JULY 2024

Did you know that the Aspen/Snowmass summer season is increasingly more popular than winter? I can personally attest to this as a local for over 35 years. For 2024: June kicked off summer with the 41st annual Food and Wine Classic, then the 20th annual Aspen Ideas Festival, 75th annual Aspen Music Festival (through Aug 18), Old Fashioned 4th of July, Aspen ArtWeek, Theatre Aspen’s Broadway and Cabaret Series, fabulous Aspen FILM, and Martha Grahams 100th anniversary performance, along with other programs of Aspen Santa Fe Ballet. These are some of the unique offerings and part of the reason it’s often said ‘THERE IS ONLY ONE ASPEN’.

MORE NEWS:

The AIRPORT EXPANSION debate is ranging. Options are private-only, to NONE, to improved. https://www.aspenairport.com/modernization/, https://www.citizensagainstbiggerplanes.com/

For RH “Eco-System” updates on the STILL unfinished projects owned by RH, fka Restoration Hardware, including the spaces that once housed: the Crystal Palace, Kemosabe, Boomerang, Johnny McGs, and Main St Bakery. All involve Mark Hunt.

The Castle Creek Bridge was built in 1961. It was rated “fair” by CDOT in 2022 (50.3 out of 100). If the bridge falls below a fair rating (below 50), CDOT could put weight limits on vehicles crossing the bridge in order to protect the safety of our community.

The WSJ Reports that nearly 300 acres of the total Aspen Valley Ranch, once asking $220m for 800+ acres, was purchased for $46m, and is now being sold in pieces.

NAR SETTLEMENT: the class action suits brought against National Association of Realtor (NAR) and various brokerages have been (mostly) settled. One result is the nationwide requirement for executed buyer agreements before a buyer tours any property with a REALTOR®. That is, anywhere in the USA, Buyers will need to execute a contract with their brokerage to define duties and detail the terms of compensation.

HOWS THE MARKET and MARKET STATS : The recent record-breaking, eye-watering marquis sales of $108m, $76m, $75m, $64m have emboldened some owners we call “LISTERS” (vs.sellers) to list their homes at unrealistic prices. My best advice to buyers is to rely on your trusted real estate advisor/broker to find good product that’s appropriately priced, to bang on doors for off-market options (!) , and to identify sellers NOT listers.

My new brokerage firm, Christies Int’l Real Estate Aspen Snowmass recommends comparing UNIT SALES vs. VOLUME (dollar) SALES due to skewed data from the many closings ranging from $25,000,000 up to the record breaking $108,000,000. Unit sales in Aspen (SFH and condos) increased 24% from one year ago, even though inventory levels have continued to decline for the last 19 years. See (Pitkin County chart), along with the price chart for Aspen alone, which was up 43% year to date.

ASPEN: TO BUILD OR NOT? Along with the continued TIGHT inventory, Aspen/Snowmass buyer demand is especially high for MOVE-IN READY, high-quality product. Land use codes were changed Q4 2023, and more are expected to reduce the maximum home size from 15,000 SF to 8,750 SF in Pitkin County. TODAY, the maximum is 9,250 sq feet so building plans submitted to the county prior to the next reduction will be honored. These regulatory changes have added significant value to existing homes whose size can no longer be duplicated, as well as to those properties recently built or fully remodeled. Click here for BUILDING Square Footage RESTRICTIONS.

TIMING: our local market IS singularly daunting and many of those without savvy broker representation have become sidelined. If a property is compelling and makes +80% sense, then move forward, start making memories, and get on the property ladder. I am happy to take your call to discuss. As always, recall the quote from one of the foundes of Gucci:

“QUALITY IS REMEMBERED LONG AFTER PRICE IS FORGOTTEN” - AldoGucci

Was this email forwarded to you? then please SUBSCRIBE

****Do you have ASPEN INTEL to share? I'd love to hear from you***

Susanplummeraspen@gmail.com

Visit My Website: SusanPlummerAspen.com