MARKETthe Aspen Snowmass WINTER 2014
Insider’sReal Estate
Guide
ANDREW ERNEMANN
REPORT
There were more home sales above
$1,500/sf in Aspen in2013 than any year since
2008. The West Endneighborhood had the
highest average at $1,397/sf.
Aspen had 4condo sales above$2,000/sf in 2013,
Snowmass Village had 6 sales above $1,000/sf.The most for either town
since 2008.
*Listing Inventory dropped in every segment of the market in 2013 except Aspen and Basalt condos.
*Up 44%, excludingViceroy Sales.
Price/sf forhomes was up
in Aspen (1.4%) andBasalt (7.6%), but
down in SnowmassVillage (8%).
Despite a 20%drop for Aspen landsales in 2013, theend-user and spec
developer market forland remains
strong.
Compared tothe year prior,
residential listinginventory dropped*
5% in Aspen, 16% inSnowmass Village
and 10% inBasalt.
There were12 sales above
$10 million in Aspen in 2013. There were none in Snowmass
Village.
Condo salesin 2013 were up
11% in Aspen, 152%*
in Snowmass Villageand down 33%
in Basalt.
The Aspen/Snowmass brand is alive and well. Headed into 2013 there were big expectations for a stellar real estate year. By late July there was some head scratching and questions lingering about the lack of sales activity locally compared to other luxury markets around the world. Sales dollar volume was down more than 20% compared to 2012 as we hit the midway point of 2013, but momentum was building. After tallying the 2013 year-end performance of the local real estate market it’s clear that Aspen/Snowmass is just getting warmed up.
The number of sales was up nearly 9% year-over-year in Aspen, a respectable statistic, but how about the 118% jump in Snowmass Village! Thanks largely in part to the rejuvenation of Base Village under recapitalized ownership the Viceroy accounted for over 50 condominium sales in 2013 (that’s over 40% of all Snowmass Village condominium sales). Perhaps an even bigger story is the fact that while prices in Aspen continued to gain momentum Snowmass Village experienced its first price increases in over five years. Core condominium prices in Aspen jumped about 10% in 2013, while on paper the rise was nearly 15% for Snowmass Village condominium (asterisk for Snowmass due to the price premium for all the Viceroy sales that took place in 2013).
Looking ahead into 2014 and beyond, the real estate fundamentals are solid in Aspen/Snowmass. Listing inventory (supply) is down and sales (demand) are up. Upward pressure on prices will continue to take shape and some of the more outlying and rural neighborhoods will finally start to get their legs back. While Aspen/Snowmass wasn’t the first luxury market to escape from the claws of recession this time around it’s nice to see very healthy interest and activity in local real estate once again.
Onward!
Andrew Ernemann, Broker Associate2013 President, Aspen Board of Realtors
Quiet Confidence
What’s Trending ............................. 03
Market Temperature ...................... 04
Market Changes............................. 05
Market Cycles ...................................... 06
Area Maps ..................................... 07
Aspen Market ................................ 08
Aspen/Snowmass Luxury Report .... 10
Snowmass Market ......................... 12
Snowmass Ski Report ................... 14
Homes - Aspen .............................. 16
Homes - Snowmass ....................... 17
Condominiums/Townhomes .......... 18
Land ............................................. 19
About Andrew ............................... 20
the Aspen Snowmass MARKET REPORT
sREPORT
The Aspen Snowmass Market Report is a biannual publication providing an objective view of the Aspen/Snowmass real estate market. Data presented in this publication comes from the Aspen/Glenwood Springs Multiple Listing Service and is presented in a format intended for Aspen/Snowmass real estate buyers, sellers and professionals.
www.AspenUpdate.com 03
What’sTrending?
For a digital copy of this report, visit www.AspenUpdate.com
CONTENTS
the Aspen Snowmass MARKET REPORT04 www.AspenUpdate.com 05
ASPEN & SNOWMASS VILLAGE MARKETS
Changes: Prior Year Comparisons UPPER ROARING FORK VALLEY MARKET
Performance & Expectations
Number of Residential Sales
Residential Listing Inventory
Condo & Townhome Sales Average Price per Sq Ft
-11%-21%
-52%
-5%
19% 16%24%
5%
-36%
-14%-10%
-72%
68%
34%
2%
94%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
2006 2007 2008 2009 2010 2011 2012 2013
Aspen Snowmass Village
-2% -2%
-12%
-9%
12%
2% 2%
-12%
-15%
-10%
-5%
0%
5%
10%
15%
2010 2011 2012 2013
Aspen Snowmass Village
29%
20%
12%
-21%
-10%
1%
-9%
5%
29%32%
3%
-28%
-10%-8% -8%
13%
-30%
-20%
-10%
0%
10%
20%
30%
40%
2006 2007 2008 2009 2010 2011 2012 2013
Aspen Snowmass Village
A perfect visual representation of the most fundamental local real estate metric, there has been four straight years of positive sales growth. Some impressive numbers in Aspen, although the growth year over year in Snowmass Village demonstrates just how far the Snowmass market fell in 2009. Interestingly the number of sales in both areas was dropping during some of the prime “boom” years of 2006-2008.
When talking market fundamentals the two trends that will help forecast future price direction are the number of sales and listing inventory. The first chart on this page shows rising sales over the past few years, while the inventory chart shows the dropping listing inventory levels. Lower supply and higher demand usually leads to price increases.
As outlined above the current real estate trends point to likely price increases, and after four straight years of declines (with the exception of a modest increase in Aspen during 2011) the pressure on prices has pushed price per square foot upward. Note: this chart covers only condominium and townhome sales due to the fact that single family trends tend to be more variable due to shifts in neighborhood and price point sales activity.
Aspen
NUMBEROF SALES
2013 vs. 2012thru December 31st
SALES DOLLARVOLUME
AVERAGESALES PRICE
AVERAGESALES PRICE
PER SF
AVERAGESALES PRICE
AS A % OFASKING PRICE
LISTINGINVENTORY
SnowmassVillage
Sometimes perspective makes all the difference. At the mid-year point in 2013 the Aspen real estate market was trending downward with regard to the number of sales, sales dollar volume and average sales price. A relatively strong finish to the summer selling season, which spilled well into the fall months of 2013, pushed the number of sales well ahead of last year. The two most fundamental indicators of future market direction, number of sales and listing inventory, are pointing to upward pressure on prices. The average sold price was down in 2013, and this is attributed primarily to stronger sales activity at the lower end of the single family market, as well as a continued increase in condominium sales.
It’s hard to believe just how quickly the Snowmass Village condominium market has turned upward. The success in 2013 for sales on and off the slopes is the primary driver behind the uptick in the number of sales, sales dollar volume and average sales price per square foot. A healthy drop in overall listing inventory validates the positive fundamentals underlying the Snowmass market these days. There was a significant drop in average sales price in 2013, although this is largely attributed to a mysterious lack of activity in the $3 million plus market. Some late year signs of life in the Snowmass luxury market is likely to carry forward into 2014 and will help drive all segments of the Snowmass market upward in the coming months.
Basalt
On the surface the drop in the number of sales and sales dollar volume would appear to be of concern for the Basalt market. However, the slowdown is entirely the result of a relative lack of inventory at lower price points in most neighborhoods. A few strong years of market recovery has pushed sales activity to more normalized levels in Basalt. Prices experienced relatively strong increases over the course of 2013 and will likely continue this trend through 2014. Listing inventory dropped nearly double digits. Expect the higher price points to start to experience some pressure as a result of Aspen/Snowmass prices rising and lower inventory levels across the board.
2013 Performance
AVERAGE HOTCOLD
2014 Expectations
Snowmass Village$3M+ Properties
SnowmassVillage Land
SnowmassVillage Homes
AspenHomes
AspenLand
Aspen CoreCondos
Aspen $10M+Properties
SnowmassVillageCondos
SnowmassVillage Condos
AspenHomes
Aspen$10M+
Properties
SnowmassVillage $3M+
PropertiesAspen
CondosAspenLand
SnowmassVillage Land
the Aspen Snowmass MARKET REPORT06 www.AspenUpdate.com 07
ASPEN & SNOWMASS VILLAGE MARKETS
Area Neighborhoods ASPEN & SNOWMASS VILLAGE MARKETS
Real Estate Cycles
2005-06 2007 2008 2009 2010 2011 2012-13 2014 (?)
From the Seller’s Perspective
BlindEuphoria
WhatJust
Happened?
Depression
Hope
Excitement
Exuberance
Excitement
Help!
2005-06 2007 2008 2009 2010 2011 2012-13 2014 (?)
From the Buyer’s Perspective
No IdeaWhat’s
About toHappen What
JustHappened?
Early AdoptersStart to Buy
Time to Getin the Game
Time toGet in the
Game
The HerdFollows
Stampede
The HerdFollows
Wait andSee
Aspen includes the area of the Upper Roaring Fork Valley east of the airport. It is further divided into the following neighborhoods: Central Core (bounded to the east and North by the Roaring Fork River and by Garmisch Street on the west), East Aspen (east of the Central Core and Roaring Fork River), Smuggler (near the old silver mine and now a popular hiking trail), Red Mountain (to the north of the Core), the West End (a historic section near the Core), West Aspen (west of Castle Creek) and McLain Flats and Starwood (to the northwest of downtown Aspen).
Snowmass Ski Area was originally developed in the 1960’s, and Snowmass Village has continued to develop on and around the ski area since that time. Base Village is one of the more noteworthy slopeside developments in recent years. There are several neighbor- hoods within Snowmass Village that access the ski slopes, as well as properties within neighborhoods that line the mountains and golf course nearby. The Divide, Woodrun, Base Village, parts of Ridge Run, Two Creeks and The Pines all offer ski access. Melton Ranch, Horse Ranch, lower Ridge Run, the Snowmass Club and a few other pockets within Snowmass Village do not have direct ski access but offer other amenities.
B r u s h C r e e k
Owl Creek Rd
HorseRanch
Country Club
ThePines
Ridge Run
The Divide
MeltonRanch
Wildridge
Wildoak
TwoCreeks
Woodrun
Ca
stle
Cr e
ek
Ro a rin
g Fo rk R i v e r
R o a r i n g F o r k R i v e r
Mountain
HiddenMeadows Anderson
Ranch
Chapel &Community
Center
MeadowRanch
SinclairMeadows
Snowmass Cluband Golf Course
Town Park
TheCrossings
Fox Run
Valley
Red Butte Black Birch
Ridge of Red Mountain
Pitkin Mesa
Pitkin Green Aspen
Meadows
Aspen Institute
Snow Bunny
Pitkin Reserve
Meadowood
Aspen Highlands
Aspen Grove
Knollwood
Eastwood Aspen Club
Stillwater Ranch
Red Mountain
Ranch
Starwood
White Horse Springs
White Star Ranch
Star Mesa
West Buttermilk
Owl Creek Rd
MaroonCreek Club 82
82
82 Aspen Mountain
Ski Area
ButtermilkSki Area
FiveTrees
The Preserve
WestAspen
Red Mountain
Smuggler
East Aspen
WestEnd
CentralCore
McLain Flats & Starwood
ASPEN
SNOWMASS VILLAGE
Calderwood Riverside
Lacet
BaseVillageThe
Village
N
Aspen HighlandsSki Area
Eagle Pines
the Aspen Snowmass MARKET REPORT08 www.AspenUpdate.com 09
The Aspen MarketSingle Family Homes - Sales Activity
$0
$200,000,000
$400,000,000
$600,000,000
$800,000,000
0
20
40
60
80
100
120
140
2005 2006 2007 2008 2009 2010 2011 2012 2013
Number of Sales Sales $ Volume
$0
$50,000,000
$100,000,000
$150,000,000
$200,000,000
$250,000,000
$300,000,000
$350,000,000
$400,000,000
$450,000,000
0
50
100
150
200
250
300
2005 2006 2007 2008 2009 2010 2011 2012 2013
Number of Sales Sales $ Volume
$0
$20,000,000
$40,000,000
$60,000,000
$80,000,000
$100,000,000
$120,000,000
$140,000,000
0
5
10
15
20
25
30
35
40
2005 2006 2007 2008 2009 2010 2011 2012 2013
Number of Sales Sales $ Volume
$800
$900
$1,000
$1,100
$1,200
$1,300
$1,400
$1,500
$1,600
$1,700
2005 2006 2007 2008 2009 2010 2011 2012 2013
Core Condos/Townhomes Aspen Single Family
Condominiums & Townhomes - Sales Activity
Vacant Land - Sales Activity
Average Sales Price per Sq Ft
Don’t let the Sales Dollar Volume line fool you, the takeaway from this graph should be the steady increase in the number of sales for Aspen single family homes since the “bottom” in 2009. Dollar volume did drop in 2013 compared to the year prior, a result of an increase in lower price point home sales and a handful of larger sales that were pulled forward into the tail end of 2012 due to impending tax law changes.
Good news for condominium and townhome sellers — an 80%+ drop in the number of sales from 2005 to 2009 has been followed by four consecutive years of increases. After a year with lower sales of $2 Million-plus condominiums in Aspen all price points showed relative strength in 2013, helping to push sales dollar volume upward.
There’s no question 2012 was a banner year for Aspen land sales, so on paper 2013 looks like a disappointment. The truth is that sales for Aspen land has remained strong from a historical context. End users and spec developers have been taking advantage of opportunities to build new homes in a market where much of the built inventory is 10+ years old. Challenges for land sales in Aspen continue to exist with rising mitigation fees and the first signs of rising construction costs in years.
Nothing demonstrates the meteoric rise and equally dramatic fall of the local real estate market between 2005 and 2010 as well as this graph. Average price per square foot has shown stability in many neighborhoods over the past few years, and core condominium prices rose approximately 10% in 2013. The modest drop in home prices in 2013 is reflective of an increase in sales at lower price points and neighborhoods to the east and west of downtown Aspen.
Single Family Home Activity
Core Condominium & Townhome Sales
Residential Property Listing Inventory
Sales Price to List Ratio (All Sales)
300
350
400
450
500
550
600
95.6% 95.6%96.1%
93.1%
87.4% 87.3%
88.5%
89.7%
91.0%
80.0%
85.0%
90.0%
95.0%
100.0%
2005 2006 2007 2008 2009 2010 2011 2012 2013
5
1113
15
31
5
12
19
2321
49
19
0
10
20
30
40
50
60
Central Core Red Mountain West End East Aspen West Aspen McLain Flats
2013 Sales Active Listings
48%
39%
13%
2012
29%
49%
22%
2011
37%
48%
15%
2013
$1M-$3M<$1M $3M+
Most neighborhoods improved in 2013 pushing sales absorption rates below a two year supply of listing Inventory. The West End and Red Mountain continue to be strong performing neighborhoods with consistent desirability. Value purchases to the east and west of downtown gave a boost to home sales in those areas during 2013. The McLain Flats neighborhood (which includes Starwood) consists largely of higher price point homes, and buyers have just begun to tap into opportunities in this area.
Sales below $1M accounted for a disproportionate share of sales in 2012 and the balance shifted somewhat back to sales between $1M and $3M in 2013. Ultra luxury condominium sales above $3M have settled in the 15% range of the total number of sales after driving the core condominium market recovery in 2011.
The arrow says it all…despite consistent seasonal swings in listing Inventory there has been an overall decline of 20-25% for listings over the past few years. Core condominium inventory actually rose in 2013 even though sales also increased. Expect some neighborhoods to experience a flattening or even increases in listing Inventory in the coming 12-18 months as more property sellers begin to feel bolstered by the pendulum swing back towards a seller’s market.
An often overlooked real estate statistic is the ratio of sale price to list price. Although it’s not the most widely followed metric, the story behind this graph perfectly encapsulates the price direction of the Aspen real estate market. The modest drop in 2008 was a precursor to market weakness that wasn’t recognized until early 2009 and market fundamentals have continued to squeeze discounts as prices have begun to rise once again.
the Aspen Snowmass MARKET REPORT10 www.AspenUpdate.com 11
THE $5M+ MARKET
The Aspen Snowmass Luxury Report
Luxury Single Family Home Sales (2005-2013)
Luxury Single Family Home Sales
Luxury Single Family Home Sales (2009-2013)
0
50
100
150
200
250
2005 2006 2007 2008 2009 2010 2011 2012 2013
<$5M $5M<$10M $10M+
$5M<$10M<$5M $10M<
$5M-$10M
$10M-$15M $15M+
Snowmass VillageAspen Woody Creek & Old Snowmass
73%
17%
10%
60%24%
16%
61%26%
13%
20122011 2013
25
23
118
204
37
32
The Aspen Luxury Market has followed the same general sales trends as the overall local real estate market, with declining sales between 2005 and 2009 followed by steady improvement since that time. Sales above $5M and $10M weren’t as robust in 2013 as the few years prior, but two buyers who each purchased properties for more than $40M in 2013 helped prove that Aspen/Snowmass continues to attract wealth and investment on a relatively consistent basis.
2013 marked a shift in the mix of luxury home sales in Aspen/Snowmass. Sales below $5M accounted for nearly three out of every four sales (compared to three out of five during the previous few years). A few contributing factors likely account for the change: a non-existent luxury market in Snowmass Village during 2013, more lower price point sales than previous years in east and west Aspen and some high-end sales that were “pulled forward” into late 2012.
Aspen has accounted for nearly 85% of all Luxury Home Sales in the upper Roaring Fork Valley over the past five years. While Snowmass Village has a reasonable share of the Luxury Market between $5 Million and $10 Million nearly all of the Sales above $10 Million occur in the neighborhoods surrounding Aspen. A handful of Sales in Wildcat, Woody Creek and Old Snowmass round out the Luxury Home Sales activity tally.
Single Family Home Activity - $5M+
Single Family Home Price per Square Foot - $5M+
Single Family Home Average Sales Price per Square Foot
1 4 1
8
11
89 9
19
9
32
16
0
5
10
15
20
25
30
35
Central Core East Aspen McLain Flats West End West Aspen Red Mountain
2013 Sales Active Listings
$1,276
$1,132
$918
$1,488
$1,180
$1,439$1,487
$1,254
$1,504$1,587
$1,340
$1,826
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
Central Core East Aspen McLain Flats West End West Aspen Red Mountain
2013 Sales Active Listings
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
2005 2006 2007 2008 2009 2010 2011 2012 2013
<$5M $5M-$10M $10M+
The West End and Red Mountain neighborhoods are consistent luxury market performers, and there would be more sales activity in the Central Core if there were more mainstream luxury home listings (most of the current Core listings are located on fringe areas or entail some additional development component). Relatively high listing inventory in West Aspen started to get absorbed in 2013 and that activity should continue through 2014.
Luxury homes typically sell at a higher price per square foot than the lower price points, this is often due to the superior location, finishes and property amenities that are associated with luxury homes. Once again, the West End and Red Mountain areas tend to command the highest average price per square foot, and the two neighborhoods will often trade off the bragging rights as the most expensive neighborhood for luxury homes on a price per square foot basis.
Nothing beats a visual that clearly demonstrates the point. In this case the long-term fluctuations of the local real estate market are background noise to the fact that as price point increases so does the average price per square foot for luxury homes in the Aspen area.
the Aspen Snowmass MARKET REPORT12 www.AspenUpdate.com 13
The Snowmass Village MarketSingle Family Homes - Sales Activity
Condominiums & Townhomes - Sales Activity
Vacant Land - Sales Activity
Average Sales Price per Sq Ft
$0
$50,000,000
$100,000,000
$150,000,000
$200,000,000
$250,000,000
0
10
20
30
40
50
60
70
2005 2006 2007 2008 2009 2010 2011 2012 2013
Number of Sales Sales $ Volume
$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
0
20
40
60
80
100
120
140
160
180
200
2005 2006 2007 2008 2009 2010 2011 2012 2013
Number of Sales Sales $ Volume
$0
$10,000,000
$20,000,000
$30,000,000
$40,000,000
$50,000,000
0
5
10
15
20
2005 2006 2007 2008 2009 2010 2011 2012 2013
Number of Sales Sales $ Volume
$400
$500
$600
$700
$800
$900
$1,000
$1,100
$1,200
2005 2006 2007 2008 2009 2010 2011 2012 2013
Ski-Accessible Condos/TH's Non Ski-Accessible Condos/TH's
Single Family Home Activity
Condominium & Townhome Sales
Residential Property Listing Inventory
Sales Price to List Ratio (All Sales)
20122011 2013
$0.5M-$1M<$0.5M $1M+
27%
46%
27%
0
50
100
150
200
250
300
350
96.4% 96.3% 96.5% 96.9%
83.9%
87.1%
88.9%
90.2%
92.0%
80.0%
85.0%
90.0%
95.0%
100.0%
2005 2006 2007 2008 2009 2010 2011 2012 2013
2 0
8
4
0
6
34
8
1514
2
5
20
5
10
15
20
The Pines Two Creeks Ridge Run Wood Run The Divide Melton Ranch Horse Ranch
2013 Sales Active Listings
47%
33%
20%
42%
36%
22%
It’s been a challenging couple of years in Snowmass Village, there’s no way to sugarcoat it. The light at the end of the tunnel has finally come into focus with incremental gains in home sales activity over the past few years. Much of the action has been below $2 Million recently, and buyer’s have taken advantage of the market correction to nearly clear out the best opportunities at lower price points.
It’s always hard to draw too many conclusions from a market that has relatively few sales, and this couldn’t be truer with regard to the Snowmass Village land market. Certainly the sales activity in 2013 was encouraging, and was driven in part by lower price point sales at Sinclair Meadows.
The relationship between ski-accessible and non ski-accessible sales in Snowmass Village continues to display a premium for those properties on the slopes (approximately 40% on average in 2013.) The encouraging news in 2013 for Snowmass Village property owners is that price per square foot increased for condominiums and townhomes across the board.
Value-driven home purchases in Ridge Run, Wood Run and Melton Ranch was the theme for 2013. The lack of sales at higher price points resulted in almost no sales activity in The Divide, Two Creeks and The Pines (two Pines Sales late in the year rescued an otherwise anemic luxury home market in Snowmass Village).
Similar to the Snowmass home market, condominium sales in 2013 took place primarily at lower price points; a portion of these sales were for aggressively priced Viceroy studios and one bedrooms, with the goal of jump starting sales activity in Base Village. Expect the balance to shift back towards higher price points in 2014 as inventory lessens at lower price points and prices continue to push upward.
Although listing inventory has remained relatively flat on the whole in Snowmass Village, there are signs of recent improvement. The substantial increase in condominium sales during 2013 has helped push overall inventory levels lower, although there is a healthy amount of shadow inventory at the Viceroy (only a portion of the available condos are listed in the MLS). The next phase of the Viceroy, which is slated to commence construction in 2014, will add to the shadow inventory.
Similar to the Aspen market, the average discount that buyers have been negotiating on sales has diminished over the past few years. With average discounts in the 8% range in 2013 it’s clear the market is slowly heading back towards a seller’s market, although the large number of Viceroy condominium sales at fixed 5% discounts does skew the numbers for 2013.
Base Village has been such a central component to the Snowmass Village story, and this will continue to be the case for a number of years to come. The wild fluctuations in the Number of Sales and Sales Dollar Volume have largely been tied to the success of sales in 2007 and 2008, while the subsequent crash coincided with Base Village falling into receivership. 2013 marked the year when the Viceroy helped boost the overall Snowmass Village real estate market.
the Aspen Snowmass MARKET REPORT14 www.AspenUpdate.com 15
SNOWMASS VILLAGE Ski Report
Single Family Homes SNOWMASS VILLAGE Ski Report
Condominiums & Townhomes
Single Family Homes Listed Pending 2013 2012 2011 2010 2009 2008
Number of Listings/Sales 29 1 8 10 10 14 6 16
AVG Price per SQ FT $1,355 $1,814 $811 $926 $1,113 $1,077 $1,401 $1,505
AVG Sales Price N/A N/A $4,109,563 $4,911,840 $6,052,500 $5,419,275 $9,162,500 $7,356,750
AVG Asking Price $7,061,690 $9,950,000 $4,677,500 $5,835,400 $7,022,000 $6,337,857 $10,510,833 $7,830,313
AVG Original Price $7,277,207 $9,950,000 $5,321,875 $6,422,500 $7,232,340 $7,651,786 $11,006,667 $7,901,875
AVG Ask/Sold Discount N/A N/A 14.2% 15.4% 13.1% 12.9% 12.8% 7.1%
AVG Days on Market 418 183 594 409 278 272 325 142
Single Family Homes Listed Pending 2013 2012 2011 2010 2009 2008
Number of Listings/Sales 33 1 20 14 12 13 10 13
AVG Price per SQ FT $794 $607 $573 $518 $580 $704 $582 $837
AVG Sales Price N/A N/A $1,882,025 $1,706,329 $2,105,833 $3,148,077 $1,857,500 $3,450,177
AVG Asking Price $4,054,391 $1,595,000 $2,072,495 $1,894,500 $2,341,333 $3,683,838 $2,275,500 $3,789,154
AVG Original Price $4,383,298 $1,595,000 $2,206,950 $2,354,564 $2,652,750 $4,034,992 $2,543,000 $3,993,769
AVG Days on Market 318 43 337 515 327 200 253 246
0
5
10
15
20
25
2008 2009 2010 2011 2012 2013
Ski-Accessible Single Family Homes
Non Ski-Accessible Single Family Homes
$0
$500
$1,000
$1,500
$2,000
2008 2009 2010 2011 2012 2013
Ski-Accessible Single Family Homes
Non Ski-Accessible Single Family Homes
0%
5%
10%
15%
20%
2008 2009 2010 2011 2012 2013
Ski-Accessible Single Family Homes
Non Ski-Accessible Single Family Homes
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
2008 2009 2010 2011 2012 2013
Ski-Accessible Single Family Homes
Non Ski-Accessible Single Family Homes
Number of Sales
Non Ski-Accessible Properties
Ski-Accessible Properties
Average Ask/Sold Discount
Average Sales Price
Average Sales Price per Sq Ft
AVG Ask/Sold Discount % N/A N/A 8.6% 9.6% 9.9% 14.1% 18.3% 8.7%
Number of Sales
Ski-Accessible Properties
Average Ask/Sold Discount (%)
Average Sales Price
Average Sales Price per Sq Ft
Condos/Townhomes Listed Pending 2013 2012 2011 2010 2009 2008
Number of Listings/Sales 121 2 89 41 39 18 16 86
AVG Price per SQ FT $781 $621 $716 $640 $698 $760 $791 $1,088
AVG Asking Price $1,101,628 $689,500 $683,776 $899,227 $1,124,028 $1,322,689 $1,407,094 $1,256,682
AVG Original Price $1,149,579 $725,000 $718,903 $1,029,946 $1,216,659 $1,452,056 $1,587,406 $1,263,042
AVG Days on Market 397 366 234 270 224 258 195 763
Condos/Townhomes Listed Pending 2013 2012 2011 2010 2009 2008
Number of Listings/Sales 33 4 40 17 17 12 5 15
AVG Price per SQ FT $685 $573 $518 $436 $467 $570 $650 $821
AVG Asking Price $1,158,455 $679,750 $917,273 $535,156 $877,829 $961,500 $1,122,600 $948,333
AVG Original Price $1,211,603 $716,750 $971,825 $613,800 $995,965 $1,072,667 $1,374,800 $1,042,800
AVG Days on Market 414 80 282 433 353 295 290 203
0
20
40
60
80
100
2008 2009 2010 2011 2012 2013
Ski-Accessible Condos/Townhomess
Non Ski-Accessible Condos/Townhomess
$300
$500
$700
$900
$1,100
$1,300
2008 2009 2010 2011 2012 2013
Ski-Accessible Condos/Townhomess
Non Ski-Accessible Condos/Townhomess
0%
5%
10%
15%
20%
2008 2009 2010 2011 2012 2013
Ski-Accessible Condos/Townhomess
Non Ski-Accessible Condos/Townhomess
$300,000
$800,000
$1,300,000
$1,800,000
2008 2009 2010 2011 2012 2013
Ski-Accessible Condos/Townhomess
Non Ski-Accessible Condos/Townhomess
Non Ski-Accessible Properties
Ski-Accessible Properties
AVG Sales Price N/A N/A $636,354 $812,195 $985,595 $1,131,417 $1,093,556 $1,233,199
AVG Sales Price N/A N/A $821,654 $483,265 $780,007 $793,167 $959,000 $901,933
AVG Ask/Sold Discount % N/A N/A 7.3% 8.2% 10.3% 12.0% 12.4% 4.6%
AVG Ask/Sold Discount % N/A N/A 6.7% 9.3% 11.7% 14.2% 17.1% 1.3%
the Aspen Snowmass MARKET REPORT16 www.AspenUpdate.com 17
ASPEN Current Market Activity
Single Family Homes SNOWMASS VILLAGE Current Market Activity
Single Family Homes2013
East Aspen Listed Pending 2013 2012 2011 2010 2009 2008
Number of Listings/Sales 20 1 15 11 16 13 7 9
AVG Price per SQ FT $1,104 $1,345 $927 $1,059 $1,070 $896 $1,170 $1,451
AVG Sold Price N/A N/A $3,342,575 $6,209,273 $5,556,688 $5,848,077 $7,657,143 $6,095,556
AVG Asking Price $5,888,750 $2,950,000 $3,729,933 $7,500,909 $6,362,181 $6,752,231 $9,457,143 $6,493,000
AVG Original Price $6,388,700 $2,950,000 $4,002,333 $7,821,818 $6,921,563 $7,544,231 $11,221,429 $6,727,444
AVG Ask/Sold Discount % N/A N/A 10.8% 17.5% 10.0% 12.5% 19.5% 6.5%
AVG Days on Market 390 66 320 287 369 403 431 266
800290020102110221023102gnidnePdetsiLrelggumS
Number of Listings/Sales 12 0 5 3 3 3 3 11
AVG Price per SQ FT $931 $0 $565 $674 $1,090 $759 $977 $1,110
AVG Sold Price N/A N/A $2,030,120 $4,098,333 $7,825,000 $4,250,000 $4,098,333 $4,520,609
AVG Asking Price $3,808,250 $0 $2,128,000 $4,881,667 $11,196,333 $4,914,667 $4,861,667 $4,803,182
AVG Original Price $3,949,500 $0 $2,128,000 $5,906,667 $11,468,000 $6,881,667 $5,615,000 $5,129,909
AVG Ask/Sold Discount % N/A 0 4.5% 16.1% 13.5% 8.8% 15.4% 7.0%
AVG Days on Market 293 0 110 1,242 415 516 375 754
Central Core Listed Pending 2013 2012 2011 2010 2009 2008
Number of Listings/Sales 11 1 5 9 4 8 4 2
AVG Price per SQ FT $1,473 $824 $1,383 $1,139 $1,349 $1,419 $1,418 $1,526
AVG Sold Price N/A N/A $3,380,000 $4,484,017 $6,781,250 $5,753,750 $6,412,178 $5,420,000
AVG Asking Price $10,622,091 $5,500,000 $3,839,600 $4,915,222 $7,862,500 $6,993,125 $6,612,178 $6,235,000
AVG Original Price $10,743,636 $5,500,000 $3,839,600 $5,675,778 $10,325,000 $8,243,750 $6,724,428 $6,985,000
AVG Ask/Sold Discount % N/A N/A 11.7% 7.0% 11.1% 14.0% 2.1% 11.7%
AVG Days on Market 228 379 309 432 548 393 214 101
Red Mountain Listed Pending 2013 2012 2011 2010 2009 2008
Number of Listings/Sales 18 1 11 10 7 7 3 5
AVG Price per SQ FT $1,755 $798 $1,271 $1,471 $1,080 $1,343 $1,529 $1,721
AVG Sold Price N/A N/A $8,626,955 $11,657,500 $8,425,000 $10,130,429 $20,666,667 $12,377,568
AVG Asking Price $12,796,389 $2,950,000 $9,752,636 $13,689,000 $9,809,286 $13,163,571 $22,315,000 $13,110,000
AVG Original Price $13,571,111 $2,950,000 $11,121,364 $15,149,500 $12,491,429 $14,463,571 $24,498,333 $14,010,000
AVG Ask/Sold Discount % N/A N/A 11.2% 14.0% 10.0% 19.7% 12.3% 5.3%
AVG Days on Market 393 391 513 378 571 341 276 331
800290020102110221023102gnidnePdetsiLdnE tseW
Number of Listings/Sales 21 2 13 12 16 22 15 14
AVG Price per SQ FT $1,437 $1,599 $1,397 $1,140 $1,245 $1,054 $1,145 $1,464
AVG Sold Price N/A N/A $6,391,154 $4,245,680 $6,350,000 $4,244,500 $5,021,600 $6,850,913
AVG Asking Price $5,316,190 $2,785,000 $7,311,231 $4,846,667 $7,153,625 $4,841,818 $5,800,933 $7,133,929
AVG Original Price $5,448,524 $2,822,500 $7,567,769 $5,318,333 $7,772,313 $5,762,727 $6,669,600 $7,258,929
AVG Ask/Sold Discount % N/A N/A 9.3% 11.1% 10.1% 12.2% 13.5% 4.0%
AVG Days on Market 218 140 196 356 264 420 213 138
West Aspen Listed Pending 2013 2012 2011 2010 2009 2008
Number of Listings/Sales 46 3 31 30 28 11 21 17
AVG Price per SQ FT $1,222 $778 $984 $969 $818 $829 $1,015 $1,197
AVG Sold Price N/A N/A $5,641,235 $5,686,483 $5,748,875 $5,938,636 $6,833,333 $6,579,006
AVG Asking Price $9,627,413 $3,148,333 $6,566,952 $6,557,283 $6,987,929 $7,735,809 $8,147,333 $7,110,294
AVG Original Price $9,824,152 $3,733,333 $7,792,919 $7,294,900 $7,718,179 $7,826,809 $9,411,429 $7,625,294
AVG Ask/Sold Discount % N/A N/A 11.2% 11.1% 14.5% 11.5% 14.0% 6.8%
AVG Days on Market 338 201 464 482 409 367 279 269
Number of Listings/Sales 19 0 5 7 7 8 2 2
AVG Price per SQ FT $1,504 $0 $687 $840 $824 $1,076 $1,191 $1,923
AVG Sold Price N/A N/A $3,798,500 $12,028,571 $7,101,714 $9,100,000 $2,600,000 $5,933,500
AVG Asking Price $15,243,947 $0 $4,267,800 $12,828,429 $8,242,000 $10,280,000 $2,972,500 $6,325,000
AVG Original Price $15,884,737 $0 $5,128,800 $13,035,571 $10,463,571 $11,973,750 $2,872,500 $6,325,000
AVG Ask/Sold Discount % N/A 0 8.5% 7.5% 13.6% 9.3% 12.5% 4.4%
AVG Days on Market 394 0 802 232 475 255 198 162
McLain Flats/Starwood Listed Pending 2013 2012 2011 2010 2009 2008
BE
ST
PR
EF
OR
ME
R
BE
ST
PR
EF
OR
ME
R
The Divide Listed Pending 2013 2012 2011 2010 2009 2008
Number of Listings/Sales 2 0 0 0 0 1 1 1
AVG Price per SQ FT $1,428 $0 $0 $0 $0 $925 $1,727 $2,105
AVG Sold Price N/A N/A $0 $0 $0 $4,750,000 $9,500,000 $11,800,000
AVG Asking Price $7,922,500 $0 $0 $0 $0 $5,950,000 $10,975,000 $11,800,000
AVG Original Price $8,422,500 $0 $0 $0 $0 $8,500,000 $13,950,000 $11,800,000
AVG Ask/Sold Discount % N/A 0 0.0% 0.0% 0.0% 20.2% 13.4% 0.0%
AVG Days on Market 304 0 0 0 0 362 331 9
Horse Ranch Listed Pending 2013 2012 2011 2010 2009 2008
Number of Listings/Sales 2 0 3 2 3 5 2 4
AVG Price per SQ FT $800 $0 $699 $552 $741 $759 $633 $895
AVG Sold Price N/A N/A $2,500,833 $1,950,000 $3,308,333 $2,870,000 $2,400,000 $4,392,576
AVG Asking Price $3,125,000 $0 $2,761,667 $2,172,500 $3,655,000 $3,292,000 $2,865,000 $4,880,000
AVG Original Price $3,175,000 $0 $2,796,667 $2,850,000 $3,821,667 $3,794,000 $2,865,000 $5,047,500
AVG Ask/Sold Discount % N/A 0 10.5% 10.0% 9.6% 13.0% 15.6% 10.3%
AVG Days on Market 211 0 284 435 111 272 108 176
Melton Ranch/Wildridge Listed Pending 2013 2012 2011 2010 2009 2008
Number of Listings/Sales 6 0 6 7 5 2 3 6
AVG Price per SQ FT $676 $0 $507 $489 $541 $460 $448 $780
AVG Sold Price N/A N/A $1,383,333 $1,498,571 $1,868,000 $1,275,000 $1,483,333 $2,247,000
AVG Asking Price $1,812,833 $0 $1,430,000 $1,702,000 $2,087,400 $1,399,950 $1,896,667 $2,407,333
AVG Original Price $1,838,667 $0 $1,485,667 $2,141,286 $2,584,800 $1,399,950 $2,428,333 $2,617,500
AVG Ask/Sold Discount % N/A 0 3.1% 10.5% 11.6% 7.8% 22.0% 6.9%
AVG Days on Market 285 0 200 551 547 81 231 304
800290020102110221023102gnidnePdetsiLseniP ehT
Number of Listings/Sales 4 0 2 3 2 2 3 3
AVG Price per SQ FT $1,449 $0 $1,356 $1,115 $1,272 $1,370 $1,437 $1,802
AVG Sold Price N/A N/A $8,865,250 $6,533,333 $9,975,000 $7,500,000 $8,058,333 $10,233,333
AVG Asking Price $8,483,750 $0 $9,672,500 $7,473,000 $12,250,000 $9,125,000 $9,700,000 $10,800,000
AVG Original Price $8,483,750 $0 $10,672,500 $8,948,333 $12,250,000 $10,600,000 $9,700,000 $10,800,000
AVG Ask/Sold Discount % N/A 0 8.4% 13.4% 17.9% 16.4% 16.5% 5.1%
AVG Days on Market 305 0 1,006 275 143 297 506 115
Ridge Run Listed Pending 2013 2012 2011 2010 2009 2008
Number of Listings/Sales 15 0 8 5 5 7 5 3
AVG Price per SQ FT $748 $0 $540 $787 $694 $839 $618 $1,018
AVG Sold Price N/A N/A $2,071,750 $3,190,000 $2,431,000 $3,596,857 $2,105,000 $4,083,333
AVG Asking Price $3,020,933 $0 $2,421,875 $3,587,000 $2,768,800 $4,297,143 $2,516,000 $4,446,667
AVG Original Price $3,392,933 $0 $2,641,250 $3,916,000 $2,818,800 $4,962,143 $2,687,000 $4,689,667
AVG Ask/Sold Discount % N/A 0 15.2% 10.3% 11.4% 16.5% 16.7% 8.6%
AVG Days on Market 439 0 355 601 259 325 271 220
Two Creeks Listed Pending 2013 2012 2011 2010 2009 2008
Number of Listings/Sales 7 1 0 2 2 3 1 2
AVG Price per SQ FT $1,627 $1,814 $0 $1,051 $1,493 $1,434 $1,682 $2,043
AVG Sold Price N/A N/A $0 $7,259,200 $8,700,000 $8,133,333 $18,500,000 $12,050,000
AVG Asking Price $9,192,143 $9,950,000 $0 $9,200,000 $9,622,500 $9,333,333 $19,995,000 $12,725,000
AVG Original Price $9,463,571 $9,950,000 $0 $9,300,000 $10,122,500 $11,566,667 $19,995,000 $12,725,000
AVG Ask/Sold Discount % N/A N/A 0.0% 21.3% 10.5% 11.4% 7.5% 6.2%
AVG Days on Market 704 183 0 509 342 254 0 137
Wood Run Listed Pending 2013 2012 2011 2010 2009 2008
Number of Listings/Sales 14 0 4 2 4 5 0 9
AVG Price per SQ FT $1,270 $0 $657 $694 $907 $814 $0 $1,241
AVG Sold Price N/A N/A $2,473,750 $2,175,000 $3,993,750 $3,573,370 $0 $5,039,778
AVG Asking Price $6,033,500 $0 $2,908,750 $2,695,000 $4,568,750 $4,037,000 $0 $5,515,556
AVG Original Price $6,147,786 $0 $3,447,500 $2,695,000 $4,969,600 $4,756,000 $0 $5,642,778
AVG Ask/Sold Discount % N/A 0 15.0% 18.4% 12.3% 9.4% 0.0% 9.1%
AVG Days on Market 264 0 410 168 341 152 0 170
the Aspen Snowmass MARKET REPORT18 www.AspenUpdate.com 19
ASPEN & SNOWMASS VILLAGE Current Market Activity
Condominiums & Townhomes ASPEN & SNOWMASS VILLAGE Current Market Activity
Vacant Land
BE
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PR
EF
OR
ME
R
800290020102110221023102gnidnePdetsiLrelggumS
Number of Listings/Sales 21 2 13 11 5 3 4 9
AVG Price per SQ FT $918 $735 $739 $678 $853 $993 $945 $1,191
AVG Sold Price N/A N/A $694,735 $1,002,101 $2,249,600 $1,401,667 $743,763 $1,405,000
AVG Asking Price $1,438,095 $599,500 $747,000 $1,098,364 $2,458,000 $1,418,333 $833,750 $1,497,889
AVG Original Price $1,476,238 $674,500 $785,615 $1,195,545 $2,467,800 $1,474,333 $880,250 $1,530,889
AVG Ask/Sold Discount % N/A N/A 7.6% 9.0% 9.8% 2.7% 10.3% 6.4%
AVG Days on Market 202 247 380 302 145 306 230 138
Central Core Listed Pending 2013 2012 2011 2010 2009 2008
Number of Listings/Sales 104 8 85 90 80 62 51 53
AVG Price per SQ FT $1,424 $1,310 $1,167 $1,024 $1,129 $1,132 $1,257 $1,606
AVG Sold Price N/A N/A $1,830,820 $1,550,869 $1,964,781 $1,826,392 $1,876,917 $2,553,987
AVG Asking Price $2,383,769 $1,623,750 $1,965,989 $1,702,893 $2,227,234 $2,134,165 $2,098,400 $2,823,595
AVG Original Price $2,486,971 $1,656,125 $2,049,259 $1,839,538 $2,532,771 $2,495,040 $2,427,061 $2,859,118
AVG Ask/Sold Discount % N/A N/A 7.5% 7.9% 11.1% 12.0% 10.4% 8.3%
AVG Days on Market 251 189 281 297 329 343 266 319
800290020102110221023102gnidnePdetsiLdnE tseW
Number of Listings/Sales 10 0 16 10 7 10 6 6
AVG Price per SQ FT $1,123 $0 $803 $862 $694 $672 $995 $1,442
AVG Sold Price N/A N/A $1,534,906 $1,124,250 $1,058,083 $1,088,800 $1,602,488 $1,841,352
AVG Asking Price $2,550,400 $0 $1,663,750 $1,223,600 $1,087,486 $1,218,200 $1,844,917 $1,987,167
AVG Original Price $2,629,900 $0 $1,714,125 $1,341,000 $1,130,914 $1,500,900 $2,161,500 $2,048,000
AVG Ask/Sold Discount % N/A 0 6.1% 6.7% 2.2% 10.4% 9.5% 7.8%
AVG Days on Market 386 0 209 283 187 352 207 176
West Aspen Listed Pending 2013 2012 2011 2010 2009 2008
Number of Listings/Sales 29 1 23 13 13 14 16 14
AVG Price per SQ FT $800 $665 $603 $602 $670 $728 $802 $955
AVG Sold Price N/A N/A $1,867,326 $2,040,769 $2,375,000 $2,821,036 $2,428,650 $3,132,795
AVG Asking Price $2,809,407 $1,690,000 $2,030,822 $2,203,692 $2,693,923 $3,143,029 $2,798,188 $3,364,821
AVG Original Price $3,066,017 $1,690,000 $2,123,865 $2,334,077 $3,356,615 $3,714,529 $3,322,813 $3,586,393
AVG Ask/Sold Discount % N/A N/A 8.0% 7.2% 9.9% 12.2% 12.0% 7.4%
AVG Days on Market 420 50 278 256 405 313 281 431
Snowmass Village Listed Pending 2013 2012 2011 2010 2009 2008
Number of Listings/Sales 154 6 129 58 56 30 21 101
AVG Price per SQ FT $761 $589 $654 $580 $628 $684 $758 $1,049
AVG Sold Price N/A N/A $693,812 $715,785 $923,184 $996,117 $1,061,519 $1,184,001
AVG Asking Price $1,113,805 $683,000 $756,178 $792,516 $1,049,289 $1,178,213 $1,339,357 $1,210,887
AVG Original Price $1,162,870 $719,500 $797,328 $907,972 $1,149,663 $1,300,300 $1,536,786 $1,230,333
AVG Ask/Sold Discount % N/A N/A 6.9% 9.0% 11.3% 13.3% 15.9% 1.8%
AVG Days on Market 401 175 249 318 263 273 218 680
NOTE: The original sale date for the majority of the Base Village condos was between Q4 2007 and Q4 2008.Basalt Proper Listed Pending 2013 2012 2011 2010 2009 2008
Number of Listings/Sales 20 3 38 31 22 17 10 10
AVG Price per SQ FT $373 $409 $257 $235 $256 $315 $337 $525
AVG Sold Price N/A N/A $332,950 $373,790 $397,989 $408,932 $494,813 $691,300
AVG Asking Price $599,925 $783,333 $344,387 $396,716 $443,612 $487,771 $539,400 $723,350
AVG Original Price $615,175 $783,333 $371,593 $418,084 $564,686 $555,073 $616,000 $753,800
AVG Ask/Sold Discount % N/A N/A 3.7% 4.5% 7.0% 8.4% 7.6% 3.8%
AVG Days on Market 195 44 204 218 251 229 203 142
800290020102110221023102gnidnePdetsiLlebeJ lE
Number of Listings/Sales 6 1 8 37 33 18 14 79
AVG Price per SQ FT $276 $255 $255 $207 $209 $269 $334 $475
AVG Sold Price N/A N/A $444,588 $272,432 $305,657 $450,072 $488,930 $674,808
AVG Asking Price $482,833 $579,000 $469,238 $281,984 $333,748 $476,039 $518,458 $706,554
AVG Original Price $542,333 $595,000 $464,238 $303,973 $377,661 $509,767 $591,905 $667,558
AVG Ask/Sold Discount % N/A N/A 5.3% 2.9% 8.2% 5.3% 6.1% 4.9%
AVG Days on Market 176 145 175 155 207 130 225 683
BE
ST
PR
EFO
RM
ER
East Aspen Listed Pending 2013 2012 2011 2010 2009 2008
Number of Listings/Sales 8 0 4 8 2 0 2 1
AVG Sold Price N/A N/A $2,263,875 $2,538,000 $2,500,000 $0 $1,887,500 $1,650,000
AVG Asking Price $3,930,000 $0 $2,573,750 $2,903,688 $2,847,500 $0 $1,997,500 $1,950,000
AVG Original Price $4,223,750 $0 $2,548,000 $3,254,000 $3,097,500 $0 $2,825,000 $1,950,000
AVG Ask/Sold Discount % N/A 0 14.3% 16.2% 12.5% 0.0% 5.5% 15.4%
AVG Days on Market 606 0 375 427 505 0 352 60
800290020102110221023102gnidnePdetsiLrelggumS
Number of Listings/Sales 3 0 1 1 0 0 0 1
AVG Sold Price N/A N/A $1,100,000 $740,000 $0 $0 $0 $4,105,000
AVG Asking Price $4,215,000 $0 $1,300,000 $2,000,000 $0 $0 $0 $4,250,000
AVG Original Price $5,065,000 $0 $1,500,000 $2,000,000 $0 $0 $0 $4,200,000
AVG Ask/Sold Discount % N/A 0 15.4% 63.0% 0.0% 0.0% 0.0% 3.4%
AVG Days on Market 532 0 401 72 0 0 0 611
Central Core Listed Pending 2013 2012 2011 2010 2009 2008
Number of Listings/Sales 2 1 1 2 0 1 1 1
AVG Sold Price N/A N/A $2,950,000 $2,575,000 $0 $2,500,000 $1,950,000 $1,000,000
AVG Asking Price $2,000,000 $4,400,000 $2,950,000 $2,895,000 $0 $3,995,000 $1,950,000 $800,000
AVG Original Price $2,175,000 $4,400,000 $2,950,000 $3,425,000 $0 $3,995,000 $1,950,000 $800,000
AVG Ask/Sold Discount % N/A N/A 0.0% 11.0% 0.0% 37.4% 0.0% -25.0%
AVG Days on Market 516 355 286 1,506 0 147 28 163
Red Mountain Listed Pending 2013 2012 2011 2010 2009 2008
Number of Listings/Sales 5 0 4 7 0 1 0 0
AVG Sold Price N/A N/A $4,750,000 $7,045,238 $0 $13,000,000 $0 $0
AVG Asking Price $6,118,000 $0 $5,558,750 $7,635,714 $0 $15,000,000 $0 $0
AVG Original Price $6,518,000 $0 $6,347,500 $8,557,143 $0 $15,000,000 $0 $0
AVG Ask/Sold Discount % N/A 0 13.8% 9.0% 0.0% 13.3% 0.0% 0.0%
AVG Days on Market 233 0 587 331 0 152 0 0
800290020102110221023102gnidnePdetsiLdnE tseW
Number of Listings/Sales 6 0 5 5 2 2 1 0
AVG Sold Price N/A N/A $3,046,000 $3,490,000 $1,801,750 $2,000,000 $3,300,000 $0
AVG Asking Price $3,573,333 $0 $3,258,100 $3,830,000 $2,384,000 $2,395,000 $3,500,000 $0
AVG Original Price $3,573,333 $0 $3,468,000 $4,070,000 $2,534,000 $3,750,000 $3,500,000 $0
AVG Ask/Sold Discount % N/A 0 7.1% 10.7% 24.8% 16.5% 5.7% 0.0%
AVG Days on Market 81 0 457 291 278 738 52 0
West Aspen Listed Pending 2013 2012 2011 2010 2009 2008
Number of Listings/Sales 24 0 6 9 4 5 7 2
AVG Sold Price N/A N/A $2,525,000 $2,203,889 $1,980,500 $4,010,000 $3,108,163 $2,719,643
AVG Asking Price $3,762,667 $0 $3,030,833 $2,714,444 $2,304,750 $5,519,000 $4,553,571 $3,175,000
AVG Original Price $3,868,917 $0 $3,733,333 $2,752,778 $2,908,500 $6,139,000 $4,625,000 $3,397,500
AVG Ask/Sold Discount % N/A 0 16.7% 18.7% 14.0% 26.1% 31.9% 14.5%
AVG Days on Market 356 0 617 347 693 402 259 552
McLain Flats Listed Pending 2013 2012 2011 2010 2009 2008
Number of Listings/Sales 6 0 5 5 3 4 0 1
AVG Sold Price N/A N/A $2,200,000 $3,610,000 $1,435,000 $2,175,000 $0 $3,750,000
AVG Asking Price $5,169,167 $0 $2,619,000 $4,474,000 $1,895,000 $2,762,500 $0 $3,950,000
AVG Original Price $5,668,333 $0 $2,795,000 $5,349,000 $1,895,000 $3,112,500 $0 $3,950,000
AVG Ask/Sold Discount % N/A 0 15.6% 15.3% 23.3% 15.9% 0.0% 5.1%
AVG Days on Market 620 0 341 1,049 302 220 0 271
Snowmass Village Listed Pending 2013 2012 2011 2010 2009 2008
Number of Listings/Sales 18 1 8 3 5 5 0 1
AVG Sold Price N/A N/A $1,179,375 $2,833,333 $1,035,000 $1,721,000 $0 $1,350,000
AVG Asking Price $3,519,111 $749,000 $1,441,000 $3,073,333 $1,143,800 $1,932,000 $0 $1,375,000
AVG Original Price $3,746,333 $749,000 $1,845,500 $3,073,333 $1,267,000 $2,063,000 $0 $1,375,000
AVG Ask/Sold Discount % N/A N/A 18.1% 8.2% 7.8% 6.7% 0.0% 1.8%
AVG Days on Market 780 200 832 153 316 52 0 88
An Aspen native, Andrew is a Broker Associate at Aspen Snowmass Sotheby’s International Realty in Aspen/Snowmass. He is experienced in luxury residential real estate as well as commercial sales and leasing. A testament to his work ethic and professional approach to the real estate business, Andrew served as 2013 President of the Aspen Board of REALTORS and was awarded REALTOR of the Year for 2013.
Andrew has deep connections in the Roaring Fork Valley, and uses his business savvy to help his clients achieve their goals. Whether it’s selling a downtown Aspen condominium or purchasing an ultra-luxury home on the ski slopes, Andrew is always thinking out of the box and striving to out hustle the competition. The complexity and nuances of the Aspen area real estate market demands a broker that can serve as your trusted advisor, something Andrew understands and excels at by diving deep into the local real estate market with a global lens.
Andrew regularly publishes real estate reports, and is often quoted in local media outlets as well as national and international publications including the Wall Street Journal, The Financial Times, thestreet.com and the Denver Post. The most in-depth and comprehensive Aspen and Snowmass Village real estate reports can be found on Andrew’s website (www.AspenUpdate.com), along with videos, podcasts and news articles featuring Andrew’s perspective on local real estate trends and forecasts.
Andrew ErnemannBroker Associate2013 REALTOR® of the Year - Aspen Board of REALTORS®
Aspen SnowmassSotheby’s International Realty415 East Hyman AvenueAspen, CO 81611970-379-8125 Phone888-550-2881 [email protected]
the Aspen Snowmass MARKET REPORTWINTER 2014
Information in this report is from the Aspen/Glenwood MLS. The author is not responsible for any inaccuracies and you are advised to seek professional advice for any purchase or sale of real estate. ©2014.
Insider’sReal EstateGuide
the Aspen Snowmass
MARKET REPORT