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Aspen Local Market July 2019

by Bob Ritchie

https://abr.memberclicks.net/assets/Statistics/July2019/Aspen%20-%20July%202019.pdf

Land Title - Pitkin County Statistics 2019

by Bob Ritchie

Archived Reports

Aspen Market Report July 24, 2019

by Bob Ritchie

Aspen, CO 81611

Wed Jul 24 2019 
This week the median list price for Aspen, CO 81611 is $8,500,000 with the market action index hovering around 24. This is less than last month's market action index of 25. Inventory has held steady at or around 175. Click here to stay informed with the Aspen market!

Market Action Index

The Market Action Index answers the question "How's the Market?" by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller's Market conditions. Below 30, conditions favor the buyer.

 Today
 Last Month
100024

Slight Buyer's Advantage

The market has shown some evidence of slowing recently. Both prices and inventory levels are relatively unchanged in recent weeks. Watch the Market Action Index for changes as it can be a leading indicator for price changes.

Real-Time Market Profile

Never miss important changes in the Aspen market.
Median List Price
$8,500,000
Per Square Foot
$1,646
Days on Market
370
Price Decreased
19%
Price Increased
2%
Relisted
5%
Inventory
175
Median House Rent
 
Most Expensive   $39,500,000
Least Expensive   $1,250,000
Market Action Index 
Slight Buyer's Advantage
24
Avg 7-DayAvg 90-DayJul 2016Dec 2016Apr 2017Aug 2017Dec 2017Apr 2018Aug 2018Dec 2018Apr 2019$6.5M$7.0M$7.5M$8.0M$8.5M$9.0M$9.5M$10.0M$10.5M
 

In the last few weeks we’ve seen prices in this zip code bouncing around this plateau. Look for a persistent down-shift in the Market Action Index before we see prices deviate from these levels.

Market Segments

Each segment below represents approximately 25% of the market ordered by price.

Snowmass Village Market Report July 24, 2019

by Bob Ritchie

Snowmass Village, CO 81615

Wed Jul 24 2019 
This week the median list price for Snowmass Village, CO 81615 is $5,072,500 with the market action index hovering around 26. This is about the same as last month's market action index of 26. Inventory has held steady at or around 66. Click here to stay informed with the Snowmass Village market!

Market Action Index

The Market Action Index answers the question "How's the Market?" by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller's Market conditions. Below 30, conditions favor the buyer.

 Today
 Last Month
100026

Slight Buyer's Advantage

While prices have been at a plateau for a number of weeks, this is a Buyer’s market and the supply of homes listed has started growing relative to demand. This indicates that prices could easily resume a downward trend in conjunction with the MAI. Prices are unlikely to move significantly higher until there is a persistent upward shift in the MAI.

Real-Time Market Profile

Never miss important changes in the Snowmass Village market.
Median List Price
$5,072,500
Per Square Foot
$1,163
Days on Market
384
Price Decreased
20%
Price Increased
0%
Relisted
6%
Inventory
66
Median House Rent
 
Most Expensive   $26,000,000
Least Expensive   $1,295,000
Market Action Index 
Slight Buyer's Advantage
26
Avg 7-DayAvg 90-DayJul 2016Dec 2016Apr 2017Aug 2017Dec 2017Apr 2018Aug 2018Dec 2018Apr 2019$3.0M$3.5M$4.0M$4.5M$5.0M$5.5M$6.0M$6.5M$7.0M
 

Prices in this zip are remaining at a plateau, albeit significantly below the market’s peak. This week prices bumped down a bit, but not enough to indicate a resumed downward trend. Look for a persistent up-shift in the Market Action Index before we see prices significantly move from these levels.

Market Segments

Each segment below represents approximately 25% of the market ordered by price.

Lift One Project on Aspen Mountain in Peril

by Bob Ritchie

Lift One project on Aspen Mountain in peril

Voters in March approved the replacement of Lift 1A on Aspen Mountain, as shown on Dec. 8. That is now in jeopardy after the developers of Lift One Lodge this week broke ties with the developers of Gorsuch Haus.
Anna Stonehouse/The Aspen Times

One of Aspen’s largest development projects in decades, this one at the western base of Aspen Mountain, is in jeopardy.

The developers of Lift One Lodge, one of the key partners in the Lift One corridor project, declared this week they are walking away because of their eroding confidence in the Gorsuch Haus group. Their decision comes after voters in March narrowly approved the development in a divisive contest that touched on some of the town’s most debated issues ranging from lodging and the future of skiing to preservation and the environment.

The developers of Lift One Lodge, in a July 17-dated letter written by Aspen attorney Bart Johnson to three city officials, said they will use the previous entitlements they have to build a lodge on the mountain. Those 10-year entitlements, set to expire in November 2021, are similar to the version they presented to voters earlier this year.

 

Lift One and Gorsuch developers combined to spend roughly $300,000 on campaign advertising promoting the passage of the ballot question, which gave approval to the 107,000-square-foot Lift One Lodge, which would have 34 fractional and six full-interest condominiums, and the 64,000-square-foot, 81-room Gorsuch Haus luxury hotel.

In passing the question, voters also blessed a skiers’ services space, restaurants, bars, a ski museum and a parking garage. The total square footage stood at about 320,000.

 

The pullout by the Lift One Lodge group, however, muddies up the entire deal.

“The Lift One Lodge team is truly sorry for themselves, the city and its guests and residents,” the letter concludes.

Brothers Aaron and Michael Brown, owners of two Main Street lodges and the face of the Lift One Project, declined to comment and said the letter adequately captures what drove their team’s decision.

Jeff Gorsuch, a principal in the Gorsuch Haus who actively campaigned for the project, said Friday he was “dumbstruck and a little perplexed” by Lift One’s letter, which city officials introduced to the Gorsuch team and other key players in the project — including Aspen Skiing Co. — before a stakeholders meeting Thursday morning.

“It was a little bit surprising and shocking to everybody who was at the meeting,” Gorsuch said.

Lift One representatives, as stated in their letter to City Attorney Jim True, Community Development Department Director Jessica Garrow and her second-in-command, Jennifer Phelan, did not attend the meeting.

“I think it’s a shame for the voters, and it’s a shame for the community,” Gorsuch said.

Also caught off-guard was Skico, which has much riding on the project.

“We were surprised and disappointed with the Lift One Lodge decision to cease working on the Lift One Corridor project in favor of their 2011 entitlements,” a statement from Skico said. “We remain committed to our part in the collaborative project. We hope to continue to work with all parties involved to deliver the project that was approved by voters.”

By 26 votes, Aspen’s electorate approved the Lift One Corridor Plan in a 1,555-1,529 decision in the March 6 election.

It was an emotionally charged election in a town passionate about its skiing and its surroundings, with residents asked to vote on a proposal hatched in negotiations among the Lift One and Gorsuch developers, Skico and the municipal government. One of the biggest selling points to voters was bringing the replacement for Lift 1A down the mountain another 500 feet from its current lower terminal location to Dean Street.

“Obviously the lift coming down is the linchpin that we all rallied behind,” Michael Brown said the night the election’s tallies were announced.

As of Friday night it was unclear how Lift One’s decision will affect the voter-approved lift, but Gorsuch inferred that too much work has been put into the project to walk away. In both an interview with and a statement submitted to The Aspen Times, Gorsuch expressed a desire to keep the project going and frustration with the Brown brothers.

“Since March, our team has acted in good faith working towards accomplishing the various design and planning tasks required to achieve this goal for Aspen,” the statement said. “With our team, Bryan (Peterson) and I have every intention of helping Aspen achieve its dream of returning Lift 1A to town, making it possible to host World Cup races once again, and restoring vitality and lodging to Aspen’s original base area where the magic of skiing began.”

The harshly worded letter, however, cast skepticism on the Gorsuch team’s ability to meet their obligations in a matter satisfactory to the Lift One Lodge developers.

“There are several reasons for this decision,” the letter stated. “Perhaps most importantly, my client has not been able to get a sufficient level of comfort that the Gorsuch Haus project will move forward on a timely basis to ensure construction of the new lift. The Lift One Lodge team is extremely concerned about proceeding with their reviewed plan if there is no assurance the new lift will get built as intended.”

Other reasons for the split, according to the letter, are because the “Gorsuch Haus project is being marketed for sale, we have no way of knowing who the buyer will be, when or whether a sale will close, or whether the new owner will share Lift One Lodge’s level of commitment to the project. Thus, because of my client’s assessment of the elapsed time, unkept promises, inevitable interdiction of financial third parties and the approaching deadlines required under the voter-approved plan, as well as the economic risks, my client does not see any alternative other than to stop work on the new project and focus on the old.”

The letter’s assertions are not true, Gorsuch said.

“We’ve acted with every intention and purpose with good faith and authenticity,” he said. “I’ve raised my kids and family here. You’ve got to read between the lines: Why would somebody exit a process after all of the years and time and effort they spent on it? Their needs aren’t being met. It’s more about them.”

That the Gorsuch Haus project is seeking investors is hardly unique in the development world, Gorsuch said, and it does not mean that he and others are flipping it. Gorsuch said he and other team members remain committed to the project.

“We are exploring the value and talking about a recapitalization,” he said. “These kinds of things occur in development in every town across the country.”

The Gorsuch group from before the election remains intact now, Gorsuch said. Partner Lowe Enterprises also remains on board, he said. Jim DeFrancia, president of Lowe Enterprises, could not be immediately reached Friday night.

“Aspen’s voters approved a great plan with so many community benefits — a Ski History Museum, a great park, a new lift in town, and dining and lodging where it belongs,” Gorsuch’s statement said. “We urge the Browns to recommit to this fantastic vision for the community’s future.”

Aspen Market Update July 10, 2019

by Bob Ritchie

Aspen, CO 81611

Wed Jul 10 2019 
This week the median list price for Aspen, CO 81611 is $8,500,000 with the market action index hovering around 25. This is about the same as last month's market action index of 25. Inventory has held steady at or around 161. Click here to stay informed with the Aspen market!

Market Action Index

The Market Action Index answers the question "How's the Market?" by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller's Market conditions. Below 30, conditions favor the buyer.

 Today
 Last Month
100025

Slight Buyer's Advantage

The market has been cooling in recent weeks. Since this is a Buyer's market where there is excess inventory to satisfy the demand levels, prices have also been moving lower.

Real-Time Market Profile

Never miss important changes in the Aspen market.
Median List Price
$8,500,000
Per Square Foot
$1,695
Days on Market
373
Price Decreased
17%
Price Increased
2%
Relisted
4%
Inventory
161
Median House Rent
 
Most Expensive   $39,500,000
Least Expensive   $1,250,000
Market Action Index 
Slight Buyer's Advantage
25
Avg 7-DayAvg 90-DayJan 2017May 2017Sep 2017Jan 2018May 2018Sep 2018Jan 2019May 2019$7.0M$7.5M$8.0M$8.5M$9.0M$9.5M$10.0M$10.5M
 

Prices in this zip code have been on a downward trend recently and this week, while essentially flat, doesn’t break us out of that cycle.

Market Segments

Each segment below represents approximately 25% of the market ordered by price.

 
 

Snowmass Market Report July 9, 2019

by Bob Ritchie

Snowmass Village, CO 81615

Tue Jul 09 2019 
This week the median list price for Snowmass Village, CO 81615 is $5,387,500 with the market action index hovering around 26. This is less than last month's market action index of 27. Inventory has held steady at or around 60. Click here to stay informed with the Snowmass Village market!

Market Action Index

The Market Action Index answers the question "How's the Market?" by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller's Market conditions. Below 30, conditions favor the buyer.

 Today
 Last Month
100026

Slight Buyer's Advantage

The market has shown some evidence of slowing recently. Both prices and inventory levels are relatively unchanged in recent weeks. Watch the Market Action Index for changes as it can be a leading indicator for price changes.

Real-Time Market Profile

Never miss important changes in the Snowmass Village market.
Median List Price
$5,387,500
Per Square Foot
$1,163
Days on Market
420
Price Decreased
18%
Price Increased
0%
Relisted
7%
Inventory
60
Median House Rent
 
Most Expensive   $26,000,000
Least Expensive   $1,295,000
Market Action Index 
Slight Buyer's Advantage
26
Avg 7-DayAvg 90-DayJul 2016Nov 2016Mar 2017Jul 2017Nov 2017Mar 2018Jul 2018Nov 2018Mar 2019Jul 2019$3.0M$3.5M$4.0M$4.5M$5.0M$5.5M$6.0M$6.5M$7.0M
 

Again this week we see prices in this zip code remain roughly at the level they’ve been for several weeks. Since we’re significantly below the top of the market, look for a persistent up-shift in the Market Action Index before we see prices move from these levels.

Market Segments

Each segment below represents approximately 25% of the market ordered by price.

 
 

The Supreme Court's Fifth Amendment Reclamation 6/24/19

by Bob Ritchie

The following story regarding the decision is from The Wall Street Journal.

The Supreme Court’s Fifth Amendment Reclamation

Download the Wall Street Journal app here: WSJ.

This is the most important land use decision in the last 34 years. Minimal reimbursement for “Partial takings” have been Pitkin County’s, and most jurisdictions methodology for not adequately reimbursing land owners when they take value from property via down zoning.

Local and Colorado Courts have been blind to the actual amount of harm down zoning has done to property values, and devaluations for the most part have never been properly compensated.

The days of local governments unconstitutionally jamming down zoning down property owners throats with no compensation are over. Pitkin County’s current mission to shrink maximum home sizes from 15,000 sf to 5,750 sf will most likely be difficult for the County to afford.

Country wide down zoning has shrunk population densities forcing  the cost of housing to unreachable levels for much of our country. There are other solutions, Tokyo has no zoning and yet their free market has kept the cost of housing reachable for the same demographic distribution of citizens for over 50 years.

Please call me to discuss any of your real estate questions,

Thank you, Bob

970-379-1500

 

 

 

 

 

 

 

Your Snowmass Market Report

by Bob Ritchie

Snowmass Village, CO 81615

Thu Jun 20 2019 
This week the median list price for Snowmass Village, CO 81615 is $5,999,000 with the market action index hovering around 27. This is an increase over last month's market action index of 25. Inventory has held steady at or around 55. Click here to stay informed with the Snowmass Village market!

Market Action Index

The Market Action Index answers the question "How's the Market?" by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller's Market conditions. Below 30, conditions favor the buyer.

 Today
 Last Month
100027

Slight Buyer's Advantage

Home sales have been exceeding new inventory for several weeks. Since this is a Buyer's market prices are not yet moving higher as excess inventory is consumed. However, as the supply and demand trends continue, the market moves into the Seller's zone, and we are likely to see upward pressure on pricing.

Real-Time Market Profile

Never miss important changes in the Snowmass Village market.
Median List Price
$5,999,000
Per Square Foot
$1,185
Days on Market
444
Price Decreased
20%
Price Increased
2%
Relisted
15%
Inventory
55
Median House Rent
 
Most Expensive   $26,000,000
Least Expensive   $1,435,000
Market Action Index 
Slight Buyer's Advantage
27
Avg 7-DayAvg 90-DayJun 2016Nov 2016Mar 2017Jul 2017Nov 2017Mar 2018Jul 2018Nov 2018Mar 2019$3.0M$3.5M$4.0M$4.5M$5.0M$5.5M$6.0M$6.5M$7.0M
 

We continue to see prices in this zip code bouncing around this plateau. Look for a persistent up-shift in the Market Action Index before we see prices move from these levels.

Market Segments

Each segment below represents approximately 25% of the market ordered by price.

 

Your Aspen Market Report

by Bob Ritchie

Aspen, CO 81611

Thu Jun 20 2019 
This week the median list price for Aspen, CO 81611 is $8,995,000 with the market action index hovering around 25. This is about the same as last month's market action index of 25. Inventory has held steady at or around 143. Click here to stay informed with the Aspen market!

Market Action Index

The Market Action Index answers the question "How's the Market?" by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller's Market conditions. Below 30, conditions favor the buyer.

 Today
 Last Month
100025

Slight Buyer's Advantage

The market has shown some evidence of slowing recently. Both prices and inventory levels are relatively unchanged in recent weeks. Watch the Market Action Index for changes as it can be a leading indicator for price changes.

Real-Time Market Profile

Never miss important changes in the Aspen market.
Median List Price
$8,995,000
Per Square Foot
$1,758
Days on Market
405
Price Decreased
18%
Price Increased
3%
Relisted
5%
Inventory
143
Median House Rent
 
Most Expensive   $39,500,000
Least Expensive   $1,600,000
Market Action Index 
Slight Buyer's Advantage
25
Avg 7-DayAvg 90-DayJun 2016Nov 2016Mar 2017Jul 2017Nov 2017Mar 2018Jul 2018Nov 2018Mar 2019$6.5M$7.0M$7.5M$8.0M$8.5M$9.0M$9.5M$10.0M$10.5M
 

Prices in this zip code seem to have settled around a plateau. Look for a persistent down-shift in the Market Action Index before we see prices deviate from these levels.

Market Segments

Each segment below represents approximately 25% of the market ordered by price.

 
 

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Robert Ritchie
Aspen Snowmass Sotheby's International Realty
300 South Spring Street
Aspen CO 81611
970-379-1500
Sotheby’s International Realty® is a registered trademark licensed to
Sotheby’s International Realty Affiliates LLC.
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