By Tim Estin mba, gri | Mason Morse Real Estate, Aspen | 970.920.7387 office Oct 28, 2008 (Updated from the original article, Mountain Business Journal, January 2nd, 2007) Immediate Market Highlights: Our market may have slowed but it has not stopped … we are not immune but we are insulated. Here’s what Aspen property is moving now. The overall theme is “ instant gratification” sells Superb, Aspen in-town locations and drop dead new remodels and new construction Trophy purchases, $$ seemingly no object. Realistic priced properties with motivated sellers who understand marketplace conditions and realities. Great perceived ‘value’ buys. Buyers are absolutely more discriminating than ever. West End single family homes: transactions are off -20% YTD, but off -50% from the peak YTD 2006. However, price/sq ft is higher; new product is selling; people want to be in-town, walk to everything. Aspen downtown core sales have plummeted, down 70% YTD, -76% 3Q08 and -61% below the lowest YTD 2004 Snowmass Village (SMV) single family home activity is on the uptick as sellers mark down prices and inventory begins to move. New Snowmass Base Village sales YTD have been off the chart upwards. Unknown: if developers and builders start to capitulate, how will it affect existing home prices and sales? Read More
