Many thought it would be hard to compare 2007 to the record breaking year of 2006 real estate sales in the Roaring Fork Valley, but 2007 year-end statistics were only just slightly different. Reported through the Aspen Board of Realtors, 2007 has still been a record breaking year totaling close to $2.5 billion in sold volume in Pitkin County, and $1.23 billion in Garfield County. The total number of transactions in 2007 was down close to 25% compared to 2006 in Pitkin County, but the median price of a single family residence increased significantly. The market has been booming in Garfield County with a surge of new development, specifically of townhomes and condominiums and the county has reached an all time high with an increase of total sales volume up 15%.

The average price per square foot in the Valley has increased anywhere from 60% in Woody Creek to 80% in Basalt where the average price per square foot in the first quarter of 2007 was $380 compared to the first quarter in 2008 at $480 per square foot. Carbondale has been holding its own and is up almost 70% this year compared to the first quarter of 2007 with the current average price per square foot at $390! What these figures indicate and what the National Association of Realtors predicts for the future of real estate here in the valley is that sales will be fairly steady through 2008 and improve at the end of the year and continuing into 2009.

Further up valley the price per square foot has increased close to 75%. The new Base Village in Snowmass is playing a major role in these increased figures. With over 12 brand new buildings being constructed over a span of 80-acres at the base of Snowmass Mountain and over the next 6-10 years we don’t expect Snowmass numbers to decline. In the first phase of construction full ownership units are being sold at over $2,000 a square foot!

THE NEW SNOWMASS

WHO’S WHO IN 2008? 

	Click map to see larger picture.

The current Snowmass Base Village developer Related WestPac is a joint venture partnership of Related Companies (a prominent, private real estate development company with major developments in Miami, Los Angeles, San Francisco, Chicago, Boston and New York, including the Time Warner Center) and WestPac Investments, LLC (a privately held investment and development company with projects in five western states and co-developer of The Residences at The Little Nell).  Aspen Skiing Company remains involved in the long-term operation and management of Snowmass Mountain, as well as the Treehouse and commercial spaces for lift ticket sales, retail and rental facilities.  Aspen/Snowmass Hospitality (a division of Aspen Skiing Company) will be responsible for hotel and residential property management. 

TREEHOUSE ADVENTURE CENTER

It’s touted as the new height of family adventure.  A new 25,000 square foot, $17 million facility dedicated to making snow sliding a fun easy going experience for kids from age 8 months and up.  In addition to Ski & Snowboard School check-in for children’s programs, equipment rental, retail and family après entertainment, the ski-in and ski-out center offers shuttle drop-off and pick-up, short-term parking, easy access to and from the upper village via the Sky Cab gondola, and licensed daycare.

In the Treehouse Adventure Center, for fun and frolic, there is a collection of great themed rooms:

• Butterfly Meadow, a tactile butterfly-themed room for ages 8 weeks to 18 months
• Trout Haven, an aquatic-themed built-in play area for ages 12 months to 2 years
• Beaver Lodge, a forest/beaver-themed built-in play area for toddlers ages 1 to 2
• Fox Den, a nature themed play area with organized play and hands-on activities for ages 2 to 4
• Alpine Climbing Room, a 700-sq. ft. indoor area designed for nature-themed crawling and climbing

As a bonus, the Treehouse will also be available to the local community for birthday parties, special events and other uses.  More fun for everyone.

VICEROY SNOWMASS:  TO ANCHOR THE NEW BASE VILLAGE

The latest addition to the new Snowmass Base Village community is the Viceroy Snowmass, a ski-in, ski-out, 200+ unit condo hotel operated by the Kor Hotel Group of Los Angeles.  Designed to be one of the first LEED-certified silver hotels in North America, the Viceroy will include an approximate 7,000 sp. ft. spa, a fitness center, a year-round swimming pool, conference space, and ski valet facilities.  Groundbreaking was this fall and the opening is slated for early winter 2009 – 2010.  Kor Hotel Group also operates Viceroy Hotels and Santa Monica and Palm Springs, as well as The Tides Hotel in South Beach and Avalon Hotel in Beverly Hills, among other properties.