DEVELOPMENTS

The first six months of 2024 have continued the 2023 solid market momentum for residential properties in the Aspen Snowmass market. Total residentialsales volume is up 22.7% compared to the first 6-months of 2023. The average property sales price was up 2.1% in Aspen and up a significant 78.7% in Snowmass likely reflecting the relative bargain of the Snowmass market and the sale of several large estates versus the Aspen market. There has been a modest uptick in overall listings and days on the market but still below pre-COVID levels.

Although commercial leasing activity in Aspen has remained strong with recent retail rents in downtown Aspen hovering around $275 – $325 per SF with office rents in the $60 – $100 per SF. At the same time, there have been very few of any commercial sales, with the exception of a $70 million bankruptcy settlement sale of five commercial properties in downtown Aspen from Ajax Holdings (Souki family) to developer Mark Hunt that settled on August 6th