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ASPEN/SNOWMASS REAL ESTATE MARKET OVERVIEW
FEBRUARY 12, 2014
Presented by:
Randy Gold, MAI, SRA – Aspen Appraisal GroupAndrew Ernemann, Broker Associate – Aspen Snowmass Sotheby’s International Realty
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Number of Sales MLS 1231 1484 1735 1596 1427 778 552 588 734 945 1077
Listings MLS 2176 2012 1520 1924 2076 2124 2105 2003 1842 1728 1588
Land Title # Sales Pitkin Co. 1129 1268 1794 1879 1379 828 702 689 756 749 845
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Copyright: Aspen Appraisal Group, LLCAspenAppraisalGroup.com
Number of Sales MLS
Listings MLS
Land Title # Sales Pitkin Co.
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Number of Sales 43 59 69 56 37 30 16 27 25 23 29
Sales $ x 1 mil. $102.13 $189.84 $221.82 $200.31 $205.18 $198.94 $73.55 $116.78 $105.46 $70.36 $114.35
Listings 80 67 42 39 45 66 71 77 81 81 74
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Copyright: Aspen Appraisal Group, LLCAspenAppraisalGroup.com
Number of Sales
Sales $ x 1 mil.
Listings
Andrew ErnemannCopyright 2014
Snowmass Village Single Family Homes
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5
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25
2008 2009 2010 2011 2012 2013
Number of Sales
Ski-Accessible SFH Non Ski-Accessible SFH
Snowmass Village Single Family Homes
Andrew ErnemannCopyright 2014
$0
$500
$1,000
$1,500
$2,000
2008 2009 2010 2011 2012 2013
Average Sales Price per SQ FT
Ski-Accessible SFH Non Ski-Accessible SFH
Andrew ErnemannCopyright 2014
Snowmass Village Single Family Homes
0%
20%
40%
60%
80%
100%
2010 2011 2012 2013
Percentage of Sales by Price Point
Sale Price Less than $2.5M Sale Price More than $2.5M
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Number of Sales 77 127 121 134 101 60 55 72 80 77 84
Sales $ x 1 mil. $303.94 $469.01 $517.11 $729.37 $631.20 $396.90 $377.57 $437.18 $512.15 $532.03 $444.09
Listings 182 164 132 140 157 200 213 217 204 191 170
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Copyright: Aspen Appraisal Group, LLCAspenAppraisalGroup.com
Number of Sales
Sales $ x 1 mil.
Listings
Aspen Single Family Homes
Andrew ErnemannCopyright 2014
42%
58% 57%
71%
63%
26%
0%
20%
40%
60%
80%
100%
Central Core Red Mountain West End East Aspen West Aspen McLain Flats
Aspen Single Family Home Activity Number of 2013 Sales as a Percentage of Current Listings
Aspen Single Family Homes
Andrew ErnemannCopyright 2014
$565
$687
$927$984
$1,271
$1,383 $1,397
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
Smuggler McLain Flats East Aspen West Aspen RedMountain
Central Core West End
Average Sales Price per SQ FT - 2013
Twice as expensive in the West End compared to McLain Flats/Starwood!
Aspen Single Family Homes
Andrew ErnemannCopyright 2014
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2005 2006 2007 2008 2009 2010 2011 2012 2013
Aspen/Snowmass Single Family Home Sales
<$5M $5M<$10M $10M+
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2000 2002 2004 2006 2008 2010 2012
Copyright: Aspen Appraisal Group, LLCAspenAppraisalGroup.com
Sales of Homes Over $5 MillionUpper R.F. Valley 2000-2013
$10+ mill.
$7-10 mill.
$5-7 mill.
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Number of Sales 86 118 180 97 93 98 19 25 55 58 127
Sales $ x 1 mil. $59.17 $77.61 $146.08 $96.26 $114.57 $106.53 $16.04 $21.09 $49.80 $41.52 $88.14
Listings 124 119 44 46 64 128 140 153 171 178 171
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Copyright: Aspen Appraisal Group, LLC AspenAppraisalGroup.com
Number of Sales
Sales $ x 1 mil.
Listings
Andrew ErnemannCopyright 2014
Snowmass Village Condos/Townhomes
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2005 2006 2007 2008 2009 2010 2011 2012 2013
Number of Sales by Location
Sales Excl. Base Village Base Village Sales
Andrew ErnemannCopyright 2014
Snowmass Village Condos/Townhomes
$400
$500
$600
$700
$800
$900
$1,000
$1,100
$1,200
2005 2006 2007 2008 2009 2010 2011 2012 2013
Average Sales Price per SQ FT - Snowmass
Ski-Accessible Condos/TH's Non Ski-Accessible Condos/TH's
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Number of Sales 158 196 247 184 151 64 54 78 95 112 121
Sales $ x 1 mil. $137.70 $188.33 $273.76 $204.99 $183.77 $135.87 $75.60 $131.43 $175.83 $150.27 $184.86
Listings 221 172 100 117 145 198 201 203 202 175 162
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Copyright: Aspen Appraisal Group, LLCAspenAppraisalGroup.com
Number of Sales
Sales $ x 1 mil.
Listings
Andrew ErnemannCopyright 2014
Aspen Condos/Townhomes
58%
6%
9%
11%
16%
Aspen Condo/Townhome Sales 2013
Central Core
East Aspen
Smuggler
West End
West Aspen
Andrew ErnemannCopyright 2014
Aspen Condos/Townhomes
$603
$739$773
$803
$1,167
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
West Aspen Smuggler East Aspen West End Central Core
Average Sales Price per SQ FT
93% Premium for Core compared to West Aspen on average!
Andrew ErnemannCopyright 2014
Aspen Core Condos/Townhomes
$920
$1,169
$1,414
$1,606
$1,257
$1,132 $1,129
$1,024
$1,167
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
2005 2006 2007 2008 2009 2010 2011 2012 2013
Average Sales Price per SQ FT
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Number of Sales 8 10 22 16 8 1 0 5 5 4 9
Sales $ x 1 mil. $18.73 $15.85 $42.88 $43.97 $17.46 $1.35 $0.00 $8.61 $5.18 $11.15 $10.43
Listings 28 21 8 13 14 33 25 18 20 24 24
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Copyright: Aspen Appraisal Group, LLCAspenAppraisalGroup.com
Number of Sales
Sales $ x 1 mil.
Listings
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Number of Sales 24 30 37 31 24 17 11 13 11 37 28
Sales $ x 1 mil. $49.46 $69.57 $128.52 $113.23 $111.07 $17.94 $30.78 $48.24 $20.83 $125.85 $66.72
Listings 76 54 36 45 61 79 72 74 81 75 62
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140
Copyright: Aspen Appraisal Group, LLCAspenAppraisalGroup.com
Number of Sales
Sales $ x 1 mil.
Listings
COMMERCIAL MARKET OVERVIEW
0
2000
4000
6000
8000
10000
12000
14000
Comparison of Colorado Real Estate Taxes on $2M
House
$0
$20,000,000
$40,000,000
$60,000,000
$80,000,000
$100,000,000
$120,000,000
$140,000,000
$160,000,000
$180,000,000
$200,000,000
Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul
2005 2006 2007 2008 2009 2010 2011 2012 2013
Aspen/Snowmass Residential Sales Dollar Volume
Andrew ErnemannCopyright 2014
Sales Dollar Volume – A Reliable Market Indicator?
Andrew ErnemannCopyright 2014
$0
$200,000,000
$400,000,000
$600,000,000
$800,000,000
$1,000,000,000
$1,200,000,000
$1,400,000,000
$1,600,000,000
2005 2006 2007 2008 2009 2010 2011 2012 2013
Aspen/Snowmass Residential Sales Dollar Volume
Sales Dollar Volume – A Reliable Market Indicator?
HOT
AVERAGE
COLD
Aspen Land
Snowmass Village Land
Snowmass $2.5M+ Properties
Aspen HomesAspen $10M+ Properties
Aspen Core Condos
Snowmass Village Condos
Snowmass Village HomesAspen Land
Aspen Homes
Snowmass Village Land
2013 Performance 2014 Expectations
Snowmass Village Homes
Aspen Core Condos
Snowmass Village Condos
Snowmass $2.5M+ Properties
Aspen $10M+ Properties
Andrew ErnemannCopyright 2014
THANK YOU!
To request a copy of this presentation, or for our complete market reports:
Randy Gold
(970) 9258987
www.AspenAppraisalGroup.com
Andrew Ernemann
(970)3798125
www.AspenUpdate.com
