Real Estate in the News – June 2019

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Good Snow Translates to Breaking Records Financially

Retail sales in Aspen hit $95.8 million in March, a 7.9 percent increase compared with the $88.8 million the same month last year, according to the Aspen Daily News. The $95.8 million figure was a record for March retail sales in Aspen.

For the first quarter of 2019, January through March, retailers reported $268.4 million in gross sales. That’s also a record and represents a $15 million increase, or 5.9 percent, over the $253.4 million retailers garnered during the same three months last year. In addition, overall paid occupancy in Aspen and Snowmass Village during the 2018-19 ski season was 61.7 percent, a 5.4 percent increase over last season’s 58.5 percent. The season is measured as November through April. And 61.7 percent is a new record for local ski-season occupancy.

Two New Eateries Coming to Restaurant Row

East Coast entrepreneurs Alan and Jennifer Giaquinto have returned to Aspen and are planning to open two restaurants on different levels of the commercial space at 308 E. Hopkins Ave., the Aspen Daily News reported.

The street-level operation, Tatanka, opens in mid-June. It’s an all-day, seven-days-a-week eatery, described it as a “Western bistro” offering breakfast, lunch and dinner. The basement operation, which is pointed toward a late November or early December start, is called The Ranch Room. Giaquinto said the concept is still developing, but it will be a dinner place — not “fine dining” with white tablecloths — open three or four days per week.

Last Free Parking Ceases in Aspen

Certain streets on the east side of Aspen where parking has not been regulated will be converted to a new residential zone beginning July 15, the Aspen Daily News reported. Residential zones allow for two hours of free parking once a day for non-residents. If they meet certain criteria, residents can obtain a city permit that allows parking beyond the two hours, but they are still required to move their vehicles every 72 hours.

The unregulated area will be referred to as the “E” zone. It encompasses six east-end streets: Dale, Hopkins, Midland, Park and Riverside avenues, and Park Circle. The area is the last free place to park for an extended time period in Aspen.

City Hall Construction Budget Now $48 Million

Aspen City Council signed off on a nearly $24.8 million contract with Shaw Construction to build a municipal government office building on Rio Grande Place that voters signed off on in November, the Aspen Times reported. The entire project includes a new 37,500-square-foot building and the renovation of the adjacent Rio Grande building. An additional $13.9 million has been projected for the renovation of the existing City Hall, which is separate from the Rio Grande projects but part of the overall city offices plan.

Residential Vacant Land
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Snowmass Club Is Private Again

For the first summer in six years, the Snowmass Club is under new ownership and closed to the public, the Aspen Daily News reported. The club will no longer allow much outside play—only for charity tournaments and guest passes—and will focus on its more than 1,100 members.

The Black Saddle restaurant will remain open to the public and will continue to operate year-round and during the offseason. The Nordic center will return in the winters, and dog-walkers who use the course still will be allowed. ABA Hospitality closed on the $18.5 million deal for the 212-acre Snowmass Club (including the tennis courts, a workout club and two restaurants) in December 2018. The athletic membership that was $3,500 to join now is $20,000, and the golf membership that was $12,500 to join is $50,000.

Bedrooms: 3 Total Baths: 4 Baths
Country Club Homes
 SqFt: 2,592

Newly remodeled corner townhome with high ceilings, gorgeous views and a private setting, is the perfect mix of indoor and outdoor living.

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Pan and Fork Proposal Moves Forward, Finally

After a seven-year battle over what to do with the former 2.3-acre Pan and Fork mobile home space along the Roaring Fork River just west of downtown Basalt, officials approved the Basalt River Park project, the Roaring Fork Weekly Journal reported. It will include 24 residences that range from rent-controlled units to free-market apartments to luxury river cabins. The project also calls for the creation of about 27,000 square feet of commercial space, and the Town of Basalt will purchase about one acre, located on the eastern part of the development, for a river park. Construction could take up to three years.

Design Complaints Prompt Push for Review Committee

Basalt officials are being urged by some area residents to prevent “unhandsome” architecture from continuing at Willits Town Center, the Aspen Times reported. Design has been a hot topic since the first buildings emerged from the ground in the mid-2000s, but the latest addition to the development has spurred particular scrutiny. The One 10 Harris apartment complex — featuring a throwback brick and metal look — was constructed adjacent to the Willits Lane roundabout. Shopworks Architects of North Denver designed the One 10 Harris apartment complex. Lipkin Warner Architects of Basalt designed most of the rest of the complex.

2 Bedrooms |
2 Baths

Valley Pines

Newly remodeled Valley Pines half duplex is located in the popular Willits neighborhood. This is a one story home, perfect for those wanting  privacy, convenience and quietude.

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Red Hill Lofts Takes Next Step

Carbondale’s trustees formally joined into a public-private partnership with an organization planning to build a 30-unit apartment building in the Dolores Way neighborhood in northwest Carbondale, which is intended to help fill the region’s need for affordable rental housing, the Sopris Sun reported. As part of the deal to create the Red Hill Lofts project, the town’s board of trustees agreed to kick in more than $109,000 to the cost of the project — $50,000 in cash, and more than that in the waiver of fees that normally would be assessed against the development. The project is being proposed by a private, non-profit group called Aspen/Pitkin Employee Housing, Inc. (APEHI).

Glenwood Springs

ANB Bank Pushing Out Seven Tenants

ANB purchased an entire block on the east end of Grand Avenue and seven small businesses in that 900 block location must vacate by Dec. 31, including KC’s Wing House, Tesseract Comics & Games, Jewels & Gems, Bellini’s Fashion, CPA Services Pro, Inc., Glenwood Spa N Nails and Glenwood Escape Room, the Glenwood Springs Post Independent reported.

Glenwood to Be Powered By Renewables

Glenwood Springs will become the seventh city in the United States powered entirely by renewable energy, the Glenwood Springs Post Independent reported. In April, City Council unanimously approved a resolution to purchase Glenwood Springs Electric’s power needs entirely through wind power supplied by the Municipal Energy Agency of Nebraska (MEAN). home — anywhere!

Single Family Lot, South of Glenwood – Ironbridge 

Has both river view and Mt. Sopris views. The tranquil setting is irreplaceable even within this subdivision.

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Pitkin County

Income Levels in Pitkin County Unsustainable

Pitkin County has the highest rate of working people in the state who do not earn enough income to pay their bills, the Aspen Daily News reported. The Colorado Workforce Center, a division of the state’s department of labor and employment, collects data on households that meet the “self-sufficiency standard,” which, in Pitkin County, is 433 percent of federal poverty guidelines. For a single person working in Pitkin County, 13 percent of jobs do not meet that standard. The number of jobs that don’t meet sustainability requirements rises to 90.4 percent for households of five.

This leaves many in the gap between being able to make ends meet and earning too much to qualify for financial assistance programs, which often don’t offer assistance to people who are that high above the poverty line.

Walton Family to Construct Mountain Bike Trails

Members of the Walton family plan to start construction this summer on 4.5 miles of trails on their private property in Coal Basin that will be open to the public for mountain biking, hiking and running when completed in 2020, the Aspen Times reported. The network will remain open long-term and free of charge to the public. The Waltons own 221 acres about 4 miles up Coal Basin Road, west-northwest of Redstone.

Sam and Ben Walton, heirs of the family that build the Walmart empire, have homes in Aspen. Their Coal Basin property is the last private land remaining from about 5,800 acres that was once owned by Mid-Continent Resources, which operated underground coal mines there from 1951 to 1991. Most of the land was transferred to the White River National Forest, so the site is surrounded by national forest.

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Drop-off Parking Eliminated at Sardy Field

All parking spaces in the drop-off and pick-up area in front of the Aspen-Pitkin County Airport terminal have been eliminated and replaced with drive-through only lanes, the Aspen Daily News reported. The change is the latest step the airport has undertaken to meet national security standards that are mandated by the Transportation Security Administration at all U.S. airports.

Housing Shortage to Only Get Worse

A valley-wide analysis of affordable housing needs projects a shortfall of 5,700 units by the late 2020s, the Aspen Daily News reported. The report highlights the lack of affordable housing throughout the valley, the high number of commuters and the aging workforce as key takeaways threatening the area’s livability.

There is currently a shortfall of 3,900 households throughout the region for those who make up to 160 percent of the area median income. Using 2017 numbers for the Roaring Fork Valley, that means those households making less than $156,000 annually. Within the next decade it is estimated that the affordable housing shortfall will grow to 5,700. The biggest supply deficit is for households in Aspen that make between $58,000 and $78,000 annually.