Aspen Snowmass and the entire Roaring Fork Valley are often more than meets the eye. Billionaires and millionaires ski, hike, dine, and play alongside generational locals and aspirational millennials. The local real estate market is reflective of these different personalities as well. Within this valley, we have microcosms resembling New York City's boroughs. Price per square foot ranges from the $700/SqFt downvalley to the $7,000/SqFt in the Willoughby Ways. We have total dollar volumes that close for less than $1M and a recent transaction that closed north of $100M.
Specifically, I want to talk about Aspen v. Snowmass Village. While the two are synonymous even in local marketing, there is a massive discrepancy in real estate. I was born and raised in Snowmass Village and my family still lives there so I always will have an affinity for Whoville, but since moving back from NYC I currently live and work in Aspen. The two towns are less than eight miles apart and less than a fifteen-minute drive, yet there is a dramatic disparity in the real estate prices.
In 2023, the median price per square foot for the 36 single-family homes in Snowmass Village was $1,581/SqFt. For the 79 SFH sold in Aspen, the average price square foot was $3,165. More than a 50% ‘discount’ when you bought eight miles west of the roundabout. An even more specific example of this is 916 Hunter Creek, which is at the top of Red Mountain and closed at $23.5M at $3,035/SqFt, which many consider a good purchase. Always hard to compare apples to oranges, but 190 Aspen Way in the Divide in Snowmass Village closed yesterday at $9.275M at $1,655/SqFt.
A few thoughts: location, location, location: There is a lot to be said about a short drive or walk to a restaurant or to live music, especially for those who are used to that. Convenience and culture matter. Groupthink is real. Real estate is in theory about personal preference, but friends, family, and even social media can have an influence on where to be.
Lastly, which in my opinion is the most interesting and has the highest opportunity, is that the Snowmass Village baseline for contemporary homes has not been set. There have been only a handful of top-of-the-line homes built in SMV in the past few years, most of which have been for end users. The ones that have traded typically do within 25% of Aspen. When we sold 680 Divide Drive last year for $17.8M at $2,740/SqFt this was a new record at the time for total dollar volume and price per square foot. When we see more of these homes completed and when the owners decide to sell, I believe this delta will soften.
Until then, the value is what someone is willing to pay for it.
