April 2010

Meanwhile/...Ranch Adds New Equestrian Facility

Meanwhile/...Ranch Adds New Equestrian Facility

After suffering from high-wind damage, the decades old aluminium indoor roping arena has finally been replaced with a new 7,500 equestrian facility.  12 private stalls, hay storage, office, bathroom and tack room.

Irreplaceable Meanwhile/...Ranch  -  $27,500,000

Photography by Gary Feldman

Posted by gary on April 30, 2010 in
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Land Title's March, 2010 Summary of Pitkin County Property Sales

Land Title's March, 2010 Summary of Pitkin County Property Sales
Summary for the month of March
  • $103,247,244 total dollar volume, up 120% from March 2009
  • 84 total transactions, an increase of 105% from March 2009
  • Year to date, through March, dollar volume totals $207,733,603 – a decrease of 23% from the same time period last year
  • Through March, transactions total 179, a decrease of 7.25% from the same time last year
  • Aspen led the county with 31 transactions, interval sales totaled 14, Snowmass Village reported 13, Basalt reported 4, Old Snowmass reported 3, the remaining 19 transactions were quit claim deeds with an associated document fee
  • Aspen’s total dollar volume was $52.37 million, Snowmass Village reported $38.26 million, Old Snowmass $6.587 million, Basalt $3.275 million, Intervals $2.642 million, the remaining $117,912 were quit claim deeds
  • There were two notable residential sales for the month, both in Snowmass – one for $10 million and another for $9.04 million
  • There were no sales in the month of March with a bank listed as the grantor, there have been 2 thus far in 2010
  • The average single family sold price through the month of March is $3,712,121, a decrease of 24% from full year 2009
  • The median single family sold price through the month of March is $4,100,000, an increase of 30% from full year 2009
    • Please see page 4 of the PDF for additional information by specific area of the county
  • Interval dollar volume totaled $2.642 million, a decrease of 81% from March 2009
  • Interval transactions totaled 14, a decrease of 39% from March 2009
  • Hyatt Grand Aspen led with $918,000, followed by Timbers with $705,000, Ritz Carlton reported $470,000, St. Regis $350,000, and Sanctuary $199,000
  • Hyatt led transactions with 6, Ritz Carlton reported 4, Timbers had 2, St. Regis and Sanctuary rounded out the total, each reporting 1
  • Through March, interval dollars total $18,643,975, a decrease of 84% from the same time period last year
  • Though March, interval transactions total 37, a decrease of 68% from the same time period last year
    • Recall that in early 2009 there was a lot of activity with both The Residences at Little Nell and Dancing Bear.  Through March of last year, the Nell had a total of 67 transactions and Dancing Bear had 25
Posted by gary on April 30, 2010 in
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Yesterday.....Spring,Today.......Winter

Yesterday.....Spring,Today.......Winter

At least a foot of heavy, wet snow blanketed Aspen overnight and continued all througout today as a potent winter storm blasted the Aspen area.  It's no wonder that as many locals as possible travel to the beaches in late April and May.

Photography by Gary Feldman

Posted by gary on April 29, 2010 in
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Hotel Closures This Spring in Aspen

Hotel Closures This Spring in Aspen

According to the Aspen Chamber of Commerce, the following hotels will be closed this off-season:

Aspen Mountain Lodge: April 11 - May 21

Chalet Lisl: April 11 - June 23

Gant: April 12 - May 20

Hearthstone House: April 13 - June 1

Hotel Aspen: April 12 - May 26

Hotel Durant: April 12 - May 19

Hotel Jerome: April 19 - May 7

Hotel Lenado: April 12 - May 28

Independence Square: April 12 - May 28

Limelight: April 12 - April 26

Little Nell: April 12 - April 30

Prospector: May 12 - May 16

Shadow Mountain Lodge: April 12 - May 15

Posted by gary on April 23, 2010 in
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Aspen Skiing Company Buys the Limelight Lodge For $38,000,000

Aspen Skiing Company Buys the Limelight Lodge For $38,000,000

The Aspen Skiing Company became the new owner of the 126 room Limelight Lodge last week.  Purchase price was $37,925,000.

The Limelight Lodge, located across from Wagner Park, has been an Aspen fixture for decades.

Skico will continue to operate the property as a lodge.

Photography by Taylor J Feldman

 

Posted by gary on April 19, 2010 in
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Significant Aspen Real Estate Closings - April 7 through April 14, 2010

Significant Aspen Real Estate Closings - April 7 through April 14, 2010

Red Mountain Ranch, Lot 2, Block 2

Aspen

$9,450,000

Ute Place, Lot 2

Aspen

$7,500,000

City of Aspen, Lot P, Block 50

Aspen

$4,350,000

Aspen Alps, Unit 11

Aspen

$1,500,000

Residences at the Little Nell, Unit F407

Aspen

$1,500,000

Durant, Unit 302, Building B

Aspen

$1,466,500

Residences at the Little Nell, Unit F200

Aspen

$1,200,000

Photography by Gary Feldman

 

Posted by gary on April 19, 2010 in
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SkiCo Closes on Limelight

SkiCo Closes on Limelight

The Aspen Skiing Co. closed on the purchase of the Limelight Lodge from the Paas family on Tuesday and announced the hiring of a new general manager to run the 126-room hotel.  Public documents disclosing the purchase price of the hotel had not been filed as of Tuesday afternoon.

SkiCo has tapped Richard Stettner to be the new GM. Stettner is currently the resort manager with Exclusive Resorts in Denver, where he manages operations for 103 vacation residences in warm-weather destinations including South Carolina, Georgia, Costa Rica and Mexico. He previously worked for Four Seasons Hotels in management roles in Boston, Las Vegas and Palm Beach, Fla. He is a New Hampshire native.

The Limelight is closing for two weeks while SkiCo installs new front office software and does some maintenance work. The property will reopen on April 26 with Stettner at the helm.  SkiCo is bringing back 25 current Limelight employees, Cherrett said, representing about 97 percent of the folks who wanted to stay on. He added that members of the younger generation of the Paas family will stay on in their management roles.

The Limelight represents SkiCo's only moderately priced hotel property. The company also owns the Little Nell and the Snowmass Club and manages the Residences at Little Nell.  Cherrett said that the company never intended to buy the hotel, but when the opportunity arose, the company took it, recognizing the need in the market for midpriced lodging.

Cherrett had high praise on Tuesday for the Paas family and the business they have built and run in Aspen. The current staff exemplifies "innkeeping," Cherrett said.  "The Paas family did a beautiful job designing the hotel," Cherrett said, calling the Limelight the culmination of all their years in the hotel business. He praised such aspects as the complimentary breakfast and on-site laundry facilities for guests. "It's a smart design. It's a great little property."

Cherrett said the closing was emotional and respectful.  "This wasn't just a business transaction. This was their dream," he said of the Paas family. "We've been very sensitive to the importance of this hotel emotionally ... . I told Dale [Paas] today that it was always going to be his hotel, no matter who owns it."

Posted by Lauren on April 14, 2010 in
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Saturday Farmer's Market Expanded

Saturday Farmer's Market Expanded

The Aspen City Council unanimously approved a plan to expand the Saturday farmer's market to a third block.

The market will take over the 500 block of East Hyman Avenue when it kicks off in June. The market had previously occupied the 500 block of East Hopkins Avenue and the 200 block of South Hunter Street. Now with the Hyman addition, the market will form a  "U" shape instead of an "L." The market currently has about 65 booths. Closing off the street to car traffic and adding the extra block should add about 20 booths to the market and allow for more space in between booths.  There is currently a waiting list of vendors who want to participate in the market.

With the expansion of the market, the Aspen Commercial Core and Lodging Commission, which oversees the market, is adding additional booths that will be used each week by a different ACRA business or a nonprofit. There will now be two booths for local businesses and two booths for nonprofits.

The market requires that Hopkins Avenue between Galena and Hunter streets be closed to foot traffic, as well as one block of Hunter Street and now Hyman Avenue between Hunter and Galena streets.  The move will be considered a trial run to make sure extending the market onto the 500 block of East Hyman Avenue doesn't harm businesses along that stretch.

The market runs Saturdays from mid-June to mid-October.

Posted by Lauren on April 13, 2010 in
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