OF WINTER PARK

LOCALLY OWNE D, LOCAL LY INVESTED

Source of all data contained in this report is the Grand County Board of Realtors, Multiple Listing Service. Information is deemed reliable but not guaranteed.

Consult your Real Estate of Winter Park Broker for more information.

6

Granby

SINGLE - FAMILY/DUPLEX NUMBER OF SALES

SALES VOLUME

AVG. DAYS ON MARKET

AVG. SALE PRICE

2006

78

$33,741,272

189

$432,580

2007

89

$35,894,199

225

$403,306

2008

56

$21,002,420

175

$375,043

2009

51

$17,842,650

164

$349,856

2010

50

$15,429,464

190

$308,589

2011

61

$19,061,005

240

$312,475

NUMBER OF SALES

SALES VOLUME

AVG. DAYS ON MARKET

CONDOS AVG. SALE PRICE

2006

54

$7,991,538

195

$147,991

2007

88

$17,285,875

189

$196,430

2008

33

$5,644,178

152

$171,036

2009

22

$7,137,200

151

$324,418

2010

49

$9,911,292

101

$202,271

2011

130

$10,853,596

120

$83,489

PRICE PER SQUARE FOOT COMPARISON CONDOMINIUM/TOWNHOME

SINGLE FAMILY/DUPLEX 2007

2008

2009

2010

2011

2007

2008

2009

2010

2011

HIGH

$382

$335

$415

$375

$291

HIGH

$313

$281

$571

$420

$338

AVG

$211

$335

$157

$139

$135

AVG

$207

$186

$303

$198

$98

LOW

$51

$73

$11

$42

$31

LOW

$33

$69

$56

$130

$32

REAL ESTATE OF WINTER PARK

LOCALLY OWNE D, LOCAL LY INVESTED

7

Source of all data contained in this report is the Grand County Board of Realtors, Multiple Listing Service. Information is deemed reliable but not guaranteed.

Consult your Real Estate of Winter Park Broker for more information.

Grand Lake

SINGLE - FAMILY/DUPLEX NUMBER OF SALES

SALES VOLUME

AVG. DAYS ON MARKET

AVG. SALE PRICE

2006

65

$22,470,995

180

$345,708

2007

66

$31,985,255

229

$484,625

2008

40

$14,705,400

238

$367,635

2009

53

$15,722,970

234

$296,660

2010

57

$14,628,632

227

$256,643

2011

61

$19,890,110

186

$326,067

CONDOS NUMBER OF SALES

SALES VOLUME

AVG. DAYS ON MARKET

AVG. SALE PRICE

2006

16

$2,929,500

173

$183,094

2007

16

$3,003,625

152

$187,727

2008

11

$2,391,000

292

$217,364

2009

4

$1,053,000

334

$263,250

2010

11

$2,497,200

163

$227,018

2011

9

$1,448,700

172

$151,644

PRICE PER SQUARE FOOT COMPARISON CONDOMINIUM/TOWNHOME

SINGLE FAMILY/DUPLEX 2007

2008

2009 $959

2010 $625

HIGH

$754

$659

AVG

$235

LOW

$37

2011

2007

2008

2009

$698

$217

$182

$177

$85

$20

$52

$279

2010 $364

HIGH

$352

$289

$162

AVG

$199

$21

LOW

$126

2011 $220

$199

$221

$164

$154

$142

$122

$78

$100

REAL ESTATE OF WINTER PARK

LOCALLY OWNE D, LOCAL LY INVESTED

Source of all data contained in this report is the Grand County Board of Realtors, Multiple Listing Service. Information is deemed reliable but not guaranteed.

Consult your Real Estate of Winter Park Broker for more information.

8

LAND SALES WINTER PARK

SALES VOLUME

AVG. DAYS ON MARKET

AVG. SALES PRICE

2007

19

$19,347,744

349

$1,018,302

2008

10

$3,850,250

158

$385,025

2009

2

$505,000

275

$252,500

2010

7

$1,413,850

222

$201,979

2011

3

$1,210,000

255

$403,333

FRASER

# OF SALES

SALES VOLUME

AVG. DAYS ON MARKET

AVG. SALES PRICE

2007

26

$11,351,107

488

$436,581

2008

6

$1,955,000

379

$325,833

2009

5

$977,000

251

$195,400

2010

8

$1,895,400

457

$236,925

2011

5

$1,264,500

143

$252,900

TABERNASH

# OF SALES

SALES VOLUME

AVG. DAYS ON MARKET

AVG. SALES PRICE

2007

63

$10,314,709

308

$163,726

2008

12

$2,566,400

178

$197,415

2009

13

$1,721,500

137

$143,458

2010

21

$2,395,300

288

$114,062

2011

20

$1,544,300

482

$77,215

GRANBY

# OF SALES

SALES VOLUME

AVG. DAYS ON MARKET

AVG. SALES PRICE

2007

45

$9,571,770

349

$212,706

2008

21

$3,188,100

158

$151,814

2009

19

$978,700

275

$51,511

2010

20

$3,010,950

392

$150,548

2011

14

$1,053,495

257

$75,250

GRAND LAKE

9

# OF SALES

# OF SALES

SALES VOLUME

AVG. DAYS ON MARKET

AVG. SALES PRICE

2007

31

$4,090,600

245

$131,955

2008

14

$1,931,500

500

$137,964

2009

12

$1,435,500

350

$119,625

2010

13

$831,800

271

$63,985

2011

18

$1,118,401

244

$62,133

GRAND COUNTY OVERVIEW

2011 TWELVE-MONTH MARKET ANALYSIS BY AREA AREA

# OF SALES VOLUME TRANSACTIONS

CURRENT # OF ACTIVE

LOW HIGH SALES PRICE SALES PRICE

AVG DAYS # OF BANK ON MARKET OWNED SOLD

Aspen Meadows $2,627,500

17

19

$84,900

$151,412

127

2

Base Camp One Condos (Granby Ranch)

$4,801,408

15

20

$209,203

$504,400

324

0

Bear Crossing

$2,200,000

5

8

$425,000

$426,000

219

0

Beaver Village

$1,491,500

8

13

$126,000

$247,900

136

0

Columbine Lake $2,092,000

9

13

$135,000

$385,000

160

1

Cozens Pointe

$2,434,000

7

1

$309,000

$469,000

539

0

Crestview $466,000 Condos Fairways at Pole $2,242,500 Creek

2

1

$215,000

$279,900

180

0

3

6

$360,000

$992,500

391

1

Founders Crossing/ $3,564,900 Founders Pointe

12

26

$143,000

$500,000

219

0

Granby Ranch (Single Family &Townhomes

$6,045,155

14

14

$310,000

$529,200

96

1

Grand Elk

$4,251,750

13

7

$186,000

$499,000

399

4

Grand Park

$2,289,000

4

7

$523,000

$650,000

755

0

Hi Country Haus $2,023,144

15

16

$85,000

$212,000

236

0

InnsbruckVal Moritz

$3,033,500

10

16

$190,000

$471,000

221

2

Iron Horse

$764,000

5

10

$115,000

$190,000

160

0

Lakota (Single

$4,245,000

5

6

$500,000

$975,000

495

2

Lakota (Antler Townhomes)

$918,700

2

6

$425,000

$493,700

380

0

Lakota Quarter Shares

$150,000

1

13

$150,000

$150,000

20

0

Meadow Ridge

$1,965,500

13

20

$101,000

$249,000

210

0

Pines at Meadow Ridge Pole Creek Meadows Pole Creek Valley

$674,000

5

2

$117,000

$160,000

234

0

$1,094,000

0

5

$240,000

$468,000

112

2

3

5

Rendezvous (Cabins) Rendezvous (Townhomes)

$2,919,650

5

5

$490,000

$680,000

424

0

$2,708,327

6

7

$390,000

$499,153

394

0

Snowblaze

$270,000

2

10

$75,000

$195,000

256

0

Sterling Pointe

$423,800

2

1

$209,100

$214,700

192

0

Sun Song

$554,900

3

3

$155,000

$209,900

328

1

$3,324,250

8

13

$207,000

$589,750

253

1

$4,972,000

11

11

$270,000

$735,000

417

0

2

27

$245,000

$450,000

316

0

Family & Duplexes)

Winter Park Highlands Winter Park Ranch Zephyr Mtn Lodge

$695,000

WINTER PARK, FRASER AND TABERNASH 2011 Single-Family / Duplex / Townhome Transactions by Price Point *Does not include quarter share sales

Price Range

# of Transactions

Sales Volume

Avg. Price/Sq. Ft.

Under $299,999

33

$7,703,271

$140.52

$300,000 to $399,999

19

$6,782,050

$169.76

$400,000 to $499,999

32

$14,486,527

$204.33

$500,000 to $599,999

15

$8,124,000

$222.54

$600,000 to $699,999

7

$4,703,150

$260.21

$700,000 to $799,999

4

$3,002,500

$180.03

$800,000 to $899,999

1

$890,000

$270.52

$900,000 to $999,999

6

$5,672,500

$217.07

$1Million and Up

3

$3,399,000

$246.14

Number of Transactions

Sales Volume

Under $299,999 $300,000 to $499,999 $500,000 to $699,999

Building Permits Pulled

$700,000 to $899,999 $900,000 and up

117 80 60 36

11

61

45

WINTER PARK, FRASER AND TABERNASH 2011 Condos by Price Point *Does not include quarter share sales

Price Range

# of Transactions

Sales Volume

Avg. Price/Sq. Ft.

Under $99,999

11

$927,535

$183.24

$100,000 to $149,999

32

$4,155,250

$196.06

$150,000 to $199,999

37

$6,536,509

$204.66

$200,000 to $249,999

15

$3,270,100

$225.70

$250,000 to $299,999

12

$3,342,500

$214.92

$300,000 to $349,999

10

$3,218,900

$255.75

$350,000 to $399,999

4

$1,497,500

$366.65

$400,000 to $449,999

4

$1,652,500

$344.24

$450,000 to $499,999

2

$900,000

$373.63

$500,000 to $549,999

5

$2,587,900

$332.71

$550,000 to $599,999

1

$580,000

$334.29

Over $600,000

1

$1,125,000

$280.41

Number of Transactions

Under $99,999 $100,000 to $199,999 $200,000 to $299,999 $300,000 to $399,999

Sales Volume

$400,000 to $499,999 $500,000 to $599,999 $600,000 and up

Source of all data contained in this report is the Grand County Board of Realtors, Multiple Listing Service. Information is deemed reliable but not guaranteed.

Consult your Real Estate of Winter Park Broker for more information.

12

Listings and Absorption Rates 2000

100

1800

1600

# of Listings (Lines)

1200 60

1000

800 40

600

400

20

200

0

Jan 10

Feb 10

Mar 10

Apr 10

May 10

Jun 10

Jul 10

Active Listings

Aug 10

Sep 10

Oct 10

Nov 10

New Listings

Dec 10

Jan 11

Feb 11

Mar 11

Sold Listings

Apr 11

May 11

Jun 11

Jul 11

Aug 11

Sep 11

Oct 11

Nov 11

Dec 11

Months of Inventory

W

e are always talking about “absorption rates” or the “number of months of inventory currently on the market”. Have you ever wondered what this means or how that number is calculated and why it matters? The graph above represents the Grand County real estate market for the past couple of years. The red line shows the number of active listings for each month. Typically, the higher the available inventory the lower the sales price. This is because when buyers have a lot to choose from they tend to buy the lower price properties which then causes other sellers to do price reductions in order to compete: Basic supply and demand.

The green line shows the number of sales during each month. In December 2010 there were 55 sales, in December 2011 there were 59. To calculate the Absorption Rate (the gray bars) you divide the number of active listings by the number of sales. Although the number of sales was about the same, the absorption rate in December 2010 was about 31.8 months, in December 2011 the absorption rate was 27.2 months. This means that if the number of active listings remained the same and the number of sales continues at 59 per month, it would take 27.2 months for all active listings to be sold. Grand County’s average absorption rate for the past two years is 40.6 months. The lowest month was November 2011 at 23.9 months of inventory.

Inventory at Rate of Sales (columns)

80

1400

We

Our Community

Real Estate of Winter Park Supports the following Organizations in our Community: -

-

The Grand Foundation Shining Stars Foundation Grand County Blues Society Grand Kids Childcare Winter Park Mountain Bike Series Habitat for Humanity of Grand County American Cancer Society Mountain Chapter Winter Park Rotary Pet Pals Colorado Association of REALTORS Housing Opportunity Foundation (CARHOF) Middle Park Land Trust Fraser Creative Learning Center National Sports Center for the Disabled (NSCD) Special Olympics Grand Arts Council Mountain Family Center Rec Center Duathlon

West Grand Elementary Bert & Earnie Golf Tournament MPHS Booster Club Historical Society Heart of Mountain Hospice Advocates Headwaters Trail Alliance (Trail Adoption) - CASA - Mountain Pet REscue - High Country Stampede Rodeo

Working Together ark P r e t Win 2012

tics e l h t A d n East Gra

Giving Back!

REWP Bike Team

Doggy Drag - PET PALS!

Jean & Calvin got 1st place!