Happy Friday! Market Update July 10, 2015

Posted on July 10, 2015 by Mary Kate

Two properties over ten million dollars closed within the last two days in Aspen and Snowmass. 1110 E Waters Avenue located in the Aspen core closed for $11,000,000, $1,515 sold price per square foot. 511 Edgewood Lane located in Snowmass Village off of Wood Run closed for $12,000,000, $2,424 sold price per sq. ft. This is the highest sold price per square foot in the history of Snowmass Village! Fourteen properties priced over ten million dollars have sold since the beginning of 2015. 991 Moore Drive, listed for $16,950,000, $1,695 list price per sq. ft., by Aspen Snowmass Sotheby's International Realty just went under contract located in Five Trees. The Aspen Real Estate market is hot!

We are in full summer swing here in Aspen! Town is packed and there is plenty of fun activities and events to see and do. Saturday Market starts tomorrow morning at 8 am - 3 pm in downtown Aspen. Check out local artwork, crafts, jewelry and food. Hike up the Ute Trail to the top of Aspen Mountain and enjoy free live classical music on Saturday or free live bluegrass on Sunday 12-3 pm both days. Country Folk Legend John Prine plays Belly Up tonight, Friday, July 10th at 8:00 pm. The Aspen Chamber Symphony is playing at the Benedict tent tonight at 7:30 pm as well. A recital by Tacaks Quartet is playing on Sunday, July 12 at 8:00 pm. Click here for more information about the Aspen Music Festival! 

Legend John Prine Playing Belly Up Aspen

Have a fun and safe weekend. Happy Living Aspen!

Chris Klug

 

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Aspen Snowmass Real Estate Activity Febuary 2-8, 2015

Posted on February 12, 2015 by Chris Klug

I hope you're enjoying a great week. It's a beautiful one here in Aspen. We're getting ready for a fun President's Weekend Holiday ahead. I've been busier than ever with showing activity the past week. The winter selling season is here! The following is a recap of last weeks sales activity. There were four sales in Aspen last week. The lowest priced sale was located at 333 West Bleeker Street in the West End and sold for $3,650,000, $1,863 sold price per sq. ft. The highest sale listed by Aspen Snowmass Sotheby's International Realty was located just outside of the downtown core in the West End at 220 W Cooper Avenue, which sold for $15,100,000, $2,087 sold price per sq. ft. 20140829190458508163000000-o This is the fifth ten million plus priced sale in Aspen in 2015 and the sixth in the Roaring Fork Valley with the sale of Peace Ranch above the Frying Pan Valley. Ten single family home sales in Aspen in 2015 are averaging $1,450 sold price per sq. ft. Notable New Listing: 150 Difficult Lane Aspen, Colorado morn-ext-river Price: $11,250,000 This 5,126 square foot, 4 bedroom, 4.5 bathroom Morningstar Residence listed by Coldwell Banker was designed by Zone 4 Architects and built by Brikor Associates. Finished in 2012, this modern/rustic home is located on 2.25 acres with views of the Roaring Fork River and New York and Sunshine Peaks up Independence Pass. Upcoming Events buglight Don't miss the Bud Light Hi-Fi Concert Series this Saturday, February 14th, 2015: 7:00 PM FREE Cracker concert at Aspen's Gondola Plaza! Have a fun President's Holiday Weekend. I hope to see you in the mountains! Chris Klug

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January 4-10, 2015 Weekly Sales Summary

Posted on January 16, 2015 by Chris Klug

Significant Sales

January 4-10, 2015

Aspen Highest Sale: 864 Moore Drive Aspen, Colorado 81611 Sold Price: $15,000,000 List Price: $17,800,000 Sold Price P/SF: 1,413.09

Lowest Sale: 108 Maple Lane Aspen, Colorado 81611 Sold Price: $507,500 List Price: $599,000 Sold Price P/SF: $541.04 Total Sales: 6 sold listings Avg. List Price P/SF: 1,110.77 Avg. Sold Per. S/F: 957.25 Sold Volume: $35,155,000   Notable Sale: On January 6, I sold 916 Hunter Creek Road Aspen, Colorado for $10,000,00. This is a classic Red Mountain estate, built in 2002 and designed by highly regarded Aspen Architect, Charles Cunniffe. Aspen is off to a very strong start in 2015! Blechman 916 HC Other News: Another Thunderbowl Townhome, unit 73, sold on January 9. Unit 105 is under contract now. Maroon Greens Townhome at Maroon Creek sold for $4,100,000. The sale at 846 Moore Drive for $15,000,000, $1,413 sold price per sq. ft. was a strong number in light of average sold price per sq. ft. of just below $900 in 2014. Check in weekly for my Klug Properties weekly sales summary. I hope this is helpful. Call or email with questions. Have a fun weekend! Happy Gay Ski Weekend in Aspen. 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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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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