Weekend Happenings in Aspen, March 16-18

Posted on March 16, 2018 by Chris Klug

Happy Friday from Aspen! We got a little more spring snow last night with more in the forecast for Sunday. March is a great time of year in Aspen for many fun spring events. Kick of the weekend tonight with sunset skiing on Aspen Mountain followed by a party under the stars at the Sundeck. Click here for more details. If you want to continue your Friday night, G. Love and Special Sauce are playing at Belly up. Tickets are $35 for general admission and $65 for reserved seating. Doors open at 9:00 PM. For a more relaxing experience on Saturday morning, check out Morning Meditation at O2 Aspen at their new location at 408 S. Mill Street. On Saturday evening, Bumps restaurant at the base of Buttermilk Mountain hosts their annual St. Patrick’s Day dinner, which benefits the charity assistance fund for the needy in the Roaring Fork Valley. Enjoy traditional Irish cuisine and live Irish music by The Crowlin Feries. On Sunday check out Clicquot in the Snow on the patio at Ajax Tavern. This fun spring party offers the perfect place to apres-ski with locals and visitors alike.

Check out my exclusive listing below at 633 W. Francis Street in Aspen’s West End. Traditional meets contemporary in this home located on a 6,018 sq. ft. corner lot. Enjoy Aspen and Shadow Mountain views from the south facing walkout living room deck. Every room connects to the outdoors with almost 1,000 sq. ft. of decks and patios. An architectural glass elevator accesses all levels. The completely renovated main level master features an open layout with a TV lounge area warmed by a gas fireplace. Calcutta gold marble adorns the master bath with steam shower and dual vanities. It is just a few blocks to the Aspen Institute and the Benedict Music Tent. You can't beat the quality and location of this home! www.633WestFrancis.com

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Spring Jam and March Real Estate Madness

Posted on March 24, 2015 by Chris Klug

We awoke to six inches of new snow on the mountains this morning in Aspen Snowmass. I had a blast at the 2nd Annual Aspen Snowmass Banked Slalom Race which took place last Saturday at Buttermilk. It was such a fun event and a perfect spring day, nice to see so many friends from the local shredding community. I was happy to get the win. I am looking forward to competing in this weekend’s  Elk Mountain Grand Traverse Race, a 38-mile backcountry ski mountaineering race from Crested Butte to Aspen. I’m hoping to be back in Gondola Plaza before 10:30 am Saturday morning. I hope to see you there! Get out and enjoy Aspen’s Spring Jam Events again this weekend! Check out the free Bud-Light Hi-Fi concert on Friday, March 27th featuring Iration at Snowmass Base Village.

Five properties sold last week in Aspen. The highest sale was 185 Popcorn Lane, listed by Laura Maggos Properties, which sold for $7,375,000, $957 sold price per sq. ft. The lowest sale was 1007 E Hyman Avenue Unit #8, listed by BJ Adams and Company, which sold for $880,000, $981 sold price per sq. ft. Click here for more information about last week’s sales.

15 Placer Lane, listed by Douglas Elliman Real Estate is a new listing located on Red Mountain priced at $15,750,000, $2,045 list price per sq. ft. This 7,770 sq. ft. home sits on 1.08 acres with expansive views of Aspen Mountain. Click here for more information.

2015 Slash the Milk Banked Slalom at Buttermilk Mountain, Photo by Jeremy Swanson

We saw another sale on Bennet Ct. yesterday at 47 Bennet Ct. for $3,450,000, $870 list price per sq. ft. 44 Bennet Ct. sold last March for $2,650,000. After a complete redevelopment it traded in January 2015 for $5,750,000. 62 Bennet Ct. which sold last May for $3,340,000 is now listed as a new home that will be finished next year for $9,825,000, $2,000 list price per sq. ft. Three Bennet Ct. properties all redeveloped by the same developer.

Happy springtime in Aspen! Have a great week.

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March Aspen Real Estate Numbers

Posted on March 19, 2015 by George Kelly
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Aspen Real Estate's Best Spring Deals

Posted on April 27, 2014 by Mary Kate

Last week at our Aspen Snowmass Sotheby's International Realty Aspen office meeting we discussed the best spring deals currently on the Aspen real estate market. Thank you to my co-worker Adam for organizing the project and to all in our company who participated. The exercise was broken down into five price categories: under one million, one to three million, three to five million, five to ten million and lastly ten million plus.

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The property to receive the most votes priced below one million was Gant K-103, a two bedroom, two bath, 990 square foot, ground floor, standard rated condominium. While the price is attractive, K-103 isn't the best location in the complex, being ground floor, east facing looking at the parking lot, and the unit interior is tired; it's a good entry level price for a near to the core two bedroom at one of Aspen's best condo hotel resort properties. The new Rowland Broughton designed conference center will be completed the end of May and will be a valuable new amenity for owners and guests with a new fitness center and spa as well as food and beverage and new meeting space. I'm surprised that Gant H402 or Gant E403 haven't sold. Gant E403 is a top level, premier rated, vaulted ceiling two bedroom staring at Aspen Mountain with strong rental history; it's one of the best locations and units in the complex priced at $1,595,000. Including my two bedroom Gant J-201 listing there are fifteen total active Gant listings today. With only five sales at The Gant the past year sales activity has been slower. I think there are some great opportunities there today. I anticipate sales activity will increase at The Gant this summer especially when you consider there's not much else available. Only one two-bedroom Aspen Square is for sale today and seven Aspen Alps condo are for sale with three sales pending.
<h3>Aspen Real Estate - Condominiums</h3>
My Aspen Square Studio 305 priced at $699,000 received the second most votes. The bathroom, kitchen, and fireplace have all been completely remodeled. It's sixty-four steps to the Silver Queen Gondola and the average owners return statement in 2013 is stronger than a top rated one bedroom Gant. Also my Gant C-204 listing received a vote priced at $695,000

The next price tier was between one and three million dollars. The top vote getter was Christiana Aspen B-202 at $1,525,000. Christiana Aspen was a Greg Hills project. Other attributes include a large storage area below the unit, pool and jacuzzi. Other than the Main Street traffic noise, it's a convenient location, close to the core. The interior pink walls need paint and there is deferred maintenance being an REO. If you don't mind construction at The Boomerang the next few years it's a good opportunity. Mellon New York foreclosed on B202 last month for just over one million and relisted the property for sale a few weeks ago for $1,525,000. Not many three bedrooms in or close to the core in this price range. Four bedroom, four bath, 2,466 sq. ft. 1050 Matchless Drive Unit 3 received the second highest tally in the one to three million category, just qualifying priced at $2,999,000 - nice contemporary finishes and big Aspen Mtn. views from front deck with small yard, but no garage currently. Cemetery Ln. duplex 1235 Snowbunny priced at $2,190,000 and Dolomite Unit 10 at 650 S. Monarch, priced at $1,995,000, a five bed three bath core condo built in '73, tied for the final spots on the podium.
Moving on to the the next price bracket, three to five million, my 127 Robinson Road property was the winner at $3,495,000, followed by 6,462 sq. ft. Aspen Highlands Village Townhome at 64 Prospector for $4,500,000, and 22 Alice Ln. in third place. for $4,995,000. 22 Alice Ln. has great Aspen Mountain views, a nice yard, and an easy trip to town.
In the five to ten million category there was no clear favorite. 207 S. Original, Silver City Townhome, tied for the lead. It's a completely contemporary remodeled, downtown core, townhouse with a two car garage listed at $5,250,000. 41 Salvation Circle and 2020 Maroon Creek also received the same number of votes. 2020 Maroon Creek's finishes and floor plan are dated, but the riparian setting and views are awesome.
The final segment is ten million plus. The winner was the Dittmer house at 64 Pitkin Way which is a nice Rowland Broughton remodel on a beautifully landscaped nearly one acre, flat yard with views, bordering the Rio Grande Trail and the Roaring Fork River. The old Butera Aspen Club house at 1419 Crystal Lake Road tied Richard Wax's spec home in Pryamid Point at 1580 Tiehack Rd. for second and third. Hard to believe the nearly 23 million dollar Pryamid Point home is considered a bargain. It's brand new with gorgeous, mountain contemporary finishes with a pool that walks out to the yard. The views of Pyramid Peak and Aspen Highlands are spectacular, but so are the views of the Highland parking garage and Chamonix which is why I think it hasn't sold. There are forty-five properties priced above ten million dollars today in Aspen, five of which are under contract. Activity remains slower for homes priced over seven million and further from the downtown core. Fifteen properties have sold the past year priced above ten million dollars, a one third turnover rate, and a thirty-six month absorption rate.
I hope this is helpful information. Please call anytime with questions. Happy off-season!
- See more at: http://www.klugproperties.com/aspen_real_estate_news/aspens-best-spring-deals#sthash.9kTwOKYW.dpuf

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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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Upper Roaring Fork Valley Real Estate

Posted on October 23, 2013 by Mary Kate

What is happening in the Upper Roaring Fork Valley Real Estate Market today? As the majority of our country experiences appreciation in real estate, and decreasing inventory, Aspen and Snowmass’s resort real estate markets are bouncing back <!--more-->slower, but are picking up, and primed for the strongest year since the economic downturn began in 2008. At the peak of the market in 2007 real estate sales topped 2.5 billion in Pitkin County, compared to about 1.5 billion in total dollar sales last year, a 40% decrease. This report analyzes the current state of the Aspen and Snowmass real estate markets in the fourth quarter of 2013 in anticipation of a strong finish to 2013.

The Aspen real estate market continues to improve, while Snowmass is still lagging behind. Historically the resort markets in general trail our primary feeder markets by a couple of years. As our primary, feeder markets take off, the resort markets follow. This past summer I experienced the busiest period of showing activity of my six year career, but it wasn’t translating to contracts initially; that all changed this fall with a flurry of sales activity. I sold 59 Maroon Drive last week and am closing on a vacant downtown lot this week. I am experiencing my best year of real estate sales activity since 2008. In certain price brackets there is very little or no inventory, while other price ranges or neighborhoods remain soft. Location and supply and demand still rule the market. The Aspen downtown core, West End and Red Mountain markets remain our strongest sectors with the one to three million-price bracket the most active, followed by the 3-5 million category.

According to Land Title Guarantee Company’s September Pitkin County Market Analysis year to date total dollar volume is $987,721,443. I anticipate that we will close the gap before the end of the year, and exceed the 1.5 billion mark this year. The Land Title report points out that “September was the strongest dollar and transaction month of the year!”

One interesting fact highlighted in Land Title’s report is that there were “409 total transactions for September, an increase of 438% from 2012,” and “Year to date, transactions totaled 1,321, an increase of 156% from same period in 2012.” However the average single family home sold price through September is $3,669,187, a decrease of 13% from full year 2012 and the median single family home sold price thru September is $2,350,000, a decrease of 16% from full year 2012.

Calculating the absorption rate, the pace at which homes sell, is a helpful tool to determine supply and demand, and health of our market. There are currently 332 residential whole ownership properties for sale in Aspen, Colorado. 242 properties have sold in the past year. To calculate the absorption rate simply divide the number of homes sold in a particular time frame, in this case a year, by the number of months 242/12 = 20.1 homes sold per month, the absorption rate. Now if we divide the current supply of active listings, 332, by 20.1 months we arrive at 16.51. Which means it will take about sixteen and a half months to sell off the current inventory, not accounting for any new inventory entering the market place.

There are currently 332 listings for sale of all property types in the Aspen market today. The Aspen Board of Realtors Local Market Update for Quarter 3-2013, a research tool provided by CAR, shows that there is a 22.4 month supply of single family homes in Aspen, down from 33 months, a 32.1% decrease. Townhouse-Condo inventory is down to 13.9 months in 2013 from 21.2, a 34.4% decrease.

Inventory is decreasing while sales prices are down, supply and demand will dictate pricing and appreciation. Interest rates remain at historic lows probably until springtime. Buyer’s are more selective today; sellers must be priced right, staged correctly and marketed aggressively to sell today. Aspen remains one of the most special places in the world with it’s world class cultural, culinary, outdoor activities and access. Because of this unique combination of intellectual and athletic endeavors in a spectacular alpine setting and a limited supply of residential properties, the real estate market will remain one of the most exclusive in the world. Buyers continue to fall in love with Aspen, which will continue to drive sales and a strong finish to 2013.

Aspen is off to a great start to winter with one of our strongest openings in years. We received a few more inches of new snow again last night. The skiing and riding are super fun now. I hope to see you back in the mountains again soon. Happy Thanksgiving!

Chris Klug

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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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Categories: roaring fork valley

Paulson Buy Aspen Homes

Posted on October 4, 2010 by Mary Kate

 “If you don’t own a home buy one, if you own one home, buy another one, and if you own two homes buy a third and lend your relatives the money to buy a home. ”John is practicing what he's preaching as he purchased a new home in Aspen this summer.

Paulson advises, "As this is the best time in 50 years to buy Aspen homes issue 30 year mortgages to buy a home as your debt and interest payments get locked in at record lows, while the price of your home will rise.” Check out the full Forbes John Paulson Article. If you agree with Mr. Paulson and are in search of <a title="Aspen Homes For Sale" href="http://www.klugproperties.idxbroker.com/idx/results/homes?tb=0&amp;pt=1&amp;idxID=a044&amp;city%5B%5D=1850&amp;srtd=asc&amp;srtf=listingPrice&amp;per=10">Aspen homes</a>, let me know. I know where the deals are and am ready to help.



CK

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