Let me give you a quick history of Aspen Snowmass Real estate. Prior to 2008, Aspen and Snowmass real estate was appreciating on average 15-20% per year for over 40 years ( I know this is hard to believe but is true ). Snowmass during that time was about 1/3 less in price than a similar property in Aspen. Snowmass condos were mostly built in the 60’s, 70’s and early 80’s. Like most ski-in, ski-out condos in other ski areas, dues are higher when they are ski-in, ski-out properties. In Snowmass, these older complexes have higher dues too because of amenities and often including all utilities, exterior maintenance, insurance, etc.. These older properties have their own onsite management for rentals and charge typically 35 to 50% of gross income plus expenses.
In 2005, the Aspen Skiing Company along with Intrawest ( who developed Whistler-Blackcomb, Mammoth among other resorts ) decided they would team up to build a new Snowmass Base Village. At that time, 900 people put down $25K to have a chance to buy one of 89 units in the first phase of the Snowmass Base Village called Capitol Peak Lodge and Hayden Lodge. Many of my clients bought because it looked like a great opportunity at the time.
I believe the real plus about the Snowmass Base Village is that it is new. The building are built like nothing else that has been built in Snowmass previously. Steel and thick cement between the walls and ceilings make it very quiet. Whereas, most of the stuff in Aspen and Snowmass Village was built in the 1970’s and the walls and flooring are thin. According to The developer of the Snowmass Base Village, they built the condos with Leed energy guidelines. Remodeled in my opinion is not like new.
I have owned a Season 4 condo and a Woodbridge condo and others in Snowmass and the problem is electric heat which can be expensive in the winter. I’ve seen this same heat problem in most of condos in Snowmass and Aspen. They also have old wiring and plumbing even after being remodeled. Given that the dues and property taxes are a bit higher is not all that bad when you consider all the amenities included, and all utilities and the future capital improvement reserve fund are included too.
• Washer/dryer in unit
• Parking space in private parking garage area
• Elevator right to unit, skiing, shopping, and restaurant levels
• Two large hot tubs
• Pool table
• Complete fitness area- elliptical, treadmills, and free weights
• Ski storage lockers located right by elevator on skiing level
• Wi-Fi Internet Access
• Fully Equipped Kitchens
• Daily Maid Service
• HD Cable TV and All Bedrooms Have Flat Screen TV’s
• Gas Fireplace
The New Luxury Snowmass Base Village Condos in Capitol Peak Lodge. Offering one, two and three bedroom units, all with central air conditioning, master bath and great large balconies with views. These new Base Village Units offers the best of ski-in, ski-out location in Snowmass. Just steps from the New Base Village Mall with restaurants, shopping, and right between the new Elk Camp Gondola and Snowmass 6 person Chairlift. Otherwise, there are more restaurants and shopping located at the Old Snowmass mall, just a short free gondola ride away (on Cabriolet Gondola). Perfect for families because the kids ski school (Tree House) is located in the Snowmass Base Village too.
The other big advantage is the location and parking garage with elevators. It cannot be any more convenient at the Snowmass Base Village. Being able to drive in to the private gated off section and parking right by your elevator that takes you right up to your unit, is a nice feature. Then in the morning, to be able to take the elevator down to the village level and put on your boots and grab your skis from your adjacent ski locker and just walk 50 feet to the Elk Camp Gondola is the best.
Season’s 4 has the lowest dues in Snowmass Village followed by Woodbridge but is not ski-in, ski-out but is just 2 minutes by free shuttle away (see link below). It was built in the 70’s and has electric heat that can be pricey. If you want the even less dues, there is a season’s 4 two bedroom plus loft two bath for $555k. Taxes are $1368 and dues are $7500 per year. Season’s 4 has the lowest HOA dues of any complex in Snowmass Village. I used to own one of these and liked it. I think this is a great buy per sq. ft.. These were almost a million at the height of the market.
A Season’s 4 condo will rent for maybe $2500 per month long term for a year but maybe only do $20K gross rental short term. I don’t short term other condos in Snowmass because I’m too busy with Capitol Peak Lodge, and I’d rather do that great than do everything poorly. Season’s 4 works better for long term rentals. I doubled my money in 4 years with it as an investment in the late 90’s.
So even though the dues are higher at Capitol Peak Lodge, the units generate 2-3 times what other condo rentals generate in Snowmass or Aspen.
Aspen real estate has come back strong. Snowmass real estate has not and especially condos because a similar condo to the one’s I shared with you a Capitol Peak Lodge would be 3 times the price in Aspen and would not generate more income than I do. I do think Snowmass condos will come back in line with being 1/3 less than Aspen in the future when they start building again next year at the Snowmass Base Village. Right now you can buy luxury at the Snowmass Base Village for less than building cost. The new stuff will cost double when it is put up for sale.
So I can show you less expensive stuff but when you figure out the numbers and compare complexes, you will realize that Capitol Peak Lodge is the best deal by far because of the income I generate. No other condos in Snowmass are new luxury for the price and offer the location and rental numbers. The two bedroom, two bath penthouse was purchased by owner for $1.25M and at the height of the market was over $2M and now is selling for $925K. Best value in Snowmass Village and best rental income of any two bedroom, two bath in all of Snowmass Village.
Please contact me now for great opportunities in Aspen Real Estate and Snowmass Real Estate. Please also contact me now for more information on rentals in Aspen and Snowmass Village or see my website www.ShowAspen.com .
I CAN HELP YOU BUY, SELL, OR RENT ASPEN SNOWMASS PROPERTIES.
Roget Kuhn Owner/ Broker-Realtor
“An Honest Approach to Real Estate and Rentals”
Aspen Snowmass Real Estate
303 1/2 E. Main St.
Aspen, CO 81611