Aspen Square Condominium Hotel Real Estate Update September 2014

Posted on September 29, 2014 by Mary Kate

Aspen was packed this summer! Occupancy numbers and retail sales were way up. Our town was as busy as I’ve seen it in years in July and August. Visitors and locals were busy falling in love with all that Aspen has to offer. The Aspen and Snowmass community calendar was chalk full of great events and activities this summer including Food &amp; Wine, Jazz Aspen Snowmass, The Aspen Music Festival, Saturday Market, USA Pro Cycling Challenge, Wunderlust, Power of Four, and Fourth of July Festivities. The famous Aspen saying continues to ring true, “You come for the winter, and stay for the summer.”<!--more-->

I showed more property than ever this summer. I am having my biggest year of sales since 2008. May was a record-breaking month for our company, Aspen Snowmass Sotheby’s International Realty, with over two hundred million dollars closed. While closings in July were off last years pace, the end of the summer has been huge. All of the showing activity this summer is now translating to offers and contracts. According to Land Title Guarantee Company year to date total transaction volume in Pitkin County through July was $791,795,309, an increase of 27.71% from the same time period last year. There were 762 transactions through July 2014, an increase of 9.37% from the same time in 2013.

So far in 2014 there have been 74 downtown Aspen central core condo sales from $269,000 for a 263 sq. ft. 914 Waters Ave. studio to seventeen million for the 9,000 sq. ft. Motherlode Penthouse – next to the Wheeler Opera House with one of the best rooftop decks and views in town. Average sale price of the 74 central core condos YTD is just below two million dollars while sale to list price is 94%. Average sold price per square foot is $1,307.64. There were 62 core condo sales through the third quarter 2013, representing a 17% increase in 2014. Average sale price in 2013 of core condos was $1,844,352, which is up 8% in 2014. Sale to list price is up 2% in 2014 compared to 2013. Sold price per square foot has increased 10% from $1,177.83 in 2013 through the first three quarters to $1,307.64 YTD. Agent Days on Market is down almost 27 days YTD compared to same time in 2013. My analysis includes a lot of figures and information. The bottom line is that every single number is stronger for the Aspen core condo market in 2014 compared to 2013.

There are currently four actively listed studio units at Aspen Square Condominium Hotel priced from $715,000 to $1,099,000. I sold the only unit the past year in July for $672,500. There were two studio sales in 2013. A top floor, remodeled corner unit sold for $750,000, and a top floor north-facing studio traded for $650,000. The only two-bedroom listing was under contract, but just fell out and is no longer active. The average sold price per square foot of the six Aspen Square condominium sales since 2012 is $1,389.42. Showing activity has been strong the past weeks. I anticipate a strong finish to 2014. With the exception of top floor, remodeled, corner unit 406 which traded for $750,000 a little over a year ago, every studio the past four years has traded at $650,000, and $600,000 for unit 309 in 2011. Prices are going up. There’s a premium for top floor south facing units, as well as remodeled condos with newer more contemporary finishes.

[caption id="attachment_443" align="alignright" width="299"]<img class="wp-image-443" src="http://klugproperties.com/wp-content/uploads/2014/09/PoolEvening-300x207.jpg" alt="Aspen Square Condominium Hotel Courtyard" width="299" height="206" /> Aspen Square Condominium Hotel Courtyard[/caption]

The downtown core condo market is the most sought after segment of our market. Inventory in Aspen is down more than one third today compared to 2009. There are 96 actively listed downtown core condo properties today, and 16 pending sales. The average list price per square foot is almost $1,500 a square foot, about 13% above the average sold $/SF this year. The new Aspen Muse 5,053 square foot penthouse next to the new Aspen Art Museum is currently listed at $16,700,000, $3,304.99 list price per square foot. The One Aspen project on S. Aspen St. includes fourteen 5,000 plus sq. ft. contemporary townhomes listed between 8 and 16 million, $1,800 to $2,500 a square foot. Eight units went under contract within the first month of sales. The project is slated to break ground by the end of the year. I think One Aspen speaks to the strength of the downtown core market and location and the shortage of newer contemporary product.

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