Johnny Pfeiffer: [00:00:00] Good morning everyone. Welcome to season three, episode two of Brokerage Insider, the podcast where we interview real estate and technology leaders sponsored by Tribu and hosted by me Johnny Pfeiffer last week, as many of you may remember, episode one kicked on the season with an amazing discussion with the president of Corcoran Affiliates, Stephanie Anton.

Stephanie's insight and wisdom into the world of real estate was the perfect way to launch our series, which is about success in real. My next guest for today, one of my dearest friends, and one of my closest confidants is the president of Lyer Smith and Frampton Real Estate in Aspen, Colorado. Krista, please, please, everyone help me welcoming Krista.

Good morning Krista.

Krista Klees: Good morning Johnny. Thank you so much for having me. I'm honored to be

Johnny Pfeiffer: here. Well, thank you. We are so excited and everyone I, I just want to share with you, Krista, One of the most renowned, respected and powerful names in real estate, especially here in [00:01:00] Colorado. Krista has been in Aspen for, what, 30 years, Krista?

Oh, I

Krista Klees: wish it was only 30. John . But, um, closer. I think we're, uh, we're approaching 36 this year.

Johnny Pfeiffer: Wow, that's incredible. So you've seen a lot of changes in the Roaring Fork Valley over that

Krista Klees: time. Yes, it's been, it's been a fascinating and a really fun, interesting

Johnny Pfeiffer: journey for sure. I bet it has. And, and everyone just, you know, Krista began her real estate career at the age of five, and so that's how she has been there for 36 years.

I began mine, even younger. So we're not dating ourselves, right, Krista? Correct. Okay. . So what a fascinating market that. function in and work in. I mean, that is one of the most well known five letter words in the world. I don't know if I've ever gone anywhere worldwide and used the name Aspen, and everyone immediately knows where that is.

I just got back from [00:02:00] uh, Real Estate Symposium in Portugal and immediately was asked, Have you ever been to Aspen? So I think it's always that everyone's top of mind when you think of ski resorts, when you think of beautiful people, beautiful stores. Food and the, some of the best skiing in the world. Uh, tell us about it.

How did you end up there? Where are you from originally? I believe we're from the same hometown. Are we not? You

Krista Klees: know that? Yes. Um, well, and first of all, again, thank you so much for the very kind. Introduction. You know, I adore you and I love being here with

Johnny Pfeiffer: you. Well, thank you. And I just, and everyone, just so our listeners know, Kristen and I have been friends for a long time.

Uh, we have worked together for years, uh, and we are also truly from the same hometown. So Kris, I would love for you just to share how your journey from Kansas City brought you to Aspen, how you ended up in. .

Krista Klees: Uh, so I think like a lot of us that end up here, I came out, um, after school and intended to, you know, just ski for a full [00:03:00] winter every day and.

Was not going to really, uh, get into a serious career at that point in time. Um, but fate had a different plan for me and I ended up going to work for, uh, an owner of a, one of the real estate companies at that point in time. Sort of as a administrative assistant, personal assistant. And that translated into us opening up a small boutique firm in, uh, 1992 where I transitioned into more of a corporate officer as well as director of operations, the employee broker, and all sorts of things.

And I stayed with that, uh, career until, um, 24. And the company was sold. And that encouraged me to go out and open my own shingle. And I formed a company called Palladium Properties in 2015, and [00:04:00] then as Bait would have it again, and through our dear friend Stephanie Anton, uh, you and I met at, uh, a Luxury Portfolio Advisory Board meeting, and.

That precipitated me merging palladium properties with Slyer Smith and Frampton in 20.

Johnny Pfeiffer: and that was an amazing journey together, y'all. I was so blessed to have been introduced to Krista by Stephanie, as Krista said, at a luxury portfolio event. And that evening changed everything for me. Krista and I became fast friends and immediately knew we wanted to work together.

Well, I helped her understand how much we wanted to work together, . So, because Krista was already so highly. Successful in the Aspen market, and it's just a market that I've always been passionate about and wanted to be a part of. So Krista opened that door for us and allowed us to move into that exciting market, and it has just [00:05:00] been an amazing partnership with Slyer Plat, now Slyer Smith and Frampton with Krista at the Hel, and so many exciting things with the development of Snowmass and all the addition of the new luxury development you're doing up there, Kristin, throughout the entire Roaring Fork Valley.

And what I would love you to tell our listeners about is what makes that valley so desirable with all of the incredible real estate opportunities across the world. Everyone wants to go to the Roaring Fork Valley, specifically Aspen and Snowmass. Why is that? What, what is the draw?

Krista Klees: Aspen provides, along with the beautiful mountains and the ski resort town. In addition to that, we have a full. Cultural community here that focuses on the arts and the think tanks, and it's just become this sort of iconic place.

Um, in addition to being that that ski resort that it originally morphed into, it [00:06:00] turned into really a cultural. Vocal point in the Rocky Mountains with the institute and the dance and theater and of course the music school, uh, where you had people coming from all over the country as well as all over the world to participate in some of the, the cultural events that the, that the location.

Johnny Pfeiffer: Well, and I bet a lot of people who are listening to this podcast right now are pausing because Kris, I think most of us, like you and I are from the Midwest, but people everywhere. When you think of Colorado and specifically Aspen, all you think about is scheme. What I think is so poignant about what you just shared with all of us is Aspen in your valley is about a lot more than.

There is the culture aspect, the community aspect. There is year round opportunities to live and enjoy that valley and to experience life living in the mountains, way beyond skiing. You don't have to [00:07:00] be a skier to live there, is that correct?

Krista Klees: That is correct. And you know, historically, a lot of us. As you pointed out, Johnny arrived here due to the skiing, but then spring rolls around, summer comes and the weather is so phenomenal, and the other activities that the location provides, whether you're on a river or you're riding mountain bikes or street bikes, or you're a hiker or you're into food, we have the food and wine festivals been here, or you're a classical.

aficionado. You have the the music school. If you are more into the. politics as well as arts. There are so many different events that take place in Aspen and the surrounding valley throughout the season that I think it has always provided a major draw for. Those people in addition to the ski [00:08:00] industry.

Johnny Pfeiffer: Absolutely. I couldn't agree more. And I think it's exciting for people as they get to that valley and start discovering it and realizing what the opportunities are. And now I have one little side note I have to go into, and I know you're gonna laugh when I do because you know me too well. I am a freak about pop culture.

We know I love My Real Housewives and my million dollar listing shows. Have you seen any celebrities? And if you, if you have, are you allowed to say,

Krista Klees: you know, that's another. Very beautiful thing about Aspen. Um, it's changed a little bit over the years, uh, because we have more paparazzi and, and such that have also discovered that people come to spend time here, whether it's the holidays or throughout the summer seasons, It's, it's pretty low key.

You don't see people flocking around them, um, and, and following them when they're here. Um, but [00:09:00] over the years, They, you know, they're living in our community. Their homes are here. Um, some come to visit others, like I said, are longstanding members of our community and, uh, you know, they live, work and play like the rest of us here, which is

Johnny Pfeiffer: nice.

So our listeners, y'all, I have to tell you, she answered that perfectly. And as every Aspen local would, they do not get caught up in the fanfare and the Hollywood glam. They are there to escape and the locals respect that and give them that. Space. I fortunately am not a local in Aspen. I am in Denver, and so I could be one of those running around chasing them, but I won't because Krista would be very upset with me.

But, So Krista, of all your favorite spots, that potentially there could be a celebrity siding if someone leans in my direction towards pop culture. What's a couple of your favorite go-to spots for drinks or dinner? Either super nice or super.

Krista Klees: So, uh, depending if, if you're just [00:10:00] finishing, uh, skiing the bottom of the gondola, I love the Ajax Tavern.

It has a magnificent patio that you can sit at and it's right at Gondola Plaza. The lobby at the Little Nell is wonderful for cocktails. They have a phenomenal cob salad, which is one of my favorites. I love the hotel Jerome, as well as the J bar. Off the beaten path a little bit. Well, it's on, actually, we have a, a street here, as you might re recall, Johnny, That's called Restaurant Row.

One of my favorites along there is meat and cheese. It's a favorite local, local spot.

Johnny Pfeiffer: Well, in what I think is so amazing, Krista, is y'all, she could sit here and go on for a half an. Of some of her favorite spots to eat. Uh, the French Bistro is one of my favorite. Uh, absolutely love it. Fantastic for fondue.

Uh, Christa has family who works with the Jerome, so she's very close to it and I've stayed there many times. Spectacular [00:11:00] hotel. Again, the pop culture side of things. There is the Katie Perry suite, which, uh, you can stay in. It's her favorite suite there. Little side, little intel there for everyone. Kind of to bring us full circle Krista, I think what's important about all, everything we've talked about so far on this, thank you for all of this insight, is tell us about the market there.

I believe everything you've shared is why we see price points unrivaled in much of the world. And so, do you have a second just to share kind of general price ranges and price per square foot and where you're seeing the Aspen market perform over the last couple of. ,

Krista Klees: Right? Well, I believe like everyone across the country, you know, 2021 was a phenomenal year.

We saw record setting prices, uh, both for just the properties themselves, as well as increase in price per square foot, incredible transactions, [00:12:00] uh, volume, numbers, dollars, and the number of transactions that were completed. The unique part about. Aspen and actually the rowing Fort Valley is, there's only so much of it where you get into other, maybe perhaps metropolitan markets and places like Denver or you know, just larger cities in general.

Typically, if you can't spread out, they have the ability to go up. and for a very long time, Aspen has had a restriction on, you know, the tallest building that you can have is, is three stories, and that is now under a moratorium as well. So if you were renovating a building or a hotel or anything in the, what we call the downtown core of Aspen, you can no longer even build a three story building.

So that being. Our inventory is always extremely low and there is only so [00:13:00] much of it. And once it's done, it's done. Uh, you will occasionally have renovations and things like that, that will happen, but as far as tearing, for instance, a 20 unit building down and replacing it with an 80 unit building, that's not going to happen.

So that continually drives our prices up, right, because. , there's only so much land available and once that land is developed, there's really no place else to go, which has really strengthened and also expanded our marketplace into what we refer to as the entire Roaring Fork Valley, because once people become completely priced out of Aspen, they start spreading out a little bit further into other communities as you.

as we refer to Down Valley, which basically we have a highway, Highway 82 that comes off of I 70 and spans from Glenwood Springs to Aspen, Colorado. And then in the summer you can [00:14:00] take it over Independence Pass and end up in Leadville. But primarily when I reference the Roaring Fork Valley, we're talking about from Glenwood Springs to.

Johnny Pfeiffer: Well, and one thing I'd love our listeners to know who are interested, which will help segue into our next question in a minute, is, as Kris pointed out, not everyone has a budget that will allow them to be an Aspen proper. However, you have a very diverse and very organic valley that has a host of different communities with their own souls and their own community and their own events, and there's opportunity to live in many places and still be near Aspen.

Krista Klees: That's correct. You know the Roaring Fork Valley spans over three counties and six municipalities between I 70 and

Johnny Pfeiffer: Aspen. And I think that's an important thing for our listeners who may be reaching out later and say, I'm interested in their, in that market. It's not just Aspen. So Krista [00:15:00] and her team work a large geographical area that affords a lot of opportunity.

But one fun thing I'd love our listeners to know. Krista, you've seen sales north of 50 million in Aspen, haven't you? In the.

Krista Klees: Yes, correct. And uh, we're starting to see a lot more of those actually happen off market, which. Which is pretty fascinating.

Johnny Pfeiffer: Oh, and for our listeners, just so you know, off market means there's a buyer with a certain type of property they're looking for.

A seller owns that property. Those relationships are made outside of the mls and those are brokered between the agents, Chris's team and others, uh, off market. And so in Krista, some of those price points, are they what? North of 25? , Correct?

Krista Klees: Yes. 25 million. We, There was one that was recorded about a week ago that was at 69 million.

Johnny Pfeiffer: $69 million, 69

Krista Klees: million, I believe. It's incredible, right? [00:16:00] I know. It's amazing. I believe right now the record for a single family. home within the Aspen area is, is at 75 million.

Johnny Pfeiffer: Wow. That's a, that's a bargain. Krista . Yep. Right. And it's, but I think it's a testament to where Krista works and where her company is, is that it is such a desirable location.

It has so much to. and as she said, it's a finite resource. They're an island amongst a national forest, if you will. And so there's not limitless building going on. And so Krista, with that, do you believe now is still a great time to buy in the Roaring Fork Valley and do you see the future stable there for people who are looking?

Krista Klees: Yes, I, I think what we're going to start seeing, well, we already have started to see the number of transactions are definitely leveling. , which is a little bit of that, that frenzy has subsided. [00:17:00] However, you know, there's lack of inventory there, so that's, that's driving the transactions down. But the values are holding and the price per square foot continues to go up.

I don't think it will, uh, continue to go up as dramatically as it has over, let's say, the past 18 months. Historically, Aspen has always been a safe place to invest your money and, and park it unless something goes completely, you know, is unusual. And it's an extreme emotional purchase where somebody pays a, a market price that's over and above and beyond.

historically, your money is, is solid and secure. You may not see the a hundred percent. In a year. Right. Of, of course. But it's been a steady Exactly. But it's been a steady, solid investment and [00:18:00] that's really for the entire Roaring Fork Valley as well. Well,

Johnny Pfeiffer: and to tag onto what Krista just said, the beauty of it is, is Krista, I believe most of your buyers, you literally just said someone makes an emotional purchase, and you have had those historically that were regardless of value, the the value was limitless to them because, Priceless opportunity for them and their family and their lifestyle.

And so, and I think that's the key thing here. For most people who buy and live and experience the Roaring Fork Valley, it's way beyond the purchase of real estate. It's a, an entire lifestyle. And that value, you can't put a price tag on that, right?

Krista Klees: Correct. Correct. It's, it's, it's something they've, they've made the decision that they want to be in this marketplace.

They're going to. Either relocating or they're going to be spending time in this place as you shed, as you shared Johnny. And um, and it is truly for a lot of people, it's an emotional lifestyle decision.

Johnny Pfeiffer: Well, and with that, I would [00:19:00] love, we just have a couple of questions left. We've just, Krista, this has been absolutely amazing.

Thank you so much. Uh, what I would love for you to share with our listeners before we wrap up today is last week you, as you heard, listening to my interview with Stephanie is the powerful presence. Of women in real estate. It's such an incredible opportunity for everyone, regardless of who you are, uh, to get into this business cuz it will take you anywhere.

Krista's from the Midwest decided to spend a winter skiing in Colorado and is now the president of one of the most successful companies in the country. And so I would love for you to share for our listeners who are sitting out there, if their career path is leading them towards real estate. You began at a small firm, new to the business, new to the career, and as a young woman worked your way up over X number of years as you shared, and now you're this powerful magnet that has a reputation that's [00:20:00] never ending.

People just everyone wants to do business with. Krista, please tell us what advice you have for our listeners if they want to follow your journey and your path.

Krista Klees: Oh, I would say, well, number one, I think one of the reasons that I am still so passionate about this business and why I'm still in this business is I made a decision a long time ago.

O obviously we're in the business of selling houses, but for me it was more about really bringing people into this amazing community that. You know, stumbled into, I was familiar with Aspen, but never, if you had asked my younger self 35 years ago if I would still be living full time in the roaring Fort Valley and had built this career and, and sort of this life and this lifestyle, obviously I met my husband here.

You know, that was one of the reasons I stayed as well. But, um, . To be able to share that [00:21:00] experience and to bring people into these communities throughout the valley is really a special gift to be able to share with people. Um, like I said, I, I'm, I'm passionate about the real estate business. I'm passionate about developments and watching everything, uh, and the changes that have occurred over the years throughout the valley.

has been really, I think, done in a thoughtful way and, um, it's been a, a, a really exciting, a, a true blessing to be part of that progress. So, getting into the business in general, I think you have to stay true to yourself and remember why you're getting into the business and really what this business boils down to.

It's about relat. And that has to come first and foremost. You have to be, you have to believe in the product that you're selling and you have to believe in the community that you are sharing [00:22:00] with people that are making the decision to to come. So with that foundation blog and then going from. I would start with a company that the culture and their core values meet with you.

Um, one of the things that I'm very proud that Slicer Smith and Frampton does is a great, uh, broker development program because it's not easy to get into this business if you don't have a mentor. You don't have somebody that you know can kind of show you the ropes and you are running your. Business, even though you're working for another company, you are needing to be a self-starter and you are running your own, your own personal business when you get into this, into this industry.

So to have the basic building blocks to build from and to go from there and then to be aligned with the company that shares the community values and that is sort of ensconced in that community [00:23:00] where you're living and working, I think is very, I. .

Johnny Pfeiffer: Well, I think that's an amazing response, and I hope the main point everyone took away from what Krista just said was she never mentioned commission.

That's always an implied benefit to selling real estate. That's why we all work to pay our bills. However, it's about people. It's about relationships. It's about building a community together, and I think in her years in the business, Krista has accomplished that and. Krista, I would love for you to wrap up.

Tell us about why Sniper Smith and Frampton Aspen. Uh, everyone, I would just love for you to know Krista has a long history, as you know in the valley. Her husband Doug Cle, is an amazing man. I'm blessed to call him a friend as well. And they have two of the cutest yellow labs, Gus and Tater you've ever met in your entire life.

Two of my favorite. And they embody what is Lyer Smith. And Frampton Aspen. So Krista, if you would just take a second and, hey, if someone's considering real estate and or listing or buying real estate in the [00:24:00] Valley, why Lyer? I think you shared, but I'd love to hear a little plug, please. Yes.

Krista Klees: Why Lyer? Well, thank you for giving me that opportunity.

Uh, Weis Slyer, It is the solely only independently owned company in the Roy Fork. Um, we live here. We work here. We are the community. Our ties run long. Uh, we just, the company itself just celebrated its 60th anniversary. Wow. Uh, for being in business in the state of Colorado, which is a, which is a huge.

Huge accomplishment, and I'm honored to be associated with that. Um, but to, to remain independent and to be able to have your brokers share with their clients that, you know, this is the community that we live in and that we support and. to, to have that ability to do that in this day and age, I think with all the con consolidations that we've seen [00:25:00] across the industry, it's, it's important to be, you know, some of the buzzwords, the local expert, if you will.

Yep. But it's hard to do that if you're not living and involved and ensconced in those communities. Um, I, above and beyond that, the amazing broker support that is there. And as I mentioned that, that broker development and making certain that there is a certain standard of conducting business and educating the brokers, uh, I believe is a little bit different.

Johnny Pfeiffer: And I couldn't agree with Kris Moore. It's, I know Slayer, I'm one of its biggest fans always have been, and I think it's one of the few companies that I know truly can use the word family. And it's not a cliche. It is a team of people out there to help everyone else succeed, be it get the most for the listing for their seller, help the buyers find their dream home and or help their agents slash brokers.

I'm gonna say that [00:26:00] Crystal only cuz some of our listeners are from other areas of the country and they call 'em agents and so, but in Colorado, Associate brokers are agents, if you will, but to help them be successful and start off and grow their careers, it's all about everyone else, and I think that is one of the biggest benefits to utilizing Kristin and her team, is you have the opportunity to grow in any direction you like as a purchaser, a seller, or an agent or broker.

And Krista, the website. If anyone wants to get in touch with you or has more questions for you, what is your. It

Krista Klees: is aspen real estate.com. I

Johnny Pfeiffer: think that's pretty easy to remember given, as I said in the beginning of the podcast. One of the most popular five letter words in the world. I think everybody in the world loves to hear about Aspen, Colorado.

I know. I certainly enjoy it. And Krista, I have absolutely loved this time with you. I am so grateful to you for being guest number two on the Broker Insider, [00:27:00] and I think the brokerage insider, pardon me? Uh, podcast. And I just, I think you brought such an exciting twist to a niche market. Today. Anything else you wanna share with our listeners before I close this out?

Krista Klees: Oh, thank you so much, Johnny, for having me. It's been a pleasure to be here and I'm so thrilled that you're

Johnny Pfeiffer: doing this. Well, thank you. And hey everyone, thank you again for joining us today for the Brokerage Insider. We loved seeing all those new subscribers over the last couple of weeks. And look forward to many more.

Please stay tuned for next week when we will be bringing you more exciting news from the real estate industry. Please listen to us everywhere. Are you able to listen to your podcasts and subscribe? And there are always posted on our tribu website@tribes.com, which we are one of the largest independent prop tech companies in real estate, and we are always here to support you, your business, and your goals.

Everyone have a great day.