Real Estate Information

Aspen Real Estate Blog

Bob Ritchie

Blog

Displaying blog entries 11-20 of 40

Aspen will open for Memorial day weekend

by Bob Ritchie

https://www.aspentimes.com/news/local/endless-winter-aspen-mountain-will-open-for-memorial-day-weekend-skiing/

Aspen - Winter - Season - sets records

by Bob Ritchie

https://www.aspendailynews.com/news/aspen-winter-season-set-records-all-over-the-place/article_9ada3686-7dc4-11e9-bc8b-8bba37133621.html

Land Title - Pitkin County Statistics March 2019

by Bob Ritchie

"Land Title Statistics are the most complete statistics as they include all transactions, not just those through the MLS" 

https://ltms.ltgc.com/wp-content/uploads/2019/04/PITKIN-MARCH-2019-.pdf

Aspen Snowmass | Sotheby's International Realty

Residential

Commercial

Land

Rentals

Visit Our Blog

 
 

 

 

Photographer: Jeremy Swanson

 

ELEVATED LIVING BLOG

Garden Goals: Behind The Design Of

The Little Nell's Famed Living Wall
 By Katie Shapiro

 

Spring has sprung, albeit in between bouts of snow, with May's flowers in full bloom. And if you stop the smell the roses around Aspen's downtown core, chances are the  team behind Busy Beavers Gardening planted them.

Longtime locals Arabella Thoyts-Beavers and Jason Beavers co-founded their business more than 15 years ago and since then, have brought boundless beauty to the community through creating colorful, custom gardens large and small.

Their biggest undertaking is in the form of the famed "Living Wall" at The Little Nell, where Arabella also serves as the resident gardener. Now in its fifth season, the Beaver's are putting the finishing touches on the massive, poolside installation:   Click to continue reading...

 

NEW TO MARKET

Aspen

 

1360 Mountain View Drive, Aspen
$3,650,000
5 bedrooms | 3 baths | 3,462 sq. ft.

See it →

 

1039 E Cooper Avenue Unit 24A, Aspen
$2,499,000
2 bedrooms | 2 baths | 950 sq. ft.

See it →

 

Snowmass Village

 

18 Edgewood Lane, Snowmass Village
$3,985,000
6 bedrooms | 5.5 baths | 4,171 sq. ft.

See it →

 

278 Gambel Way, Snowmass Village
$4,699,000
4 bedrooms | 4.5 baths | 3,380 sq. ft.

See it →

 

Basalt

842 Hillcrest Drive, Basalt
$1,200,000
5 bedrooms | 5 baths | 3,358 sq. ft.

See it →

 

925 Lupine Circle, Basalt
$1,250,000
5 bedrooms | 4 baths | 3,551 sq. ft.

See i


 

 
 
 

LOCAL EVENT CALENDAR

 

5/17 Ride For The Pass

5/24 Bauhaus 3D Printer Programming

5/26 An Evening with The Family Peach - Celebrating 50 years of The Allman Brothers

5/30 Legacy Series: Adam Lerner

6/6 Bauhaus 100: Aspen Ball

6/7 JAS Café: Crawfish and Cruisers

6/11 Meet Writer in Residence Kaui Hart Hemmings

6/13 Friends and Fellows Ride

6/14 - 6/16 FOOD & WINE Classic in Aspen

 

LOCAL REAL ESTATE NEWS

 

Business Monday: W Aspen eyes debut in July

The opening of one of Aspen’s most anticipated hotels in years won’t make it in time for the Food & Wine Classic held June 14 to 16, with the launch now anticipated to be sometime in July.

 

Read the Aspen Times article

 
 

Some citizens press for design review in Basalt after latest Willits building

Basalt officials are being urged by some area residents to prevent “unhandsome” architecture from continuing at Willits Town Center.

 

Read the Aspen Times article

 
 

Skico affordable housing project in Basalt endorsed by planning commission, opposed by neighbors

Aspen Skiing Co.’s proposal for an affordable-housing project in Willits Town Center received an endorsement Tuesday night from the Basalt Planning and Zoning Commission but still faces widespread neighborhood opposition.

 

Read the Aspen Times article

 
 

Avalanche Debris Forces Prolonged Closure At Maroon Bells

The U.S. Forest Service says the popular Maroon Bells Scenic Area in western Colorado will not open as scheduled May 15 because of avalanche debris that must be removed from the access road.

 

Read te CBS enver report

 

 

 

SOTHEBY'S INTERNATIONAL REALTY

 

 

Significant Sales

 

Significant Sales

 
 

 

Aspen Snowmass | Sotheby's International Realty

 

aspensnowmasssir.com

Facebook

Instagram

Twitter

Pinterest

YouTube

 
 
 
 

This is an alternative way of looking at the Market.  The “Aspen Snowmass” market is in the second Table:

https://gallery.mailchimp.com/b66d93b29227694f821e4cfaa/files/480c233a-3115-4745-953a-f40ff83e258d/April_2019_Market_View.pdf

Monday Morning Quarterback Markets View

by Bob Ritchie

The Monday Morning Quarterback

Article originally posted on HERE on May 6, 2019

Last week’s economic news paints quite a picture.

Employment is growing at twice the rate necessary to keep pace with growth in the working-age population. This, as a result, will pull more unemployed workers into the labor force. In addition, employment also grew well above expectations. The unemployment rate is now at a nearly 50-year low.

Personal income continues to grow at a faster pace than inflation. Consumer confidence was up and remains at a high level. And both the manufacturing and non-manufacturing sectors
continue to expand. The FED also felt good enough about the economy to keep rates steady. So, interest rates will remain low by any historic measure.

When you combine all of this with continued real GDP growth reported last week and inflation that is below the FED’s 2.0% target, it’s an amazing picture for an economic expansion that is
approaching its 10th birthday and will soon be the longest period of growth in U.S. history. Who’d a thought it?!?!

In addition, the normal indicators that signal the end of the cycle are not giving off negative signals at the present time. So, while the economy is clearly late in the cycle, it’s not over yet. Clearly, at some point in the future, we will look back at the current set of economic circumstances in awe. This can’t last forever. And it’s far too early to be certain as to what the next downturn will look like. So, try to enjoy it while you can.

There are some continued weaknesses in what has been a better than expected picture. The housing market in many cities, mainly large coastal cities, seems overpriced. And affordability in general is an issue. It’s difficult to see how this will play out well. The effect of the tax cuts will continue to wear off and, therefore, real GDP growth is likely to slow as the rest of the world continues to have tepid economic growth that affects trade. And watch inventories.

One other comment. The question of why the economy has been so good for so long is starting to be spun by both sides of the aisle. Let’s make one thing clear. Policy does matter. Slow growth policies created slow growth when economic growth should have been more rapid. Faster growth policies have created faster growth than is typically expected later in the cycle. Tax policy. Regulatory policy. Fed policy. Trade policy. They all matter.

U.S. Snapshot:

 The labor market keeps surprising. Payroll employment increased by 263,000 jobs in April. That’s well above expectations of 190,000. It’s also twice the rate of increase needed to keep pace with growth in the working age population. Thus, it continues to pull in more unemployed workers. As a result, the unemployment rate declined to 3.6%, its lowest rate in nearly 50 years (see chart below). With the recognition that jobs are becoming increasingly difficult to fill, employers are hanging on to their workers and workers are easily jumping ship and finding new positions. Given that the recovery/expansion is now approaching 10 years, this is a great performance.

 The Federal Reserve held interest rates steady and signaled little appetite to adjust them any time soon. Taking heart in continued job gains and economic growth and the likelihood that weak inflation will edge higher. According to FED chairman Jerome Powell, “We don’t see a strong case for moving it (the target FED funds rate) in either direction.”

 Consumer confidence recovered from March’s decline and continues to stand at high levels. The index rose to 129.2 in April compared to 124.2 in March and 125.6 a year ago. The improvements came in attitudes about the business climate and in the labor market.

 Personal income increased 0.1% in March. It now stands 3.8% above year earlier levels. This is above the rate of inflation. Disposable personal income was flat for the month but is up 3.9% above a year ago. The increase in personal income in March primarily reflected increases in compensation of employees and government social benefits to persons that were partially offset by decreases in personal interest income and farm income.

 According to the ISM manufacturing index, the manufacturing sector continued to expand in April. It’s the 32nd consecutive month of expansion. The index was 52.8 in April compared to 55.3 in March and 57.9 a year ago. Any reading above 50 suggests that the manufacturing sector is expanding.

 The ISM non-manufacturing index also gave a reading that suggests continued expansion of the non-manufacturing sector in April. The index was 55.5 in April compared to 56.1 in March and 57.2 a year ago. It was the 111th consecutive month of expansion in the index. Again, any reading above 50 indicates expansion.

 Construction spending fell by 0.9% in March compared to February and now stands 0.8% below year earlier levels.

 The NAR pending home sales index was up in March to 105.8. In February, it was 101.9. A year ago it was 107.1. According to Laurence Yun, the Realtor’s chief economist, “We are seeing a positive sentiment from consumers about home buying as mortgage applications have been steadily increasing and mortgage rates are extremely favorable.”

 The S&P/Case-Shiller Home Price 20-city composite index rose 0.2% in February compared to January and now stands at 3.0% over a year ago. A year ago, prices were up 7.7% from year earlier levels. Thus, new home price increases are moderating. The largest year over year price increase was 9.7% in Las Vegas.

ASSIR Market Share Q1 2019 Pie Chart 2M+

by Bob Ritchie

ASSIR Market Share Q1 2019 Pie Chart 2M+
 

ASSIR Market Share Q1 2019 Pie Chart

by Bob Ritchie

MARKET SHARE PDF:

ASSIR Market Share Q1 2019 Pie Chart
 

SOTHEBY’S  FIRST QUARTER 2019  and ASPEN REAL ESTATE MARKET REPORT

First Quarter total $ Sales 2019 Market Summary:

Aspen Homes up 43% over 2018’s Q.1.

Aspen Condo down 30% over 2018 Q.1.

Snowmass Homes Up 82% over 2018 Q.1.

Snowmass Condos up 82% over 2018 Q.1

Download the full report here. Q1 2019 vs 2018 Market Report – FULL PDF

 

2018 MARKET  UPDATE AND SUMMARY

 

            Please enjoy Randy Gold’s very detailed  Real Estate market Overview for 2018,                                      it is the most thorough analysis of the Aspen Market.

           Some of the highlights are:

2018’s Total $ Volume of Real Estate Sales of $1.863 Billion in Pitkin County remained healthy at 6% than 2017’s  $1.983 Billion, but still up 29% from 2016.

An important change was the weakness in Aspen Home sales in 2018. Sales weakness was centered in homes priced over $10 Million, where sales were down 38%,  and only one home sold over $20 Million in 2018.    

The West End’s home sales  were down 52% from 2017, to 10 sales, while the average sold price per square foot  increased 20% to $2,100 per square foot. Inventory is very thin.

Red Mountain sales dropped 75% from 12 sales  in 2017 to 3 sales  in 2018.

Home sale prices per square foot were down in East Aspen, the Central Core, Red Mountain, and West Aspen, while the biggest increases were in Smuggler up 39% and West End up 20% there were modest increases in Starwood and McClain Flats.

The inventory of homes over $10 Million is 92 listings. 31 are listed over $20 Million with only one sale last year. There were 2 over $20M home sales in the first quarter of 2019.

The Strength of 2018 Aspen market was in Aspen Condominiums, where the average price rose to $2.5 Million, from $2.1 Million  and the average sold price per square foot was up 12% to $1,560/sf.

The strongest market was in Snowmass Condominiums with $ volume up 45% and number of sales up 53% driven by the completions of projects in Base Village

Market Structural Change:  Buyers are looking for smaller properties, closer to town preferably inside the roundabout with contemporary styling and new. The Boomers are aging out of their  need for very large homes and their offspring also want, smaller, convenient, newer, contemporary homes. Larger older and more remote homes on the market are experiencing fewer showings, take longer to sell, and are selling at lower prices.

Our technology driven lifestyle has increased the desire for instant gratification and is additionally leading Buyers to smaller neat, clean, low maintenance, close to town, living quarters. As the baby boomers and the generations to follow both focus on similar properties it will be difficult for Aspen developers to provide them. There is very little vacant land to redevelop, which will result in increasing pressure to purchase and redevelop in the West End, West Aspen, East Aspen, and Smuggler.  Aspen’s 2016 Core Downzoning prohibits new residential condominiums,  and via restrictions and fees makes new commercial development in the core economically nearly  impossible.  The Core will still be under reconstruction for a while as there are a number of mixed use  properties approved 3+ years ago that will be built over the next few years.

These issues are not unique to Aspen, please see the Wall Street Journal article attached below.

A Growing Problem in Real Estate: Too Many Too Big Houses Download the Wall Street Journal app here: WSJ.

We expect a very strong Aspen Real Estate Market in 2019 as equities and cash on hand are at record highs, and Aspen’s offering of an unsurpassed quality of life continues to drive our market.

Please call me with any of your real estate questions.

Thank you, Bob

Robert Ritchie,  Broker

970-379-1500

bob@rdritchie.com

Aspen Snowmass Sotheby's International Realty

300 S. Spring Street

Aspen CO 81611

1st Quarter 2019 vs 2018 Market Report

by Bob Ritchie

1st Quarter 2019 vs 2018 Market Report

 

These links are also found in Access.

Aspen Snowmass SIR Branded Version:

Q1 2019 vs 2018 Market Report – FULL PDF

MARKET SHARE PDF:


ASSIR Market Share Q1 2019 Pie Chart

ASSIR Market Share Q1 2019 Pie Chart 2M+


 

 

Displaying blog entries 11-20 of 40

Syndication

Categories

Archives

Share This Page

Contact Information

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.
Each Office Is Independently Owned and Operated.
Real Estate