Aspen Updates from Sally Shiekman

Download and review the wonderful mix of sold listings Sally handled in 2021.

Click here to view the pdf.

The Aspen Board of Realtors seek an injunction to stop the City of Aspen’s moratorium on the issuance of building permits and allowing short term rentals. Read the article below which cites that already over $40MM in real estate sales has been lost as Buyers didn’t proceed with purchases due to the moratorium.
 
https://www.aspentimes.com/news/realtors-seek-injunction-to-stop-aspen-moratorium/?utm_source=second-street&utm_medium=email&utm_campaign=sunrise-rundown
 

The numbers are starting to finalize for real estate sales which occurred in 2021. Sales volume topped $4 billion including over $300 million in commercial sales. Of these sales, five were either hotels or commercial buildings. The sale of one of the hotels brought back very fond memories.
 
As a kid, my family would come to Aspen for the 2 week Christmas/New Year’s holiday. This was in the days before the Silver Queen gondola. It took 3 chairs and almost 45 very cold minutes to ascend from the bottom to the top of Aspen Mountain. We’d get on the lift at 9am and catch the FIS/6 chair up for the last run at 3:45pm. We’d dine at restaurants no longer in existence, such as the Shaft, Lauretta’s, the Golden Horn and Takah Sushi. The popcorn wagon actually had popcorn! But the most memorable part of our trip was our Quick read more or view full article lodging. We’d make our annual return to the homey Mountain Chalet, where massive breakfasts and hot chocolate and gluehwein apres skis were the norm. At the time, the lodge was owned and run by Marion and Ralph Melville and then the reigns were passed on to their 5 children. There were no kinder lodge owners than the Melville family. In 2021, the Mountain Chalet sold for $68 million. Please read the Aspen Times article below for more information.
 
https://www.aspentimes.com/news/business/business-monday-hotel-sales-around-aspen-topping-last-year-with-310m-in-commercial-transactions-so-far-for-2021
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In June of 2017, after a hard-fought land use battle, mid-valley landowner Ace Lane acquired approvals from the Eagle County commissioners by a 2-1 vote for a project known as the Tree Farm. The project is approved for nearly 135,000 square feet of commercial space and 340 residences, including a hotel and an independent living facility. The fourth out of four parcels is now under contract with upcoming closings scheduled. Contracted by out of area developers, construction is slated to begin this spring. 
 
Concerns about the density of the project, the number of homes and the fact that the amount of traffic would drastically increase at this already dense area of Highway 82 where traffic already gets backed up were main points of contention from those who opposed the development.
 
Please click on the link below to read the Aspen Times article for more information.
 
https://www.aspentimes.com/news/final-component-of-tree-farm-project-taking-shape-in-el-jebel/?utm_source=second-street&utm_medium=email&utm_campaign=sunrise-rundown
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It’s not surprising that two Aspen real estate developers have filed a citizen initiated ordinance to repeal the hastily passed legislation which imposes a six month moratorium on residential redevelopment within the city of Aspen. In order for the ordinance to succeed, the two developers must collect 993 signatures over the next 180 days. The halt on residential redevelopment could have far reaching impacts on all those involved in the construction industry, including contractors, laborers, architects, designers, etc.  

To read more, see the attached article from the Aspen Times below.
 
https://www.aspentimes.com/news/citizen-initiative-seeks-to-repeal-aspens-residential-and-short-term-rental-moratorium/?utm_source=second-street&utm_medium=email&utm_campaign=sunrise-rundown