BJ Adams Team Newsletter - February 2020

The BJ Adams Team

Photo: Jeremy Swanson

Real Estate on Higher Ground

“ One kind word can warm three winter months.”

– Japanese proverb

Whether or not we eclipse last year’s epic winter, there’s absolutely nothing to complain about this season. Frequent storms regularly freshen things up on the slopes, and interspersed with abundant bouts of blue skies and sunshine, there’s been ample natural vitamin D to boost moods. With local snowfall about 60% above average halfway through the ski season, snow conditions on a recent weekend were at their very best, enhanced by bluebird skies and balmy temperatures.

Lodging occupancy is a similar story. Following a recordbreaking winter in 2018-19, all signs point to a pretty full house in Aspen Snowmass this season, as well. Aspen lodges set a new high-water mark in December of nearly 63% occupancy, up 2.7% from last year’s record. Snowmass broke her record for November, and December was on par with last year —the two together were up 1.4% over last year. This January was Aspen’s 2nd best and Snowmass’ 3rd best on record. The rest of the winter months look similar to 2019, impressive given last winter’s records.

In this issue: Snowmass and Aspen Development Update Help for Selling Aging Property 2019 Aspen • Snowmass Statistics

News is equally promising on the development and real estate fronts. Read on for more local insight.

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BASE VILLAGE: Completing the Circle

Future Development

The Viceroy

With the completion of the One Snowmass buildings this winter, Base Village has reached an important milestone — the core is complete. For over a decade, locals and visitors lived with faux fronts, cranes, Tyvek, and muraled plywood walls that only partially hid the incomplete components of the village. But now, with 41 brand-new modern residences, a healthy handful of new businesses, and a vibrant new community hub in the center of it all, that in-limbo era is finally in the rearview mirror.

There’s plenty to celebrate in this latest phase. One Snowmass West, with 11 full-ownership, two- to four-bedroom residences, welcomed its first proud owners this winter. The spacious, high-ceilinged mountain modern units afford larger-than-life views of the Snowmass slopes on one side of the building, and a panorama of the Brush Creek Valley on the other. Buyers (seven, as of this writing) are also attracted to their open floor plans, clean lines, and natural light — as well as to cozy bedrooms, large living spaces, inviting gourmet kitchens, and exceptional amenities like the rooftop Sky Terrace, with its spa pool, fire pit, and plein-air lounging spaces.

Finishing touches are being made as of press time to One Snowmass East, home to 19 whole-ownership and 11 fractional units. Already sold: the penthouse, which was placed under contract sight unseen, says Chris Searles, who manages sales for developer, East West Partners. “The buyer visited after placing the property under contract and fell in love with Snowmass — he’d never been here before.”

Perks of ownership include complimentary One Snowmass Inspirato memberships (offering access to luxury travel 2

One Snowmass West The Limelight

One Snowmass East

destinations around the world), the private on-site Inspirato lounge, a fitness center, ski locker room, a seamless arrival center, on-site concierge, and full-service rental capabilities.

Residence Club owners are offered a unique use plan — the same fixed week during the ski season and three more flexible reservation options the rest of the year (Founder Members, the first 30 owners, reap additional rewards).

“A lot of people interested in One Snowmass are coming to Snowmass for the first time, seeing the new village, and want to get in on the ground floor,” says Searles. “And I have clients who have come for years and never considered buying before — now they’re interested. People who typically stay in Aspen and come to Snowmass to ski three, four, or five times are now saying, ‘We’re doing this backwards.’”

The opening of One Snowmass brings new dining, shopping, and wellness options, like breakfast/ lunch café JÜS Snowmass, eyewear boutique Eye Pieces, art gallery Straight Line Studio, Alux Spalon (a spa and salon rolled into one), and a studio for locally popular King Yoga.

Quite a buzz has already built around The Collective, an eclectic community gathering place in the heart of Base Village. The space, which comes especially alive après-ski, includes Chef Martin Oswald’s Mix6, a fast-casual dining concept with mix-and-match season ingredients; MoxiBar, an après-focused bar featuring inventive cocktails and craft beers; The Collective Game Lounge, with its huge ball pool, neon foosball, and classic arcade games; and The Lounge, which hosts rotating events, gatherings, and exhibitions throughout the season. For more information visit AllinSnowmass.com.

Photo: Jeremy Swanson

The Enclave

W Aspen and Sky Residences: Reimagining the Ski Chalet

Walk into a bedroom in the new Sky Residences at the W Aspen hotel, and you can’t miss the pillowcases: bold cherry-red lips pucker against a blue-sky, late sunset background, with white doves in flight above the lips, their shapes mimicking the inside pucker of the lips.

The “Soiled Doves of Durant” design, which evokes local artist Tom Benton’s political posters of the ’60s and ’70s, refers to Aspen’s miningera red light district, that was located right there on Durant Avenue where the W now stands. It’s just one of several design elements that conjures up Aspen’s rich heritage — from mining town to counterculture hotbed to ski resort — blending local distinction with time-tested W brand standards to achieve a very unique look.

Completed in late August, the 88-room, 11-residence W Aspen has received a lot of attention for its public elements, perhaps most notably the WET Deck, the public rooftop hangout with pool, hot tub and bar that, in more ways than one, elevates the experience of its predecessor at the Sky Hotel. The mod ski chalet also includes the

indoor/outdoor Living Room dining area and 39 Degrees lounge and nightclub.

Throughout the property, the look is early ’70s bohemian Aspen — groovy retro furniture, plush velvet cushions, and bold accent colors like chartreuse and orange — with mining-era touches, like light fixtures that mimic miners’

headlamps, latticework that represents mine shafts, and a DJ booth in the Living Room that looks like the largest silver nugget ever pulled out of the ground in Aspen. (continued on page 6) 3

SNOWMASS CENTER: A Place for Locals

Anyone who’s spent time in Snowmass knows the local ritual: residents drive to the Snowmass Center, pick up their mail at the post office and maybe a few groceries, then meet in the hallways to debate local political issues or just shoot the breeze. Sure, it’s an easy way for a community with no mail service or a true downtown to congregate regularly (especially in the quiet offseasons) — but the experience could be a lot better, one local development group believes.

Led by partners and local residents Rob Cairncross and Jordan Sarick, Eastwood Snowmass Investors is currently deep into the Town land-use review process for its proposal to transform the Snowmass Center into a Main Streetstyle village core, with a 40% increase in commercial space, lots of pedestrian connections, better transit and parking alternatives, and a wide range of new residential options targeting primarily year-round residents. At the proposal’s heart is a major makeover of the 40-yr old Center which “was clearly identified as an area ripe for redevelopment,” notes Cairncross.

Along with an expanded post office and grocery store, the redevelopment would add a few new businesses to the current local-serving mix, including a couple of restaurants and, in particular, a café offering mail-fetching residents an alternative to standing around in the halls. Retail activity would occupy buildings along both sides of a Main Street, anchored by Mt. Daly views.

Strategically planned around a Main Street are on-street and underground parking, transit and lodging shuttle stops, sidewalks, pedestrian crossings, and trail links that improve connectivity within the Center and to nearby neighborhoods. The pedestrian-friendly master plan, “creates community because all people in proximity can walk there for their morning coffee,” says Chris Touchette, a principal with CCY Architects working on the Snowmass Center project.

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And there will be a lot more people living in proximity to the Center’s commercial core if the project is approved. Up the hill from the Center, 78 new multifamily units (68 free market, 10 deed-restricted) will be spread over multiple buildings, with various architectural styles and layouts, catering to a range of buyers: empty nesters, people downsizing from Aspen, families moving from downvalley so their kids can attend Aspen schools, and full-time working singles and couples.

Future Townhomes

City Hall

Existing Snowmass Center

Alpine Bank

“It’s important this doesn’t feel like a project but feels like a place,” says Touchette, explaining the variety of tones, textures, and finishes and the use of multiple designers to achieve different looks and types of housing based on lifestyle needs.

BJ Adams Team | COMPASS Office

For more information visit SnowmassCenter.com

The Council’s preliminary plan review is expected to continue through this spring, with final review anticipated in Spring 2021 - meaning the earliest groundbreaking could occur would be around Spring 2022.

When complete, “the Center will remain for locals and be an easier place for locals to come and go,” concludes Cairncross. “We are locals, and decisions are made locally.

We don’t answer to shareholders.”

12 MONTH COMPARISON OF SOLD DATA AS OF 12/31/2019 2019 vs 2018 | Single Family Homes

2019 vs 2018 | Condominiums

Aspen Active Listings Pending Listings Pending Volume Closed Sales Closed Volume Average Sales Price Average Price Sq Ft Avg % of List Price

2018 141 13 $92,980,000 75 $494,323,752 $6,590,983 $1,444 91%

2019 134 5 $26,215,000 89 $675,447,609 $7,589,299 $1,440 90%

Aspen Active Listings Pending Listings Pending Volume Closed Sales Closed Volume Average Sales Price Average Price Sq Ft Avg % of List Price

2018 109 20 $98,924,000 127 $321,890,000 $2,550,000 $1,560 93%

2019 97 1 $600,000 117 $231,850,000 $2,000,000 $1,620 94%

Snowmass Village Active Listings Pending Listings Pending Volume Closed Sales Closed Volume Average Sales Price Avg Price Sq Ft Avg % of List Price

2018 81 0 $0 43 $134,474,266 $3,127,309 $792 88%

2019 67 0 $0 49 $197,562,570 $4,031,889 $967 90%

Snowmass Village Active Listings Pending Listings Pending Volume Closed Sales Closed Volume Average Sales Price Avg Price Sq Ft Avg % of List Price

2018 142 11 $11,737,500 156 $135,578,829 $869,095 $747 95%

2019 122 2 $5,845,000 128 $139,538,009 $1,090,141 $861 95%

Note that the above includes luxury properties (over $7.5M), which can significantly distort averages from the much larger ‘general’ segment of the market, especially in the Aspen single family market, where currently 34% of the sales are luxury properties that increase the average sales price by 135% ($4,357,928) over the general market average of $3,231,371.

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(W Aspen and Sky Residences continued from page 3)

Given its trendy vibe, developers expected buyers to skew young, but they’ve ranged in age from early 40s to 80, according to Gallagher. As of January, the 110 shares are 35% sold out, with half of the three-bedroom shares (in six units; five are two-bedrooms) already sold. While many buyers are from the usual Aspen markets, plenty are new to Aspen and first-time second-home owners. With twobedroom shares priced under $600,000, “it’s a pretty low fee to pay for being right at the base of the mountain,” Gallagher noted.

The use plan caters to owners with busy lives, offering two weeks in each of the winter and summer high seasons and a floating fifth week at the owner’s preference.

But it’s the Sky Residences that are leaving a lasting impression. Most of the owners who have bought into the 1/10th fractional units have already stayed in them this winter. “Their expectations were met and beyond,” says RJ Gallagher of Forte International whose company is handling the marketing, sales, and design for the residences. “They’ve raved about the services, amenities and common areas — the rooftop is a huge draw, as there’s nothing in Aspen like that. They’ve spent more time in residence and on site because they’ve enjoyed it so much.”

Apart from their unique décor, residences feature spacious floor plans, vaulted ceilings, top-of-the-line appliances, luxury amenities, and, obviously, great views. There’s an onsite ski shop and ski concierge and, of course, that private rooftop deck with spa, lounge seating, fire pit, and outdoor kitchen with a BBQ grill.

“It’s been a long time since something was built at the base of Aspen Mountain that’s ground up,” says Gallagher. “It’s a magical location.”

The Dish on Mark Hunt’s Downtown After a downtown buying spree of over a dozen commercial buildings in the first half of the 2010s, developer Mark Hunt stayed relatively quiet for a few years, having redeveloped only one building (at Galena and Hopkins, housing Lululemon and other stores) while working through Aspen’s land-use process for his other properties. Now, following his recent mini-buying spree, several of Hunt’s projects are close to seeing the light of day, contributing to what promises to be a busy summer construction season. The latest: Under construction: • A 20-room boutique hotel and historic restoration of the Crystal Palace building, at Hyman and Monarch, with restaurant, bar, and rooftop terrace.

•A n office building for Chase Bank, across from Carl’s on Monarch and Main, replacing the old Conoco gas station.

Could start construction in 2020: • Two-story commercial building at 517 E. Hopkins (the Aspen Daily News building), planned to house a WeWork co-working space and other tenants.

•A 9000 sq ft performance center for Jazz Aspen Snowmass, plus restaurant and bar, across the second floors of the historic Red Onion building and adjacent retail spaces, on the Cooper Avenue Mall.

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• Replacement of the Bidwell Building at the high-profile Galena and Cooper corner, with a retail building anchored

by Restoration Hardware and a rooftop restaurant.

•N ew restaurants and/or retail by the Dancing Fountain on Mill Street, replacing the small buildings that now house Mr. Grey restaurant, an empty space next door, and the Popcorn Wagon.

•A 38 small lodge room “micro hotel” with ground-level restaurants and retail, across from City Market at the corner of Cooper and Original, replacing the aging Buckhorn Arms Building, currently home to Bamboo Bear, Domino’s Pizza, and second-floor apartments.

New to the portfolio: • Former Main Street Bakery, at Main and Aspen, which Hunt bought in March 2019. He’s hoping to open a diner in the restored historic building and a new, 900 sq ft building to the east.

• Isberian Rug building on the Hyman Mall, purchased 10/2019.

• I sis Theatre retail spaces, currently home to Peter Lik Aspen and Free People, purchased October 2019.

•E ighteen condominiumized spaces at 315 E. Hyman, including the Eric’s Bar, Cigar Bar, Su Casa, and former Hub of Aspen spaces, purchased January 2020.

Ideas for Preparing a Dated Home for the Marketplace “I’m ceaselessly amazed how more recently in our HGTV-obsessed world home buyers are willing to pay a notable premium for a renovated or newly-built property. Buyers — especially on the higher end — simply MUST have the latest and greatest of everything, and they feel like they are losing out if they don’t. They are equally reluctant to do any work. The mere thought of a renovation — or even an upgrade — seems to turn many buyers off. It’s nuts! Often, minor upgrades, paint colors, landscaping, contemporary furnishings, and art can sway the eye of the buyer dramatically.”

- Leonard Steinberg, COMPASS New York

Although 2019’s numbers reveal strong home sales, any in-depth review of properties which have sold in Aspen Snowmass will reveal the market prefers the new, or at least the substantially renovated. Given that so much of the upper valley marketplace was built in the 1970’s, 80’s and 90’s, this will become an increasingly challenging issue future sellers will face in coming years. Certainly, it’s the reason some properties, in segments otherwise active, are languishing on the market now for a year, or longer.

instant reminders of days long past. In these instances, I work with a Compass colleague in Denver who is also a designer whose background is furnishing model homes for developers. Her resources are vast and reasonably priced.

Together, we can completely transform a house to look contemporary and fresh at numbers that won’t break the bank. Shown below is a recent example of The BJ Adams Team’s work.

Before

After

Here are three ideas for meeting the challenge: As Steinberg mentions, minor cosmetic upgrades make it much easier for buyers to visualize their future homes and therein lies the power of staging.

As an old stage hand myself, I’ve learned a few things about setting the stage to insure buyers’ applause. Staging involves not only thinning out and rearranging what’s already there, but also adding accessories that bring color and fresh life to a home. This includes accents that catch the eye throughout, especially at the entry, beds made with new linen and pillows like they would be in high-end showrooms, fluffy, white 5-star hotel towels, and art and accessories that sparkle in every room, even baths – not tchotchkes and clutter, but strong pieces that contribute elegance and artistry.

Some properties may require replacement of key pieces of furniture; for example, barrel chairs and log beds are

And then there’s Compass Concierge, a program ideally suited for owners who have a fair amount of equity in their properties, and particularly for condominiums valued under $1,500,000, or homes under $3,000,000, which, once upgraded, are likely to sell in a year’s time. From deep-cleaning to home improvements such as roof repairs, floor or deck refinishing, new appliances, etc., Compass and my team will work together to assess opportunities to elevate your property’s value, including contacting the various contractors and securing bids. Compass will front the costs associated with the improvements, interest-free, and only collect payment for the services rendered at the time of the property’s closing (or within one year of disbursement of funds).

As you can imagine, these programs have generated an immensely positive reaction, as they address most sellers’ three greatest concerns: (a) how to get their home ready for market; (b) how to find a great buyer as quickly as possible; and (c) how to maximize the value of their property.

I’ve been staging my listings for over 20 years, please call for more detiails on all of these programs.

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“ I estimate there are 60-75 billionaires who own homes and/or commercial property in Aspen.

An astonishing number considering that, per a recent story in Forbes magazine, there are 105 billionaires in NYC who own property; 87 in Hong Kong, and 75 in San Francisco.”

The BJ Adams Team | COMPASS PO Box 6699 Snowmass Village, CO 81615

Randy Gold, MAI, SRA, of Aspen Appraisal Group , February 2020

The BJ Adams Team | Snowmass COMPASS Office

BJ Adams

Yellow Farmhouse Next to Alpine Bank 970.923.2111 | AspenSnowmassProperties.com

BJ ADAMS A bold, original thinker, BJ is perpetually nourished by new ideas and possibilities, drawn from every conceivable medium.

She reads relentlessly, listens to music and podcasts obsessively, and draws creativity and inspiration from everything possible around her, all of which contributes to the marketing imagination, wisdom and unrivaled expertise she shares with her clients every day. An artist whose life is her canvas, BJ will exceed your highest expectations by bringing more thought, fresh ideas, accountability and service to the task of buying and selling.

Frequently voted one as one of Aspen Times’ Favorite Realtors and honored by her Aspen Board of Realtors peers as past President and Realtor of the Year, BJ is the very definition of Real Estate on Higher Ground.

970.379.2114 | bj.adams@compass.com 8