The bulk of the Pitkin County real estate market is primarily comprised of Aspen and Snowmass Village. Both of these vibrant real estate markets continue to be robust despite the continued meltdown of the national market. Both have shown some softening due to decreased number of transactions while at the same time the median prices continue to appreciate at significant rates. This is evidenced in Snowmass Village where the number of transactions has gone down, while at the same time, the total dollar volume has gone up. For Pitkin County as a whole, 2006 showed record setting total sales volume of about $2.3B whereas 2007 showed approximately $2.2B. Aspen is finally feeling some of the affects of the national real estate market meltdown. However, such affects are felt at a much less degree.
History has proven over the past years that Aspen real estate is the last to feel the effects of an oncoming recession and the first to come out of one. The transaction volume for Aspen single family home sales decreased from 2006 to 2007 from 134 to 99, a drop of 26.12%. At the same time, the appreciation of prices continued to rise. Such offsetting affects caused the total dollar volume to only decrease for the same periods by a relatively small amount, 15.64%. During the same period, Aspen condo sales dropped from 184 to 152 units, a drop of 17.39%. Again, because of the appreciation of prices, the dollar volume was only reduced from $204M to $184M, a drop of only 9.80%.
Snowmass Village is currently undergoing a major transformation. During the past year, the Snowmass Mall, Snowmass Center, and the Snowmass Base Village have been bought out by Related/WestPac. The Snowmass Mall will be completely redeveloped over the next ten years with the addition of a Four Seasons and One and Only Hotel. The Snowmass Center will also be redeveloped. Additionally, the new Snowmass Base Village is now celebrating the completion of the Treehouse Children’s Center as well as the completion of some of the first release units of Capital Peak and Hayden Lodge. Furthermore, Related/WestPac just performed the second release of Snowmass Base Village with an offering of 150 Viceroy Hotel - wholly owned condos and 30 Little Nell Hotel - wholly owned condos.
The transaction volume for Snowmass single family home sales decreased from 2006 to 2007 from 57 to 40, a drop of 29.82%. Despite the drop in transactions, because of the offsetting appreciation of prices, the total dollar volume has actually increased for the same period by 11.44%. During the same period, Snowmass condo sales dropped from 96 to 89 units, a drop of 7.29%. Again, because of the appreciation of prices, the dollar volume was increased from $96M to $103M, an increase of 7.29%.
