QUARTER REPORT – 2019 First Quarter
As we look at the sales statistics thus far, the overwhelming trend throughout Gunnison Valley is that we are seeing a continued decrease in inventory at lower price points, resulting in higher demand from buyers. This is driving prices up and causing quicker sales in many areas.
One exception to this trend is residential lot sales in the Town of Crested Butte and Mt. Crested Butte. Both areas experienced one lot sale each in Q1, while available inventory at the time of publishing this report shows 15 lots in town and 38 lots in Mt. CB. We are attributing less interest in residential lots to the dramatic increase in price and building costs. Crested Butte South, on the other hand, is seeing more demand for lots (specifically those located in the flats) as we see properties selling 25% faster than last year even with higher prices.
Condo / Townhome sales show a substantial decrease in price for properties in the Town of Crested Butte over last year; however, only two sales have closed in the first quarter of 2019, one of which was among family members with private concessions made. For this reason, the data shown is not comprehensive and will likely equalize as the year progresses.
Single-family home sales are generally seeing a decrease in average sold price over last year apart from the City of Gunnison, which saw a 27% bump in sales price. Impressively, Gunnison also experienced a 67% increase in the number of properties sold over 2018, meaning this area is continuing to gain popularity for buyers!
For a more in-depth market analysis or assistance with all your real estate needs, stop in our office located at 401 Elk Avenue in Crested Butte or contact one of our experienced brokers today. Click here to see our Crested Butte Brokers.
QUARTER REPORT – 2018 Year-End
In analyzing the 2018 year-end market statistics, one thing is certain – the clients of Crested Butte Sotheby’s International Realty had an incredibly successful year! Our collective goal as an office is to get results and the statistics show we have. Our office led Gunnison County in total sales volume for the 7th year in a row, led in total listings sold, and had the top broker for the 7th year in a row! Thank you to everyone that has been a part of our business in 2018. View page 11 for more statistics from the Gunnison County MLS.
Real estate sales throughout Gunnison County were down slightly in 2018 over 2017. The Upper Gunnison Valley saw a decline of 7.1%, due in part to higher prices and less inventory.
Single-family home buyers gravitated toward the more populous areas of Mt. Crested Butte, Crested Butte South, and the City of Gunnison for single-family homes, while rural area sales dipped 23% over 2017. We witnessed (and represented the seller of) the highest sale to date in the Town of Crested Butte, a beautiful single-family home selling for an impressive $3.85M!
Since the acquisition of Crested Butte Mountain Resort by Vail Resorts earlier this year, Mt. Crested Butte sales have been on everyone’s radar, especially for condos and townhomes. Although we have noticed increased interest in mountain properties, inventory remains low so sales have remained roughly the same as in 2017. Condo sales were down 8% in rural areas but jumped 72% in the Town of Crested Butte with an impressive 40% reduction in days on market.
While the rural areas generally saw a decrease in residential sales, these areas were booming in land sales. More buyers turned to building due to increased residential prices resulting in a 35% increase in Rural Crested Butte, and an incredible 86% increase in Crested Butte South. Rural Gunnison witnessed a substantial sale of 420 acres for $5.3M, the 7th largest sale recorded in Gunnison County!
It certainly was a fantastic year and we are looking forward to what 2019 brings! Regardless of your real estate needs in the New Year, the team at Crested Butte Sotheby’s International Realty can help you get results. Visit us in downtown Crested Butte or contact us today to learn how we can offer you an advantage your real estate endeavors.
QUARTER REPORT – Third Quarter 2018
As the third quarter closes and we reflect on the year thus far, one thing is certain; 2018 is the year of change for Crested Butte. We can undoubtedly expect even more change in the coming years with the recent acquisition of Crested Butte Mountain Resort by Vail Resorts.
We reported in the second quarter of this year that land sales were improving, and this is still true. With the exception of the Town of Crested Butte, land sales have increased by 60% or more in every area in Gunnison County compared to 2017. Parcels of 10+ acres continue to see the most growth year over year with an astonishing 318% increase in sales volume (due in part to a $5.3 million sale in March) and 84% more properties sold than in 2017. Crested Butte South experienced the second largest jump in properties sold with 78% more than 2017.
Looking at all property types, prices are down 15%, causing a 9% dip in total sales volume compared to last year; however, we are seeing an increase of 6.1% in total units sold. Single family home sales were divided; the Town of Crested Butte and outlying areas continued to see a significant decrease in sales over last year, while Mt. CB sales were up 50% and Crested Butte South enjoyed a spike in sales volume of 65% in the third quarter. As inventory improves, condo sales appear to be equalizing slightly over Quarter 2 with sales in the Town of Crested Butte remaining strong and Mt. Crested Butte down just 5% over last year (compared to -33% last quarter).
As the winter season kicks off and the new resort ownership takes shape, we are excited to see how the expected improvements affect interest in our small town. As tourism continues to grow in the Gunnison Valley, we expect the real estate market to follow suit.
Visit us in beautiful downtown Crested Butte to learn more about these statistics and how Crested Butte Sotheby’s International Realty can help you in your real estate endeavors. Our staff of professionals have a wealth of information, and we’re here to help!
QUARTER REPORT – Second Quarter 2018
With low snowfall this previous winter, summer 2018 began early and the outdoor activities are in full swing! Dry conditions have many locals doing their rain dance as we are entering our second month under a fire ban, however July typically brings afternoon showers, so Crested Buttians are hopeful for moisture soon.
The overall statistics below are a bit deceiving. A fall in overall average price reflects a shift from high ticket single family home sales to more affordable residential and land sales. Single family home sales were down 23% in the Town of Crested Butte and down 44% in Crested Butte South compared to 2017. Mt. Crested Butte saw a significant increase in sales volume, however, the total number of single family properties sold throughout Gunnison County over last year was down 11%. Condo sales saw the largest increase in the Town of Crested Butte, with an impressive 185% increase in sales volume over last year, and a 250% increase in number of units sold Despite this increase, the average price of condos and townhomes has fallen throughout Gunnison Valley. Perhaps the most surprising statistic in condo sales is the 33% decrease in Mt. Crested Butte. Mt. CB is typically the stronghold of condos and townhomes; however, a lack in inventory has driven buyers down valley.
Thus far, 2018 appears to be the year of land sales with Mt. Crested Butte, Rural CB, and CB South seeing sales increase 59%, 94%, and 106% respectively. Lower Gunnison Valley shows 123% increase in land sales, and the number of parcels over 10 acres have doubled with a staggering 613% increase in sales volume thanks in part to a significate sale of 420 acres for $5.3 million. Needless to say, local builders are busy!
It’s already been a very exciting summer, and our busiest quarter is still to come! Come visit and get to know the proven professionals on our staff. We have a wealth of information to guide you in your real estate journey, and we’re here to help.
QUARTER REPORT – First Quarter 2018
Although this winter resulted in light snowfall and will be referred to many as the winter that wasn’t, 2018 is showing very positive signs for certain real estate segments.
Overall property sales are up 21% over 2017 Q1 with almost 12% more properties sold, but perhaps the most exciting data thus far is in land sales. Total dollar volume sold for parcels over 10 acres jumped a staggering 847%! Land sales in Rural Crested Butte and Gunnison area were also up 292% and 232% respectively, proving it’s not just the large parcels that are making a come back in our valley.
Condo and Townhome sales were down compared to the beginning of 2017 overall as inventory declined, however, the town of Crested Butte saw a slight increase in sales. Despite a decrease in Single Family home sales in Crested Butte and Rural CB areas, Gunnison areas, Almont, and Mt. Crested Butte showed a significant increase in sales.
As we transition out of the slower winter season, we are looking forward to the spring of 2018. Quarter 2 typically yields the largest increase in inventory for the year, and with 114 properties currently under contract, it looks to be a very successful sales quarter as well.
At Crested Butte Sotheby’s International Realty, our brokers have had a fast and furious offseason with many interested buyers coming into the market. With inventory the lowest we’ve seen in years, now is the perfect time to list your property. Contact one of our brokers to experience why we are the real estate leaders in the Upper Gunnison Valley.
QUARTER REPORT – Year End 2017
The Crested Butte real estate market experienced robust growth in 2017. Overall average price, numbers of properties sold, and sales volume all increased between 18% and 41%. Each of these metrics was the most we have seen in the Crested Butte area in the past ten years.
The single-family home segment saw sales volume growth in almost all areas with Rural Crested Butte, Crested Butte South, and Rural Gunnison and Almont homes having 40% plus rates of growth. The condo and townhome segment also saw high rates of sales volume growth in Mt. Crested Butte and the surrounding areas, with growth rates above 33%. The Land segment saw extremely high rates of sales volume growth in both Mt. Crested Butte and Rural Crested Butte. Mt. Crested Butte land sales volume was $2.9 million in 2016 and $7.4 million in 2017. Rural Crested Butte land sales volume was $7.6 million in 2016 and $18.2 million in 2018.
There are currently 51 properties under contract in the Upper Valley with a listing value of $29.6 million.
We are expecting an active real estate market in 2018, with average prices expected to rise throughout all market segments. With over half the available properties currently on the market being land parcels and residential lots, we expect an upward trend in land sales.
At Crested Butte Sotheby’s International Realty, we finished 2017 as the number one brokerage for the seventh straight year. In fact, we doubled our competition in both in sales volume and transactions. Contact our brokers to experience why we are the leaders in the Crested Butte and Gunnison areas.
QUARTER REPORT – Third Quarter 2017
We are excited to inform our base about all the change and uptick in the market. Our overall sales volume for the upper East River Valley has increased a staggering 47.3% year to date. We noted in a previous report about the influx of new people discovering Crested Butte, as well as Colorado yet these numbers are almost stupefying. The first quarter of the year was slightly down from 2016, thus this entire growth has happened during the second and third quarters of 2017.
Rural Crested Butte single family homes and lots are both up 127% compared to last year. Condos in Mt. Crested Butte sales volume numbers continue to grow over the last year and a half. This summer land has also started to rebound as the average price of residential properties continue to increase year over year.
As of the middle of October, the overall sales volume more than $200 million for the upper valley and there are 76 pending contracts with a listing value of $48 million. We could end up at the quarter of a billion mark for the upper valley for the first time in our history.
At Crested Butte Sotheby’s International Realty, we continue to lead the real estate market and almost double our competition in number of transactions and sales volume. Contact our brokers to see what we can do to sell your property this winter.
QUARTER REPORT – Second Quarter 2017
The Crested Butte real estate market is up an astonishing 29.9% through the first half of the year compared to 2016. We also officially hit the $100 million mark by the halfway point of 2017 for the first time in ten years. We saw record sales in May and June, and these two months hit sales totals we had not seen since 2007. Overall we saw a robust second quarter in 2017.
The Crested Butte real estate market’s growth was fueled by strong sales volume numbers on Rural Crested Butte single family homes and Mt. Crested Butte condos
and townhomes, which were up 78% and 53% respectively. The Rural Crested Butte single family home segment saw an increase in upper-end home sales with nine homes selling for over $1 million and the highest selling for $4.5 million. The Mt. Crested Butte condos and townhomes segment saw 72 properties sell with a $65,000 increase in the average sales price.
The land market continues to be soft as total sales volume continues to show little to no growth from year to year. As average residential prices continue to increase the land market will start seeing growth in the latter part of 2017.
As we approach our three busiest real estate closing months of July, August, and September, we are looking at another strong quarter. Currently, there are 77 properties under contract in the upper valley with a listing valuation of over $38 million.
QUARTER REPORT – First Quarter 2017
The first quarter of 2017 began with snow storm after snow storm and January alone ended with a 136 inches of snow. It really created a difficult situation as potential buyers could barely see the outside of most homes as snow piled up past the roof line. Along with the snow there was a decrease in inventory which added up to a small decrease (-1.7%) in overall sales volume compared to the first quarter of 2016.
The single family home segment of the market was up in the non-incorporated areas. Rural Crested Butte homes, Crested Butte South homes and Almont and Rural Gunnison homes all saw sales volume increases between 12% and 21%. The towns and cities in our area saw decreases in sales volume, between (-16%) and (-65%), which included Crested Butte, Mt. Crested Butte and Gunnison. As we saw in 2016 the condo and townhome market continues to be strong in 2017. A staggering 88% increase in Mt. Crested Butte. We continue to see an influx of Denver metro buyers flocking to Crested Butte and entering our real estate market in the more affordable condo and townhome segment. The land segment of our market was slow but that is to be expected when most lots are covered with 10 feet of snow.
As we enter the second quarter of 2017, we are seeing an increase in sales volume as the upper valley already has 90 properties currently under contract with a current listing value of over $61 million. Another influencing factor is that the second quarter historically is when we see an influx of listings. During the second quarter sellers are putting their property on the market before the busy summer selling season. Some of these new properties will hit the market, go under contract and close all within the second quarter.
As noted above this is a great time to list your property as there is a decrease in inventory, average prices are continuing to rise and we will see an influx of buyers during the summer. Contact us so we can show you how Benson Sotheby’s International Realty gives your property the greatest worldwide exposure available in our market.
QUARTER REPORT – Year End 2016
The 2016 upper valley real estate market ended with an almost 9% sales volume growth. This marks the 4th straight year that our sales volume has increased by at least 7% compared to the prior year’s sales. This can be attributed to the growing popularity of Crested Butte driving up the average price throughout the years.
The town of Crested Butte again was strong throughout all market segments. Homes, condos/townhomes and land all saw gains in average price, price per square foot/acre and total sales volume. However, the strongest market segment was the condo/townhome market in Mt. Crested Butte. Sixty-three more condominium units sold in 2016 than in 2015. Total sales volume growth was an amazing 73%.
We believe in 2017 we will continue to see increases in average sales price as Crested Butte is becoming more and more “on the map.” Adding to the positive messages about CB have been our recent snowfall totals. During the first 2 weeks of 2017 we recorded over 100” of snow — by far the most in the entire state of Colorado.
Our biggest challenge in 2017 will be a lack of well-priced inventory. There are many new listings coming on that are above market value as sellers are shooting for the stars hoping for a return of 2006-2007 values.
Our inventory is at an all-time low and we would be pleased to give you a confidential presentation of what we can do for you. Feel free to contact one of our knowledgeable brokers.
QUARTER REPORT – Third Quarter 2016
The first significant snow fell last night and the last of the aspen leaves are falling at this exact moment. So we say goodbye to fall and hello to the beginnings of winter. The overall sales volume in the Crested Butte real estate market is almost exactly where we were in 2015 with only a marginal 0.2% increase. So far this year there have been fewer homes that have sold but those that have sold have sold at a higher average price.
The high end luxury market has been soft as we have only had 5 homes sell for over $2 million and nothing over $3.3 million. This trend seems to be happening throughout the nation in the second home market and especially in the Colorado ski/resort market. Much of this can be contributed to two major factors. The first is it is a presidential election year where historically luxury buyers wait to purchase luxury items. The second is oil prices have continued to stay relatively low these past two years.
Now it is not all bad news. This year we had huge gains in the condo and townhome segments throughout the area but especially in Mt. Crested Butte. Most of this can be contributed to the influx of people moving to the front range of Colorado which in turns means an influx of buyers coming to Crested Butte to get their foot in the door and enjoy the mountain/ski lifestyle.
It looks like the fourth quarter will be slightly stronger than last year as there has already been $11 million worth of closings in the early part of October and we currently have $42 million worth of listings under contract in the Upper Valley.
QUARTER REPORT – Second Quarter 2016
The overall real estate market in Crested Butte and Gunnison continues to climb as we reach our peak summer selling season. Most of our overall sales volume gains are not because more properties are being sold but because properties are being sold at a higher average price then compared to previous years.
We have seen the average price of homes in the towns of Crested Butte and Mt. Crested Butte increase by over 50% compared to last year at this time. Condos and Townhomes have also steadily increased in value throughout our area.
The one segment of our market that has seen a dip in 2016 is the land market. It is an indication that many buyers would like to purchase a home or condo and enjoy the beauty of Crested Butte right away without having to go through the building process.
The summer selling season looks to be as busy as ever as currently there are 122 listings currently under contract with an asking price value of $42.7 million. Considering that Crested Butte is poised to have its busiest summer tourism season ever and that federal 10- and 30-year interest rates reached an all time low this week, our market should see an increase in sales volume and average price through all residential properties.
QUARTER REPORT – First Quarter 2016
During the first quarter of 2016 we’ve had an influx of both second homeowners and tourists alike. Our restaurants and watering holes have been full to capacity every weekend with everybody enjoying the entertainment scene in Crested Butte. The ski resort closed last Sunday to a very enthusiastic last day of great skiing, fun costumes and crazy antics.
Getting to the really important things… statistics. We’re excited about our average price and sales volume being up 49.9% and 27% respectively. Fewer properties sold this quarter compared to 2015’s first quarter yet the gains were highest in residential sales. The residential markets were up in every micro market except Crested Butte South. Land sales were unpredictable as most people would like to see the bare ground before buying!
We are off to a great start for 2016 and expect our busiest season, summer, to grow again this year. With sales volume slightly down due to a smaller inventory we will continue to see growth in average prices throughout the market.
QUARTER REPORT – Year End 2015
In 2015, the real estate markets in Crested Butte and Gunnison grew more than was predicted. The Crested Butte area market grew by a strong 9% compared to 2014 while the Gunnison area market grew by a staggering 93% compared to 2014. Not only was sales volume up in both markets but also average price and the number of properties sold increased as well.
The market segments that did exceptionally well in sales volume increases were Single Family Homes in Mt. Crested Butte (47%), Single Family Homes in Rural Crested Butte (65%), Single Family Homes in Almont and Rural Gunnison (65%) and Single Family Homes in Gunnison (172%). Also all land markets did well with sales volume increasing in all segments. CB South grew by an astonishing 183%.
As we enter into 2016 we expect to continue to see healthy growth in our real estate markets in our area. Growth in tourism throughout both the winter and summer months and more people telecommuting, will in turn create more of a demand for properties in our area. So far we are off to a strong start in 2016 with currently over $40 million in properties under contract as of January 7th.
QUARTER REPORT – Third Quarter 2015
The overall real estate market has continued strong growth throughout 2015 while being up almost 15% over 2014 for the upper valley. The main reason for the overall growth is that single family homes just outside of the Town of Crested Butte and south all the way into the City of Gunnison have all seen large sales volume growth in between 43% to 173%. Also all segments of vacant land and lots have seen huge growth from 2014. The segments that have leveled off or even dipped are single family homes, condos and townhomes in both the towns of Crested Butte and Mt. Crested Butte.
The fourth quarter of 2015 looks to level off quite a bit compared to the high sales volume numbers that happened during late summer and early fall. We forecast that our local real estate market will end up with a growth between 5 and 10 percent.
Crested Butte & Gunnison Quarterly Market Report – Second Quarter 2015
The first half of 2015 has been very strong. We have had our largest sales volume months in May and June since 2007. Almost every segment of our market has seen increases in total sales volume and increases in median and average price. Some of the larger gains were made in Rural Crested Butte homes and Gunnison area homes. Vacant land has also started to trade again with more parcels selling around Gunnison County.
The outlook for the rest of 2015 remains positive. The summer selling season will be another strong one as there are more visitors in the area, prices here are still favorable compared to other resort towns and historically we close on more real estate in August, September and October. Average prices will continue to increase as inventory continues to decrease.
Crested Butte & Gunnison Quarterly Market Report – First Quarter 2015
The start to 2015 was much busier than the start to 2014. Compared to last year we are up over 25% in sales volume in single family homes and vacant land. The only sector that saw a slight dip was condominiums and townhomes in Mt. Crested Butte.
Not only was it busier throughout the first quarter but that also carried into the end of March. Many of our agents put numerous properties under contract in the last two weeks of March. There are currently 93 properties under contract of which our office commands 30 of those contracts.
With the warmer temperatures and the snow melting out quickly we will have a short mud season and our real estate off season will be very short. More people will be looking in April, May and June than in years past which should equate for a strong second quarter in 2015.
Crested Butte & Gunnison Quarterly Market Report – Year End 2014
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.
Crested Butte & Gunnison Quarterly Market Report – Third Quarter 2014
The third quarter ended up being as strong as predicted. The sales in the third quarter helped our market rebound and we are now slightly above the pace of 2013 sales volume. The strongest sector of our market has been single family homes, condos and townhomes within the town of Crested Butte as prices and sales volume have risen significantly. There have also been more condos in Mt. Crested Butte sold this year compared to last year with 22 more units selling in 2014. All other residential sectors have been steady compared to last year except for single family homes in Rural Crested Butte with the number of transactions in the Rural Crested Butte area lagging.
As we enter the off season between fall colors and the holiday season, we expect our year end market for 2014 to grow over 2013. We are encouraged by the 104 properties that are currently under contract in the Gunnison County with over $49.3 million in listing volume. If the majority of these properties close we will be slightly above our 2013 sales volume. Plus any properties that go under contract and close before the end of the year should get our market to a healthy 5 to 7 percent growth for 2014.
Crested Butte & Gunnison Quarterly Market Report – Second Quarter 2014
The local real estate market is recovering from the slow first quarter but still is not quite there yet. In the Crested Butte area we are down 25% which is better than the 50% we were down in the first quarter. A lot of this can be attributed to the lack of sales in the Single Family home segment in Rural Crested Butte as this segment was down over $15 million. Another contributing factor is that the high end sales in our market have been slow in the Second Quarter, as can be seen on our Significant Sales page. Our highest price to date for 2014 is $1,925,000.
Our market will steadily improve with the abundance of visitors in town over the summer. We believe growth and values are increasing at a sustainable rate. There are currently 75 properties under contract in the Gunnison County with over $36.8 million in listing volume. Depending on how the Third and Fourth Quarters shape up we will end up close to our 2013 final numbers.
Crested Butte & Gunnison Real Estate Market Report – First Quarter 2014
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 closing 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.
Crested Butte & Gunnison Real Estate Market Report – End of Year 2013
The overall real estate market has improved greatly in 2013 as compared to 2012. In the upper valley in 2013 there were over $146 million worth of transactions, an increase of over $31 million in sales volume from the previous year. There were also 65 more properties sold in the upper valley.
This market report shows all areas of Single Family Homes, Condos and Townhomes increasing in total sales volume and the majority of individual areas have seen an increase in average price, more properties selling within 10% or less of list price and a decrease in days on market.
Vacant Land and Lot transactions are still all over the place with most areas holding steady on average and median prices and sales volume. With a decrease in inventory of homes and condos we might start seeing an increase in land and lot sales in 2014.
Overall 2013 was a very strong year throughout Gunnison County with increases in sales volume, price and numbers of properties sold and a decrease in days on market.
Crested Butte & Gunnison Real Estate Market Report – Third Quarter 2013
The overall real estate market has improved greatly for 2013 over this same time period in 2012. In the upper valley our sales volume in the first three quarters has already surpassed the entire year of 2012.
The next few pages show all aspects of Single Family Homes, Condos and Townhomes increasing in total sales volume and the majority of individual areas have seen an increase in average price, more properties have sold within 10% or less of list price, and fewer days on market.
Vacant Land and Lots are kind of a mixed bag with the exception of the Town of Crested Butte as the only area with strong numbers throughout.
The third quarter was very strong, with $64 million in sales this quarter alone. 13 of the properties were sold at over $1 million.