Rich's Corner
Downvalley Real Estate Sales Outpacing Upvalley
Philip Armour
The Aspen Daily News Staff
Aspen, CO, June 4, 2007
Local property inventory continues steady slide
The average price per unit may be higher in Pitkin County, but Garfield County real estate sales outpaced sales in Piktin by unit volume for the month of April, according to a study released by the Land Title Guarantee Company.
The average unit price in Garfield County was $403,361 in April, based on 244 units sold for a total of $98.4 million. The average unit price in Pitkin County was $1.3 million that month based on 148 units sold for a total of $199.6 million. Incidentally, that makes a total of $17.8 million in agent commissions per sale for the 392 units that changed hands in the two counties in April -- an average of $22,811 per sale for each buying and selling agent.
Additionally, the previously steady trend of dollar volume from house sales in Pitkin and Garfield counties far outpacing the sales for previous years is slowing down. In fact, April 2007 was the first month in at least five months to show Pitkin County sales figures smaller than the corresponding month from a year earlier. While the sales figures in Pitkin County from late 2006 and early 2007 have been outpacing the sales figures from 2005 and 2006, they've been steadily coming down to earth after having been in the stratosphere. This trend coincides with the decrease from 2006 to 2007 in the total number of units sold.
"There's no way we could continue at the pace we've been at. Even in a strong market, I wouldn't expect these numbers to continue," real estate agent Rich Wagar said Monday. "The inventory is steadily decreasing. There's less to choose from. Those winter storms really affected business and real estate, too. People didn't reschedule for second visits. And the airport being closed ..."
Farther downvalley, real estate sales in the Carbondale portions of Pitkin and Garfield counties are also outpacing the real estate sales of the Basalt and El Jebel portions of Eagle County, according to Land Title Guarantee Company. Mirroring the Garfield/Pitkin situation, the Carbondale area saw a larger volume of units sold, while Basalt and El Jebel had higher average unit prices.
The average unit price in Carbondale was $574,063 in April based on 57 units sold for a total of $32.7 million. The average unit price in the Eagle County portion of Basalt and El Jebel was $732,577 in April based on 18 units sold for a total of $13.1 million.
"There's more inventory for sale downvalley, and relatively speaking, the price point is more favorable. That changes people's perception. Just this year, Missouri Heights (above Basalt) became a reasonable commute to Aspen. The price point changed the psychology and now people are calling it the Starwood of downvalley."
"People say, 'Hey the new highway is fast, and I don't ski as much as I used to,' so they're looking farther away," said Wagar.
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What is up at Willits?
Paul Andersen
The Aspen Times Staff Writer
Aspen, CO, June 11 2007
When I read last week that Whole Foods had upped the development ante for opening a high-end market at Willits, something grated in me. Since when does a vaunted retailer dictate growth trends for a community?
Another question plagued me more: Would the developers of Willits use Whole Foods as a lever to force more urban-scale development down the throat of the midvalley? Naaaa. Nobody would stoop so low or be so desperate. Still, I contacted Whole Foods and asked a few questions.
First, I read about Whole Foods on its website and discovered a company that promotes the image of corporate and retail integrity - not only regarding healthy food, but with sensitivity for the communities where it opens markets.
Elsewhere, I discovered that Whole Foods is being criticized for its efforts to acquire Wild Oats (there's a federal antitrust suit pending) and for not taking full advantage of local farmers, but instead flying in food from the other side of the globe.
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Food & Wine Magazine Classic in Aspen |
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Six More Months for Downtown Moratorium
Curtis Wackerle
The Aspen Daily News
Aspen, CO, June 6, 2007
Commercial mix and historic interiors are focus of moratorium
A moratorium intended to keep downtown Aspen businesses from converting to more high-end uses was extended for six more months at Monday's City Council meeting.
The moratorium, passed in December 2006 as news broke that the Red Onion would be closing its doors, prevents any remodel of downtown commercial space in a way that changes the type of business that would exist in that space. The moratorium was also established to explore the concept of creating a system to place historic designation on cherished interior furnishings inside businesses.
But when Red Onion building owners Ron Garfield and Andy Hecht told City Council in January that their plans to put a new restaurant in the space would be upended by the moratorium, the council exempted the Red Onion from the moratorium based on an agreement that Garfield and Hecht would keep the Red Onion a restaurant and would preserve the more historic elements of the old pub.
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Shael Johnson
Shael brings the knowledge and experience of a successful career in the securities industry to the team at Rich Wagar Associates. Her additional knowledge and experience in the local real estate market and wonderful residency in the beautiful town of Aspen since 1977 uniquely qualifies her to enable you to realize your dream of owning Aspen real estate.
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