Aspen and Snowmass Village Real Estate Market Update 

Aspen/Snowmass real estate values continue to be strong. While inventory levels nationally are
increasing and prices falling, the trend is opposite in the Roaring Fork Valley. The 1st quarter 2007, January through March, Pitkin County sales hit $759M or 63% higher than the same period last year.  

At the same time, the number of transactions fell from 503 last year to 311 this year, a 38% decline.In short… dollars up, transactions down equates to low inventory and high demand.  

Why is the Roaring Fork Valley defying the national housing slump?  

*Boomers retire and head west: newly retired, aged 55-64, elderly in good health, with high education and income levels, are seeking active and high quality living environments. This age bracket is most likely to purchase second homes. And an increasing number of those second-home owners are making the area their permanent home. 

*The Rocky Mountain region (5 states: Idaho, Montana, Utah, Colorado, Wyoming) is the fastest growing area in the country referred to as the “third coast” by demographers. 

*People are flooding to areas surrounded by public lands - National Forests, National Parks, and BLM. Aspen/Snowmass is surrounded by 92% public and/or lands in some form of protected, conservation status. 

*Exurbia: A huge population migration to “exurbia”, semi-rural areas. 

*The “environment” has become the key economic asset. There is a direct economic upside to property values in controlling growth. For 30 years, Pitkin County has been on the leading edge of implementing restrictive land use codes and zoning regulations to limit and manage growth. 

*High end real estate resilience: Wealthy buyers are buffered by market volatility.  

If one is concerned about market timing,remember this: those who have sat on the sidelines waiting for a market correction have basically spent their lifetime regretting that indecision. At any time, this market has consistently presented ‘sticker shock’ to new buyers. And though history is no indicator of future results, once one steps over the pricing hurdle and plans on at least a 3-5 year horizon, boldness here has almost always been consistently rewarded. 

Basalt Real Estate Market Update 

It’s no secret that Basalt is one of the most desirable areas to live in the Roaring Fork Valley. Basalt is graced with a nostalgic Victorian charm where neighbors say ‘hello’, kids play in the park at the Old Train Depot, and visitors come from miles around for an all-inclusive mountain experience. From the small fashion boutiques, galleries and restaurants, to recreational activities including acclaimed gold medal fly-fishing, hiking, biking or boating at Ruedi Reservoir… this is a place where everyone wants to be.  

If you are interested in buying a second home or relocating here, Basalt has a ton to offer! Just over one year ago, locals and new homebuyers weren’t surprised to see home values reach the million dollar mark given the proximity to Aspen and amenities of this quaint town. Today, two single-family homes are on the market under $500,000; four homes between $500,000 and $1,000,000; and 43 homes over $1,000,000! Neighbor-friendly Willits has also seen appreciation, and the build-out is introducing new eateries and shops, with much more on the way. Concerned with infrastructure and growth, the town of Basalt has intensified regulating new developments which further bolster values. Stop by our Basalt office on Midland Avenue, we’d love to show you the spirit of Basalt. 

With single family homes in Basalt now in the millions, Basalt values continue to appreciate. With a mix of tighter regulations, tourism, charm and the promise of Whole Foods in Willits, value in the Basalt real estate market will only increase. There is no better place to invest for the long term. 

Carbondale Real Estate Market Update 

The concept of “mixed use” is dominating the commercial landscape as the demand for practical building sites is rapidly diminishing in the lower mid valley. As a result, prudent investors are speculating on opportunities to upgrade older properties with the intent to capitalize on the area’s pending growth dynamic. Maximizing the “best use” of buildable square footage requires discipline and foresight. 

The motivation is to obtain the best mix of residential and commercial product in a desirable, compatible setting while trying to preserve the local architecture and character of the community. Areas such as downtown Carbondale are perfect venues where one can embrace the live, work, and play concept.  

Pent up demand for reasonably priced residential housing has created and, is in part, a driving force behind the need for commercial mixed-use product locally. Today, many new projects are in the planning process in anticipation of future growth projections, the expansion of Highway 133, and discussions of the impending design of the Market Place development.