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Fall in the Colorado Rockies is a special time.
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I love fall here. It's so stunningly beautiful, and there's weird anticipation in the air as the Aspen leaves turn gold and it starts to get cold. The unknown keeps us on our toes. Will we have a good winter? Will there be enough snow? How will it change us? Will the market soften? So many questions without answer. Yet, we forge ahead trusting it will be the best one yet.
We had a great summer. According to the Aspen Daily News, occupancy levels were below 2021 and pre-pandemic levels, yet lodging rates increased nearly 40% and accommodation sales tax rose 73% allowing the revenue to remain historically strong. Year-to-date retail sales totaled $720.8 million through July, a 31.6% increase over the same seven-month period in 2021.
The housing 'crisis' continues to wreak havoc over our small town as there are 2 jobs for every employee causing quite the employment competition. It's the new normal for workforce to live down valley and commute to work. Long live the days of ski-bum housing in the heart of town.
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City of Aspen STR Applications Due Now!
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A short-term rental (STR) is defined as the use or occupancy of a residential property or dwelling unit for a period of less than 30 days.The City of Aspen has officially begun the STR application process. If you want a chance at rental revenue be sure to apply now.
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Snow Predictions provided to us by our local weathermen, Ryan Boudreau & Cory Gates. Download their app (AspenWeather.net) for the most accurate local weather forecast.
The forecast values are still 10% above average.
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Pandora’s Terrain Expansion will open 23/24 season
New this season, Buttermilk will unveil a transformed base area complete with a new 9,000+ square-foot fully electric skier services building, a renovated and rebranded Buttermilk Mountain Lodge restaurant (formerly known as Bumps), and an expanded bar and outdoor patio, newly named The Backyard. This major $23 million renovation will create a more seamless experience for guests as they make their way onto the mountain, with an intuitive skier services building with ski school, rentals and ticketing all in one location.
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All Aspen Residential - Year over year
New listings are down 7%. Sold units are down 46%
Sales Volume is down 20%. Average sales price is up 49%
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All Snowmass Village Residential - Year over year
New listings are down 41%. Sold units are down 52%
Sales Volume is down 27%. Average sales price is up 50%
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4 BD 5BA 4902SF $15,700,000
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70 Gallun Lane, Unit 109C
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2 BD 2BA 926SF $1,865,000
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4 BD 4BA 2742SF $1,125,000
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3 BD 4BA 2023SF $60,000 pm
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New LIsting | 2022 Remodel | Ski-in | STR potential
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2 BD 2BA 916SF $1,250,000
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Arguably one of best units at the Woodbridge, this unit encompasses breathtaking views of the Cirque & Hanging Valley headwalls in Snowmass Village. 2 pets allowed for owners, 2 common parking spots, 2 storage closets. Pool & hot tub. Fresh!
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Thanks for reading and subscribing! Ready to achieve your next real estate goal?
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Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.
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