ASPEN SNOWMASS REAL ESTATE MARKET REPORT · full with more activities, weddings, and hockey tournaments. The Aspen Real Estate Market continues to be extremely active with record

CHRIS KLUG • 970.948.7055

[email protected] • KlugProperties.com

ASPEN SNOWMASS

presented by KLUG PROPERTIES

REAL ESTATE MARKET REPORT

Third Quarter 2017

Happy fall season from Aspen! I hope you’re enjoying a great October. The autumn colors are still vibrant in the Roaring Fork Valley, however a few early season snowstorms the past weeks have decreased the fall foliage a little, and snapped a few snow loaded branches at the same time. It’s still a spectacular time to be in the mountains. ACES Harvest Festival takes place this weekend at Rock Bottom Ranch, one of my favorite fall traditions. I keep thinking the off-season is going to arrive, but things don’t seem to be slowing after a very busy summer selling season. My goal was to sell fifty million this year and I’m on track to double it. I continue to show prop-erty daily this month, which is typically a slower time of the year. Aspen was full every weekend in September. The 50th Ruggerfest was a highlight last month. What a party it was! October weekends will continue to be full with more activities, weddings, and hockey tournaments. The Aspen Real Estate Market continues to be extremely active with record single-family sold volume with over $600 million in sales, an average sold price of eight million dollars, and an average sold price per sq. ft. of nearly $1,600. We’re seeing all time highs in the Aspen single-family home market. What a difference in sold volume in 2016 versus 2017, from $220 million to $618 million, a 181% increase. Single-family transactions increased from 34 to 77 through Sept. 30, 2017, a 126% increase. Twenty-one $10-million plus sales have taken place in Aspen and Snowmass in 2017 compared to just ten sales above $10-million through Third Quarter 2016, a 110% increase. Seven sales above $20 million occurred through the first three quarters of 2017 versus zero in 2016, which certainly has had a major impact on the overall sales volume number. Mopani Estates at 2800 W. Buttermilk Road, listed for $44 million, sold on 9/14/17 by Aspen Snowmass Sotheby’s for $29 million, a 34% sale/list reduction. If that doesn’t encourage you to make an offer I’m not sure what will. The downtown core, Red Mtn. and West End continue to drive our local real estate market. Eleven prop-erties have sold this year on Red Mountain at an average sold price of $12.18 million, $2,129 sold price per sq. ft. – the priciest segment of our market. New mountain modern product demands a big premium. The conversation for new contemporary product in an A+ Aspen location begins at about $2,000 a sq. ft. It’s a very different dialogue when you cross Castle Creek Bridge or go past the round about, however we’re still seeing some big sales for newer product on the periphery such as in White Horse Springs. If you’re a value buyer you should be looking at West Aspen, McLain Flats, Woody Creek, Brush Creek and Snowmass. There are some spectacular Woody Creek and Old Snowmass Ranches available today at less than replacement cost. Check out www.MeanwhileRanchAspen.com and www.SnowmassRanch.com. It has been a great year for Aspen Condo sales as well with $311 million in sold volume - the highest ever through nine months, and the highest average sold price at $2.34 million. Average sold price of $1,377 was just slightly below the high in 2008 of $1,403. The top three 2017 condo sales were all downtown core penthouses with the Mill Building Penthouse trading for $3,641 a sq. ft., Victoria Square at $3,544 a sq. ft. (unfinished), and the Pitkin Center Penthouse above the old Syzegy, selling for $3,453 sold price per sq. ft. There were 142 Aspen condo transactions in 2017 versus 101 last year, a 40% increase. It has been a solid year in Snowmass Village looking at the past few years, but still well below the highs in 2007 and 2008. We haven’t seen the explosive activity this year in Snowmass Village that we’re seeing in Aspen. Condo sales are stronger than single-family sales in Snowmass with condo numbers pretty similar the past six or seven years. Single-family sold volume is down about 31% in Snowmass Village over 2016, while the number of transactions decreased 19%. I think one of the reasons is that there’s a lot of tired, old

Klug Properties

THIRD QUARTER 2017 MARKET REPORT

CHRIS KLUG [email protected] KlugProperties.com

single-family product in Snowmass Village. There are only three single-family homes currently available in Snowmass Village built after 2016. That’s about to change in the condo market with new product being of-fered for sale starting this winter at Limelight Snowmass and Building Four to be completed fall 2018, as well as a few single-family projects in the works. Viceroy Snowmass is currently under going a four million dollar upgrade to the common areas. KSL, Ski Co. and East West will be re-launching Viceroy Snowmass efforts this winter. Check out www.353Terrce.com in Melton Ranch, which is about half the price of a new Aspen home of similar size and quality. It has never been a better time to buy in Snowmass! You can buy a condo or single-family home in Snowmass Village today for half the price on average it will cost you in Aspen. I remain very bullish on Snowmass with what’s ahead there the next decade. My understanding is that the Village Mall is under contract and plans are being drawn for a redevelopment of the Town Center. We’re going to see probably a billion dollars invested into Snowmass Village the next decade between Base Village, The Town Center and the Village Mall. I moved my family to Snowmass Village just over a year ago and we are loving it; there’s no place we’d rather be right now. Basalt numbers look very similar to last year in terms of single-family activity with $47 million in sold volume last year and $46.4 million this year, a 1% difference. Transactions tell the same story with 54 last year and 51 this year, a 6% difference. Basalt condos were a little further off the mark with $34.8 million in sold volume through Q3’17 versus $29 million in 2017. Basalt condo number of sales also decreased from 62 in 2016 to 53 in 2017, a 15% decrease. I think Basalt needs to figure out the future of the River Park Parcel Project in Downtown Basalt before the real estate market is really going to respond. Willits continues to see more mixed use and residential development and more is on the way in the mid valley with the Tree Farm, further development at Shadowrock, and a Habitat for Humanity Project. On September 30, 2016 there were 364 active listings in Aspen of all property types compared to 301 as of September 30, 2017, a 17% decrease. Snowmass Village inventory of all property types has decreased from 272 to 205, an almost 25% decrease, which should put some upward pressure on pricing as supply decreases. Currently there are 50 properties in Aspen pending sale versus 15 on Sept. 30, 2016. Twenty-eight proper-ties of all types were pending on Sept. 30, 2017 in Snowmass Village, versus 12 at the end of September ’16. As the economy remains strong with a lot of property presently pending sale as we enter the Fourth Quarter I anticipate a strong finish to 2017. The bulls eye is broadening beyond downtown Aspen and Red Mtn. With the natural disasters affecting so many of our friends that visit Aspen and Snowmass, Aspen seems a relative safe haven. Many of my part-time Aspen clients are contemplating making the upper Roaring Fork Valley a more permanent home, which I think is also fueling our local real estate market and putting upward pricing pressure in the most desirable locations. I’m seeing a lot of activity from our feeder markets of Hous-ton, Miami, and San Francisco. I hope my report is helpful. Thank you for checking it out. I’ve lived in Aspen most all of my life. I also have the unique perspective of having traveled the world on my snowboard visiting many of the top resorts around the world. I study the market every day and am here full-time, ready to help you. Please call or email anytime with questions or to discuss our local market in more detail. I look forward to connecting again soon and seeing you back in the mountains this winter! Happy fall season!

Chris Klug

Klug Properties

THIRD QUARTER 2017 MARKET REPORT


2016 2017Downtown Core Downtown Core

Single Family Homes Single Family Homes 2 Properties Sold 7 Properties Sold Avg. Sold Price: $8,137,500 Avg. Sold Price: $12,035,957 Avg. Sold $/SF: $1,885 Avg. Sold $/SF: $2,860 Avg. Days on Market: 76 Avg. Days on Market: 190

Downtown Core Downtown Core Condos Condos 62 Properties Sold 88 Properties Sold Avg. Sold Price: $2,258,431 Avg. Sold Price: $2,374,020 Avg. Sold Price/SF: $1,488 AAvg. Sold Price/SF: $1,610 Avg. Days on Market: 217 Avg. Days on Market: 275

East Aspen East Aspen Single Family Homes Single Family Homes 5 Properties Sold 17 Properties Sold Avg. Sold Price: $7,135,000 Avg. Sold Price: $4,837,029 Avg. Sold $/SF: $1,356 Avg. Sold $/SF: $1,413 Avg. Days on Market: 173 Days on Market: 251

East Aspen East Aspen Condos Condos 3 Properties Sold 6 Properties Sold Avg. Sold Price: $2,390,000 Avg. Sold Price: $2,408,125 Avg. Sold $/SF: $925 Avg. Sold $/SF: $1,084 Avg. Days on Market: 136 Avg. Days on Market: 342

Red Mountain Red Mountain Single Family Homes Single Family Homes 5 Properties Sold 11 Properties Sold Avg. Sold Price: $7,885,091 Avg. Sold Price: $12,184,727 Avg. Sold $/SF: $1,870 Avg. Sold $/SF: $2,129 Avg. Days on Market: 333 Avg. Days on Market: 370

KLUG PROPERTIES REAL ESTATE MARKET REPORT

YTD Sales Comparison Through September 30, 2017


Information is deemed to be reliable but is not guaranteed. © 2017 MLS and FBS .• Prepared by Chris J. Klug

2016 2017McLain Flats McLain FlatsSingle Family Homes Single Family Homes0 Properties Sold 9 Properties SoldAvg. Sold Price: $0 Avg. Sold Price: $8,204,556Avg. Sold $/SF: $0 Avg. Sold $/SF: $890Avg. Days on Market: 0 Avg. Days on Market: 472

Smuggler Smuggler Single Family Homes Single Family Homes5 Properties Sold 4 Properties Sold Avg. Sold Price: $2,984,640 Avg. Sold Price: $4,566,250Avg. Sold $/SF: $1,121 Avg. Sold $/SF: $1,151Avg. Days on Market: 201 Avg. Days on Market: 261

Smuggler SmugglerCondos Condos 8 Properties Sold 14 Properties SoldAvg. Sold Price: $614,125 Avg. Sold Price: $1,029,432Avg. Sold $/SF: $833 Avg. Sold $/SF: $1,011Avg. Days on Market: 175 Avg. Days on Market: 126

West Aspen West Aspen Single Family Homes Single Family Homes8 Properties Sold 15 Properties SoldAvg. Sold Price: $6,368,471 Avg. Sold Price: $8,247,083Avg. Sold $/SF: $1,011 Avg. Sold $/SF: $1,273Avg. Days on Market: 241 Avg. Days on Market: 515

West Aspen West Aspen Condos Condos14 Properties Sold 20 Properties SoldAvg. Sold Price: $1,816,714 Avg. Sold Price: $2,287,090Avg. Sold $/SF: $ 700 Avg. Sold $/SF: $751 Avg. Days on Market: 387 Avg. Days on Market: 196





2016 2017West End West End

Single Family Homes Single Family Homes 9 Property Sold 14 Properties Sold Avg. Sold Price: $6,975,556 Avg. Sold Price: $7,323,037 Avg. Sold $/SF: $1,631 Avg. Sold $/SF: $1,660 Avg. Days on Market: 291 Avg. Days on Market: 303

West End West End Condos Condos 14 Properties Sold 14 Properties Sold Avg. Sold Price: $2,027,797 Avg. Sold Price: $1,975,139 Avg. Sold $/SF: $1,196 Avg. Sold $/SF: $1,303 Avg. Days on Market: 154 Avg. Days on Market: 164

Snowmass Village Snowmass Village Single Family Homes Single Family Homes 32 Properties Sold 26 Properties Sold Avg. Sold Price: $4,037,984 Avg. Sold Price: $3,423,250 Avg. Sold $/SF: $903 Avg. Sold $/SF: $783 Avg. Days on Market: 323 Avg. Days on Market: 347

Snowmass Village Snowmass Village Condos Condos 56 Properties Sold 74 Properties Sold Avg. Sold Price: $949,526 Avg. Sold Price: $957,754 Avg. Sold $/SF: $642 Avg. Sold $/SF: $622 Avg. Days on Market: 385 Avg. Days on Market: 367

Brush Creek Village Brush Creek Village 1 Property Sold 6 Properties Sold Avg. Sold Price: $1,795,000 Avg. Sold Price: $1,783,500 Avg. Sold $/SF: $445 Avg. Sold $/SF: $506 Avg. Days on Market: 116 Avg. Days on Market: 167





2016 2017Woody Creek Woody Creek

Single Family Homes Single Family Homes 7 Properties Sold 6 Properties Sold Avg. Sold Price: $2,617,921 Avg. Sold Price: $1,384,167 Avg. Sold $/SF: $1,623 Avg. Sold $/SF: $426 Avg. Days on Market: 223 Avg. Days on Market: 282

Old Snowmass Old Snowmass Single Family Homes Single Family Homes 9 Properties Sold 11 Properties Sold Avg. Sold Price: $1,220,722 Avg. Sold Price: $1,071,091 Avg. Sold $/SF: $367 Avg. Sold $/SF: $394 Avg. Days on Market: 222 Avg. Days on Market: 369

Basalt Basalt Single Family Homes Single Family Homes 54 Properties Sold 51 Properties Sold Avg. Sold Price: $ 871,041 Avg. Sold Price: $911,384 Avg. Sold $/SF: $320 Avg. Sold $/SF: $346 Avg. Days on Market: 171 Avg. Days on Market:197

Basalt Basalt Condos Condos 62 Properties Sold 53 Properties Sold Avg. Sold Price: $562,433 Avg. Sold Price: $547,436 Avg. Sold $/SF: $341 Avg. Sold $/SF: $373 Avg. Days on Market: 180 Avg. Days on Market: 151





ASPEN


Aspen Single Family Sold Volume

Aspen Single Family Average Sold Price/Sq. Ft.


ASPEN


Aspen Single Family Average Sold Price

Aspen Condo Sold Volume



Aspen Condo Average Sold Price

ASPENAspen Condo Average Sold Price/Sq. Ft.


SNOWMASS VILLAGE


Snowmass Single Family Average Sold Price/Sq. Ft.

Snowmass Single Family Sold Volume


SNOWMASS VILLAGE


Snowmass Single Family Average Sold Price


Snowmass Condo Average Sold Volume

SNOWMASS VILLAGE


Snowmass Condo Average Sold Price/Sq. Ft.


Snowmass Condo Average Sold Price

January 1 to September 30, 2017

A S P E N S N O W M A S S S O T H E B Y ’ S I N T E R N A T I O N A L R E A L T Y

2017 MARKET SHARE

# Top 10 Companies $ Volume Market Share1 Aspen Snowmass Sotheby’s $ 1,084,087,226 28.67 International Realty2 Coldwell Banker Mason Morse $ 506,233,806 13.393 Douglas Elliman Real Estate $ 337,004,874 8.914 Compass $ 182,510,257 4.835 Aspen Associates Realty $ 120,654,047 3.196 Engel & Völkers $ 105,233,800 2.787 Berkshire Hathaway Home Services $ 92,869,155 2.46 Aspen Snowmass8 Non-Member Offices $ 90,394,900 2.399 The Property Shop Inc $ 82,605,144 2.1810 Whitman Fine Properties $ 69,944,180 1.85 All Other Companies $ 1,109,362,025 29.35

Source: Aspen Board of Realtors Multiple Listing Service

All Others

Coldwell Banker Mason Morse

28.67%

Compass

Douglas Elliman

Real Estate

The Property Shop Inc

Engel &

Vol

kersNon-M

ember Offices

Aspe

n As

soci

ates

Rea

lty

Berksh

ire H

athaw

ay

Whitman Fine Properties

2017 MARKET SHARE January 1, 2017 to September 30, 2017

Chris Klug [email protected] KlugProperties.com

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ASPEN SNOWMASS REAL ESTATE MARKET REPORT · full with more activities, weddings, and hockey tournaments. The Aspen Real Estate Market continues to be extremely active with record