Shaun White wins the Gold again! Were you there to see it!? I watched in on TV. Click here for the Aspen Times article on his sixth win.
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!
This intriguing property is minutes from Aspen! Views encompass Pyramid Peak, framed between Aspen Highlands and Tiehack ski areas. Four plus acres, overlooking the Moore Open Space, the home lives like a ranch. Fish from the large pond, fed by landscaped waterfall. Pasture your horses or ride nearby trails Romp around with snowmobiles for you or the kids.
Please contact me at Aspen Snowmass Sotheby’s International Realty for more information.
The 7th annual Summit for Life kicks off this weekend December 7-8. The weekend of events raises awareness about the importance of organ and tissue donation and is centered around a nighttime uphill race up Aspen Mountain. For a charity walk, participants can choose the recreation start at 5 p.m. or race against others at the competitive start at 6 p.m.
Proceeds from the race benefit the Chris Klug Foundation.
Click here to find out how to get involved.
Unleash and unwind at Lucky Day Animal Rescue’s third annual Yappy Hour. Lucky Day Animal Rescue and Aspen Peak Magazine are proud to host the event this Wednesday, December 5th at Finbarr’s Irish Pub from 4:30-6:30 p.m.
Lucky Day Animal Rescue’s mission is “to aid lost, abandoned and suffering animals through rehabilitation, re-homing, education and love.”
$15 (cash or check) will gain you entry as well as all you can drink Aspen Brewery Beer, wine and select liquor. 100% of the proceeds benefit Lucky Day Rescue.
To learn more about Lucky Day Animal Rescue click here.
See you there!
Three past presidents, David Stapleton, Brooke Peterson and Dale Potvin, will be honored at the AVSC Winter Kick-Off Party. The exciting event will be held at the brand new Elk Camp Restaurant at Snowmass.
David Stapleton was the president of AVSC from 1972 to 1975. He has also been the chief of course for World Cup races and Winter Olympics.
Brooke Peterson was the president of AVSC for 13 years and also helped international-caliber ski racing stay in Aspen.
Dale Potvin served as AVSC’s president from 1995 to 1997 and later started the ski group Team Spider.
All three of the honorees and past presidents have made significant impacts on Aspen Valley Ski and Snowboard Club. The event includes a silent auction, gourmet pizza, salad, drinks and a special kids zone for all children attending.
The AVSC Winter Kick-Off Party is this Saturday, December 1st from 4-7 p.m. at Elk Camp. Click here for tickets and more information about the event.
In a recent email from Paula Lamberti, mortgage broker for Bank of America, I learned housing starts are up higher than expected. Building permits have also increased more than 11%.
The graph and great news above reveal that the housing sector’s recovery is gaining momentum.
“What does all of this mean for home loan rates? The continued drama in Europe should benefit our bond markets (and thus home loan rates), as investors continue to see our bonds as a safe haven for their money. However, if inflation continues to heat up, bonds and home loan rates could worsen as a result. The bottom line is that home loan rates remain near historic lows, making now a great time to consider a home purchase or refinance.”
For more information on this increase contact me.
AVSC just made two new exciting purchases: two air bags to help athletes practice their training for big-air tricks.
The AVSC also has the biggest trampoline in the Valley, the Tramp Squared Supertramp as one of their backyard training tools.
Yesterday marked the one month countdown until opening day at Aspen Mountain and Snowmass!
This Saturday The Buffalo Collection and Wheeler Opera House present a fundraising event to help the wild horses of the American West.
4 P.M. Enjoy wine and appetizers with director James Kleinert for wine and appetizers at the Buffalo Collection.
5:30 P.M. Head over to the Wheeler bar area for an art show with original photography from the director, and an art auction with skis and designer clothing
7 P.M. Screening of Wild Horses and Renegades at the Wheeler Opera House
Read more about the Wild Horses here
This Sunday, October 14th is the Aspen Valley Ski & Snowboard Club’s annual sport swap. Check out the best deals in the valley, right in time for the winter season! Bring your gear and trade it out with some new equipment or attire. Vendors featured at this year’s swap include Radio Board Shop, Ajax Bike and Ski, Performance Ski, Snowmass Sports, Sunlight Ski & Bike Shop, Casual Culture, Incline Ski Shop and Sidewinder Sports. The swap will take place from 10 a.m. – 2 p.m. in the Bank of Colorado parking lot in El Jebel.
For information please contact Madeleine Hawken 970-205-5107