Download the zip of the PDF files – Quarterly Reports Inside
Read as a Flip Book – Quarterly Reports Inside
Historically low inventory combined with continued strong demand remains the theme in the Roaring Fork Valley Real Estate Market. Inventory of all whole ownership property types is down about 63% in Aspen, 73% in Snowmass Village and 46% in Basalt. There were 69 pending sales of all property types in Aspen on Sept. 30, 2021 versus 81 a year ago. 107 sales are pending in Snowmass Village versus 73 last year, many of which are brand new product at Electric Pass Lodge and The Havens on Fanny Hill that won’t be finished until summer 2023. There were 718 residential whole ownership sales in Pitkin County through Q3’21 totaling $2.63 billion compared to 498 through Q3’20 totaling $2 billion, a 26.6% increase in dollar volume. While YTD numbers are all mostly ahead of last year, September 2021 saw more fewer sales than last September as a result of depleted supply and perhaps some overly opportunistic sellers. Properties that are priced in the strike zone are moving fast. With little inventory the Fourth Quarter is likely to be slower.
City Moves Forward on Pedestrian-Only Streets Plan
Aspen City Council approved a plan to implement parking reconfiguration and temporary intersection improvements in downtown Aspen, the Aspen Daily News reported. City staff presented a plan that would reconfigure Galena Street to allow for parallel parking, bike lanes and a widened sidewalk while converting Galena to a one-way street running south from Hyman Avenue. The plan would also implement temporary curb extensions at four intersections in the downtown core to study driver-pedestrian interactions. Projects are set to start by May 2022. It would place 44 parking spaces on the Galena corridor on one side of the street, with a protected bike lane on the other side and widened sidewalks on both sides of the street.
Casa Tua Staves Off Eviction with Building Sale
The part of the old Guido’s Swiss Inn building that is currently home to an upscale restaurant recently sold for $17 million to a subsidiary of the Reuben Brothers global investment firm, the Aspen Times reported. The deal comes on the heels of a court settlement between the property’s previous owner/landlord and tenant Casa Tua.
Pitkin County District Court Chris Seldin signed an order dismissing litigation between Casa Tua and its landlord, Guidos Swiss Inn. While the signed order is public record, the rest of the litigation remained sealed because eviction proceedings are suppressed under a new Colorado law that took effect Dec. 1. The restaurant will remain in its current location, 403 S. Galena St., which is where it has been located since December 2010.
Mawa’s Kitchen Expands at ABC
Chef Mawa McQueen is expanding service to include dinner for the first time at her namesake Mawa’s Kitchen at the Airport Business Center, the Aspen Daily News reported. McQueen worked with local designer Barbara Glass of Barbara Glass Inc. to remodel the Aspen restaurant, opening up the space by more than 800 additional square feet, adding 30 seats and a full bar, which allowed McQueen to open for dinner service for the first time with a full cocktail and wine list.
Dance Aspen to Make September Debut
A group of performers from the shuttered Aspen Santa Fe Ballet company have founded the new contemporary company DanceAspen and will debut new work at the Wheeler Opera House in September, the Aspen Times reported. The inaugural DanceAspen cast includes executive director Laurel Jenny Winton and her former Aspen Santa Fe company-mates Anthony Tiedeman, Katherine Bolanos, Sadie Brown, Matthew Gilmore and Kaya Wolsey along with newcomer Sammy Altenau. The team also includes Aspen Santa Fe alum Luke Willis, who is serving as an artistic advisor.
Aspen Santa Fe dissolved its company in March 2021, after a year without public performances due to public health restrictions brought on by the coronavirus pandemic. DanceAspen is aiming to build a sustainable year-round contemporary dance company that would fill the void left by Aspen Santa Fe, which is still running its dance school and is expected to host performances by guest companies.
Parking Permit Prices to Increase
For the first time since 2014, most parking permits for the numbered lots and Divide Lot in Snowmass Village will cost more during the 2021-22 ski season than they did the winter before, the Aspen Times reported.
Most people who live or work within the Snowmass Village zip code will pay $10 or $15 more than they have for the past seven winters for their residential and employee permits. Prices for those permits range from $50 to $200 depending on the level of access and how many vehicles the applicant wants to park. Roaring Fork Valley residents and guests who want unlimited parking will have to pay $50 more for a Gold Pass (now $550) and valley seniors will pay $25 more for their discounted passes (now $250). Merchant parking, which includes access for as many as five vehicles, also will cost $50 more; this year, it totals $700.
Willits Developer Sells Last Holdings
A real estate investment company that rescued Willits Town Center from the economic morass of the Great Recession has sold its remaining interests in the development, the Aspen Times reported. Platform Ventures, formerly known as Mariner Real Estate Management, sold portions of three buildings at Willits for $18,754,000. The sale included five commercial spaces in block 7, the building that is home to Capitol Creek Brewing; commercial space in block 10, home to the Kitchen Collage retail store; and a unit in Market Street Crossings.
The buyer was GKT Willits Two, of Columbia, Missouri. The address for the firm is the same as TKG Willits Town Center LLC, which purchased the Whole Foods Market building and Starbuck’s buildings in Willits from Platform Ventures in March 2016. That purchase was for $30.46 million. GKT Willits and TKG Willits Town Center are companies affiliated with the Kroenke Group, the real estate arm of billionaire Stan Kroenke’s empire. Kroenke is the owner of the Colorado Avalanche, Denver Nuggets, Colorado Rapids and Los Angeles Rams.
AVLT Purchases Coffman Ranch
The Aspen Valley Land Trust and longtime Carbondale-area ranchers Rex and JoAnn Coffman have officially completed the transfer of the Coffmans’ working ranch to the land trust, the Aspen Times reported. The transaction puts the 141-acre ranch located 1.5 miles east of Carbondale along the Roaring Fork River in the hands of the AVLT. The Coffmans plan to continue living part of the year at the ranch that they’ve owned since the mid-1950s. The AVLT plans to maintain the land as a working ranch and establish an agriculture and conservation education center on the site. Pitkin County also will hold a conservation easement on the land in perpetuity to protect the agriculture and wildlife habitat and to establish future public access to the riverfront following completion of a formal resource management plan. With the purchase complete, AVLT also will now launch a $7 million public capital campaign to make the conservation management of, and community access to, the ranch possible.
Mudslides Close Hanging Lake Trail
The Hanging Lake Trail will be closed for the foreseeable future due to damage caused by numerous mudslides, the Aspen Daily News reported. After successfully reopening Hanging Lake for a short period of time earlier this summer, last month’s mudslides in and around the Grizzly Creek Fire’s burn scar forced its closure once again. Hanging Lake will remain closed for the remainder of 2021 and into next year. The trail includes seven bridges, most of which have been severely damaged or completely destroyed.
Mill Levy Override Will Go to Voters
Roaring Fork School District voters will decide on a property tax increase to source funds for employee wages this November, the Glenwood Springs Post Independent reported. Voters will be asked to approve a mill levy override for the primary focus of raising employee wages to assist with recruitment and retention. The district is currently in the midst of a staffing crisis, with more than 50 positions unfilled as the school year enters its third week.
Passing the ballot measure will generate a maximum of $7.7 million from the community through a property tax increase. Currently, Roaring Fork receives nearly $1,600 annually in per-pupil mill levy override funding, less than each neighboring district and just over half Aspen’s $3,025. Should the ballot measure pass, it would bring Roaring Fork School District to its cap and permit it to draw roughly $16 million through mill levy revenue.
Airport Activity on the Rise
Commercial and private operations at the Aspen-Pitkin County Airport totaled 5,237 landings and takeoffs in July, the Aspen Daily News reported. The figure represents a nominal increase over 5,214 operations recorded in July 2020 and a 7% rise compared with 4,888 operations in July 2019. Commercial jet activity from United Airlines and American Airlines accounted for 21.5% of July’s airport operations while general aviation totaled 88.5%.
Operations for the first six months of this year had been outpacing the January-to-June period of 2020 by far: 23,182 to 16,822, or a 38% increase in flight activity. July 2020’s figure marked a return to normalcy of sorts following a three-month travel industry slowdown caused by the onset of the COVID-19 pandemic. But most of that activity was due to private operations as commercial activity only accounted for 397 operations, or 9%, of July 2020’s combined air traffic.
SkiCo Announces Pass Options
Aspen Skiing Co. announced its pass prices in August, the Aspen Daily News reported. The Premier Pass remains the flagship product — $1,599 for members of the Aspen Chamber Resort Association and $2,399 until Sept. 17 — which this year includes an Ikon Base Pass and, new this year, an Uphill Pass. Those not wanting to purchase a Premier Pass can buy a dedicated Uphill Pass for $69 — $10 of that price point will go directly to Mountain Rescue Aspen.
Also new this season is the Alpine Pass, which offers two- and one-day weekly options, essentially replacing the Flex Pass. Super early-bird pricing — until Sept. 17 — for the Alpine One-Day Pass is $999 for chamber members ($1,179 non-Chamber), with the Alpine two-day option running $1,399 for chamber members ($1,729 non-Chamber). Neither the Premier or Alpine Passes will be subject to blackout dates, and SkiCo made no mention of reservation systems applying, either. The Valley Pass allows residents to ski or snowboard seven days throughout the season, to spread out as passholders see fit.
Airport Adds Orange County Flight
United Airlines will offer a new nonstop flight from Orange County, California, to Aspen during the upcoming winter season, the Aspen Daily News reported, bringing the total number of daily flights up to 37. From Dec. 16 through March 26, the Chicago-based airline will offer a daily flight between John Wayne Airport (SNA) in Santa Ana, California, and the Aspen-Pitkin County Airport (ASE). The two-hour, eight-minute flights will leave SNA at 4 p.m. Pacific time and arrive at ASE just after 7 p.m. Mountain time.
The full winter schedule includes:
- American: Up to five flights daily from Dallas/Fort Worth (DFW), two flights daily each from both Chicago (ORD) and Los Angeles (LAX), one daily from Phoenix (PHX), plus the new daily service from Austin (AUS) between Dec. 16 and Jan. 3, for a total of up to 11 flights daily.
- Delta: One flight daily from Atlanta (ATL) and Los Angeles (LAX).
- United: Up to eight flights daily from Denver (DEN), up to five daily from Chicago (ORD), four daily from both Houston (IAH) and Los Angeles (LAX), two daily from San Francisco (SFO), plus the new daily from Orange County (SNA) for a total of up to 24 flights daily.
Recognized Among Top 1.5% in U.S.
I am excited to have been recognized in the top 1.5% in U.S. by Real Trends in partnership with Wall Street Journal.
Download the zip of the PDF files – Quarterly Reports Inside
Read as a Flip Book – Quarterly Reports Inside