Town Talk: Base Village real estate on a roll this spring
East West Partners to break ground on two new properties next week
With two new major developments coming to Snowmass Base Village this year, the real estate market at the bottom of Fanny Hill is on quite a roll.
In the first quarter of 2021, sales for Havens at Fanny Hill and Electric Pass Lodge already total more than $90 million, with dozens of units in Electric Pass Lodge still on the market, according to sales data. Neither property has been built yet; developer East West Partners will host an invitation-only groundbreaking event for Electric Pass Lodge on April 6, and construction on the Havens homes will begin this spring.
That’s not just pocket change compared with real estate sales data for the entire town from 2020, when a record year for the local housing market brought in $575 million in residential sales.
To put it another way: the first-quarter 2021 sales for two Base Village developments — neither of which exist yet — already equals nearly a sixth of all Snowmass Village real estate sales in all of 2020.
At Havens — a collection of 10 luxury single-family homes on Fanny Hill — it only took a week on the market for three homes to go under contract in January. Within 45 days, the entire development sold out; each sold in the ballpark of $5.7 million to $8.4 million, with the two priciest homes going to one buyer, according to a news release. Sales on the slopeside development off of Wood Road totaled nearly $66.3 million, according to a website for the development.
Havens is considered part of Base Village but is separated from most of the main village buildings by a few hundred yards of land on Fanny Hill.
Down the hill in Base Village, Electric Pass Lodge has already sold out a quarter of its available units before construction begins: As of Monday afternoon, a website that tracks the building’s sales counted 14 of its 52 free-market residences in the “sold” category (including those under contract), totaling almost $27 million so far.
The units range from $1.4 million to $3.2 million.
The building also will include one deed-restricted unit to contribute to the town’s workforce housing, according to plans approved by Snowmass Village Town Council in January.
“The buzz around both of them has been phenomenal and very exciting — and two very different products,” said Shawna Topor, the executive vice president of the Development Sales Division of Slifer, Smith and Frampton Real Estate.
East West Partners is the parent company of Slifer, Smith and Frampton; the real estate agency manages sales for many of the company’s properties in the Roaring Fork Valley and elsewhere in Colorado. The development sales division is the “brainchild” of the real estate agency’s partners and also works with other developers outside of East West, she said.
It wasn’t just a record-setting year in local real estate that helped the division reach that number, Topor said.
“Yes, it was a great time, but you can’t succeed when things like this come at you unless you’re prepared and you know what you’re doing,” she said. “And we were prepared, we knew what to do, we took advantage of the opportunity and we made the most of it in Snowmass and beyond with the development division.”
Topor attributed some of that sales volume in Base Village to the amenities and experiences already in place in the hub at the base of Fanny Hill.
“I also think it speaks to Snowmass as a destination and how hot it is right now amongst the rest of the mountain real estate being hot,” said Sheryl Barto, who helps East West and Slifer, Smith and Frampton with public relations through her firm, O Communications.
This year’s sales in Base Village have helped contribute to a successful first year for the new Development Sales Division of Slifer, Smith and Frampton, Topor said. In the 12 months since the division was founded in early March of last year, division-wide sales totaled nearly $350 million across several markets in mountain and metropolitan communities in Colorado.
“It’s a totally different ballgame than selling a traditional residential listing,” Topor said.
With construction on Electric Pass Lodge and Havens now in sight, East West Partners is already looking toward the next Base Village project: another residential building with a “unique nugget to it” that Topor said she’s excited about but can’t reveal just yet.
“East West Partners never rests on their laurels. … They don’t want to just add more units to Base Village” Topor said. “They want to do it thoughtfully, creatively.”
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