Takeaways from 2020 Aspen Market

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As has been the talk of the town for the past six months, 2020 has been an outlier like no other. 

Biggest Takeaways: 

• Sales transactions were up, but not a record, however revenue from those sales did break the record which tracks with the limited inventory.  

• Aspen’s commercial market (especially luxury retail) is very well positioned. As I told the Aspen Daily News: It’s more clear now than ever that we’re a safe haven for the ultra-wealthy and that keeps people employed, whether it’s the RETT (real estate transfer tax), restaurants or retail. The high-end Aspen consumer drives a lot of our economy here. It’s going to continue to be that way. 

READ: "Aspen retail benefits from strong year in residential real estate"
READ: "A year of big changes in Aspen real estate"

Some Great Business Books to Read This Year. 

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As the year turns, the prognostications flow and   as the world continues to experience massive tumult, what lies ahead seems all the more pressing and mysterious. Even better than expert opinion, a look to history always has something to teach us about the present. Follow the link for some books that can teach us how to find some bearings in what will no doubt be another confusing year. 

Titan: The Life of John D. Rockefeller Sr. | Ron Chernov

The father of all of American businessmen, it seems almost irresponsible to not know his story. It’s an especially interesting read now as we live in such parallel times with “trust-busting” becoming a cause-célebre in Washington. Perhaps even more interesting than the building of Standard Oil is the creation of the Rockefeller Foundation and modern-day philanthropy.

The Widow Clicquot: The Story of a Champagne Empire and the Woman Who Ruled It | Tilar J. Mazzeo

This book is a fascinating story of how one woman shepherded her in-laws’ vineyard through the French Revolution, the Napoleonic Wars and subsequent revolutions and restorations to create arguably the most famous champagne on the planet. She was a great innovator in logistics and manufacturing and was one of the pioneers of modern day branding. It is no accident that sparkling wine is now irrevocably tied to luxury and celebration.

No Rules Rules: Netflix and the Culture of Reinvention | Reed Hastings & Erin Meyer

Netflix is ending the year with total market domination. No Rules Rules, Netflix CEO Reed Hastings’s new book, isn’t really about how the tech company took over Hollywood, but more like an HR manifesto. Their corporate culture has long been famous for its unconventional management, most famously they invented the unlimited vacation policy back in 2003 and also pioneered the slogan, “Adequate performance gets a generous severance.” This book is for anyone who fantasizes about the perfectly operating company or just wants some insight as to how current management is doing everythingl wrong.

The Ride of a Lifetime: Lessons Learned from 15 Years as CEO of the Walt Disney Company | Robert Igor

A more traditional corporate memoir, Igor experienced and oversaw a number of mergers and has some interesting insight into the do’s and don’ts of merging corporate cultures. There are some enjoyable anecdotes including one that takes place in Snowmass.

Post Corona: From Crisis to Opportunity | Scott Galloway 

This book isn’t history, technically, but a good analysis of the pandemic’s effect on business. Galloway is a lot to take with his relentless bombast and insistence on making the word “rundle” happen, but the man makes interesting insights. If you don’t agree with his politics, those paragraphs are easily skimmed. Here’s what he has to say about Tesla:

I’ve said for years (and been wrong) that Tesla is overvalued. Now I prefer to say that it is “fully valued.” Keeps the hate mail down. Yes, Musk is a genius. Yes, Tesla has changed the world for the better through alternative energy. However, at the end of the day, it’s bending steel, and that’s not a business that can support a (double checking my notes) 128 times multiple of EBITDA.


Everything to Know About Skiing & Skinning This Year

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In anticipation of a Thanksgiving weekend opener, Ski Co has released their operation plan. Some highlights from the 53-page report: 

  • Will not need to reserve times to get on the mountain, but that could change if needed. 

  • Staff will be wearing masks, everyone will practicing general social distancing in all the places one might expect. 

  • Mountain restaurants will be at reduced capacity but are adding more tented seating outside and there will be “doormen” directing traffic.  

  • Gondola has to keep windows open even when it’s snowing or cold.  

  • If someone from the singles’ line asks to join your party, you are free to say no.   

  • If you make a stink, ASC can pull your pass 

  • Ski Patrol will be equipped with PPP.

  • Snowcat rides up the bowl are cancelled.

Slightly Modified Uphilling Rules:

  • Still don’t need a ski pass

  • While an itInherently distanced activity, you should bring a mask just in case. You never know.

  • They want you to only go up via the designated routes of which there are no 9 in total across the four mountains.

  • It is still the same that you can uphill all day long on all mountains except Aspen.

  • That said there are some black out dates for uphillikng during operating hours, most obvious being Xmas/New Year week.

  • This is nothing new, but bears reminding for early skinners, snowcats really can’t see you or your dog and even if they could, they can’t break with much speed. So always keep a wide perimeter. Also, snowcats are sometimes winched to the mountain which means up to 3,000 feet of cable can pop up out of nowhere.

  • Parking: Buttermilk remains free except for X Games. Snowmass Village’s Town Park will remain free, as will the Two Creeks parking lot after 12 p.m. However, no more free parking at Highlands, period.

  • Dogs are welcome, same as last year, but not during downhill hours. Also, reminder to clean up after them. If someone were to catch an edge on your dog’s poop and hurt themselves … you would feel like crap, no?

Read more about Ski Co and COVID here and more about skinning guidelines here.

These Are Interesting Times

The Aspen real estate market is setting records this year after brushing off fears around Covid-19.  Since June, activity in Aspen and throughout Pitkin County has been unprecedented. Since June 1st, there have been 144 residential closings in Aspen alone and there are another 95 properties that are under contract. It is clear that prospective buyers are seeing Aspen as one of the very best places in the US to live either full or part time.  Here are several news articles from the last few months for some additional color.

"Local real estate surges as wealthy move from cities to their mountain escape" —The Aspen Times

"The pandemic and rising real estate values locally " —Aspen Daily News

"Aspen housing market sets blistering pace with 8 home sales of $10M or more already this month" —The Aspen Times

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Betty Pfister Was One of Aspen’s Greatest Pilots

Her legacy has only just taken flight

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Details about the Virtual RendezVous Event with astronaut Nicole Stott | Wednesday, August 5th, 6-7pm MST

For many families—particularly of the baby-boomer and Gen X cohorts—vacations meant piling into the station wagon for a long drive. The Pfisters weren’t like other families. When Art Pfister wasn’t ranching the Lazy Chair Ranch on Buttermilk, he was a traveling salesman who piloted a Piper Comanche. (Later, as the family grew, they purchased a larger twin-engine Cessna 320 Sky Night.)

But it was his wife Betty, (who he met in an Aspen lift line) that was the true pilot in the family. Besotted during an airshow while at Bennington College, the then Betty Haas fell in love with flying. She trained in the Navy, specifically the Womens Airforce Service Pilots (WASPs) which was a highly selective and elite program. She flew in the war and then dedicated the rest of her life to aviation (and raising her family.) She raced. She became an avid helicopter pilot. She was a fierce advocate for flight infrastructure and safety in the valley, spearheading an FAA control tower as well as the air rescue unit and helipad at the hospital.

She also loved to fly balloons and founded the Snowmass balloon race.

Our good friend Suzanne, Betty’s daughter, was kind enough to answer some questions about what it was like growing up with a mother whose head was always in the clouds …

Can you describe flying with your mom? Was it like piling into the station wagon, except with your family it was into the airplane or helicopter? 

My sisters and I took a lot of weekend trips with my mother while my father was happily working on the ranch. It was not unusual for my mother to greet us on a Saturday morning with the aviation maps spread across the kitchen table and a big grin on her face. “Where do you want to go today?” she would ask. I recall vividly thinking, why oh, why can’t we be like normal kids and just stay home and watch cartoons? But no, we had to go load up in the hot airplane and fly off to some Indian reservation in Utah or goodness knows where, all the while being more or less constantly embarrassed by my mother. It is only now looking back that I see what a rare and unique childhood I was privy to.

As a family we would make our annual summer pilgrimage to visit our father’s relatives in Wisconsin. Just as you envisioned, this would involve piling the whole family into the plane. I would always ask to sleep in the back with the luggage. It was very cozy back there with my book and the clouds floating by. On occasion I would crawl up front and my father or mother, whoever had the yoke, would let me take over and “fly through the clouds”. This is my single favorite childhood memory. 

Were your parents good co-pilots or was there maybe a little cockpit competition?

I don’t recall anything of that nature. My mother loved to fly. She wanted to go up in anything that flew - gliders, hot air balloons, helicopters, literally anything! My father saw flying as more of a matter of convenience. He needed the plane to get to work and he wanted to get places in a hurry. I think he had such a challenging time flying during the war. The joy wasn’t there for him. Neither of them liked to drive so flying suited them both for different reasons.

Betty judging a helicopter competition in Russia in 1979

Betty judging a helicopter competition in Russia in 1979

What is it about flying that captures people so? How does BettyFlies find its girls who may never have thought about it before? 

Flying gives pilots a feeling of freedom that is hard to explain unless you’ve experienced it in the cockpit. The BettyFlies Foundation’s scholarship applications are open to all genders. We do, however, collaborate with several female pilots who support other organizations working to increase the dreadfully low number of women in all aviation fields. At present we find our students through the Aspen Flight Academy at the Aspen High School. We hope to broaden our focus and our reach as we grow. Our intention is to sustain my mother’s legacy and to inspire young people to follow in her footsteps. I always say that if Betty could achieve what she accomplished in the 1940’s, certainly we could be inspired to emulate her today.

Today, the Pitkin County Airport seems like a given, but perhaps the story isn't that simple. Can you speak to your mother's role in that history? Were there considerable forces who thought it was either bad for Aspen or simply not feasible? 

Betty’s valley-wide aviation related contributions were remarkable. Her efforts brought a heliport to the Aspen Valley Hospital, and the control tower to the Aspen Airport, both daunting tasks in those times. 

When I was young the airport was small and much more dangerous than it is now. My mother would call my father if she thought she would be coming in after dark. He would round up a group of friends with their jeeps and trucks and they would drive out and light the runway.

More important even than lights on the runway was the installation of the control tower.

Betty loved the mountains but her primary commitment at all times was to flight safety. Persuading the FAA to construct and staff a control tower required a huge effort of persistence. Betty literally went to Washington and camped out on the FAA’s doorstep until they agreed to her demands. 

As a woman living in a time when it was not fashionable to be persistent or forward thinking, she insisted on being both. She loved our mountain community where she came to build a life.

What would you say to a parent with a young daughter who asks, "Why should she consider flying lessons? What would she learn, apart from the act of flying itself? Don't you have to be a millionaire playboy to fly planes?  Is it dangerous?"  

I respond to the “millionaire playboy” question thusly: The BettyFlies Foundation offers both need and merit based scholarships geared to students on a pro-pilot track. We help students who could not otherwise afford it take the first step towards a career in aviation.

As I am not myself a pilot, I sent this query out to two of my most esteemed pilot friends. Both women were kind enough to provide me with a more complete answer to the other parts of your question. (We are an amazingly collaborative team here at BettyFlies!) The following answer is from Kate Short, a pilot and flight instructor and the Director of Aviation at the Aspen Flight Academy:

“Aviation is a field that women have been discouraged or even barred from participating in historically. As a result, the number of female pilots remains low for both private and professional pilots. The actual percentage of women pilots in the world is only 6%.

As we can see from your mom’s great example, women make great pilots and it is so important to give young girls and women the opportunity to explore aviation as one of many possible hobbies or careers they may be interested in!

Learning how to fly a plane may be the gateway to a new career or may simply give a young person confidence to pursue their goals. Nothing creates confidence like knowing you can land an airplane!”

This answer is from BettyFlies Foundation Advisory Board member Jill Meyers, a pilot and internationally recognized aviation consultant:

“Learning to fly not only teaches young people to fly the airplane they train in, but it also instills confidence and helps with communication skills. The ground school training is also very thorough and teaches things like weather! Learning to fly is expensive but organizations like BettyFlies provide scholarships, as do many others. Flying planes is no more dangerous than driving a car. In flight school, you learn all you need to learn to fly safely.”


Mind Over Matterhorn

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By Bridget Harrison | The Times of London

While most parents were lucky to get a half-hour Joe Wicks workout out of their children during lockdown, one 11-year-old was working towards a rather higher ambition — to climb the most iconic mountain in the Alps, the Matterhorn.

Fueled by Kendal Mint Cake and playing Eminem rap songs in his head, on July 8 Jules Molyneaux became the youngest Brit to scale the 14,700-foot mountain that straddles the Italian-Swiss border. He achieved his goal thanks to a rigorous homemade fitness programme, which he followed with his father, after his school closed in March. “It was train, train, train, six days a week,” says Jules, who lives in the Cairngorms National Park, where his parents own a gin distillery. “Some days it was chin-ups, an abs and core workout, followed by going up and down the stairs a hundred times. Other days we’d go out for a 30km [nearly 19-mile] hike.” And what of schoolwork? “Well I did a bit,” he jokes.

Jules, who learnt to climb aged four, began to dream about one day scaling the Matterhorn after studying the mountain’s history for a school project. “I felt magnetized to it,” is how he puts it. “To its iconic-ness, and its shape, like a great big shark’s tooth. Then I thought, ‘What if I climbed it?’”

“It was train, train, train, six days a week,” says Jules. And what of schoolwork? “Well I did a bit.”

Jules’s father, Chris, who is also a keen climber and spent several seasons in the Alps before founding Daffy’s Gin in Scotland, thought his son was joking when he suggested it. “I didn’t take him seriously to start with. The Matterhorn is one of the most challenging mountains to climb. Jules was already a very proficient climber, but I knew that to do this he would have to really take things to another level. So we put together a rigorous schedule to work on his endurance, strength and technical skills. The more technically capable and the fitter he got, the more it began to seem possible.”

Chris, 43, also called on a friend, an experienced marathon runner, to give Jules tips on breathing and stamina. “Right from the start safety was our No 1 priority. I knew that Jules had to be mentally up to it, as well as physically.”

As soon as news came in that the Matterhorn was to open again to climbers, Chris and Jules drove to Zermatt, at the foot of the mountain, in their camper van. Normally you have to be 16 to apply to do the climb, so to prove to local guides that he was ready, Jules was required to complete several challenging technical and endurance tests on neighboring mountains. “The aim was to really push and test Jules’s skills,” Chris says. “There were some sections when I would do it first and think, ‘God, how is Jules going to be able to do this?’ Then I would look round and he would be just totally focused and fine.”

Climbers stay the night at Hornli Hut — the starting point for climbing the Matterhorn — and then set out at 4am, moving quickly so they can summit before the warmth of the sun starts to melt the snow on the mountain’s top section, making it prone to avalanches. “I only got four hours of sleep the night before because I was so excited and tense and worried, so I felt exhausted when we began,” Jules recounts. “But then when you get going, you pick a rhythm and stick to it, like there is a drum going on in your head. To distract myself from the tiredness and the pain in my legs and arms I sang Eminem’s “Lose Yourself” to myself. Then at one point I couldn’t get “The Birdie Song”out of my head.”

Then I thought, “What if I climbed it?”

Jules, Chris and their Swiss guides, Daniel Schliefsteiner and Bastien Speckle, reached the summit after four hours of solid climbing with barely a break. The feeling was “overwhelming”, Jules says. “The wind is rushing around you and it really does feel like being on top of the world. You can just see for miles and miles around, even over Mont Blanc.”

The group began their descent almost immediately. It’s often the most dangerous part of a climb, Chris says, because the legs start to feel like jelly. “There are a lot of ledges that are a foot wide, it’s like standing on a knife edge, and you have to really concentrate where you are putting each foot and hand. When you lose concentration, that is when you fall,” he says. The pair discovered later that a climber who was behind them had fallen to his death on his descent. More than 500 climbers have died on the mountain over the past 150 years.

After reaching base camp at 1pm they celebrated with the “best Fanta I have ever tasted”, Jules says, before embarking on a two-and-a-half-hour hike to catch a gondola to carry them down to Zermatt. “I feel like the climb is a big achievement, that I’ve done something big,” Jules says. “But that wasn’t the point of doing it. I wanted to do it because I knew it would be really fun.”

Distanced To-Dos This Summer

Is Remote Work in a Remote Place the New Normal?

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Typically economic downturns put a damper on real estate, but just like with everything else associated with the COVID-19 pandemic, nothing has progressed as one might expect. A de-urbanizing trend appears to be coalescing across the US as full-time employees continue to work remotely. The Wall Street Journal reported on June 17th, “All told, at one point in April, Americans were relocating at twice the pace they did a year earlier.” 

Mark Zuckerberg, Facebook’s chief executive, announced via livestream to his staff that within a decade as many as half of the company’s 48,000 employees would work from home. Facebook will most likely just be the first of many to switch from the live-at-your-office paradigm to a work-where-you-live paradigm.  

This has given a place like Aspen a whole new layer of appeal for longterm rentals and/or permanent changes of address. That said, exactly how many people are actually going to pull the trigger and move remains to be seen. 

Meet Joseph Spears of S2 Architects

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If you have noticed an ever-growing population of beautiful wood and glass rectilinear structures around town, you have been spotting the work of S2 Architects. We spoke with principal architect Jospeh Spears about what it takes to build a great Aspen home. 

What defines a successful modern house to you? It’s a play between subtle and daring, complex yet simply organized, compelling yet reserved.  Spaces dissolved to their essence or to take advantage of a single moment with all the focus on that moment and nothing more.  

Do you recall seeing or experiencing a piece of architecture growing up that set you on your career path?  That would be the Salk Institute, Guggenheim Museum in New York, and De Young Museum in San Francisco.

What are the most important things a client should think about when building or renovating in Aspen? Views and Outdoor Connections, which is a big reason to be in Aspen.

When it comes to choosing your collaborators, builders, suppliers, etc. what is most important to you? Being accommodating and passionate.

I would say your work is dominated by right angles. If someone wanted to build a house of all curves would find that an exciting challenge or not for you? Right angles are a good base, but emphasizing on a singular wall or element within the base concept could be quite exciting.  I do have modern pieces of architecture I love that are curved buildings.

 Are there any artists or schools of art you would love to fill one of your houses with? My philosophy is the color of a house should come from the art, furniture and sculpture. In art we prefer bold, colorful contemporary artists.

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History Always Repeating Itself

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Dear Friends,

I hope this finds you and your families safe and in good health during this challenging time.  I’ve had the opportunity to speak with some of you recently and look forward to connecting with you all in the coming weeks and months.  While Covid-19 has been tragic for many and difficult for all, it continues to put things into perspective and further clarifies what is important. My daughter has come home from school and our family has gone from four individuals running 100 mph in different directions to spending every day and dinner together.    

I am grateful to be in Aspen with access to the beauty and quiet of the outdoors.  As you can assume, like everywhere else, summer in Aspen is going to be different this year.  Food and Wine and the Ideas Festival have been cancelled and the Music Festival will be delayed (hopefully not cancelled).  This being said, with a solid snowpack, it should be a beautiful green summer.

In the spirit of looking to the future, we thought what better place to look than the past. The Aspen Historical Society maintains a treasure trove of images that always keep our spirits high and remind us what a special place this is.  

Wishing you good health and peace,

Lex     

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CAPTIONS:

  1. August 1980 issue of the Snowmass Affairs magazine with a photo of a girl in 4-H, Aspen Historical Society, Snowmass Affairs

  2. Music Tent, 1964, Aspen Historical Society, Chamberlain Collection 

  3. AFD Cookie Fundraiser, 1977, Aspen Historical Society, Aspen Times Collection

  4. Jack Nicholson, @theapresski Instagram 

  5. Aspen Triathlon, 1984 , Aspen Historical Society

  6. John Denver, Elsa Mitchell and Tom Brokaw, 1980, Aspen Historical Society

  7. Josef Odermatt, 1975, Aspen Historical Society, Aspen Times Collection

  8. Sunbathers, @theapresski Instagram 

  9. Vintage Racing Poster

  10. The Music Tent, 2018, Photo: David Stillman Meyer 

  11. Rugby Game, 1978, Aspen Historical Society, Aspen Times Collection

  12. View of Aspen Mountain from Red Mountain Home, 2017

  13. LCD Sound System at Belly Up 2018, Photo David Stillman Meyer 

  14. Aspen Court House, 2017, David Stillman Meyer 

  15. 1Arts festival, 1970, Aspen Historical Society, Aspen Times Collection

  16. Snowmass Rodeo, 1983, Aspen Historical Society, Durrance Collection

  17. Anina Paepcke Hamilton, 1970, Photo M. Durrance, Aspen Historical Society

  18. Invitational Hot Air Balloon Race, 1976, M. Durrance, Aspen Historical Society 

  19. Yo-Yo Ma, cellist, performing at Aspen Music Festival, 1977. The conductor is Sergiu Commissiona. Aspen Historical Society; Jill Richards

  20. Aspen Alpine Cup Bike Race, 1976, Aspen Historical Society, Lindner Collection

  21. Aspen Triathlon, 1986, Maroon Creek Road, Aspen Historical Society

    21a. Chess Game, 1972, Aspen Historical Society, Aspen Today Collection

  22. . Unknown skiers, c. 1984, @theapresski Instagram 

  23. Rodeo Royalty W/J Rodeo, 1978, Aspen Historical Society, Aspen Times Collection

  24. Wine Cabin Picnic at Snowmass, 1970, Aspen Historical Society, Durrance Collection

  25. Aspen Theater Project Play, 1978, Aspen Historical Society, Aspen Times Collection

  26. Hiking up Highlands Bowl, 1969, Aspen Historical Society, Lindner Collection

  27. Sailing at Ruedi, 1969, Aspen Historical Society, Lindner Collection

  28. AVSC skier, March 1967, Aspen Historical Society, Durrance Collection

  29. Parasailing, 1989, Aspen Historical Society, Russell Collection

  30. AHS Athletics, 1986, Aspen Historical Society, Aspen Times Collection

  31. Fred Iselin and his St. Bernard, Mumbo, circa 1960. Aspen Historical Society

  32. Little firefighter, 1997, at the Aspen Fire Station. Photo: Joan Lane, Aspen Historical Society

  33. Aspen Art Museum, 2018, Photo: David Stillman Meyer