What’s the Big Deal: Snowmass commercial sale is year’s priciest
Editor’s note: “What’s the Big Deal?” runs Sundays and is based on the most expensive property transaction recorded in Pitkin County through 3 p.m. each Friday.
Price: $16 million
Date recorded: April 4
Address: 16 Kearns Road, Snowmass Village
Buyer: Eastwood Snowmass Investors LP
Seller: Snowmass Center Retail LLC
Year built: 1987
Total heated area: 41,272 square feet
Worth noting: Aspen resident Jordan Sarick, who also owns a majority of Aspen Highlands Village, runs Eastwood Snowmass Investors. His latest acquisition, the Snowmass Center, has a supermarket, post office, two eateries, shops and offices. The seller is an affiliate of Related Cos. The transaction was Pitkin County’s most expensive so far this year, eclipsing the $15 million sale of an Aspen penthouse in March.
• Realtor Chris Klug issued a newsletter Friday recapping the first quarter of property deals. Klug reported total sales volume for the first quarter in Aspen is down 54 percent from the same period in 2015. That’s based on $101.2 million in total sales volume in this year’s first quarter compared with $220,593 during last year’s.
Snowmass Village — with $51.4 million in sales for first quarter 2016 compared with $65 million in first quarter 2015 — also is down. Basalt, however, saw a boost in January-through-March sales, with $17.4 million recorded this year compared with $12.5 million last year.
The drop in upper-valley sales volume, noted B.J. Adams of Berkshire Hathaway HomeServices/Aspen Snowmass Properties, is largely because of a decline in inventory.
In her March 30 newsletter, Adams reported that in 2015, there were 125 condos listed for less than $2 million; this year, there are 66. Adams also noted that asking prices are higher this year.
“The average price paid for Aspen nonluxury property (under $7.5 million) has been around $1,100 per square foot for the last four years, but the current average list price of available inventory is about $1,400 per square foot, a reflection of sellers getting ahead of themselves and commanding a 30 percent premium over last year that buyers are resisting,” Adams reported.
• The Western Slope Realtor Rally will be held Wednesday at the Two Rivers Convention Center in Grand Junction.
Cost is $50 for members and $65 for nonmembers through $75; attendees pay $75 at the door. Registration begins at 7:30 a.m., with breakfast at 8 and the event at 8:30.