Base Village Update from East West Partners

Posted on February 3, 2017 by Chris Klug

John Calhoun, Director of Sales for East West Partners, presented to our Aspen Snowmass Sotheby’s International Realty Snowmass Team on Wednesday, February 1 in Snowmass. John said that we should see shovels on the ground starting this May, and cranes in the air more towards the fall. Four projects are slated to begin this year: 

  1. Limelight Hotel, 99 hotel rooms, 7-11 residences for sale, 5 story building, 1,800 - 2,800 sq. ft., 2,3, & 4 bedrooms, 5-story climbing wall along elevator shaft. 98% designed. 
  2. Plaza, kids area, music area, fountains. 
  3. Building 4, Zamboni house, ski shop and 3 Condo residences - 3 to 4 bedrooms, 2,600 – 3,500 sq. feet, big views, open floor plans - possible pre-sales this summer! 95% designed
  4. Discovery Center, Mammoth and Fossils area - will belong to Snowmass Village to do at will. 

All four projects must be completed no later than November 2018. The partners in this development are East/West, Aspen Ski Co, and KSL. Work on buildings 7 and 8 (Arrival area) are in the design phase. There will be condos, pool top decks and patios. East/West is planning a Vision Center in the Base Village area soon with models, blue prints, etc.

Viceroy Snowmass will release twenty developer units of existing one, two, and three-bedroom inventory on Feb 15. They will not be in the MLS and will not be available after April 1. A variety of floor plans in all areas of the building will be available from $200,000 - $1 million. I should have set pricing and unit numbers next week. Phase 2 will not be started for at least 3 to 4 years; there are no set plans at this point. I think the twenty Viceroy units will be a great opportunity to get into Base Village and Viceroy at a very competitive price.

East West, KSL and ASC are going to spend around $200 million in Snowmass Village in the next decade. It will be exciting to see Base Village finally moving forward. Exciting times ahead for Snowmass Village. 

Chris Klug

Limelight Hotel Snowmass Village

 

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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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