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hotographer: 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 it →

 

 

 

 
 
 
 
 
 

 

 

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 the CBS Denver report

 
 

SOTHEBY'S INTERNATIONAL REALTY

 

 

Significant Sales

 

Significant Sales

 
 

Aspen Snowmass | Sotheby's International Realty

 

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The Monday Morning Quarterback

This is an interesting look at many segments of our Economy:  
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.

 

ALPINE BANK APRIL MARKET REPORT AN ALTERNATIVE WAY OF LOOKING AT OUR MARKETS.  ASPEN AND SNOWMASS ARE IN THE SECOND TABLE:

 

 

Alpine Bank April Monthly Report - 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

 

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

 

Aspen Snowmass Sotheby's International Real Estate has dominated the local market for the last 11 years. Please take a look at the links below:

ASSIR Market Share Q1 2019 Pie Chart

ASSIR Market Share Q1 2019 Pie Chart 2M+

 

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 Down zoning 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

 

 

 

 

 

 

Wed Mar 20 2019 This week the median list price for Aspen, CO 81611 is $9,600,000 with the market action index hovering around 22. This is about the same as last month's market action index of 22. Inventory has held steady at or around 157. 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
100022

Slight Buyer's Advantage

Inventory levels have been relatively consistent relative to sales. Despite the fact that there is a relatively high amount of available inventory, this Buyer's market is still seeing prices move higher. Given inventory levels, these price conditions are relatively fragile. If the market cools off further, the price trend is likely to reverse.

Real-Time Market Profile

Never miss important changes in the Aspen market.
Median List Price
$9,600,000
Per Square Foot
$1,762
Days on Market
392
Price Decreased
22%
Price Increased
1%
Relisted
2%
Inventory
157
Median House Rent
$18,000
Most Expensive   $40,000,000
Least Expensive   $385,000
Market Action Index 
Slight Buyer's Advantage
22
Avg 7-DayAvg 90-DayMar 2016Aug 2016Dec 2016Apr 2017Aug 2017Dec 2017Apr 2018Aug 2018Dec 2018$6.5M$7.0M$7.5M$8.0M$8.5M$9.0M$9.5M$10.0M1.5M

Market Segments

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

 
 

 

 

 

Week of Friday Nov. 17 - Roaring Fork Valley "Real Time" Market Profile

This week the median list price for Aspen, CO 81611 is $7,500,000 with the market action index hovering around 22. Inventory has held steady at or around 179. Click here to stay informed with the Aspen market!

This week the median list price for Snowmass Village, CO 81615 is $4,990,000 with the market action index hovering around 23. Inventory has held steady at or around 65. Click here to stay informed with the Snowmass Village market!

This week the median list price for Woody Creek, CO 81656 is $6,500,000 with the market action index hovering around 23. Inventory has held steady at or around 13. Click here to stay informed with the Woody Creek market!

This week the median list price for Snowmass, CO 81654 is $3,922,500 with the market action index hovering around 23. This is less than last month's market action index of 28. Inventory has held steady at or around 36. Click here to stay informed with the Snowmass market!

This week the median list price for Basalt, CO 81621 is $1,470,000 with the market action index hovering around 25. Inventory has held steady at or around 48. Click here to stay informed with the Basalt market!

Real Estate Sales Transactions in Pitkin County, CO - October 2017

Highlights from the report:

  • $193,780,114 - Total transaction volume for October, an increase of 73.18% from October 2016 
  • 73 - Total transaction for October, an increase of  25.86% from October 2016 
  • $1,623,539 - Year-To Date Fee Simple transaction volume, an increase of 58.76% from same period last year
  • 675 - Year-To-Date Fee Simple transactions an increase of 38.04% from the same period last year

​​Click Here to View Report

2017 3rd Quarter Market Report - Roaring Fork Valley

Highlights from the report:

  • Aspen transaction volume and total number of transactions are up year to date through the 3rd Qtr from 2016 for Single Family Homes, Condos/Townhomes/Duplexes, and Fractional Ownership 
  • Snowmass Village transaction volume and total number of transactions are up year to date through the 3rd Qtr from 2016 for Condos/Townhomes/Duplexes and Fractional Ownership​ but down for Single Family Homes,
  • Click report below for Basalt, Carbondale, Glenwood Springs and New Castle statistics

  ​​Click Here to View Report

Real Estate Sales Transactions in Pitkin County, CO - September 2017

Highlights from the report:

  • $202,325,835 - Total transaction volume for September, an increase of 36.76% from September 2016 
  • 96 - Total transaction for October, an increase of  35.21% from September 2016 
  • $1,429,759- Year-To Date Fee Simple transaction volume, an increase of 87.44% from same period last year
  • 602 - Year-To-Date Fee Simple transactions an increase of 39.68% from the same period last year

​​Click Here to View Report

Real Estate Sales Transactions in Pitkin County, CO - August 2017

Highlights from the report:

  • $227,631,116 - Total transaction volume for August, an increase of 77.27% from August 2016 
  • 78 - Total transaction for July, an increase of  18.18%% from August 2016 
  • $1,227,433,203 - Year-To Date Fee Simple transaction volume, an increase of 60.92% from same period last year
  • 506 - Year-To-Date Fee Simple transactions an increase of 40.56% from the same period last year

​​  Click Here to View Report

Real Estate Sales Transactions in Pitkin County, CO - July 2017

Highlights from the report:

  • $128,545,092 - Total transaction volume for July, an increase of 46.23% from July 2016 
  • 55 - Total transaction for July, an increase of  1.85%% from July 2016 
  • $998,802,087 - Year-To Date Fee Simple transaction volume, an increase of 57.61% from same period last year
  • 428 - Year-To-Date Fee Simple transactions an increase of 45.58% from the same period last year

​​  Click Here to View Report

Real Estate Sales Transactions in Pitkin County, CO - June 2017

Highlights from the report:

  • $212,384,634 - Total transaction volume for June, an increase of 111.69% from June 2016 
  • 75 - Total transaction for June, an increase of  59.57% from June 2016 
  • $871,256,995 Year-To Date Fee Simple transaction volume, an increase of 59.44% from same period last year
  • 373 - Year-To-Date Fee Simple transactions an increase of 55.42% from the same period last year

​​   Click Here to View Report

Real Estate Sales Transactions in Pitkin County, CO - May 2017

Highlights from the report:

  • $171,224,048 - Total transaction volume for May, an increase of 120% from May 2016 
  • 76 - Total transaction for May, an increase of  123.5% from May 2016 
  • $658,872,361 Year-To Date Fee Simple transaction volume, an increase of 48% from same period last year
  • 298 - Year-To-Date Fee Simple transactions an increase of 54.4% from the same period last year

​​   Click Here to View Report

Real Estate Sales Transactions in Pitkin County, CO - April 2017

Highlights from the report:

  • $184,615,168 - Total transaction volume for April, an increase of 56% from April 2016
  • 65 - Total transactions for April, an increase of 30% from April 2016
  • $487,648,313 - Year-To-Date Fee Simple transaction volume, an increase of 32% from same period last year
  • 222 - Year-To-Date Fee Simple transactions an increase of 40% from same period last year

​​   Click Here to View Report

Real Estate Sales Transactions in Pitkin County, CO - March 2017

Highlights from the report:

  • $42,567,000 - Total transaction volume for March, an increase of 30% from March 2016
  • 131 - Total transactions for March, an increase of 31% from March 2016
  • $141,313,500 - Year-To-Date total transaction volume, an increase of 58% from same period last year
  • 312 - Year-To-Date total transactions, an increase of 11% from same period last year

Click Here to View Report

Real Estate Sales Transactions in Pitkin County, CO - February 2017

Highlights from the report:

  • $77,696,702 - Total transaction volume for February, a increase of 23.79% from February 2016
  • 43 - Total transactions for February, a increase of 38.71% from February 2016
  • $178,382,529 - Year-To-Date total transaction volume, an increase of 8.2% from same period last year
  • 98 - Year-To-Date total transactions, 46.27% change from same period last year

​Click Here to View Report

Real Estate Sales Transactions in Pitkin County, CO - January 2017

Highlights from the report:

  • $100,685,827 - Total transaction volume for January, an increase of 23.79% from January 2016
  • 55 - Total transactions for January, an increase of 52.78% from January 2016
  • $100,685,827 - Year-To-Date Fee Simple transaction volume, an increase of 23.79% from same period last year
  • 55 - Year-To-Date Fee Simple transactions a decrease of 52.78% from same period last year

Click Here to View Report

Real Estate Sales Transactions in Pitkin County, CO - December 2016

Highlights from the report:

  • $209,683,067 - Total transaction volume for December, an increase of 8.82% from December 2015
  • 62 - Total transactions for December, an decrease of 6.06% from December 2015
  • Median Residential Price down 1.14% from Q4 LY numbers
  • Average Residential Price down 10.37% from Q4 LY numbers
  • Gross Sales Volume down 31.94% from LY numbers
  • Real Estate Transactions down 4.35% from Q4 LY numbers
  • Buyer Profile: 54.2% local, 4.78% Front Range, 39.54% Out-of-State, 1.48% international

​Click Here to View Report

Real Estate Sales Transactions in Pitkin County, CO - November 2016

Highlights from the report:

  • $135,731,079 - Total transaction volume for November, an increase of 3.83% from November 2015
  • 56 - Total transactions for November an increase of 14.29% from November 2015
  • $1,158,340,328 - Year-To-Date total transaction volume, a decrease of 36.26% from same period last year
  •  545 - Year-To-Date total transactions, a decrease of 24.72% from same period last year

Click Here to View Report


Real Estate Sales Transactions in Pitkin County, CO - October 2016

Highlights from the report:

  • $111,893,824 - Total transaction volume for October, a decrease of 34.35% from October 2015
  • 58 - Total transactions for October a decrease of 15.94% from October 2015
  • $1,022,609,249 - Year-To-Date total transaction volume, a decrease of 39.37% from same period last year
  •  489 - Year-To-Date total transactions, a decrease of 38.10% from same period last year

Click Here to View Report


Real Estate Sales Transactions in Pitkin County, CO - September 2016

Highlights from the report:

  • $147,943,518 - Total transaction volume for September, a decrease of 44.44% from September 2015
  • 71- Total transactions for September, a decrease of 23.66% from September 2015
  • $910,715,425 - Year-To-Date total transaction volume, an decrease of 39.94% from same period last year
  • 431 - Year-To-Date total transactions, an decrease of 45.44% from same period last year

Click Here to View Report


Real Estate Sales Transactions in Pitkin County, CO - August 2016

Highlights from the report:

  • $128,412,764 - Total Fee Simple transaction volume for August, a decrease of -14.13% from August 2015
  • 66 - Total Fee Simple transactions for August, a increase of 10.0% from August 2015
  • $762,771,907 - Year-To-Date Fee Simple transaction volume, a decrease of -38.98% from same period last year
  • 360 - Year-To-Date Fee Simple transactions a decrease of -29.82% from same period last year

Click Here to View Report


Real Estate Sales Transactions in Pitkin County, CO - July 2016

Highlights from the report:

  • $87,904,171 - Total Fee Simple transaction volume for July, a decrease of -45.24% from July 2015
  • 54 - Total Fee Simple transactions for July, a decrease of -6.99% from July 2015
  • $634,359,143 - Year-To-Date Fee Simple transaction volume, a decrease of -42.35% from same period last year
  • 294 - Year-To-Date Fee Simple transactions a decrease of -35.10% from same period last year

Click Here to View Report


Real Estate Sales Transactions in Pitkin County, CO - June 2016

Highlights from the report:

  • $100,329,014 - Total Fee Simple transaction volume for June, a decrease of -2.68% from June 2015
  • 47 - Total Fee Simple transactions for June, a decrease of 31.88% from June 2015
  • $546,454,972 - Year-To-Date Fee Simple transaction volume, a decrease of -41.86% from same period last year
  • 240 - Year-To-Date Fee Simple transactions a decrease of -39.24% from same period last year

Click Here to View Report


Real Estate Sales Transactions in Pitkin County, CO - May 2016

Click Here to View Report


Highlights from the report:

  • $77,727,050 - Total Fee Simple transaction volume for May, a decrease of 48.63% from May 2015
  • 34 - Total Fee Simple transactions for May, a decrease of 51.43% from May 2015
  • $446,125,958 - Year-To-Date Fee Simple transaction volume, a decrease of -46.69% from same period last year
  • 193 - Year-To-Date Fee Simple transactions a decrease of -40.80% from same period last year

​​Click Here to View Report

 

 

 

 

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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.
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