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All Blog Entries by Engel & Völkers Aspen • Snowmass • Roaring Fork

Found 58 blog entries published by Engel & Völkers Aspen • Snowmass • Roaring Fork.

With its burgeoning restaurant, shopping and arts scene, Basalt breathes new life into the mid-valley.

For those brave enough to venture the roundabout, Basalt has finally come out from Aspen’s more glamorous shadow and into its own. If anything, Basalt’s lack of proximity to the ski areas has become part of its appeal. At least for now, it remains a quaint mountain town (Free Parking! No crowds! Abundant wildlife!), with not one, but two rivers that literally run through it. The confluence of the Roaring Fork and Frying Pan, both designated as gold medal waters, are world renowned for fly fishing Colorado’s famed trout. Surrounded by a vast expanse of undeveloped wilderness, with the Frying Pan Valley on one side of town and the mighty Mount

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Downtown Aspen’s crown jewel and its oldest hotel gets a major facelift.

The Hotel Jerome has always been at the heart of downtown Aspen, both figuratively and literally. It was built in 1889 by Jerome B. Wheeler who wanted a hotel in Aspen that rivaled European luxury and amenities. Since then, the hotel has gone through many renovations, additions, and modifications, but it remains Aspen’s crown jewel. This summer, the Hotel Jerome debuts its most recent iteration: a major addition featuring six residential   luxury suites, a new pool and courtyard, and the acquisition and restoration of the historic Aspen Times building.

When architects Rowland + Broughton and interior designer Todd Avery Lenahan, CEO and Principal of TAL Studio were brought

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It’s springtime in the Rocky Mountains. The grass is green, and people are already out riding bikes and admiring the stunning views of snow-capped peaks. As everyone in the Roaring Fork Valley winds down from the winter season and takes some time for a much-needed off-season vacation, we are beginning to prepare for summer fun in the mountains and listing more exceptional properties. 

As snowfalls graced the ski areas this season, the real estate market managed to maintain 2017’s robust activity in the first quarter of 2018.
 
BASALT
Activity increased in Basalt in the first quarter of 2018 with 20 transactions versus only 12 in 1Q of 2017. The average price for a single-family home increased 23% to $1,352,500 while the condo/townhome average is down 9%

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Its springtime in the Rocky Mountains, the grass is green, and people are already out riding bikes and admiring the stunning views of snow-capped peaks. As everyone in the Aspen-Snowmass area winds down from the winter season and takes some time for a much-needed off-season vacation, we are beginning to prepare for summer fun in the mountains and listing more exceptional properties. 
 
As snowfalls graced the ski areas this season, the real estate market managed to maintain 2017’s robust activity in the first quarter of 2018.
 
Activity in Aspen was healthy in the first quarter with 45 transactions, just shy of the 49 sales of 1Q 2017.  The median ($5,450,000) and average ($7,093,114) sales prices for single-family homes were much higher compared to

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The midvalley real estate market had a normal, healthy year overall.  Compared to 2016, Basalt and Carbondale sales combined rose about 2%, the average price increased a modest 1%, the average price per square foot escalated roughly 3%, and sale to list price ratios showed little change.  Supply of available properties, however, decreased.  Number of listings and months supply are now down to about 20% from a year ago.

In Basalt, sales decreased just slightly, but the average price per square foot rose for both condos/townhomes (up 3%) and single-family homes (up 11%).  The average sale price was about $540,000 for a condo and $945,000 for a single-family home.  Days on market averaged about 6 months.  Properties under $600,000 accounted for over half the

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The 2017 Aspen Snowmass market was momentous and even surpassed the expectations of many optimists.  Sales soared compared to the slow year before and even rivaled the records set in 2015.  In fact, unit sales were right on par with 2015 and dollar volume surpassed the 2015 highs, making for an excellent year in both Aspen and Snowmass. Inventory of properties diminished over the year, with the number of listings down about 20% and supply is now roughly 35% lower than a year ago.  We are experiencing a seller’s market evidenced by strong demand paired with shrinking inventory: the perfect recipe for rising prices. 
 
In many submarkets, that is exactly what has happened.  In Aspen, single-family home prices are up approximately 20% and condos around 10%. 

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Ever wonder which remodeling projects are worth the investment?  Thanks to a survey conducted by the National Association of Realtors in conjunction with the National Association of Remodeling Industry, we’ve got the answers. 
Interior projects with the greatest cost recovery include hardwood flooring refinish (100%), new wood flooring (91%), insulation upgrade (76%) and HVAC replacement (67%).  A complete kitchen renovation, new master suite, bathroom renovation, adding a new bathroom and basement conversion to living area ranked lower in the 50% to 65% range.  However, Realtors believe a complete kitchen renovation, kitchen upgrade and bathroom renovation add more value for resale and appeal most to buyers.

Exterior upgrades found to have substantial cost

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As August’s afternoon thunderstorms give way to September’s crisp, clear days, Aspen mountain bikers, hikers and trail runners rejoice. It begins with the brush turning shades of copper and auburn. By the second week of September, a handful of the town’s namesake trees fade to gold. And by the third or fourth week of the month, depending on the season’s weather, entire valleys of Aspens glow neon yellow. The best way to experience the phenomenon is on foot or bike.
 
Here are five hiking and biking trails in the Aspen area that truly shine when the fall foliage peaks.
 
Capital Lake
Hike |  Length: Approximately 6 miles
Hiking the 12 miles to Capital Lake and back makes for a long day hike, but linking Capitol Ditch Trail and Capitol Creek Trail in a loop

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Willits Town Center, just about 15 miles west of the roundabout, is becoming more and more of an attraction to Aspenites. Willits has become its own little universe where you can live, work, play, shop, dine, be entertained, and take care of your health and beauty needs. (Staying at the Westin’s Element Hotel could definitely make for a pleasant and convenient weekend getaway.)
 
Though Whole Foods is still a big draw, there are several new businesses that make the short trip down Valley worthwhile. Recently added to an already abundant list of retail stores, restaurants and services were Bookbinders, The Loft, Hollyann, Mezzaluna, Capitol Peak Brewery, Market Street Kitchen, Soak Hot Tubs & Endless Pools.  The Temporary opened this summer, too.

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The first half of 2017 was remarkable and surpassed even the most optimistic expectations.  Supply dropped while demand strengthened, the perfect recipe for a booming market.  Some notable year-to-date highlights for Aspen and Snowmass include the following:

  • The first half of 2017 marks the strongest period since 2007 in terms of dollar sales. 
  • The Aspen single-family market skyrocketed.  Sales tripled that of last year and the average sale price rose 10%.  Performance in this submarket even surpassed the heights of 2007.  Snowmass exhibited the opposite trend; single-family sales and prices dropped around 10% compared to last year setting the stage for added value purchases.
  • The luxury market set records, with 21 home sales over $7 million
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