821 Cluny Rd · Snowmass Village, CO 81611

$17,950,000

4 bd · 5.0 ba · 6,521 sqft · SingleFamily public records · 82 Days on market

Built 1990 4.00 ac lot $2753/sqft · 24% below area Est $26202k · 31% under $1250/mo HOA · 12% of rent

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Why this score? — see what drove the D- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• Rent growth +5.0/5.0
• Schools +4.1/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Cash flow +0.0/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Positioned on a premier four acre view site on private Cluny Road, this property captures the sweeping, unobstructed horizon of the Elk Mountain Range towards the Continental Divide, and the full expanse of the Owl Creek Valley. The exceptional setting is paired with valuable Pitkin County land use approvals already in place for a 10,000 square foot renovation and expansion, including an approved site plan and activity envelope, with architectural design by Z Group, offering a rare opportunity to enjoy the existing residence or create a fully customized Aspen retreat. The current 5 bedroom home spans 7,351 square feet and is distinctively designed to maximize its breathtaking surroundings. Ceiling height windows frame panoramic vistas featuring Mt. Daly, filling the home with natural light and a constant connection to the landscape. An open living room and chef's kitchen seamlessly extend to the expansive covered outdoor terrace through large folding doors, creating an ideal setting for year-round entertaining. Amenities on the lower level include a media lounge, game room, and home office . Outdoor living is equally compelling, with flat yard space, private hot tub and multiple areas to take in the dramatic alpine sunsets. In an excellent location only minutes from Two Creeks at Snowmass ski area, Buttermilk, and downtown Aspen, exists a rare combination of Aspen's most sought after qualities.

Key facts

• 4 acre lot
• 2 garage spots
• Built 1990

What this means for you Summary

Snapshot

• This is a 4-bed/5.0-bath single-family listed at $17.95M.

Deal economics

• At list price, monthly cash flow is $-117k ($-1.40M/yr) — negative.
• To cash-flow at today's rent, offer at most $1.02M (94.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.05M (94.2% below list).
• Recommended offer: $1.02M (94.3% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 64/100 on livability (#177 in CO) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+; Watch: commute D, amenities F, cost of living F.
• Aspen School District No. 1 In The County Of Pitkin And Sta (rural): math 36% / reading 56% proficiency, ranked #18 of 86 in CO (top 21%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 4% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+22.1%/yr); 324 active listings in the ZIP; solid renter incomes; 145 units permitted in Pitkin County in 2024 (89 in 5+ unit buildings).
• At $10,490/mo this rent would consume 152% of the median local household income ($83k/yr) (locally 566% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $1.92M of equity ($124k loan paydown + $1.79M appreciation (10.0% local appreciation)).
• Pitkin County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$3.08M cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 82 days — a 6% lower offer ($16.87M) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $12.49M; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,018,337 (94.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 82 days. Have you received any prior offers? Is the seller open to a 94% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.06% ✗
• Cap rate: -1.53%
• Cash-on-cash: -27.94%
• DSCR: -0.24
• GRM: 142.6

CMA / ARV

• ARV (median comp): $26,201,840
• List price: $17,950,000
• Delta: -31.49%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 5.5%
• Equity multiple: 1.47×
• Total profit: $2,379,924
• Equity at exit: $16,170,782

10-year hold

• IRR: 8.4%
• Equity multiple: 3.59×
• Total profit: $13,008,254
• Equity at exit: $34,872,902

Cash invested: $5,026,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 38 Tenant-Leaning
• State Colorado: 38 Tenant-Leaning · D+4
• County: — inherits STATE
• City: — inherits STATE

2023 reforms: 10-day cure, mandated notice, source-of-income protected. Courts backlogged in Denver.

Methodology + full state rankings →

ZIP-level market 81611

• Home prices YoY: 3.6%
• Rents YoY: 22.1%
• Active inventory: 324
• Price-to-rent: 142.6×

Monthly cashflow live

• Estimated rent: $10,490 medium
• Mortgage (P&I): −$94,132
• Tax est. 1.5%: −$22,438 /mo · $269,250/yr
• Insurance: −$7,479
• HOA: −$1,250
• Vacancy / Maint / Mgmt: −$2,203
• Net cashflow: $-117,011

Break-even live

Break-even rent $158,606

Max offer price $1,018,337

Occupancy floor —

Sensitivity live

Price	-10% $-104,606	-5% $-110,809	+0% $-117,011	+5% $-123,213	+10% $-129,416
Rent	-10% $-117,840	-5% $-117,425	+0% $-117,011	+5% $-116,597	+10% $-116,182
Rate	-1.0pp $-107,971	-0.5pp $-112,446	base $-117,011	+0.5pp $-121,662	+1.0pp $-126,394

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $4,487,500
• Closing costs: $538,500
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $1,250 · $15,000/yr

Listing history 27 events

1. 2026-06-21
   days on market $17,950,000 Active 82 DOM
2. 2026-06-19
   days on market $17,950,000 Active 80 DOM
3. 2026-06-18
   days on market $17,950,000 Active 79 DOM
4. 2026-06-17
   days on market $17,950,000 Active 78 DOM
5. 2026-06-16
   days on market $17,950,000 Active 77 DOM
6. 2026-06-15
   days on market $17,950,000 Active 76 DOM
7. 2026-06-14
   days on market $17,950,000 Active 74 DOM
8. 2026-06-12
   days on market $17,950,000 Active 73 DOM
9. 2026-06-09
   days on market $17,950,000 Active 70 DOM
10. 2026-06-08
    days on market $17,950,000 Active 69 DOM
11. 2026-06-07
    days on market $17,950,000 Active 68 DOM
12. 2026-06-05
    days on market $17,950,000 Active 65 DOM
13. 2026-06-02
    days on market $17,950,000 Active 63 DOM
14. 2026-06-01
    days on market $17,950,000 Active 62 DOM
15. 2026-05-31
    days on market $17,950,000 Active 61 DOM
16. 2026-05-30
    days on market $17,950,000 Active 60 DOM
17. 2026-03-31
    listed $17,950,000 Active 1419-char remark

    Show marketing remark (1419 chars)

    Positioned on a premier four acre view site on private Cluny Road, this property captures the sweeping, unobstructed horizon of the Elk Mountain Range towards the Continental Divide, and the full expanse of the Owl Creek Valley. The exceptional setting is paired with valuable Pitkin County land use approvals already in place for a 10,000 square foot renovation and expansion, including an approved site plan and activity envelope, with architectural design by Z Group, offering a rare opportunity to enjoy the existing residence or create a fully customized Aspen retreat. The current 5 bedroom home spans 7,351 square feet and is distinctively designed to maximize its breathtaking surroundings. Ceiling height windows frame panoramic vistas featuring Mt. Daly, filling the home with natural light and a constant connection to the landscape. An open living room and chef's kitchen seamlessly extend to the expansive covered outdoor terrace through large folding doors, creating an ideal setting for year-round entertaining. Amenities on the lower level include a media lounge, game room, and home office . Outdoor living is equally compelling, with flat yard space, private hot tub and multiple areas to take in the dramatic alpine sunsets. In an excellent location only minutes from Two Creeks at Snowmass ski area, Buttermilk, and downtown Aspen, exists a rare combination of Aspen's most sought after qualities.

18. 2025-11-20
    listed $50,000
19. 2025-11-19
    historical $50,000
20. 2025-10-28
    price $50,000
21. 2025-07-19
    price $85,000
22. 2024-11-13
    listed $50,000
23. 2024-11-13
    historical $50,000
24. 2024-11-09
    price $50,000
25. 2024-08-30
    listed $80,000
26. 2021-12-28
    soldstatus $12,490,000
27. 2021-12-27
    soldstatus $12,490,000 Closed 1231-char remark

    Show marketing remark (1231 chars)

    Welcome to a home like no other: a compelling 7,300+ sq. ft. estate among the green rolling hills in the Owl Creek Valley. Sited on a premium 4 acre lot, every room in the home is designed to showcase the 360 degree views of the surrounding mountains and ski slopes. Entertain in several outdoor spaces this summer on the covered deck, patio or lush green lawns. Designed by visionary and acclaimed architect Steve Haas, the modern geometric architecture is an innovative use of steel, glass and space. Custom-designed furnishings complement every room. With several dynamic living areas, a game room and four en-suite bedrooms, there is abundant space to host guests, while enjoying a sophisticated main floor master suite and den. All 4 Aspen and Snowmass ski areas are just minutes away.This property provides the privacy and splendor of the Colorado outdoors and close proximity to all that Aspen has to offer. The Aspen airport is just 5 minutes away; downtown Aspen is a quick 10 minutes drive into town. This property provides the privacy and splendor of the Colorado outdoors and close proximity to all that Aspen has to offer. The Aspen airport is just 5 minutes away; downtown Aspen is a quick 10 minutes drive into town.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 1/10 Low 3 d/yr ≥82°F today · 7 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $125,886
• − Mortgage interest: −$1,005,479
• − Property taxes: −$269,250
• − Insurance: −$89,750
• − Repairs & maintenance: −$10,071
• − Management: −$10,071
• − HOA: −$15,000
• − Depreciation: −$522,182
• Taxable loss: −$1,795,917
• Est. tax savings @ 24.0%: +$431,020
• After-tax cash flow: $-973,111/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Aspen School District No. 1 In The County Of Pitkin And Sta
• NCES district ID: 0802280
• Math proficiency: 36% ▼ -5.00%
• Reading proficiency: 56% ▼ -3.00%
• Median HH income: $66,694
• Composite: 40.98/100
• National rank: #3595
• State rank: #18 of 86 in CO

Livability — Snowmass Village

• Score: 64/100
• State rank: #177
• US rank: #14460

Category grades

Amenities F Commute D Cost of living F Crime A+ Employment A+ Housing F Health & safety F User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Pitkin County · 9,068 people
• City population: 9,068
• Metro: Glenwood Springs, CO
• Population (ZIP): 9,068
• Household income: $82,664
• Rent vs Own: 41.4% rent · 58.6% own
• Severe rent burden: 566.0

Population outlook (Pitkin County) Hauer SSP2

• Today (2025): 20,121 people
• By 2030: 21,110 · +4.9%
• By 2040: 22,707 · +12.9%
• By 2050: 24,105 · +19.8%
• By 2075: 27,933 · +38.8%
• By 2100: 30,018 · +49.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 10% Two or more races 7% Asian 4%
• Hispanic origin (detail): Mexican 4% Salvadoran 4%
• Common ancestry: Slovak 3% Iranian 3% Romanian 3%
• Foreign-born: 15% · Canada, Dominican Republic, China
• Languages at home: 82% English-only · Spanish 9% Other Indo-European 2% Chinese 2%

Political lean MEDSL · Pitkin

• 2024 margin: Solid D (+44.2) · D 71.0% · R 26.8% · Other 2.2%
• 2008→2024 swing: -4.6pp toward R · 2008: 48.8pp · 2024: 44.2pp
• All cycles: 2024: D+44.2 2020: D+51.9 2016: D+45.4 2012: D+37.9 2008: D+48.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 12.97%
• Current HPI: 370.9593
• Rent YoY: ▲ 22.07%
• Metro: Glenwood Springs, CO
• State GDP YoY: ▲ 1.95%
• F500 in state: 14

Industry mix (Fortune 500 HQ in CO)

Industry	F500 HQs	Revenue
▸Technology Distribution	1	$31B
▸Food / Agriculture	1	$18B
▸Packaging	1	$14B
▸Healthcare	1	$13B
▸Energy	1	$10B
▸Technology	1	$4B

Price history

+43.7% since first listed

11 events — show timeline

• 2026-03-31 Listed $17,950,000 AGMLS
• 2025-11-20 Listed for Rent $50,000 AGMLS
• 2025-11-19 Rental Removed $50,000 AGMLS
• 2025-10-28 Price Changed $50,000 AGMLS
• 2025-07-19 Price Changed $85,000 AGMLS
• 2024-11-13 Listed for Rent $50,000 AGMLS
• 2024-11-13 Rental Removed $50,000 AGMLS
• 2024-11-09 Price Changed $50,000 AGMLS
• 2024-08-30 Listed for Rent $80,000 AGMLS
• 2021-12-28 Sold (Public Records) $12,490,000 Public Records
• 2021-12-27 Sold (MLS) $12,490,000 AGMLS

Property tax history

+5.9%/yr

Latest (2025): $33,282 · -6.9% YoY. Source: county tax records.