The real estate market in Aspen has turned a corner and new records have been set. The attached pie chart (see 2012 Market Share link above) shows the total dollar volume for 2012 to be $3+billion. Our new company Aspen Snowmass Sotheby’s proudly claims $1,251,489,496 in sales or 39.65% in market share! No single company has ever reached, much less exceeded, a billion dollars in volume in one year. While we are proud of this success, we are equally proud the business was done by 54% of our brokers, not just a few top producers. To me, this says a lot about the culture, leadership and service ethic within Aspen Snowmass Sotheby’s.
This blog post is the first in a series of periodic updates on the Aspen real estate market which I am providing.
My focus in this update is the tremendous changes occurring in the commercial, downtown core of Aspen. At the end of 2011, Randy Gold reported in his annual Market Overview: “It could be said that the Aspen commercial market is leading the recovery of our real estate market. It was the last market sector to suffer from the downturn, and it is the first to recover and see increasing values.” This prediction has proven true in 2012.
The following four buildings were under construction and now mostly complete/occupied: 300 South Spring (location of my office), Cooper Street Pier, the Spring and Hopkins Building and the 625 E. Main Building. Construction on the 15,000sf building of the Aspen Art Museum is underway, as is the 30,000 sf building located next to and including Little Annie’s restaurant.
In 2012, the Gap Building sold for $13,250,000 and will be redeveloped as six retail storefronts at street level and a second-story restaurant. Other sales to highlight include:
- The building at 602 E. Hyman sold for $6,700,000 (formerly the office of Chaffin Light Real Estate)
- The Volk Plaza, Corner of Cooper Ave. and Galena St. (location of Paradise Bakery et al) for $17,250,000
- 434 E. Cooper (known as the Bidwell Building) sold for $22,000,000
Of course, with all this potential development, Aspen City Council will weigh in with new rules including the possibility of allowing a third story for lodging or commercial use, but would bar development of free market condominiums. In anticipation of these changes, multiple third-story penthouses have been approved and/or developed.
If you are in Aspen today, you will see the downtown core is thriving indeed!
Please feel free to contact me with any questions. I am always happy to provide information on current listings, valuations or market trends.
May you have a fulfilling and prosperous 2013!