The Aspen Buzz

The Aspen Buzz – October 2015

OCTOBER 2015

Winter is on it’s way! The Maroon Bells gets their first dusting of snow.
Get Ready for a big snow year!
Record snowfall predicted for upcoming season
Dear Clients & Friends,
Excitement for the 2015-16 ski season is in the air after our first snowfall of the season dumped almost 8 inches on the high peaks last week and locals are chomping at the bit for the lifts to start running and for ski season to make it’s official start.
Meteorologists are predicting a huge snow year (see story and chart below), with above average snowfall expected, so expectations are running high for a great ski season (though after skiing in Aspen since I was a kid, I can’t ever recall a bad one).
Book with us now for your winter holidays, or call us to lease out your home if you wish to stay in the warm climes!
Think snow!
My best regards,
Lorrie B. Winnerman
Lorrie B. Aspen Inc.
600 E. Hopkins, Suite 305
Aspen, CO 81611

Opening Day Coming Soon!
Aspen/Snowmass opens November 26
Time to get those skis and snowboards out of the garage, dust ’em off and get them tuned up and ready to rip! The official season opener kicks off on Thanksgiving Day, Thursday, November 26. Hit the slopes for an action-packed opening weekend filled with races, concerts and competitions. Gondola rides begin at 9 a.m., so get out there and burn some calories before settling in for your Thanksgiving feast. Predictions are calling for a big snow year with above-average snowfall early season through New Year’s, then mildly above average, and huge again. Bottom line: It’s going to be a great ski season!
Rendering of Mark Hunt’s proposed Base2 Project
The Lorrie “Bee” Buzz
The inside line on Aspen Real Estate
Commercial real estate in downtown Aspen is more active than ever and creating much controversy between developers and City Council as various projects become a divisive topic among Aspen voters. Namely, Mark Hunt’s Base2 project and plans for a more affordable hotel (which is desperately needed) has stirred the pot as some locals fear any kind of change. It’s what I like to call “The No Change Crowd,” people who make decisions based on fear and ignorance. Let’s look at the facts and what we’ve learned from past controversial developments that ended up being a change for the better:
Paradise Cookie Corner: Now an Aspen favorite, th is site was once a gas station. (Sound familiar?) When the new “huge” building was approved, the familiar citizens went crazy, and even staged a “sit-in.” Somehow, the City Council ignored their plea and allowed the new building to go forward. Now it’s a central gathering place and one of the most popular spots in town.
The very large building now on the corner of Hunter and Hyman: Developers
submitted to incorporate about half of that footage to the two lots housing Little
Annie’s and the Benton building. But the “No Changers” said no way–they must
be preserved forever. The City Hall caved. Sooooo, all the buildable square footage that should have b een on that 6,000 square feet lot got moved to one corner building, which is a giant eyesore. Had they agreed to the original proposal, we would have ended up with a much better alternative to the monstrosity that is there today.
Boogie’s: Many locals protested the removal of the old bowling alley and Shaft Barbeque joint and lamented the “Boggification” of Aspen. Somehow, the city ignored that one. Boogie’s got built and many locals hated it–until they started to love it. Now everyone is sad to see it go.
There WILL be a building on the corner of Main Street and Monarch. The gas station will be removed, eliminating approximately 200 car visits per day (according to the experts). That’s great! The vibrancy of a hip, small lodge to entice the Millennials will revitalize the downtown and attract people who are the young age many of us were when we came to this wonderful place. The average age In town is getting pretty old, folks. Let’s bring some vitality and fun to that corner. The location is also good for all the businesses on the block, including the Pharmacy.
The other option (according to zoning) is a building very similar in exterior size, but i t will be just another commercial building. The difference is that in a commercial building, you can remove one interior floor to “cut out” the bigger floor area ratio (FAR). The building’s mass and scale will be very similar. Zoning is really difficult to understand.
I hope this helps you decide if we should get some young, hip kids back to town, or just get another boring group of stores!! Being a “No Changer” is seldom good for an evolving town.
THIS MONTH IN SALES ….
The numbers don’t lie. Record-breaking sale prices in October:
250 Willoughby Way: A 9,196 square foot new build on lower Red Mountain, sold prior to completion. Buyer to complete. Sold for $26,723,822.47 or $2,906.06 per square foot. For the MLS detail, please click here.
205 S. Galena #13: A 715 square foot condo in the Brand Building that sold for $2,375,000 or $3,321.68 per square foot. For the MLS detail, please click here.
219 N. Monarch: A 2,308 square foot home on a 9,000 square foot corner lot in the near West End to be redeveloped. Sold for $7,400,000 or $3,206.24 per square foot. For the MLS detail, please click here.
BEST BUYS
The hottest properties on the market today

One Aspen (TBD S. Aspen Street): Group of fourteen townhomes on Aspen Mountain near Lift 1A. 4,848 square feet from $8,500,000 and up. This may be the last residential built on Aspen Mountain forever. Call me about this one. For the MLS detail, please click here.
Maroon Creek Club (75 N. Willow Court): Single-family home of 8,402 square feet listed at $7,645,000 or $909.90 per square foot. For the MLS detail, please click here.


David Burke Kitchen Aspen to open this winter on the rooftop above Galena and West Hopkins.
A Taste of the Town
Three new restaurants to open this winter!
El Rincon (formerly the Cantina) has closed and will reopen with new management and a new menu featuring traditional Mexican food with some contemporary blend. The long-awaited David Burke Kitchen Aspen is really, truly, scheduled to open this winter above Theory and Lululemon, featuring fresh local and refined food that is also hearty and rustic. We can’t wait! The Cooking School of Aspen is being brought back to life by Head Chef Barclay Dodge, and owner Rob Itner of Rustique. Cooking classes, demonstrations, private events, and celebrity chef appearances will make this a new Aspen culinary institution. Bobby Flay and Mario Batali are already scheduled to make appearances for summer, 2016!
Events Calendar
The winter season kicks off with World Cup Skiing, snow polo, and so much more.
The Women’s FIS World Cup tour returns to Aspen for some serious racing action.
The Aspen Santa Fe Ballet w inter performance season kicks off with the Nutcracker on December 12, an Aspen holiday tradition. Tickets on sale starting Oct. 22nd . Be sure to check out m ovies at the Aspen Art Museum, showing Where the Wild Things Are on October 30 and Adaptation on November 20 . The fastest women in the world will be racing on Aspen Mountain November 28-29 for Aspen Winternational, a can’t-miss ski season opener celebration. Join the locals on top of Aspen Mountain for Summit for Life, a weekend celebration of life benefitting the Chris Klug Foundation, December 4-5 . Witness the Sport of Kings at the World Snow Polo Championship. Downtown comes alive during the 12 Days of Aspen with a variety of FREE holiday activities, special treats and of course a visit from Santa Claus. Check out live music from the Psychedelic Furs, Cheap Trick, Macy Gray and more at the Belly Up all season long. The Grand Re-Opening of the Wheeler Opera House happens December 19 featuring Jukebox. Winterskol, Aspen’s Annual “toast to winter,” is held January 14 – January 17 with fireworks, ice sculpting competition, and so much more. The Ski & Snowboard Hall of Fame banquet will be held January 16 at the Hotel Jerome,
Up in the Air
More flights flying into Aspen Airport (ASE) for 2015-16 Season

We are happy to report that American, Delta & United have all added or expanded nonstop flights into the Aspen/Pitkin County Airport (ASE). American added new daily nonstop flights from Chicago/O’Hare (ORD) plus a third daily from Dallas/Ft. Worth (DFW) over the holidays, in addition to Los Angeles (LAX) daily. Delta has also expanded their service from Minneapolis/St. Paul (MSP) with up to 5 flights per week through the holidays and 2 times per week in February and March, in addition to Atlanta (ATL) daily. United has added more nonstop flights at peak times from Chicago (up to 5 times daily), Houston (up to 4 times daily), LAX (up to 5 times daily) & SFO (up to 3 times daily), in addition to their robust schedules from Denver (DIA) with up to 11 times daily.
Altogether, these three airlines offer nonstop flights from eight cities with a minimum of 161 total flights per week in January to as many as 218 total flights per week over the holidays – far more than ever before!
The State of the Economy
A few reasons why now is a good time to put your money into real estate:
I attended the Mountain & Western Slope Real Estate Summit sponsored by Denver University School of Business on October 2 and learned some interesting info.
* The Largest pension funds in the U.S. started to invest in Real Estate Investment Trusts (REIT) diversifying from bonds.
* Portfolio buyers dominate trades so real estate prices will rise
* Stocks bust and real estate prices rise.
* Cap rates (London is at 2% and New York 4%), which makes buying in the US look like a bargain. Include Aspen in this scenario.
* New world market: Skico is looking to Australia, Brazil, Latin America and England for visitors this ski season. PLUS increasing summer activities to bring more visitors to Aspen.
* Aspen Skiing Company and other businesses making concerted effort to entice the Millennials and GenX-ers to our resort.
* Demography trends: 45-65 year olds are earning the highest incomes. Baby Boomers are the top demographic looking for second homes (go, Aspen).
It’s All About The Numbers: The Real Estate Report
The market is pretty nuts right now …
ASPEN SINGLE FAMILY HOMES SOLD BY DOLLAR VOLUME YTD 2015 vs. YTD 2014:
$0 – $2,000,000: 3 for $ 1,102,500 vs. 9 for $ 8,810,000
$2,000,001 – $4,000,000: 16 for $ 49,155,644 vs. 21 for $ 59,652,000
$4,000,001 – $6,000,000: 27 for $126,220,500 vs. 18 for $ 84,545,500
$6,000,001 – $8,000,000: 12 for $ 79,870,000 vs. 17 for $112,947,000
$8,000,001 – $10,000,000: 10 for $ 86,176,500 vs. 7 for $ 55,475,000
Over $10,000,001: 22 for $303,503,833 vs. 15 for $211,692,886
Total: 90 for $646,028,677 vs. 87 for $533,122,386
ASPEN CONDOS & TOWNHOMES SOLD BY DOLLAR VOLUME YTD 2015 vs. YTD 2014:
$0 – $2,000,000: 108 for $ 99,182,328 vs. 81 for $ 70,221,100
$2,000,001 – $4,000,000: 27 for $ 75,386,000 vs. 28 for $ 81,637,726
$4,000,001 – $6,000,000: 15 for $ 69,467,500 vs. 14 for $ 64,900,000
$6,000,001 – $8,000,000: 3 for $ 20,150,000 vs. 1 for $ 5,760,000
$8,000,001 – $10,000,000: 1 for $ 7,700,000 vs. 0 for $ 0
Over $10,000,001: 2 for $ 22,247,000 vs. 2 for $ 27,500,000
Total: 156 for $294,132,828 vs. 126 for $250,018,826
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