What's Happening in Snowmass Village?

It’s been an exciting week of activity in Snowmass Village. There have been some major developments at the Mall that point to a bright future for our community. The Snowmass Mall, originally developed by the Janss Corporation in the late '60s, is starting to show its age, but change is coming. My friend Stefan de Baets, owner of the St. Regis Aspen and Redstone Castle, just closed on the Viewline Resort (formerly the Silver Tree Hotel) and the Wildwood Hotel for a combined $144 million, totaling around 400 hotel rooms. On top of that, the 80,000 sq. ft. commercial portion of the Mall, currently owned by the Romero Group, was under contract last week with Wexford Real Estate but fell out of contract this week. It’s rumored that there is another party circling. 

The transit center also needs a major upgrade, with current projections around $40 million. While $100 million has already gone into renovating the Viewline over the last decade, it’s still functionally obsolete, and a full redevelopment of the Viewline and Wildwood sites seems inevitable. After all, where else in the valley can you deliver a 400-room hotel footprint like that? Aspen Skiing Company has also committed $80 million in on-mountain improvements this summer, including the new Ullerhof Lodge redevelopment, a new 6-pack Elk Camp lift, and the doubling of the Cirque Poma by replacing it with a new T-bar. 

Needless to say, I’m bullish on Snowmass Village. Base Village is heading toward completion in the next 2–3 years, with the final condo project, Stratos, already having 70 of 89 units pending (contingencies satisfied). Pricing runs from $3,500 to $6,000 per square foot, with the penthouse topping out at 6,000 sq. ft. And inventory? There are just nine active single-family listings in Snowmass today. Pre-COVID, that number was closer to 60–75 active listings. There is no more supply coming either. While Anderson Ranch, Snowmass Club, and TOSV may be adding more deed-restricted employee housing in the future, none of that is free market, whole ownership. In terms of single-family, it will be remodels and redevelopments of existing inventory since there are no active single-family vacant lots available. 

With a completed Base Village, new ownership, and likely future redevelopment at the Mall and Viewline, a potential reimagining of the transit center—and who knows if/when Sarrick’s Town Center moves forward—Snowmass Village is poised for a remarkable next chapter. The already tight supply and strong seller’s market don’t look to be letting up anytime soon. There are currently 9 actively listed single-family homes in Snowmass Village today, compared to typically 60-75 pre-COVID, and there is no more supply of new homes. Another billion dollars in new investment in Snowmass Village and no more supply of single-family homes – what do you think that’s going to do to the pricing? 

Let’s face it—Snowmass Village is where all the cool people already live… or want to be. The future is bright here. Congratulations to Stefan and his team. Welcome to Snowmass – We’re glad to have you and look forward to what’s ahead. As always, if you have questions about what’s happening in the Village or want to talk real estate, give me a call. I’d love to catch up. Happy spring!

C. Klug