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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Categories: Lifestyle and Events

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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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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Categories: Aspen Real Estate

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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Best January Deals on Aspen Properties

Posted on January 21, 2011 by Mary Kate

Happy Friday! Hope you had a great week. Another big storm on the way tomorrow; let's hope it hits Aspen. I wanted to share a few of my favorite Aspen properties with you. I've been busy previewing and showing property the past weeks. Activity has certainly picked up for me. The properties that are listed correctly for today's market are selling. HyWest Unit A, a two bedroom listed for $649,000 is under contract. 404 Park Circle, a short sale near Smuggler has two offers.<!--more-->

Below are a few of the best deals on Aspen properties available this month. I really like 800 Gibson Avenue, a 3,414 square foot, single family home built in 2007, near the base of Smuggler. This is a great home with views of Aspen Mountain and walking distance to the downtown core. Two properties in Mountain Valley have caught my attention. I really like 0017 Mountain Laurel Court, a six bedroom, six plus bath, 6,693 square foot home built in 2008. At $5,995,000, it's $835 per square foot for nearly new construction with beautiful workmanship and finishes, a free dial a ride away from the core. Another of my favorites in Mountain Valley is 103 East Lupine, a four bedroom, four and two half bath, two car garage 3,948 duplex built in 2004. It has a beautiful mountain style with high vaulted ceilings and two master suites. Another duplex listing I like a lot is 1430 Sierra Vista Drive off Cemetery Lane in West Aspen. The price was just reduced from $3,850,000 to $3,650,000. It's a five bedroom five and one half bath 4,057 square foot duplex home overlooking the second green on the Aspen Golf Course. The cross-country ski trail runs right in front of the home. If you like Cemetery Lane and don't mind actually overlooking the cemetery itself, I would also consider 1240 Snowbunny Lane Unit A. This is a bank owned five bedroom, five and two half bath 4,710 square foot duplex listed at $3,750,000. The other half sold in 2010 for $3,200,000. Lastly if you're looking for something less expensive such as a two bedroom, two bath, beautifully remodeled condo, walking distance to everything and just three blocks from the Silver Queen Gondola, take a look at Ute Condos Unit #202 and Unit #303. Unit #303 is a short sale listed for $950,000.

 

I hope this is helpful information. X Games in Aspen next week. For X-treme Real Estate Performance give me a call. Have a fun weekend! Powder day tomorrow!

CK

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Best Buy on Snowmass Village Real Estate Market

Posted on November 17, 2010 by Mary Kate

A bank owned single family home, 303 Lemond Place, just listed on the Snowmass Village Real Estate Market last week in Melton Ranch for $1,450,000. It's a 2,763 square foot three bedroom, three bath home with an ADU. This home is newly remodeled with an oversized garage and spectacular views of <a title="Go Snowmass Find Lodging" href="http://www.gosnowmass.com/" target="_blank">Snowmass Village</a>. <!--more--> It had a few oddities, such as "Love tub" in master and moss rock fireplace, but at $525 a square foot I think it's a good buy with potential. Let me know if you have questions or would like more info.

Winter is back in Aspen! We got more snow last night. Aspen Mountain and Snowmass are on track to open next week. I did a training hike up Buttermilk Mtn. this morning to get ready for the 5th Annual Aspen Summit for Life 2010 Dec. 11th. Winternational Women's Ski World Cup races Thanksgiving weekend on Aspen Mtn. It's going to be a fun winter ahead. I hope to see you back in Aspen again soon. Call or email if I can help in any way with your real estate needs.

 

 CK

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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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Aspen Colorado - Off Season Approaches

Posted on September 7, 2010 by Chris Klug

September is one of my favorite months of the year. The colors in the weeks ahead should start to turn and make for a spectacular show. The trails and peaks are uncrowded and you can easily get a table at your favorite restaurant. It's starting to get cold in the morning; I'm not sure I'm yet ready for it. Hopefully we will have a prolonged "Indian Summer." Moab is just three hours away if not. I'm looking forward to sneaking in a few weekend Moab trips this fall. Always great ways to recreate in Aspen or close by. Where are the deals? I think with the busy summer wrapping up and off-season approaching the timing is good if you're interested in buying in the Roaring Fork Valley. Some sellers will start to get anxious with less people in town and less showing activity. Interest rates continue to be at historic lows and there are certainly plenty of options for buyers with increased inventory available. I've toured nearly all of the up valley listings this summer and am up to date on what's available. I know where the deals are! That being said there are deals being done and properties selling, more so in Aspen than Down Valley. The West End of Aspen has seen a number of recent closings. Let me know if I can help you find the right home for you in the Roaring Fork Valley or assist in selling your property. Thanks for keeping me in mind when real estate becomes a priority in your life. Enjoy the off-season. Call with any questions about real estate or favorite fall hikes or rides. If you're not currently local, come back and see us soon.

 

CK

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