Aspen Market Insights
With the end of the ski season upon us, we are seeing signs of a slowdown in certain real estate market sectors. There has been a 26% drop in year-to-date-closed transactions (42 this year compared to 57 last year), a 4% drop in the sale-to-list price ratio, and a 13% drop in new listings. There are currently 40 condominiums listed in Aspen, with only 17% of those under contract. In 2022, the pending to listed ratio was double that number.
There are plenty of deals to be had when looking at properties in the Aspen Area. With 16 rental listings and my experience in buying, rehabbing, renting, and selling numerous properties in the Roaring Fork Valley over the last 25 years, I can provide value in your search for the ideal home. Feel free to shoot me an email or give me a call to discuss the real estate market.
Notable Activity
After 335 days on the market, this 2 bedroom 2 bath condominium in the core sold for 25% off its original listing price. I do not remember a condominium closing so far off the listing price. This middle-floor unit with no views and a very dated interior closed for just under $2,000 a square foot, well off of Aspen’s market average of $3,000 a square foot.
212 E Durant Ave was an off-market transaction that sold for $22 mill. The higher-end market is still very active, as can be seen with this transaction, topping out at $5,934 a square foot. The property had traded less than two years earlier for $8.525 million.
725 E Durant Ave #22 was recently listed for $3.225 mill. This 828 square foot, below grade 1 bedroom 1 bath comes on the market at a whopping $4,105 a square foot. It was purchased a year ago for $1.650 mill and had a complete remodel done. No matter how nice the remodel is, I do not think this price is realistic.
That’s a Wrap
The season is winding down, and yesterday was the best day of spring skiing. The Dumps and The Face of Bell had flat, fast, full-blown corn skiing. Less than 24 hours later, we experienced a 25-degree temperature drop and 5 inches of new snow on the ground which led to a great morning up in Snowmass on Sam’s Knob. Mid-January conditions in late April.
If you don’t like the weather in Colorado, wait a few hours for it to change. Spring in the Rocky Mountains is always a mixed bag of weather.
Close to Home Activities
With Aspen Mountain closing for the winter season soon, the off-season is officially here, and it’s time to get out of town and dust off your summer gear. While hiking and mountain biking are not an option in the upper valley, it’s the perfect time to road bike in Carbondale or Basalt. Be sure to check out one of my favorite early-season routes in the mid-valley on Strava. Road biking is a great way to stay in shape and keep up your cardio until the trails open up.
For those seeking adrenaline-fueled activities, Moab offers a range of options, including rock climbing, mountain biking, white-water rafting, and off-roading. The shoulder season is an excellent time to visit Moab, as the heat can be intense in the summer months. Visitors can also explore Arches National Park and Canyonlands National Park, two stunning natural wonders located just a short drive from town. The area has a lot of accommodations and vacation rentals that are increasingly more high-end than in the past. Let me know if you want some advice on where to stay and what to do.
Fruita, just outside of Grand Junction on the Utah border, about a two-hour drive from Aspen, is another great off-season destination for outdoor enthusiasts. The area is known for its exceptional mountain biking trails, including the Kokopelli area and 18 Road Trails.
Visitors can also explore the nearby Colorado National Monument, a breathtaking landscape of towering red rocks and canyons which offers one of the best road rides in the country. With lots of great restaurants, including the always popular Hot Tomato Pizza and some new breweries downtown, there is no excuse not to spend a few days taking advantage of the incredible desert trails and springtime happenings.
Aspen in the shoulder season, can be a great place for a quiet retreat offering a lot of value and some amazing local deals at some of the best restaurants. A short drive down valley opens up a whole new set of options for recreation, trails, and restaurants often overlooked during peak winter. And if you’re up for a short road trip, don’t miss Moab and Fruita in their prime – it’s always worth the effort.
New Rental Listing
Introducing Unit 36 at 229 Faraway Rd, offering some of the most stunning vistas in Snowmass Village. This bright and airy multi-level corner unit boasts vaulted ceilings and a spacious layout with breathtaking views of Snowmass Resort and Mt. Daly. The condo features a magnificent kitchen with high-end appliances, a natural wood-burning fireplace, and luxurious bathrooms. With several en-suite bedrooms and versatile sleeping arrangements, plus a second den downstairs, there’s plenty of room for everyone to spread out. Ample parking and gear storage complete the package. Look no further, this property has everything you need for a memorable stay in Snowmass.
More Rental Listing
Recently remodeled, this contemporary Chateau Chaumont 2-bedroom 2-bathroom condo pictured above features an A+ location – just one block to the gondola and a stone’s throw to the restaurants, bars, and happenings of downtown Aspen. The wood-burning fireplace, modern mountain aesthetic, hardwood floors, open-concept design, and premium bedding combine to make this the perfect retreat for your next visit. Aspiring chefs will love the Wolf and Sub-Zero appliances and the recently renovated common courtyard hot tub is the place to après after a day of adventuring. Renters have access to common underground garage and additional spots in the alley of the W Hotel, which is right next door.
This is one of 16 rental listings in my portfolio. With 25-years of experience buying, rehabbing, renting, and selling numerous properties in the Roaring Fork Valley, it would be my pleasure to help in your search for the ideal home or vacation rental.
