Happy Holidays! As we wrote this correspondence, Aspen/Snowmass has already seen five epic snowstorms, two official school snow days, and over 2/3 of the terrain in Aspen and Snowmass is already open. The cold temperatures are preserving the snow and anyone headed to our neck of the woods is in for a winter treat!
Having lived here for over 20 years, we truly believe there is no place more magical to spend the holidays. We wanted to send you a list of our favorite holiday shopping as well as highlight some new offerings coming to The Valley this winter.
Shopping locally is a great way to support our community and spread holiday cheer. Here are some of our go-to’s for the people on our list:
The outdoor enthusiast – We love Ute Mountaineer for back country kits and winter accessories. This is also a great resource for getting outfitted for an Aspen hut trip, which we love to do at least once a year!
For those stylish kiddos – We love Ro + Fern. They have a great combination of both special occasion items and locally branded gear if you want a stylish souvenir. They now have locations on both Hopkins Street in Aspen and in Snowmass Base Village.
Aspen is known for great cuisine, and there is no better way to someone’s heart, or stomach, than a delicious meal. Consider a gift card to some of our locally owned favorites such as Kenichi, Meat and Cheese, or Bosq (or any of the new restaurants highlighted below).
Aspen is also known for high fashion. Consider a trip to Pitkin County Dry Goods, Perch, or Marcus to support locally owned businesses and to find your favorite brands.
And for anyone in town this coming weekend, The Collective Snowmass will be hosting a Winter Holiday Market with local artisans including handmade pottery, jewelry, snacks, and even dog treats!
While some of the tried-and-true local spots have closed in the last year, we are welcoming some new restaurants on to the food scene.
PARC Aspen will take over the L’Hostaria space and will feature a farm to table menu and strive to tap into the local appeal that filled this underground space.
A collaboration between DJ Cedric Gervais and Wei Chen, the former chef at Nakazawa Aspen, the former 7908 space found on the Hyman Avenue Walking Mall will be replaced by two new establishments: Madam Ushi and Gala. Madam Ushi will be a Japanese steakhouse featuring a unique menu and Gala will be open to the public after for drinks and late-night dancing.
Those delicious empanadas that we thought were only available at the Saturday Farmer’s Market in the Summer will now be available in the winter as well. The Whole Empanada has taken over the Red Fox Yogurt outdoor space on the Hyman Avenue Walking Mall!
Because Mawa’s Kitchen was not enough, local chef and restaurateur Mawa McQueen has expanded into the former Mix6 space in Snowmass and opened Mawita’s. Mawa is also set to release her first self-published cookbook called “Mawa’s Way” if you are looking for last minute gifts for your foodie friends.
And for those willing to make the trek “Down Valley” you will find your reward in the new restaurant Hominy Southern Kitchen that took over the old Bella Mia space. With the motto, “We Believe that good food is the staple to any great gathering”, Michelin star award winning Chef Jacob Burkhardt opened this new locals favorite featuring local and seasonal ingredients.
The overall economy and the return to a more normal seasonal economy in our neck of the woods has prompted most of our clients to ask what we are seeing in the real estate market. I think the best answer we can give is to not look at the Aspen/Snowmass market holistically and focus on the different sectors within our community. The seller buyer dynamics for a two bedroom condo in Snowmass look very different than a $20 million plus home in Aspen. We have noted some trends that we see in the year end analysis of market statistics below. We always welcome having a more individual discussion with you about what your real estate needs are currently. Whether you are considering selling, buying or renting, we would love to help guide you in that decision.
ASPEN SINGLE FAMILY MARKET –
The number of single family homes sold in 2022 vs. 2021 was down from 120 to 71. Even with a 40% reduction in the number of transactions, the overall sales dollar volume was only down by $225,000,000. The average sales price went from $12,815,054 in 2021 to $18,477,140 in 2022. The increase in average sales price, and the smaller drop in dollar volume as opposed to number of transactions can be attributed to 14 home sales for over $30,000,000 since the beginning of 2022.
SNOWMASS VILLAGE SINGLE FAMILY MARKET –
Snowmass saw a similar reduction in the number of transactions which decreased from 71 single family home sales in 2021 to 33 in 2022. It continues to be a challenge to find stand out homes in the Snowmass market and there are currently only 17 active single family homes listed in the mls.
The condo market in Aspen also saw a significant dip in the number of transactions in 2022. There were 235 condo sales in 2021 and only 112 in 2022, so about 50% reduction. However, the average condo price increased from $3,072,322 in 2021 to $4,550,455 in 2022. Aspen has now finalized their STR regulations. That question mark was a concern for many condo buyers over the past year since the dialogue began. It has lended an air of certainty to what homeowners can expect going forward, and it will be interesting to see how the value of condos located within the lodging zone will be affected.
SNOWMASS VILLAGE CONDO MARKET –
There was also about a 50% dip in the number of condominium sales in Snowmass Village from 2021 to 2022. While the average price of a condominium in Snowmass has increased from $1,418,283 to $2,125,247, we are seeing buyers more reluctant to pay incremental increases in purchase price over the last “apple to apple” sale. The introduction of the Aura project, and the Cirque at Viceroy project which debuted this week will offer exciting new options from 2-5 bedrooms with prime ski access for buyers. We are happy to provide more information on these projects and give you a tour when you are in town.
As always, we are excited to see you in Aspen/Snowmass and are looking forward to enjoying ski season 2022/2023. See you on the slopes!
