MARKET REPORT. Insider s Real Estate Guide ANDREW ERNEMANN

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1 the Aspen Snowmass WINTER 9 MARKET REPORT Insider s Real Estate Guide ANDREW ERNEMANN

2 McLAIN FLATS & STARWOOD Want vs. Need TO WOODY CREEK & OLD SNOWMASS It s been a great run for Aspen real estate over the past 7-8 years, and just as the Snowmass Village market seems to be gaining pricing momentum there may be some cracks in the foundation of the local real estate market fundamentals. Over the past + years real estate prices in Aspen have appreciated at about per year a steady pace that has fueled record prices in the downtown Aspen area as well as other desirable locations. 8 Listing inventory levels have dropped significantly in Aspen over the past several years (the current number of listings is + less than ten years ago), while the number of listings has remained relatively flat in Snowmass Village since the last recession. Perhaps the most encouraging statistic over the past few years has been the percentage of listings under contract Aspen and Snowmass Village have both posted under contract percentages in the mid-teens, a strong trend compared to just % or less of all listings under contract on average eight or nine years ago. For a digital copy of this report, visit CONTENTS TO SNOWMASS VILLAGE RED MOUNTAIN The conundrum for Aspen Snowmass real estate is that, much like the global financial markets, there is a healthy amount of good and bad news out there. The mixed signals in the local real estate market (and certainly on a macro-economic level in the U.S. and abroad) has led to some jitters and uncertainty. Digging a little deeper there are some subplots in the local real estate market that aren t so encouraging; 8 brought a slowdown for higher-end single family home sales despite a seemingly upward trending market as of this writing fewer than % of all homes over five million dollars in all of Aspen Snowmass are under contract. ASPEN - All Neighborhoods... ASPEN - Central Core... ASPEN - Red Mountain...8 ASPEN - West End... ASPEN - East Aspen... ASPEN - West Aspen... ASPEN - McLain Flats... 8 WEST END Uncertainty leads to a lack of sales when it comes to purchases that are wants rather than needs and Aspen Snowmass real estate is the epitome of wants versus needs. Hardly anyone needs to own a five million dollar (much less twenty-five million dollar) home in Aspen Snowmass, so with almost one hundred properties on the market listed for over ten million dollars it s important for prospective buyers to feel confidence. Conversely, most Aspen Sellers don t need to sell. SNOWMASS VILLAGE...8 WOODY CREEK... OLD SNOWMASS... About Andrew...Back Cover WEST ASPEN CENTRAL CORE EAST ASPEN The theme for 9 will be just how serious Aspen Snowmass sellers will understand and embrace the fact that the trends are shifting, and today there are a limited number of buyers considering a discretionary purchase in a real estate market that has been pushing upward for several years. Enjoy my latest report! The Aspen Snowmass Market Report is a biannual publication providing an objective view of the Aspen/Snowmass real estate market. Data presented in this publication comes from the Aspen/ Glenwood Springs Multiple Listing Service and is presented in a format intended for Aspen/Snowmass real estate buyers, sellers and professionals. 8 Andrew Ernemann, Broker Associate Past President, Aspen Board of REALTORS All 8 data is as of December, 8. All average annual returns are based on 8 sales.

3 ALL NEIGHBORHOODS COMBINED NUMBER OF SALES & PRICE PER SQUARE FOOT SINGLE FAMILY $, $, $, $, $8 $ $ $ CONDO/TOWNHOME LAND PRICE PER SQ FT ASPEN ALL NEIGHBORHOODS COMBINED $ 9 CURRENTLY 8 9% Years. % 7% % Years Year.%. 8.% % 7% % % % % % $M+ 9 AVERAGE NUMBER OF AVERAGE PERCENT OF $.M $, 8 HIGHEST SALE PRICE 8 HIGHEST $/SF SALE $M-$M $M-$M 8 7 $.M $,88 8 AVERAGE SALE PRICE 8 AVERAGE $/SF SALE <$M ALL STATISTICS AS OF //8

4 CENTRAL CORE NUMBER OF SALES & PRICE PER SQUARE FOOT $, 8 $,8 $, $, $, $, 8 $8 $ $ $ $ SINGLE FAMILY CONDO/TOWNHOME LAND PRICE PER SQ FT 9 CURRENTLY ASPEN CENTRAL CORE 9 Years.% % Years 8. % % 7.% 8 % Year 7.% 7% % % 7 8 % % $M+ AVERAGE NUMBER OF AVERAGE PERCENT OF $M-$M 8 $8.M $, 8 HIGHEST SALE PRICE 8 HIGHEST $/SF SALE $M-$M 9 $.M $,778 8 AVERAGE SALE PRICE 8 AVERAGE $/SF SALE 7 8 ALL STATISTICS AS OF //8 7 <$M 7 7 9

5 RED MOUNTAIN NUMBER OF SALES & PRICE PER SQUARE FOOT $, $, $, CURRENTLY ASPEN RED MOUNTAIN $, $ $ SINGLE FAMILY CONDO/TOWNHOME LAND PRICE PER SQ FT 98 9 Years -.% % % Years.%.7% 7% Year -.7% % % % 7 8 % % % $M+ AVERAGE NUMBER OF AVERAGE PERCENT OF $M-$M $.M $,8 8 HIGHEST SALE PRICE 8 HIGHEST $/SF SALE $M-$M 8 $.9M $,7 8 AVERAGE SALE PRICE 8 AVERAGE $/SF SALE <$M 7 8 ALL STATISTICS AS OF //8 9

6 WEST END NUMBER OF SALES & PRICE PER SQUARE FOOT $,8 $, $, $, $, $8 $ $ $ $ SINGLE FAMILY CONDO/TOWNHOME LAND PRICE PER SQ FT 8CURRENTLY ASPEN WEST END 8 Years % 8 % % % % % Years 9.% 8.% Year 7. $M+ AVERAGE NUMBER OF AVERAGE PERCENT OF $M-$M $7.M $,99 8 HIGHEST SALE PRICE 8 HIGHEST $/SF SALE $M-$M 9 $.9M $,9 8 AVERAGE SALE PRICE 8 AVERAGE $/SF SALE <$M 7 8 ALL STATISTICS AS OF //8

7 EAST ASPEN NUMBER OF SALES & PRICE PER SQUARE FOOT 8 $, 7 $, $, $8 $ $ $ $ SINGLE FAMILY CONDO/TOWNHOME LAND PRICE PER SQ FT ASPEN EAST ASPEN CURRENTLY 9% Years -. % % % Years.7% 7. % 7% % Year. % % 7 8 % $M+ AVERAGE NUMBER OF AVERAGE PERCENT OF $M-$M $.M $, 8 HIGHEST SALE PRICE 8 HIGHEST $/SF SALE $M-$M 9 8 the Aspen Snowmass MARKET REPORT $.M $, 8 AVERAGE SALE PRICE 8 AVERAGE $/SF SALE 7 8 ALL STATISTICS AS OF //8 <$M

8 WEST ASPEN NUMBER OF SALES & PRICE PER SQUARE FOOT $, $, 8 $8 78 9CURRENTLY ASPEN WEST ASPEN $ $ $ $ SINGLE FAMILY CONDO/TOWNHOME LAND PRICE PER SQ FT Years -.% % Years.% % %.% 8 Year.% % 7 8 % % $M+ AVERAGE NUMBER OF AVERAGE PERCENT OF $M-$M $9.M $,79 8 HIGHEST SALE PRICE 8 HIGHEST $/SF SALE $M-$M 9 $.M $, 8 AVERAGE SALE PRICE 8 AVERAGE $/SF SALE 7 8 ALL STATISTICS AS OF //8 <$M 7

9 McLAIN FLATS NUMBER OF SALES & PRICE PER SQUARE FOOT $, $, $, CURRENTLY ASPEN McLAIN FLATS $, $ $ SINGLE FAMILY CONDO/TOWNHOME LAND PRICE PER SQ FT 7 Years -.% % % % % Years -.% 8.% Year.7% 7 8 % % $M+ AVERAGE NUMBER OF AVERAGE PERCENT OF $M-$M $9.M $, 8 HIGHEST SALE PRICE 8 HIGHEST $/SF SALE $M-$M $.M $, 8 AVERAGE SALE PRICE 8 AVERAGE $/SF SALE 7 8 ALL STATISTICS AS OF //8 7 <$M

10 SNOWMASS VILLAGE NUMBER OF SALES & PRICE PER SQUARE FOOT $, $, $8 9 SNOWMASS VILLAGE CURRENTLY $ $ $ $ SINGLE FAMILY CONDO/TOWNHOME LAND PRICE PER SQ FT 9 Years -.% Years.7% % 7% 7% % % % % % % % Year. $M+. AVERAGE NUMBER OF AVERAGE PERCENT OF $M-$M $9.M $, 8 HIGHEST SALE PRICE 8 HIGHEST $/SF SALE $M-$M $.M $78 8 AVERAGE SALE PRICE 8 AVERAGE $/SF SALE 7 8 ALL STATISTICS AS OF // <$M

11 WOODY CREEK WOODY CREEK NUMBER OF SALES & PRICE PER SQUARE FOOT $, $, $8 CURRENTLY $ $ $ $ SINGLE FAMILY CONDO/TOWNHOME LAND PRICE PER SQ FT 9 8 Years.% % Years Year -.%.%.% 7 8 % % % % $M+ AVERAGE NUMBER OF AVERAGE PERCENT OF $M-$M $.M $,8 8 HIGHEST SALE PRICE 8 HIGHEST $/SF SALE $M-$M $.M $8 8 AVERAGE SALE PRICE 8 AVERAGE $/SF SALE 7 8 ALL STATISTICS AS OF // <$M

12 OLD SNOWMASS NUMBER OF SALES & PRICE PER SQUARE FOOT $,8 $, $, $, $, $8 $ $ $ $ SINGLE FAMILY CONDO/TOWNHOME LAND PRICE PER SQ FT CURRENTLY OLD SNOWMASS 9 Years -.% 7 7% 7 8 % 7% % % % % % Years Year.% 7.% $M+ 7. AVERAGE NUMBER OF AVERAGE PERCENT OF $M-$M $.8M $,98 8 HIGHEST SALE PRICE 8 HIGHEST $/SF SALE $M-$M $.M $8 8 AVERAGE SALE PRICE 8 AVERAGE $/SF SALE 7 8 ALL STATISTICS AS OF // <$M

13 the Aspen Snowmass MARKET REPORT Insider s Real Estate Guide Andrew Ernemann Broker Associate Perennial Top Producer in the entire Aspen Snowmass Real Estate Market with over $7M in career sales, and counting! Past REALTOR of the Year and Past President of Aspen Board of REALTORS Stanford University Masters in Civil and Construction Engineering University of Colorado, Boulder BA in Psychology, Phi Beta Kappa Former member of the U.S. Alpine Ski Team An Aspen native, Andrew is a Broker Associate at Aspen Snowmass Sotheby s International Realty. He is a skilled negotiator with deep experience in luxury residential real estate as well as commercial sales and has set several sale price records in the Aspen Snowmass area. A testament to his work ethic and professional approach to the real estate business, Andrew is a past President of the Aspen Board of REALTORS and has been a recipient of the prestigious REALTOR of the Year award. He is consistently among the top three producing Aspen Snowmass REALTORS (in a field with over competitors). For a digital copy of this report, visit Aspen Snowmass Sotheby s International Realty East Hyman Avenue Aspen, CO andrew@aspenupdate.com Information in this report is from the Aspen/Glenwood MLS. The author is not responsible for any inaccuracies and you are advised to seek professional advice for any purchase or sale of real estate. 9. Andrew has deep connections in the Roaring Fork Valley and uses his business savvy to help his clients achieve their goals. Andrew is always thinking out of the box and striving to out hustle the competition. The complexity and nuances of the Aspen area real estate market demands a broker that can serve as your trusted advisor, something Andrew understands and excels at by diving deep into the local real estate market with a global lens. Andrew regularly publishes real estate reports, and is often quoted in local media outlets as well as national and international publications including the Wall Street Journal, the New York Times, The Financial Times, thestreet.com and the Denver Post. His reports and market insight can be found at Previous work endeavors include various real estate development and consulting engagements in Aspen and San Francisco; Business strategy consultant at McKinsey & Company in Los Angeles; Marketing at Janus Capital in Denver. A true competitor at heart, Andrew is a former member of the U.S. Alpine Ski Team, and has competed around the world. He has served on the board of directors for the Aspen Valley Ski & Snowboard Club, Aspen Country Day School, the Aspen Board of REALTORS and the Aspen Chamber Resort Association. For fun he enjoys golfing, skiing, biking, hiking, photography and cooking. Married to Ashley, they have two wonderful sons Tillar and Cornell. the Aspen Snowmass MARKET REPORT