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| Rich's Corner |
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"Faces" of
Aspen Will Be Changing
Anywhere
from 8 to 12 Aspen commercial
properties will be
changing their "faces" in the near future.
The most notable properties of this group being the
Hotel Jerome, the Motherlode, the Boomerang, the
Chart House, Aspen Manor, and La Cocina.
Why so many at once? I believe it is a simple economics.
Since I began working in the Aspen Real Estate world
in 1970 I've noticed that every
up-pricing cycle has produced similar results.
The new level of pricing each 10-12 years allows
the next successive generation of Aspen to retire,
cash in their chips and be rewarded for years of
hard work, as well they should. It also allows "more
economic room" for the existing owner to be
rewarded for the values of new improvements.
The higher economic level requires higher income for the owners gained through higher rents, the sale
of residential units or the redevelopment of the
lodge units.
The majority of the lodges will have residential
components and many of the "old" restaurants
will now have penthouses on the top floor.
The penthouses have sold at over $2,000 per square
foot and the new penthouses are priced according.
Call me today, if you know anyone interested in a penthouse
residence in the core of Aspen. The new hottest
commodity in Aspen real estate.
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Aspen
Leads the Country in More Ways Than One |
With kindest regards,
I am Sincerely Yours,
Rich Wagar
P.S. How many more up cycles for me? Hopefully one more, but probably two.
That means that I will be selling to your kid's grandchildren.
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Downtown real estate deals in the making?
One building has sold for $3.8 million
By Janet Urquhart
August 4, 2005
The sale of one downtown building closed Monday and other deals are reportedly in the making in Aspen's hot real estate market.
Pitkin County real estate sales are on a record pace, topping the $1 billion
mark by the end of June, but it's not just houses that are attracting attention.
The
Duvike Building on the Hyman Avenue mall sold for $3.8 million, according to
documents filed Monday in the Pitkin County Clerk and Recorders Office.
Two other
downtown buildings are rumored to be under contract, though players in the deals
are declining to comment.
Read complete Aspen
Times article »
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Upcoming Events
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| September
2005 |
| 2-5 |
Jazz Aspen Snowmass Labor Day Festival presented by Janus - Snowmass |
| 4 |
Blue
Grass Sundays Aspen Mountain |
| 10 |
Octoberfest
Snowmass Village |
| 16-18 |
Snowmass
Balloon Festival |
| 17 |
Maroon
Bells Festival of Color - Aspen Highlands |
| 29 |
4th
Annual Aspen Cocktail Classic |
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Katrina |
The best to all of my friends on the Southern coast. My thoughts are with you. When time allows please let me know how you are doing.
Rich |
| Free Property
Evaluation |
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Quarterly Market Report |
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The PDF file requires Adobe Acrobat for viewing.
2005
1st Quarter
Market Report
In
The News:
The end of an era,
La Co to close
By
Janet Urquhart August 17, 2005
Aspen Times
La
Cocina - an Aspen dining institution - is poised
to close its doors for the last time next month.
Owners
Nick and Sarah Lebby, who have run the popular
restaurant for more than three decades, have
reached a deal to sell the Hopkins Avenue property
for an undisclosed sum to a group of investors
headed by Syzygy owner Walt Harris, Nick Lebby
confirmed Tuesday.
While the transaction won't
be a done deal until late September, the Lebbys
say they're confident the sale will close.
The Lebbys opened La Co in 1972, leasing a tiny building that once housed The House of Lum, a tiny Chinese eatery, followed by a long-forgotten establishment that briefly occupied the space.
La Cocina expanded over the years but retained the friendly touch that earned
its reputation as a locals' place. Nick greets regulars by name, and it's not
unusual for the house to buy a round of margaritas or a dessert for the table.
Sarah has long been responsible for the homemade hot fudge and caramel sauce
for the restaurant's sundaes, not to mention the chocolate velvet, another heavenly
La Co dessert option.
As word spreads of the restaurant's anticipated closure,
she has been pestered for the recipes for both the chocolate velvet and her
ever-popular mango spacho soup.
Nothing in particular is driving the decision
to sell the property at this point other than that it feels like as good a time
as any, according to the Lebbys, whose daughters, Erin and Nicole, have also
been involved in the restaurant's operation. They also have a son, Josh.
Read
complete
Aspen Times article
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