Aspen Snowmass Real Estate Activity Feb. 9-15, 2015

Posted on February 19, 2015 by Chris Klug

It was another spectacular spring-like day today. I was on Aspen Mountain this morning filming with The Travel Channel's "Wild Side" show with Kinga Philipps - showing her how to snowboard and sharing my passion for living in Aspen, Colorado, and what it means to be a local Aspenite. We couldn't have asked for a nicer bluebird day, and hero groomer conditions. Winter is returning to Aspen this weekend, get ready for snow! Our town is busy this week. Showing activity has been non-stop.

 Sales Activity

Here is a brief recap of last week’s real estate sales activity. There were five total sales in Aspen/Snowmass. Four out of the five were in Aspen’s Core. The highest sale, listed by Aspen Snowmass Sotheby's International Realty, was 620 E Hyman Ave., L’Hostaria Penthouse, which sold for $9,047,000, $2,541 sold price per sq. ft. Another notable sale was 708 E Cooper Avenue Unit #5, which sold for $7,700,000, $1,777 sold price per sq. ft. Snowmass had one sale, 52 Harleston Drive Unit #38, which sold for $1,625,000, $660 sold price per sq. ft. Snowmass is still a buyer’s market now; that's where the values are today. Snowmass was the place to be for the Mardi Gras celebration with bead tossing, a parade, street performers, and fireworks. The Mother of All Ascensions is another great Mardi Gras tradition.

L'Hosteria Penthouse #1

Notable New Listing

950 Cemetery Lane is a three-bedroom, three-bathroom duplex located a short distance to downtown Aspen. An over-sized deck with views of Aspen, Highlands, Buttermilk and Red Mountain, and a private yard highlight this West Aspen property in one of Aspen's best  family neighborhoods, and walking distance or a short bike ride or free bus to town.

Upcoming Events 

2013-Chris-Bove-Uphill1-300x300

This Saturday February 21, Challenge Aspen will host The Chris Bove Memorial Uphill Race. All are invited to hike, run or skin the 1,368-vertical-gain up the Snowmass Mountain. Click here for details. I hope to see you there at 7:30 AM on Saturday. For those of you that are participating in next weekend's Power of Four this is a nice final tune-up! Don't miss this weekend's Aspen Laff Festival at the Wheeler Opera House. Get ready for a fun weekend of comedy and powder. I hope to see you out there!

Chris Klug

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December 2014 Aspen Real Estate Trends

Posted on December 9, 2014 by Chris Klug

  This morning we had a great Aspen Snowmass Sotheby's International Realty Aspen office meeting where we discussed the differences between today versus a year ago. Part of our job as Realtors is to help manage downside risk for our clients, interpret market data, and recognize trends in the marketplace. Here are some of the major differences between December 2014 and December 2013:

  • Upward price pressure in the downtown core
  • Lack of inventory
  • Premium for new construction
  • Lack of vacant land
  • Stronger economy
  • Urgency on part of buyers
  • Lower priced inventory almost gone
  • Less flexibility on the part of sellers
  • Bigger discrepancy between Aspen and Snowmass Village
  • More activity - transactions are up
  • Dramatic price disparity from neighborhood to neighborhood W. End, Red Mtn., downtown core versus W. Aspen and McLain Flats, new versus old
  • Never seen the gap between Aspen and Snowmass Village so great
  • Asset preservation for older clients; Aspen is a secure environment
  • Relative liquidity
  • Always a demand for Aspen
  • Focus on newer, contemporary product
  • Macroeconomic factors - people are making a lot of money in the stock market
  • The importance of quality of life and outdoor activities

What does this all mean? I think it spells a strong 2015 ahead. There's a premium being paid for new contemporary product such as OneAspen and Aspen Muse at $3,000 plus sold price per sq. ft. One way to meet demand with inventory declining is to remodel old inventory, upgrading and contemporizing, spending $10,000 to make $50,000. The value of West Aspen and McLain Flats versus the downtown core, Red Mtn., W. End, as well as Aspen versus Snowmass Village. These are where the values are today! They are going to be strong again soon. The pluses of location, more space, big views, and ski-in/ski-out access i.e. Highlands, Maroon Creek, Starwood, and W. Buttermilk. Inventory is underpriced in W. Aspen, Mclain Flats and Snowmass Village compared to W. End, Red Mtn., and the downtown core. I'm gearing up for a busy winter selling season ahead. I anticipate a great 2015 ahead. I study the market every day. Call me anytime to discuss the best values in our market today. Have a great week. Chris Klug

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