Aspen Snowmass Real Estate Update

Posted on March 14, 2014 by Mary Kate

Happy springtime from Aspen, Colorado! I hope you're enjoying the beautiful weather in Aspen and Snowmass; it was another awesome day in the mountains again today. The Bud Light Hi-Fi Concert Series featuring Cash'd Out kicks off Spring Jam weekend this evening in Gondola Plaza at 5 pm tonight. America's Uphill is tomorrow morning at the base of Aspen Mountain. I hope to see you at the starting line. We had a great Aspen Snowmass Sotheby's office meeting last week at the Viceroy Snowmass. I wanted to share a recap with you of the latest happenings in the Aspen Snowmass real estate market.<!--more-->

Sixty-two Viceroy Snowmass units have either closed or are currently under contract, about 37% of the total inventory. Sales began December 15, 2012. Construction on the new Viceroy Tower 2 will begin this spring with a completion date of December 2015, about a year and a half construction timeline. Tower 2 will also add a 3,000 square foot new fitness facility. Four banks are lending on Viceroy today including Everbank and First Bank locally doing the majority of the loans. PCL will be the contractor for Tower 2. There will be 67 units in phase 2 comprised of studios, one and two bedrooms. Three and four bedroom units are going to become scarce.

Condominium sales in Snowmass are really starting to pick up in the past few months. The Crestwood is seeing lots of activity. The 8.6 million dollar single-family home sale at 41 Hidden Ln. is the biggest Snowmass sale year to date. Like Aspen single-family vacant land sales in Snowmass have increased. Only four lots remain in Sinclair Meadows. With virtually no new construction in Snowmass the past five years, there is a real demand for new product. The single-family home market under 2 million has been the strongest segment of the Snowmass market as local families try to get into the Aspen School District and take advantage of historically low interest rates. The better priced lots and houses are selling. It's primarily local, end users that are buying in the two million and under price range. The 3.5 - 6 million range in Snowmass remains softer. Viceroy sold price per square foot is about $800 where as Snowmass ski-in/ski-out condominiums are closer to $600. With Easter being so late this year, April 20, Snowmass Mountain and Aspen Mountain will extend their seasons another three weeks to accommodate international guest bookings. I anticipate a strong finish to the spring selling season as a result and some fun spring riding ahead. Come make some turns with me.

Dancing Bear Aspen has about eight memberships left in phase one of the original seventy-two. Pricing just bumped up after another five sales 5% to $760,000 asking price now for a 1/8 fractional interest. Pre sales of phase II will begin once phase I is sold out. Construction is beginning on phase II, the old Chart House building, July 2014 with a completion date of July 2015. Sixty-three total units have sold at Dancing Bear to date. Four units are currently under contract. Dancing Bear has one of the best reciprocity programs with the Timber's Club properties.

Currently there are 45 properties pending in Aspen and 27 under contract in Snowmass Village. In February 2013 there were 4 sales of all property types in Snowmass Village for a total sold volume of $1,106,950, an average sold price of $276,712, and an average sold price per square foot of $545.28 compared to 15 properties sold in February 2014, sold volume of $23,088,900, average sold price of $1,539,260, and an average sold price per square foot of $649.02. Every number is up in February 2014 in Snowmass Village compared to 2013. Same story in Aspen with 12 sales of all property types in February 2013, sold volume of $20,125,132, average sold price of $1,677,049 and an average sold price per square foot of $939.57 compared to 18 sales in February 2014 of all property types, $62,632,375 sold volume, $3,479,576 average sold price, and $1,075.13 average sold price per square foot. I see this trend continuing the rest of this spring. Showing traffic is up across the board on all eleven of my listings. If you find something you like don't wait!

Have a fun weekend! Happy Saint Patrick's Day! Call or email anytime if I can be of help in anyway. More snow on the way tomorrow, bring it on!

Chris Klug

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