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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.

 

 

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, CO 81611

Sun Jul 21 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 about the same as last month's market action index of 24. Inventory has held steady at or around 171. 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 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
$1,666
Days on Market
396
Price Decreased
19%
Price Increased
2%
Relisted
5%
Inventory
171
Median House Rent
 
Most Expensive   $39,500,000
Least Expensive   $670,000
Market Action Index 
Slight Buyer's Advantage
24
Avg 7-DayAvg 90-DayJul 2016Nov 2016Mar 2017Jul 2017Nov 2017Mar 2018Jul 2018Nov 2018Mar 2019Jul 2019$6.5M$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.

 
 

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
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