Archive for December, 2010
Snowmass Aspen real estate sales in 2010 are rebounding from 2009 sales figures per newly released reports from Land Title Guarantee Company. Sales are up 12% dollar wise in 2010 through October of 2010.
The optimism we have seen in retail sales figures from national Christmas retail sales and the declining unemployment claim numbers are reflected in the conversations I have been been having the last two weeks with Snowmass and Aspen property owners and visitors alike.
In what I see as a trait of American culture, we are optimists by nature. Two years of negativity are being shrugged off and people across the board are experiencing a renewed confidence.
We are experiencing this optimism here in Snowmass and Aspen with increased showing activity of both second and primary homes. Buyers are seeing real values with prices down 30% from the highs in our market experienced in 2007. Long time visitors who have always coveted owning a piece of our mountain Shangri la are recognizing that now is an opportunity to purchase.
2011 portends great things ahead!
In 2005, Related WestPac revealed its vision for Base Village in Snowmass Village, Colorado. This vision included two upscale condo-hotels, a myriad of commercial storefronts and ski-in/ski-out condominiums and townhomes for sale. With a flurry of activity, construction began and real estate reservations skyrocketed. On December 13, 2010 Lowe Enterprises, the court-appointed receiver, announced a second delay in the foreclosure sale of Base Village. Base on previous experience and the current economic situation, Lowe Enterprises and the other parties are thoroughly reviewing the process in order to not have any further delays, which would include potentially starting the foreclosure sale process over.
A second delay has pushed the rescheduled December 15, 2010 sale date until the new time of noon, January 26, 2011, on the steps of the Pitkin County courthouse in Aspen, Colorado. The foreclosure process began with a consortium of four European banks foreclosing on the subsidiary of Related Companies of New York for defaulting on a $520 million dollar construction loan for the one-million square-foot Base Village project, located at the base of Snowmass Ski area. One of the four banks, Hypo Real Estate Capital, is claiming Related owes $387 million outstanding principal and $48 million in interest & expenses.
Even though the overall ownership is still in question, Base Village continues to be a lively and vibrant location in Snowmass Village. Since 2005, Aspen Skiing Co. has added new chairlifts, a gondola, and new on-mountain restaurants. Snowmass Ski Area is one of the premier ski areas in the world and is the largest of Aspen Skiing Co.’s four mountains. The 3,132 skiable acres will continue to be available for outdoor enthusiasts to enjoy, no matter who owns Base Village.
Stay tuned to Snowmass Aspen real estate for further updates.
Snowmass and Aspen real estate continues to show signs of recovery in the last month with the increase of single family home sales and pending sales leading the way. Comparing December 2008-December 2009 with this past year, single family home sales in Snowmass Village has increased by 56% in volume and the average sales price is relatively stable between the two years (1% decrease in 2009-2010). Here in Snowmass Village this past week alone, two single family homes with a total list value of $4,400,000 and three condominiums with a total list value of $3,060,000 were placed under contract.
Growth in consumer confidence and a climbing stock market seem to be the driving forces. Savvy buyers are determining that the market has bottomed and the current selection of prime homes can change quickly. As a prime example, one of the best values in Snowmass Village today is Country Club Villa 1423. A three-bedroom, three-bath unit with 1,795 square feet (one of the largest in the complex) is now offered at $895,000, but was appraised in May 2009 for $1,650,000. This includes full access to all of the luxurious amenities of the Snowmass Club.
On a lighter note, as in snow, reports this week show that the Aspen/Snowmass area snowpack is 123% of normal for this time of year. According to locals, including the author, ski conditions are the best in years. Tomorrow is the first day for Alpine Springs and High Alpine chairlifts along with High Alpine Restaurant. Large sections of the expert-area Hanging Valley Wall will be open as well.
Advanced reservations are steadily rising. Best advice…make your plans now to visit Snowmass Village and Aspen this winter. It won’t be long before word of this record snowpack gets out and the chairlifts fill up!