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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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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Categories: Aspen Real Estate

Aspen Square Condominium Hotel News

Posted on March 22, 2014 by Mary Kate

Winter has returned to Aspen Snowmass this weekend. I hiked Tiehack this morning with my wife and my four month old son River on my chest. It was snowing and blowing hard about halfway up, but it didn't wake him. About six inches of new snow fell this afternoon. Tomorrow is going to be a beautiful spring powder day. The Aspen Core Party featuring Beats Antique at the corner of Copper and Galena in front of Paradise Bakery was a lot of fun last night. The temperature was perfect. I love Spring Jam!<!--more-->
Aspen Square Hotel is full this weekend. The next week will be busy as spring break activity continues. With great winter conditions this season occupancy is up in Aspen and Snowmass compared to last season. I wanted to share a spring update of real estate activity at Aspen Square Condominium Hotel.
There are currently five fireside studio units for sale and one two bedroom unit at Aspen Square Hotel. Three north facing studio units are for sale and two south facing studios with Aspen Mountain views. Unit 415 is the first top floor, south facing studio listed for sale since 2007, priced at $1,190,000. There are only twelve top floor, south facing studio units in total. Unit 214 was listed a few weeks ago for $810,000. It's nicely remodeled, but an aggressive asking price in light of the sale of unit 215 two years ago for $650,000. Units 305 and 321 are listed for $699,000 and $715,000. Both are completely remodeled, third floor, north facing units with Red Mountain and down valley views. Unit 305 has a huge additional storage closet. Unit 422 is a top floor, north facing location with dated finishes including a murphy bed with oak built-ins priced at $749,000. The only available two bedroom listing is unit 119 which is a second floor south facing condo asking $1,450,000. I sold the last two bedroom Aspen Square condominium two years ago which traded for $1,212,000. The location and finishes were better than 119, but our market is also stronger and there are no other two bedroom active listings today.
Two studio units closed in 2013. Top floor, northeast corner unit 406 sold on July 17 for $750,000, and I sold unit 424 on July 29 for $650,000. The average sold price per square foot of all condominium sales the past five years is about $1,400. The average list price per square foot of the six active listings is $1,700. There have been eighteen downtown core Aspen condo sales in 2014 at an average sold price of $1,546,104 and an average sold price per square foot of $1,240.39.
Aspen Square's location, amenities and strong rental history are unbeatable. I am an expert on Aspen Square Hotel; I have sold more units there the past years than any other broker. Let me know if I can be of help. I hope to see you at the next Monday evening Aspen Square lobby reception or summertime courtyard get together. Aspen Mountain remains open until April 20. Come visit for some fun spring skiing and boarding. Enjoy!
Chris Klug

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