Aspen Square Condominium Hotel December 2015 Real Estate Update

Posted on December 4, 2015 by Chris Klug

It has been a busy fall season for real estate activity in Aspen. Numbers are up across the board in the Roaring Fork Valley Real Estate Market. The Aspen downtown core, Red Mountain and the West End continue to drive our local market. We’ve seen ten core condo sales in 2015 above $2,000 a sq. ft., one at Aspen Square Hotel. The Aspen Core Penthouse, behind Boogies, sold last month for 25 million, about $3,000 a sq. ft. for an unfinished 8,000 sq. ft. white box., which will probably take another 8-10 million to finish. Aspen Core Penthouse joins The Motherlode Penthouse and Aspen Muse Penthouse next to the 50 million dollar Aspen Art Museum as the three $3,000 plus sq. ft. sales the past year. Focusing on the downtown Aspen core condo market we have seen an increase in the number of transactions from 91 last year through November 2014 to 99 this year for the same time period. Sold dollar volume of core condos has increased from 198 million to 208 million this year. Average sold price decreased slightly from $2,172,416 in 2014 to $2,098,338. Average sold price per sq. ft. went up from $1,332 to $1,391. Average days on market decreased from 235 days to 226 days.

At Aspen Square specifically we have seen three sales in 2015: 214, 135 and 119. Average sold price per sq. ft. of the three sales in 2015 was $1,865.93. Average sold price per sq. ft. of all 2014 and 2015 sales was $1,626.01. I closed December 2 on studio unit 214 for $700,000, which was listed for $749,000. Sale/list price was about 93.5%. There are currently four active studio listings at Aspen Square today:

  • Unit 215 - $715,000
  • Unit 224 - $749,000
  • Unit 313 - $949,000
  • Unit 309 - $1,125,000

I anticipate a busy winter selling season ahead. My business has nearly doubled from last year. There’s a premium for downtown core A+ locations with good light, views and newer contemporary finishes. Interest and showing traffic for studios is increasing with strong rental history, and the best location and amenities in town. There is a lot of demand for one and two-bedroom Aspen Square opportunities, but no inventory today. The Gant has seen a lot of sales activity in 2015 with eleven condo sales trading on average at $1,241 sold price per sq. ft. There are currently eight active listings at The Gant today with an absorption rate of about nine months. Overall inventory for core condos is slightly down from 120 last year to 115 today. Pending inventory of downtown condos is slightly down from 26 last November to 23 this November 30, 2015. I think we will see a strong finish to 2015 and a busy winter season ahead with less product and higher prices. Call or email anytime for complete monthly market numbers. Visit my weekly blog at www.klugproperties.com/blog for weekly news and happenings in our valley. 

Chris Klug

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Ready To Sell Your Home In A Month. Is Your Home Ready?

Posted on November 18, 2015 by Mary Kate

Are you thinking about selling your home? Have you thought about prepping the home to sell? Let me share some easy and affordable tips to sell your home. Check out my new video of 611 & 661 Twining Flats Road. This is a perfect example of how a home should look to sell!

  1. Price it right: A new listing will be the busiest in the first thirty days. If the price is too high, you'll miss opportunities. You've gotta get buyers in the door to sell your home. Find an agent who studies the market everyday and get the price right from the start! "Time is acid for a listing," says Greg Hague and I agree! Love his 29 day Sales Strategy or what I call the London approach to reaching out to the top brokers and your broker's sphere of influence before it even hits MLS - to let them know about a brand new listing that hasn't even hit he market. 
  2. Start Outside: First impressions last forever. A property that has bad curb appeal will have a bad rap. No one likes that! Clean up the front yard, paint the fence, plant new flowers, mow the lawn, clear the path from the driveway to the front door. Agassi was right, "Image is everything" when it come to selling your home. 
  3. Declutter and Deep Clean: A cluttered home doesn't feel welcoming. Buyers wants to feel comfortable in a home they might be purchasing. It is not as hard as it sounds. Here are some tips. Clear all countertops in the kitchen & bathrooms. No one wants to see prescriptions, a messy pile of books, or anything that distracts the eye from the home itself. Start with one room and slowly the home will be decluttered and clean! Don't be afraid to purge. You're going to have to deal with it when you sell the home anyway, so do it before and your home will look even better and sell sooner. 
  4. Depersonalize: Family photos and toys should be put away. The home should be staged to sell. A personalized home isn't always appealing. You want buyers to see themselves in your home, not the other way around. 
  5. Focus on Functionality: Do your appliances look like they have seen better days? Are your electric, plumbing and structural components up to municipal code? Not sure, then have an inspection. This way you know what you need to have done and this will make it easier to sell the home faster. If your appliances are in perfect condition, but look dated. It might be a good idea to invest in a new stove or refrigerator. 
  6. High Resolution Professional Photos & Video: Hire a broker who uses a professional photographer & videographer. If the photos don't show off the property what is the point. Great photos and now videos can help easily sell your property on the internet, social media and print ads. Photos should be taken after the home is prepped. 
  7. Living Aspen: Show off not only the property, but the shops, activities and beauty of the town or city. Check out my new video of 611 & 661 Twining Flats Road, this is perfect example of how to incorporate the lifestyle into the property video. Buyers are not only interested in the home, but also the activities, museums, shops and much more. Showcase the lifestyle. Show off everything the town and neighborhood or area has to offer! 
  8. Remove Pets: Most people loves pets, but not everyone. Pets should not be in the home when showings and open houses are scheduled.
  9. Showings: Make it easy to show the home. Try to be flexible with showing requests. The easier it is to show, the easier it is to sell. 
  10. Walk-Through: Invite one of your friends over to do a practice walk-though of the home. Maybe there is another way to declutter, depersonalize, and clean the home. 

Now you are ready to sell your home in thirty days. Have fun!

Chris Klug

References:

Mears,Theresa. (September 14, 2014). 10 Tips to Sell Your Home Fast. Retrieved from http://money.usnews.com/money/blogs/my-money/2015/03/11/7-cheap-tricks-to-prep-your-home-for-a-quick-sale 

Lars, Peterson. (March 11, 2015). 7 Cheap Tricks to Prep Your Home For A Quick Sale. Retrieved from http://money.usnews.com/money/blogs/my-money/2015/03/11/7-cheap-tricks-to-prep-your-home-for-a-quick-sale

 

 

 

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Missouri Heights Real Estate Highlights

Posted on May 21, 2011 by Mary Kate

The Aspen Board of Realtors Down Valley Tour resumed yesterday and here is my Missouri Heights Real Estate Highlight report. It has been a marathon of showings this week. I've seen some great homes in the Roaring Fork Valley and refreshed my down valley knowledge of the mid and down valley markets. There is still a staggering amount of inventory down valley. Missouri Heights consists of the rural area above El Jebel and Carbondale. It is beautiful country with big views and big acreage. There are big and small ranches available, perfect for horse owners and the buyer seeking open space and privacy with easy access to Highway 82.

 

I really liked a few homes in Stirling Ranch. I think my favorite was 409 Skipper Drive. It is an 1838 historical home originally built in Pennsylvania. The house was disassembled, trucked to Missouri Heights, and reconstructed in 2005 with up-to-date kitchen, bathroom, plumbing and electrical. A stone addition with a three car garage and guest master suite was added in 2008. The four bedroom, three and a half bath, 3,276 square foot home sits on three plus acres with views overlooking the Roaring Fork Valley and Mt. Sopris.

 

The Stratus house, 770 Schooner Lane, designed by Award Winning Architect Glenn Rappaport was a Wall Street Journal House of the Week this spring. The modern designed five bedroom, four and a half bath, 5240 square foot home with detached three car garage enjoys eleven acres of privacy with south facing views centered on Mt. Sopris. I think the price is high at $3,995,000, but it is a spectacular modern home on eleven private acres with amazing views.


337 Schooner Lane is a new 5,037 square foot contemporary designed home on eight private acres. This home was originally listed two and half years ago for $1,795,000 and is now a short sale listed for $1,475,000. It features plaster walls, reclaimed barnwood floors and siding, and a gourmet kitchen with great views and privacy. Stirling Ranch offers common horse trails throughout the devopment and a common barn with stalls.

Let me know if you'd like to see any of these homes or any others in Missouri Heights. I know where the best deals and the best homes are throughout our valley. Call anytime. Enjoy your weekend. We received more snow last night in Aspen. It was thirty five degrees here this morning. Unfortunately the annual Ride for the Pass benefitting the Independence Pass Foundation was cancelled this morning due to the prolonged winter conditions. The good news is that with all of the spring snow we've received Aspen Mountain will reopen next weekend for skiing and snowboarding during the Memorial Day Holiday. Independence Pass is supposed to reopen next weekend as well. There is so much snow up there! The weather is supposed to improve for next weekend. Should make for a fun holiday in Aspen. Hope to see you on the mountain! Thanks for checking out my site and update. I hope it is helpful. Stay tuned.

CK

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Roaring Fork Real Estate Tour

Posted on May 19, 2011 by Mary Kate

I am participating this week in the annual Aspen Board of Realtors "Roaring Fork Real Estate For Sale This Down Valley real estate tour also included the Crystal River Valley visiting Carbondale, CO real estate listings and Redstone, CO real estate listings .  It's a workout, but a valuable opportunity to refresh my market knowledge on all of the current down valley listings from


The tour began in Redstone Monday morning. I thought 11258 Highway 133 was beautiful. It is a 3,793 square foot, three bedroom, three bath home situated on a 3.9 acre lot with 325 feet of Crystal River frontage. The property is adjacent to National Forest land on the Western Flank of Mount Sopris with great sun exposure. It is a big price tag for Crystal River Valley at $2,595,000, but a super cool house for the buyer who wants to be on the river with plenty of space, just twelve miles from highway 82.


Crystal River Frontage 11258 Highway 133 Home

I liked 58 Ferguson Drive in "Old Town" River Valley Ranch. At $475,000 this two story Victorian style home with finished basement and two car garage seems like a good value. It's close to the clubhouse and enjoys all of the RVR amenities including pool, tennis, golf, and extensive trail system. The HOA's are $370 a month and cover all exterior landscaping, maintenance and common areas. No more yard work, painting or shoveling sounds good to me! For the buyer looking for hassle free living with great country club amenities in Carbondale at a reasonable price this is worth seeing.

I think a comparably priced property at Aspen Glen is 112 Golden Bear Drive. This is a bank-owned townhouse at The Peaks situated on the Aspen Glen Golf Course, but overlooking Bald Eagle Rd. instead of the golf course. At $485,000 this three bedroom, two and a half bath townhouse is a deal. If you want a huge house at Aspen Glen and you are fixated on price per square foot value, then 0014 Saddlehorn Court is the place. Located in the quiet corner of Aspen Glen this 5,288 square foot REO is listed for $799,000. I don't think I've ever seen a larger downstairs room. You could build a skatepark down there or set up a paint ball arena.

The pace continued all day yesterday as I moved up valley. I started in downtown Carbondale and moved towards Catherine Store. I toured all of Willits, River Oaks, and Southside. There were a couple of listings in Blue Creek Ranch that I thought were cool. 296 Ponderosa and 162 Bristlecone Drive were the best in my opinion. I like the contemporary finishes of 162 Bristlecone and the fact that it borders open space with access to the Roaring Fork River. The finish work of 296 Ponderosa was excellent. I particularly like the imported Italian tile throughout the house. I think the best single family home deal of the day yesterday was 20 River Oaks Lane in River Oaks Subdivision in Basalt. It wasn't just because the listing broker was serving dessert! This four bedroom, three bath, 3,201 square foot home is located on nearly an acre on the river It's in great condition and listed at $1,150,000. The best condo deal of the day was 718 Lakeside Drive, a two bedroom, two bath short sale condo in Willits Lakeside Condominiums, overlooking the lake for $175,000. It included an additional two hundred square foot storage area beneath the unit. This opportunity will not last!

I hope my report is helpful. I'm catching my breath today, then hitting it hard again tomorrow and next week. I will keep you posted on what I see and where I find the best deals. Call or email me anytime if you want more info on any of the above listings or to discuss a particular area of the market in more detail. It was just snowing again this morning, winter continues in Aspen. We're enjoying some wacky spring weather. Talk to you soon.

CK



I think my favorite house in Aspen Glen was 0089 Sundance Trail. This brand new ranch style home sits next to a large pond with views from the front of the house of Mt. Sopris. I think the finishes and one level floorplan were among the best in Aspen Glen. With forty-one active listings in Aspen Glen and twenty-seven in River Valley Ranch there are lots of options to choose from.

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Tags: spring tour

The Strength of the Aspen Real Estate Market

Posted on March 4, 2011 by Mary Kate

Interesting article this morning in the Wall Street Journal on the strength of the Aspen Real Estate Market. I encourage you to check it out. I believe the Aspen real estate market is slowly improving and the bottom is behind us. Dollar volume in Aspen was in fact up seventeen percent in 2010 versus 2009. <!--more-->While that increase accounts for some bonanza deals in 2010, single family home sales as well as multi-family home sales including condominiums are also on the rise. However the article suggests that Aspen is immune from the economic downturn (which we are not), or things are rebounding much faster. I think the article focuses on some very expensive properties in Aspen and some very deep pocketed buyers. I don't believe the article tells the complete story of real estate activity and current prices in Aspen. There have been some desperation sales the past year. Some Aspen properties are still selling today thirty to forty percent below peak numbers of 2007. It’s a good time to be a buyer in Aspen. There are some great options today for buyers.

I believe Aspen's natural surrounding, culture, amazing selection of restaurants, and recreational opportunities in both summer and winter make it unique. I've traveled all over the world on my snowboard the past twenty years visiting ski/board towns. I've never seen a town of 6,500 local residents with such cultural opportunities. Aspen is still my favorite. The geographic constraints of the upper Roaring Fork Valley and tough zoning rules and an emphasis on open space have kept the upper valley growth in check and helped lessen the impact of the housing crash in the upper valley. The degree of impact of the housing bubble can certainly be seen further down valley. That being said there are still some amazing deals available in Aspen; I know where they are and would love to share them with you.

I bring the same positive attitude, determination and dedication that made me an Olympic Champion to my real estate clients. When real estate becomes a priority in your life I hope you will think of me. I take the responsibility of being your broker seriously. I hope to see you back in Aspen soon. I'll show you where the best spots are on and off the mountain!

CK

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Chris Klug's New Reality is Aspen Realty

Posted on June 2, 2010 by Chris Klug

Thanks a lot for checking out my new website. I hope you like it. I’m working hard this spring and summer to help my clients with their local real estate needs. Please let me know if I can assist you. Please call or e-mail with any questions. Have a great week. Spring has finally arrived in Aspen. The weather is beautiful here now. I’m loving it after a long winter racing my snowboard. CK

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Downvalley Real Estate Spring Tour (1)

Posted on June 2, 2010 by Chris Klug

Thanks a lot for checking out my new website. I hope you like it. I'm working hard this spring and summer to help my clients with their local real estate needs. Please let me know if I can assist you. Please call or e-mail with any questions. Have a great week. Spring has finally arrived in Aspen. The weather is beautiful here now. I'm loving it after a long winter racing my snowboard.

CK

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