The Crestwood
Address: 400 Wood Road, Snowmass Village CO 81615
The Crestwood is located just across Wood Road from the Village Express ski corral area of Snowmass Base Village and along the lower Funnel ski run under the Elk Camp Gondola. In my opinion, the location couldn't be better - walk down the steps across Wood Road to Base Village, and ski in from either the Fanny Hill or Funnel side of the mountain. The complex is made up of three separate levels with about four buildings per level and three floors per building -- making the experience feel boutique and exclusive.
Total # of Condos: 135
The Crestwood features mostly a mix of smaller residences: a few studios, 600sf 1-beds, 930sf 1+lofts, 1,200sf 2-beds, several 3-bedroom options, with some owners having combined residences over the years to accommodate larger families. The 1 bedroom + loft / 2 baths layouts seems to be a popular rental option for families and these residences feature tall vaulted ceilings and nice views of Wildcat Ridgeline.
Year Built: 1971
The complex underwent a major exterior remodel in 2005 and the complex is well-maintained with beautiful landscaping in the summer as well. Most of the individual residences were remodeled nicely in recent years, but there are still a few originals remaining if a buyer is seeking a renovation project.
Management: self-managed by the Crestwood Lodge & HOA
The fact that Crestwood is self-managed is unique in itself - many area condo buildings toggle between large hospitality groups like Vacasa, Destination, Coral Tree, or Frias -- to name a few. But Crestwood has self-managed all along, with low employee turnover and consistent service. And it shows! The property has built a loyal following and guests often describe the staff as family. In my observation, the Board has succeeded in handling repair and maintenance project expenses through a carefully vetted reserve study and appropriate financial planning, versus slamming owners with major special assessments.
The Crestwood Lodge is a not-for-profit management company, incorporated in the State of Colorado, owned and operated by The Crestwood Condominium Association, Inc, for the exclusive benefit of Crestwood owners who choose to rent their condominium unit(s). Owners are not permitted to rent separately from the Crestwood (i.e. AirBnB). Excess revenue is returned to renting owners at the end of each fiscal year following a certified audit.
Per the 2024 buyer's guide, "The Crestwood sales and reservations staff actively market and sell the property through a variety of sales channels, manage lodging reservations and deposits, and collect/submit taxes on behalf of the owner. As a benefit to renting owners we will apply any revenues to offset Association expense such as common assessment and can arrange for all revenues to be distributed via direct deposit or check. The Crestwood Board of Directors and Crestwood Management actively review and administer rental program requirements and conduct unit evaluations to ensure the accommodations at The Crestwood maintain a high level of competitiveness within the mountain destination markets."
Rental Management Fee: 50% - includes travel agent commissions, credit card fees, paid promo stays, daily housekeeping service for renting guests. Renting owners receive one-half hour of free maintenance per month, supplemental inventory as needed (i.e. dishes, glassware) and one free carpet cleaning per year. Many other management companies will itemize and charge for many of these services.
Amenities: Ski Valet, Front Desk, Bell Service, Airport Transportation, Pool, Hot Tubs, Fitness Room, Steam Room.
Parking: Shared parking lot, not covered.
The parking rarely fills up, but when it does (i.e. during July 4th or Labor Day) there are few options to turn to. Although, I've seen the staff move mountains to accommodate guests as best they can when this does happen. If you visit with a car during a particularly snowy winter, get ready to brush off snow or scrape the ice. And if you visit in June, your car WILL get covered in pollen thanks to the lovely landscaping around the property. That's also part of the experience in Colorado. But the good news is that you really don't need a car either - the property provides airport transfer, rides around the Village, and you can easily catch the free local bus service into Aspen. You can also walk to numerous shops and restaurants around Snowmass Village, including Kenichi, Aurum, Base Camp, Limelight, Mawita, Viceroy Toro, Sundae, Venga Venga, Il Poggio, and Stew Pot (my favorite).
Heat: Nearly all Crestwood units have a gas fireplace which is maintained on an annual basis. These are very effective at providing heat to the entire home. In addition, many owners have installed electric heating units in the bathrooms and bedrooms to supplement on the colder winter days.
Cooling: There are currently no A/C units at the Crestwood, but the Board is exploring options. Nearly all residences face north and even in the height of Summer, our evenings cool down significantly in Snowmass and we rarely feel the need for A/C. Usually a ceiling fan does the trick.
Prices: As an older complex, The Crestwood features a much lower price per square foot ($1,500 - $2200) compared to the neighboring new construction ($2,500-4,500+) -- at least as of Summer 2024.
HOA Dues: The Crestwood's current annual HOA dues are approximately $16,910 per year for a 1-bed, $18,662 for a 1-bed+loft, $24,886 for a 2-bed, $26,667 for a 2-bed + Loft, $32,829 for a 3-bed, and $34,666 for a 3-bed+loft. HOA dues include utilities, cable/internet, use of front desk services, onsite super, Village and airport transportation, ski valet, and access to the pool, hot tubs, and fitness center. Assessments are due quarterly and payable online.
Other thoughts: This is an older condominium collection, and while Crestwood truly strives to be the best it can be as a boutique, nostalgic but well-cared-for property, there are a few things to note. First, noise control. Some owners have installed sound absorbing insulation in the ceilings, but nothing really masks the sound of a child stomping in their ski boots from the unit above. Ski boots are not allowed inside the residences and there are signs outside every unit alerting guests to remove them before entering, but they're sometimes ignored. My husband and I live here full time and this is my pet peeve, but it only happens a few times per season. Secondly, there are no elevators on property, making access trickier. The board has weighed options and considered installation to be too expensive, but this topic may be revisited.
Conclusion: The Crestwood's excellent location, warm and friendly service, collection of amenities, well-maintained grounds, owner usage flexibility, and relatively reasonable HOA dues make it a great option when considering to purchase a condo in Snowmass Village. If you would like more data on individual unit type rental income, recent closed sales, or other information, please do not hesitate to reach out to me!
Visit www.thecrestwood.com and follow them on instagram @thecrestwoodcondominiums