Real Estate in the News and Market Updates - July 2019

Real Estate In The News & Quarterly Market Updates July 2019

Happy July Everyone!

The quarterly reports are out!

It’s been a robust year of sales with property values in general up and inventory down. The appreciation has been slow but steady giving buyers the confidence to get into the market.

Snowmass, with the opening of Base Village to new large luxury condos that we haven’t had available in the past has allowed a resurgence of sales not seen since before the recession.

The over $10,000,000 buyers in Aspen have not been as apparent as in years past. A lot of that inventory that was in the core or West End has diminished, with Sellers asking a much higher price of $14,000,000 on up.

Carbondale has negligible inventory on condos, and single family homes have appreciated greatly with River Valley Ranch being the driver of sales.

Glenwood Springs is enjoying continuous appreciation with inventory well below 6 months.

Basalt, another strong player in our Valley’s real estate market, has seen a big uptick in appreciation with less than 12 months of inventory.

We’re fortunate to live in a valley where regardless of what our real estate performance has been, we have the opportunity to enjoy the rich lifestyle of the great outdoors with more culture than we can realistically enjoy on a day to day basis. With the Lake Christine fire having such an affect on all of us last summer, this summer is going down as one of the best, in all ways!!

If you are thinking of selling or buying in our area, please feel to call me for guidance. I am at your service.

Best,

ASPEN Sale Falls through on City Aspen Times reported. In the meantime, city staff will spend of Aspen-Owned Home the rest of the year developing A West End house that the city a management plan through of Aspen owns is still up for public outreach efforts and sale after a prospective buyer working with local bike shops. walked away from his offer this spring, the Aspen Times $1.5 Million in Affordable reported. Henry Lambert and Housing Contracts his business partner, Carey Moving Forward Bond, were under contract with the city to purchase the Aspen City Council approved three-bedroom, two-bathroom around $1.5 million in contracts house at 312 W. Hyman Ave. that are designed to move three projects for $3.8 million. But after they affordable-housing had one meeting in front of forward, the Aspen Times the city’s historic preservation reported. Council agreed to commission in April to get contract with Denver-based an addition approved, they 359 Design for $252,000 to realized it would require an conduct community outreach extensive review process and in advance of the city building didn’t want to deviate from the third phase of Burlingame their plans. It is now back on Ranch. Seventy-nine units are approved to be built at the the market. development, which already Aspen Says No to Scooters, has 177 there and are occupied mostly by working families.

Dockless Bikes, for Now The city of Aspen is taking a proactive approach to companies looking to set up dockless mobility options like e-bikes and scooters in town by enacting a six-month pause on allowing them here, the

Council also approved a $157,670 contract with DHM Design to conduct community outreach and a conceptual master plan design for the possible development of the Harbert lumberyard next to

the Aspen Business Center.

The third contract approved by council is related to new housing set aside for city employees at a development above the hospital off of Doolittle Drive called Water Place. For just over $740,000, 359 Design will create a site plan, architectural designs and construction drawings for the 4.75-acre site.

New City Hall Plans Will Continue The new civic building and public plaza approved by voters in November will carry on as planned, despite numerous requests from residents to reconsider, the Aspen Daily News reported. In a June work session, Aspen City Council heard input from staff and citizens on a number of questions about the buildings’ design, use, and landscaping.

Many asked for a pause in the process to reassess the community’s needs, but council said many had come in too late to make those concerns heard.

Local Market Update for May 2019 A Research Tool Provided by the Colorado Association of REALTORS®

Aspen May

Single Family

Year to Date

Key Metrics

2018

2019

Percent Change from Previous Year

Thru 05-2018

Thru 5-2019

Percent Change from Previous Year

New Listings

16

9

- 43.8%

51

51

0.0%

Sold Listings

8

17

+ 112.5%

28

44

+ 57.1%

Median Sales Price*

$7,325,000

$4,200,000

- 42.7%

$5,700,000

$5,750,000

+ 0.9%

Average Sales Price*

$8,102,000

$6,673,403

- 17.6%

$7,208,490

$7,146,315

- 0.9%

Percent of List Price Received*

93.2%

92.5%

- 0.8%

91.4%

91.3%

- 0.1%

Days on Market Until Sale

78

306

+ 292.3%

168

277

+ 64.9%

Inventory of Homes for Sale

156

135

- 13.5%

--

--

--

Months Supply of Inventory

19.7

16.4

- 16.8%

--

--

--

* Does not account for seller concessions and/or down payment assistance. | Activity for one month can sometimes look extreme due to small sample size.

May

Townhouse-Condo

Year to Date

Key Metrics

2018

2019

Percent Change from Previous Year

New Listings

15

12

- 20.0%

Sold Listings

Thru 05-2018

Thru 5-2019

Percent Change from Previous Year

74

69

- 6.8%

17

12

- 29.4%

55

66

+ 20.0%

Median Sales Price*

$1,800,000

$1,887,500

+ 4.9%

$1,975,000

$1,848,750

- 6.4%

Average Sales Price*

$2,495,588

$2,105,417

- 15.6%

$3,168,316

$2,182,264

- 31.1%

94.8%

94.6%

- 0.2%

94.4%

94.9%

+ 0.5%

Days on Market Until Sale

165

120

- 27.3%

178

161

- 9.6%

Inventory of Homes for Sale

129

93

- 27.9%

--

--

--

Months Supply of Inventory

9.6

7.3

- 24.0%

--

--

--

Percent of List Price Received*

* Does not account for seller concessions and/or down payment assistance. | Activity for one month can sometimes look extreme due to small sample size.

Median Sales Price – Single Family Rolling 12-Month Calculation

Entire MLS — Aspen —

Median Sales Price – Townhouse-Condo Rolling 12-Month Calculation

$7,000,000

$2,000,000

$6,000,000

$1,750,000

$5,000,000

$1,500,000

$4,000,000

$1,250,000

$3,000,000

$1,000,000

$2,000,000

$750,000

$1,000,000

$500,000

$0 1-2014

1-2015

1-2016

1-2017

1-2018

1-2019

$250,000 1-2014

1-2015

1-2016

1-2017

Entire MLS — Aspen —

1-2018

1-2019

Current as of June 5, 2019. All data from the Aspen/Glenwood Springs MLS Inc. Report © 2019 ShowingTime.

ASPEN 501 E DEAN STREET TOTAL SQFT: 2,800 | BEDROOMS: 3 $1,785,000

More Information at: ToryThomas.net

ASPEN 221 WRIGHTS ROAD, ASPEN, CO 81611 VACANT LAND $3,900,000

More Information at: ToryThomas.net

SNOWMASS

entrance to the town. Six of the units will be two-bedroom duplexes with a one-car Seventeen new housing units are on track garage. The other 11 units are three-bedroom to be built in Snowmass Village in a new homes with two-car garages. subdivision named Coffey Place, in honor of Joe Coffey, the town’s first housing director The $14 million project will mostly be who served in his position for 38 years until repaid by the purchase of the homes, which his death in 2018, the Aspen Daily News are estimated to range from $523,767 to reported. The subdivision will consist of $824,502. The town is putting in $3.3 three separate parcels surrounding an million to help subsidize the actual price existing affordable housing neighborhood of developing the homes and will take out made up of free-standing, single-family a construction mortgage of just over $10.8 homes known as Rodeo Place, near the million that will be paid back as the homes are sold.

Coffey Place Details Flushed Out

Local Market Update for May 2019 A Research Tool Provided by the Colorado Association of REALTORS®

Snowmass Village May

Single Family

Year to Date

Key Metrics

2018

2019

Percent Change from Previous Year

New Listings

7

4

- 42.9%

34

25

- 26.5%

Sold Listings

5

4

- 20.0%

20

14

- 30.0%

Median Sales Price*

$3,983,000

$2,075,000

- 47.9%

$2,775,000

$3,231,250

+ 16.4%

Average Sales Price*

$4,615,900

$2,325,000

- 49.6%

$3,231,036

$3,865,489

+ 19.6%

93.1%

89.6%

- 3.8%

94.9%

92.9%

- 2.1%

189

222

+ 17.5%

206

151

- 26.7%

Percent of List Price Received* Days on Market Until Sale

Thru 05-2018

Thru 5-2019

Percent Change from Previous Year

Inventory of Homes for Sale

74

54

- 27.0%

--

--

--

Months Supply of Inventory

18.9

17.5

- 7.4%

--

--

--

* Does not account for seller concessions and/or down payment assistance. | Activity for one month can sometimes look extreme due to small sample size.

May

Townhouse-Condo

Year to Date

Key Metrics

2018

2019

Percent Change from Previous Year

Thru 05-2018

Thru 5-2019

Percent Change from Previous Year

New Listings

12

3

- 75.0%

117

73

- 37.6%

Sold Listings

7

23

+ 228.6%

55

58

+ 5.5%

Median Sales Price*

$425,000

$605,000

+ 42.4%

$450,000

$620,000

+ 37.8%

Average Sales Price*

$1,049,500

$945,848

- 9.9%

$582,949

$1,022,291

+ 75.4%

95.5%

96.5%

+ 1.0%

95.8%

96.8%

+ 1.0%

Days on Market Until Sale

119

210

+ 76.5%

108

202

+ 87.0%

Inventory of Homes for Sale

160

124

- 22.5%

--

--

--

Months Supply of Inventory

16.0

9.4

- 41.3%

--

--

--

Percent of List Price Received*

* Does not account for seller concessions and/or down payment assistance. | Activity for one month can sometimes look extreme due to small sample size.

Median Sales Price – Single Family Rolling 12-Month Calculation

Entire MLS — Snowmass Village —

$4,000,000

Median Sales Price – Townhouse-Condo Rolling 12-Month Calculation

Entire MLS — Snowmass Village —

$800,000

$700,000

$3,000,000

$600,000 $2,000,000 $500,000 $1,000,000 $400,000

$0 1-2014

1-2015

1-2016

1-2017

1-2018

1-2019

$300,000 1-2014

1-2015

1-2016

1-2017

1-2018

1-2019

Current as of June 5, 2019. All data from the Aspen/Glenwood Springs MLS Inc. Report © 2019 ShowingTime.

NEW LISTING - SNOWMASS 24 HARLESTON GRN 35, SNOWMASS VILLAGE, 3 BEDROOMS | 4 BATHS $2,920,000

More Information at: ToryThomas.net

BASALT

Town Council Approves SkiCo Affordable Housing The Basalt Town Council voted 4-2 to approve Aspen Skiing Co.’s controversial proposal to build an affordable housing project in Willits the Aspen Times reported. The 43-unit, 150-bedroom proposal faced considerable neighborhood opposition for alleged inadequate parking and for creating a “dorm” that would be out of character with the area.

Tree Farm Developer Lures Global Funds

Midvalley landowner and developer Ace Lane has teamed with a global powerhouse to help him get his 514,000-square-foot project in the El Jebel area off the ground, the Glenwood Springs Post Independent reported. Lane enlisted CBRE Group Inc. this spring as its listing broker for the first phase of his Tree Farm development. CBRE has the marketing clout to expose the project well beyond the Roaring Fork Valley. It is The most biting criticism was that the number 146 on the Fortune 2019 list of the project is an example of a big upper 500 largest U.S.-based public companies. valley employer looking in the midvalley to solve its problems. Skico is proposing The Tree Farm has approvals from a 53,000-square-foot building. With the Eagle County for 379,635 square feet latest revision, Skico is proposing five of residential space and up to 134,558 one-bedroom units, two two-bedroom square feet of commercial space. The apartments, five with three bedrooms and website for the project calls it a $250 31 units with four bedrooms. It eliminated million development. The development six-bedroom units that some people is across Highway 82 from Whole Foods. said were out of character with Willits. It is clustered around the west and south ends of Lane’s existing Kodiak Ski Lake.

BASALT 86 SAGEWOOD COURT, BASALT 3 BEDROOMS | 3 BATHS $575,000

More Information at: ToryThomas.net

Local Market Update for May 2019 A Research Tool Provided by the Colorado Association of REALTORS®

Basalt May

Single Family

Year to Date

Key Metrics

2018

2019

Percent Change from Previous Year

New Listings

9

13

+ 44.4%

41

39

- 4.9%

Sold Listings

7

5

- 28.6%

19

16

- 15.8%

Median Sales Price*

$779,000

$875,000

+ 12.3%

$902,000

$1,266,155

+ 40.4%

Average Sales Price*

$992,757

$885,562

- 10.8%

$1,340,332

$1,502,519

+ 12.1%

94.9%

95.9%

+ 1.1%

95.2%

95.6%

+ 0.4%

Days on Market Until Sale

107

155

+ 44.9%

116

151

+ 30.2%

Inventory of Homes for Sale

56

44

- 21.4%

--

--

--

Months Supply of Inventory

9.8

8.8

- 10.2%

--

--

--

Percent of List Price Received*

Thru 05-2018

Thru 5-2019

Percent Change from Previous Year

* Does not account for seller concessions and/or down payment assistance. | Activity for one month can sometimes look extreme due to small sample size.

May

Townhouse-Condo

Year to Date

Key Metrics

2018

2019

Percent Change from Previous Year

Thru 05-2018

Thru 5-2019

Percent Change from Previous Year

New Listings

14

8

- 42.9%

49

35

- 28.6%

Sold Listings

5

8

+ 60.0%

28

24

- 14.3%

Median Sales Price*

$488,000

$513,250

+ 5.2%

$496,500

$565,000

+ 13.8%

Average Sales Price*

$584,400

$506,531

- 13.3%

$559,362

$655,740

+ 17.2%

98.2%

96.3%

- 1.9%

98.5%

96.9%

- 1.6%

Days on Market Until Sale

87

146

+ 67.8%

129

116

- 10.1%

Inventory of Homes for Sale

44

35

- 20.5%

--

--

--

Months Supply of Inventory

6.4

6.4

0.0%

--

--

--

Percent of List Price Received*

* Does not account for seller concessions and/or down payment assistance. | Activity for one month can sometimes look extreme due to small sample size.

Median Sales Price – Single Family Rolling 12-Month Calculation

Entire MLS — Basalt —

$1,200,000

Median Sales Price – Townhouse-Condo Rolling 12-Month Calculation

Entire MLS — Basalt —

$600,000

$1,000,000

$500,000

$800,000 $400,000 $600,000 $300,000

$400,000

$200,000 1-2014

1-2015

1-2016

1-2017

1-2018

1-2019

$200,000 1-2014

1-2015

1-2016

1-2017

1-2018

1-2019

Current as of June 5, 2019. All data from the Aspen/Glenwood Springs MLS Inc. Report © 2019 ShowingTime.

CARBONDALE Town to Designation

Pursue

AARP-Friendly create practical change.

The Town of Carbondale will officially move forward to get designation as an AARPfriendly community, the Sopris Sun reported.

The push was just part of multiple efforts by the Carbondale Age-Friendly Community Initiative (CAFCI) to boost awareness and

The group is focused on mobility and access, tackling snow removal, crossing light timing, benches and more. But the World Health Organization’s checklist of essential agefriendly features covers aspects of outdoor spaces and buildings, transportation, housing, social participation, respect, civic participation, communication and health services.

Local Market Update for May 2019 A Research Tool Provided by the Colorado Association of REALTORS®

Carbondale May

Single Family

Year to Date

Key Metrics

2018

2019

Percent Change from Previous Year

New Listings

32

26

- 18.8%

Sold Listings

Thru 05-2018

Thru 5-2019

Percent Change from Previous Year

99

96

- 3.0%

10

23

+ 130.0%

55

60

+ 9.1%

Median Sales Price*

$772,000

$730,000

- 5.4%

$750,000

$771,500

+ 2.9%

Average Sales Price*

$810,100

$1,019,760

+ 25.9%

$868,395

$924,766

+ 6.5%

96.8%

96.1%

- 0.7%

96.0%

95.8%

- 0.2%

Days on Market Until Sale

99

108

+ 9.1%

142

126

- 11.3%

Inventory of Homes for Sale

106

99

- 6.6%

--

--

--

Months Supply of Inventory

7.8

7.4

- 5.1%

--

--

--

Percent of List Price Received*

* Does not account for seller concessions and/or down payment assistance. | Activity for one month can sometimes look extreme due to small sample size.

May

Townhouse-Condo

Year to Date

Key Metrics

2018

2019

Percent Change from Previous Year

New Listings

10

14

+ 40.0%

47

46

- 2.1%

Sold Listings

5

6

+ 20.0%

23

22

- 4.3%

Median Sales Price*

$689,500

$457,500

- 33.6%

$475,000

$460,000

- 3.2%

Average Sales Price*

$655,261

$464,917

- 29.0%

$538,905

$540,286

+ 0.3%

Percent of List Price Received*

Thru 05-2018

Thru 5-2019

Percent Change from Previous Year

99.7%

98.0%

- 1.7%

97.9%

98.6%

+ 0.7%

Days on Market Until Sale

152

156

+ 2.6%

103

102

- 1.0%

Inventory of Homes for Sale

37

28

- 24.3%

--

--

--

Months Supply of Inventory

6.0

5.2

- 13.3%

--

--

--

* Does not account for seller concessions and/or down payment assistance. | Activity for one month can sometimes look extreme due to small sample size.

Median Sales Price – Single Family Rolling 12-Month Calculation

Entire MLS — Carbondale —

$800,000

Median Sales Price – Townhouse-Condo Rolling 12-Month Calculation

Entire MLS — Carbondale —

$500,000

$700,000

$450,000

$600,000 $400,000 $500,000 $350,000 $400,000 $300,000

$300,000

$200,000 1-2014

1-2015

1-2016

1-2017

1-2018

1-2019

$250,000 1-2014

1-2015

1-2016

1-2017

1-2018

1-2019

Current as of June 5, 2019. All data from the Aspen/Glenwood Springs MLS Inc. Report © 2019 ShowingTime.

GLENWOOD SPRINGS

Glenwood Adopts Short-Term Rental Policy To address the number of issues arising from private short-term rentals, Glenwood Springs put a policy in place. In order to obtain a short-term rental permit, users must now pay an initial fee of $500, and $300 renewal fee every two years. For an accessory tourist rental permit, users must pay an initial fee of $300 and a $150 renewal fee, also every other year, the Aspen Times reported.

A short-term rental allows a homeowner to rent out their entire residence, whereas an accessory tourist rental permits the ability to rent out a single bedroom or accessory unit. Permit holders must adhere to a building inspection upon receipt of their initial application and at the time of renewal; they must notify neighbors within 250 feet of their property and have someone available to respond to issues within 30 minutes of the property. A limited number of permits will be given each year.

Local Market Update for May 2019 A Research Tool Provided by the Colorado Association of REALTORS®

Glenwood Springs May

Single Family

Year to Date

Key Metrics

2018

2019

Percent Change from Previous Year

New Listings

35

25

- 28.6%

104

97

- 6.7%

Sold Listings

13

14

+ 7.7%

66

49

- 25.8%

Median Sales Price*

$530,000

$517,000

- 2.5%

$525,000

$582,500

+ 11.0%

Average Sales Price*

$539,269

$574,457

+ 6.5%

$574,760

$628,220

+ 9.3%

98.0%

98.3%

+ 0.3%

97.2%

97.8%

+ 0.6%

Days on Market Until Sale

41

88

+ 114.6%

79

101

+ 27.8%

Inventory of Homes for Sale

72

65

- 9.7%

--

--

--

Months Supply of Inventory

5.0

4.8

- 4.0%

--

--

--

Percent of List Price Received*

Thru 05-2018

Thru 5-2019

Percent Change from Previous Year

* Does not account for seller concessions and/or down payment assistance. | Activity for one month can sometimes look extreme due to small sample size.

May

Townhouse-Condo

Year to Date

Key Metrics

2018

2019

Percent Change from Previous Year

New Listings

6

14

+ 133.3%

Sold Listings

Thru 05-2018

Thru 5-2019

Percent Change from Previous Year

45

56

+ 24.4%

8

13

+ 62.5%

32

38

+ 18.8%

Median Sales Price*

$322,500

$299,000

- 7.3%

$310,000

$327,000

+ 5.5%

Average Sales Price*

$311,938

$290,423

- 6.9%

$295,106

$307,013

+ 4.0%

97.8%

97.6%

- 0.2%

98.1%

97.4%

- 0.7%

Days on Market Until Sale

42

55

+ 31.0%

50

78

+ 56.0%

Inventory of Homes for Sale

23

27

+ 17.4%

--

--

--

Months Supply of Inventory

3.2

3.9

+ 21.9%

--

--

--

Percent of List Price Received*

* Does not account for seller concessions and/or down payment assistance. | Activity for one month can sometimes look extreme due to small sample size.

Median Sales Price – Single Family Rolling 12-Month Calculation

Entire MLS — Glenwood Springs —

Median Sales Price – Townhouse-Condo Rolling 12-Month Calculation

$600,000

$500,000

$500,000

$400,000

$400,000

$300,000

$300,000

$200,000

$200,000 1-2014

1-2015

1-2016

1-2017

1-2018

1-2019

$100,000 1-2014

1-2015

1-2016

1-2017

Entire MLS — Glenwood Springs —

1-2018

1-2019

Current as of June 5, 2019. All data from the Aspen/Glenwood Springs MLS Inc. Report © 2019 ShowingTime.

GLENWOOD SPRINGS 193 RED BLUFF VISTA, GLENWOOD SPRINGS 3 BEDROOMS | 3 FULL BATHS | 2,234 SF $649,000

More Information at: ToryThomas.net

PITKIN COUNTY

Lagging Construction Irks HOA Enough to Seek Fines

SkiCo Reports Record Number of Skiers

The Starwood HOA is seeking nearly $3.4 million in fees from Chicago-area businessman Thomas Duckworth, whose residential project has languished for more than 13 years, the Aspen Times reported. Construction on Duckworth’s home is now nearly complete.

The finished residence will have 18,951 square feet of living space and sits on 2.4 acres, according to the Pitkin County Assessor’s Office, which has appraised the property with an actual value of nearly $18.5 million.

Aspen Skiing Co. topped a 21-year-old record for skier and snowboarder visits, with more than 1.55 million visits at Aspen Mountain, Aspen Highlands, Snowmass and Buttermilk, the Aspen Times reported. Colorado ski resorts cumulatively reached a projected 13.8 million visits, breaking the record set in 201516, according to Colorado Ski Country USA.

ASPEN 501 E DEAN STREET TOTAL SQFT: 2,800 | BEDROOMS: 3 $1,785,000

More Information at: ToryThomas.net

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