Aspen Square Condominium Hotel December 2015 Real Estate Update
It has been a busy fall season for real estate activity in Aspen. Numbers are up across the board in the Roaring Fork Valley Real Estate Market. The Aspen downtown core, Red Mountain and the West End continue to drive our local market. We’ve seen ten core condo sales in 2015 above $2,000 a sq. ft., one at Aspen Square Hotel. The Aspen Core Penthouse, behind Boogies, sold last month for 25 million, about $3,000 a sq. ft. for an unfinished 8,000 sq. ft. white box., which will probably take another 8-10 million to finish. Aspen Core Penthouse joins The Motherlode Penthouse and Aspen Muse Penthouse next to the 50 million dollar Aspen Art Museum as the three $3,000 plus sq. ft. sales the past year. Focusing on the downtown Aspen core condo market we have seen an increase in the number of transactions from 91 last year through November 2014 to 99 this year for the same time period. Sold dollar volume of core condos has increased from 198 million to 208 million this year. Average sold price decreased slightly from $2,172,416 in 2014 to $2,098,338. Average sold price per sq. ft. went up from $1,332 to $1,391. Average days on market decreased from 235 days to 226 days.
At Aspen Square specifically we have seen three sales in 2015: 214, 135 and 119. Average sold price per sq. ft. of the three sales in 2015 was $1,865.93. Average sold price per sq. ft. of all 2014 and 2015 sales was $1,626.01. I closed December 2 on studio unit 214 for $700,000, which was listed for $749,000. Sale/list price was about 93.5%. There are currently four active studio listings at Aspen Square today:
- Unit 215 - $715,000
- Unit 224 - $749,000
- Unit 313 - $949,000
- Unit 309 - $1,125,000
I anticipate a busy winter selling season ahead. My business has nearly doubled from last year. There’s a premium for downtown core A+ locations with good light, views and newer contemporary finishes. Interest and showing traffic for studios is increasing with strong rental history, and the best location and amenities in town. There is a lot of demand for one and two-bedroom Aspen Square opportunities, but no inventory today. The Gant has seen a lot of sales activity in 2015 with eleven condo sales trading on average at $1,241 sold price per sq. ft. There are currently eight active listings at The Gant today with an absorption rate of about nine months. Overall inventory for core condos is slightly down from 120 last year to 115 today. Pending inventory of downtown condos is slightly down from 26 last November to 23 this November 30, 2015. I think we will see a strong finish to 2015 and a busy winter season ahead with less product and higher prices. Call or email anytime for complete monthly market numbers. Visit my weekly blog at www.klugproperties.com/blog for weekly news and happenings in our valley.
Chris Klug