August 2021 Newsletter
Summer is quickly winding down but the real estate market is still rolling full steam ahead. In the past 6 months, we have had 153 single family homes and 400 condominiums/townhomes in Aspen/Snowmass/Woody Creek sell or go under contract. Out of those numbers, 16 properties were in excess of $20m including a 22,000 sq. ft. home at the base of Red Mt for $72M and a home in Owl Creek for $40M.
29 building sites have sold or closed in the past 6 months. That may not sound significant but consider there are only 10 building sites currently left on the market in all of Aspen/Snowmass/Woody Creek. Are you familiar with TDR’s (transferable development rights)? That’s where you purchase a development right by sterilizing one property and applying that right (TDR) to another property to build a larger home than what the current zoning allows. Recently, a Pitkin County TDR sold for $1,050,000 just for the right to build a larger home by an additional 2,500 sq. ft.
Lack of inventory continues to be our biggest challenge. Similar to land, the number of homes and condominiums or townhomes is at an all-time low. In Snowmass, there are only 15 homes on the market where historically there might have been 70-80 and only 24 condominiums available where historically there would have been 150-160. Aspen follows those same trends. As a result, we are often seeing multiple offers and signed back-up offers in case a transaction falls through.
As you can see the market is extremely competitive and that is when working with a highly experienced broker with vast resources becomes more important than ever. I know what is coming on the market or for sale but not publicly marketed. If you are looking to purchase, you can’t wait to see it pop up on a website because by that time it is probably already sold or under contract.
Enjoy the rest of your summer and give me a call if you want the inside scoop!
All the best,
Katie & Larry
Coming Soon to Market
Here’s a “heads up” that Woodrun V townhome #24 will be coming on the market.
This is a beautifully remodeled and spacious 2 bedroom townhome with extra living spaces located on the ski slope. We will be asking $2,095,000. Please let me know if you might have any interest.
If it’s not sold in the next few days it will go into the MLS system on Wednesday, August 25th. The last 2 bedroom at Woodrun V sold within 24 hours! There are only 14 condo/townhomes available for purchase in all of Snowmass.
July 2021 Market Stats
ASPEN
Single-Family Detached
Highest Sale
202 Midnight Mine Road
$24,600,000
Quickest Sale
501 W Buttermilk Road
34 Days on Market
Lowest Sale
134 E Bleeker Street
$9,300,000
ASPEN
Condos, Townhomes & Duplexes
Highest Sale
1564 Silver King Drive
$8,000,000
Quickest Sale
900 E Hopkins Avenue #7
26 Days on Market
Lowest Sale
634 W Main Street #6
$495,000
SNOWMASS
Single-Family Detached
Highest Sale
641 Two Creeks Drive
$8,350,000
Quickest Sale
339 Lemond Place
39 Days on Market
Lowest Sale
70 Deer Lane
$3,800,000
SNOWMASS
Condos, Townhomes & Duplexes
Highest Sale
112 Village Bound 17
$3,400,000
Quickest Sale
425 Wood Road 16
0 Days on Market
Lowest Sale
130 Wood Road 507
$389,000
2021 Q2 Market Report
In the second quarter of 2021, as well as for the past 20 years, Aspen Snowmass Sotheby's International Realty was able to assist more sellers and buyers with their real estate needs than any other brokerage firm in the Roaring Fork Valley. It is undoubtedly a seller’s market. Snowmass Village continues to top the charts in growth with an increase of 735% in total sales volume.
2021 Q2 Market Share
Just Listed & Already Under Contract!
131 Slopeside Lane
Snowmass Village
5 bed + den | 5.5 bath | 5,460 sq. ft.
$8,850,000
Perfect ski-in/out access to Two Creeks!
91 Village Bound Rd. #10
Snowmass Village
2 bed | 3 bath | 2,300 sq. ft.
$1,995,000
Ski-in/out townhome in Snowmass Ski area.
Featured Listing
Whitecloud Road & Levitt Ln.
Carbondale
126.72 acre lot | $7,500,000
This entire property consists of the already approved and platted 79 acre White Cloud subdivision of 13 single-family lots with 2 ADU’s plus an additional 47 acre undeveloped Harmony Heights parcel with additional development potential.
Under Contract
131 Slopeside Lane
Snowmass Village
5 bed + den | 5.5 bath | 5,460 sq. ft. | $8,850,000
91 Village Bound Rd. #10
Snowmass Village
2 bed | 3 bath | 2,300 sq. ft. | $1,995,000
623 Oak Ridge Road
Snowmass Village
4.81 Acre Lot | $2,200,000
Successfully Sold
641 Two Creeks Drive
Snowmass Village
5 bed | 5.5 bath | 5,337 sq. ft.
$8,350,000
Represented Buyer
