Summer 2016 - Market Summary

Often the first question I’m asked is, “How’s the market?”  This summer of 2016, the answer is not as straightforward as it was last year. 

And, the answer is not the same for everyone that asks it. The statistics in Aspen are clearly different from our neighbor, Snowmass Village.  There are pockets of strong, appreciating prices in high-priced single family homes like on Red Mountain and downtown Aspen apartments, but the condominium market has not strengthened across the board.  The rising tide has not lifted all boats evenly.

Here are sales that standout :
Property               Heated Livable SF      Price          $/SF         Bed       Bath
Monarch on the Park       3508               $15 M         $4276         4            4
250 Willoughby Way       9196              $26.7 M       $3805         8            7
1790 Wildcat Way            3937              $11.7 M        $3784         5            4
201 N Mill , PHB                2000             $7.25M        $3625         3            3
535 E. Hyman PH             8507               $25 M         $2938         6            6
1200 Star Mesa Drive       9174              $20.7 M        $2725         9            7
Brand Bldg, unit 13           715               $2.375M        $3496         1             1

One of the overriding qualities of this market is how the sales have strengthened away from the core of Aspen.  Last year and the years of 2014 and 2013 we saw a tremendous appetite for being absolutely as close to the core of Aspen as possible.  The recovery from the Great Recession in Aspen was a striking divergence from past downturns in our real estate.  People wanted to be walking distance to the core!  Now that mantra has been replaced with “What’s the most updated, contemporary property I can get for my dollar?”  Being a few minutes out of town is not the barrier that it seemed in previous years.  I don’t see that attitude changing in the near future, as properties that are stylish, updated and contemporary are selling well.

Land sales are coming back with eye-popping numbers:
Standouts are:                                Acreage          Sale Price
South Hayden Road, lot 12             10 acres            $6.4 M  
362 Red Mountain Rd                      6.4 acres          $10 M
S. Hayden Rd, lot 11                         10 acres            $5.5 M
126 Red Mountain Rd                        1 acres             $7.1 M
 
If you’re a "numbers guy/gal" you may want to peruse one of my associates very good market summary.  Andrew Ernemann continues to do a great job with the statistics of our market.  His latest summary is HERE: http://www.andrewernemann.com/market-report

As always, I’m here to serve you, whether buying or selling.  At Aspen Snowmass Sotheby's International Realty we adhere to the highest standards and the most innovative technologies in the industry, and I am proud to be one of the top agents here at our downtown Aspen, Hyman Avenue office.  Please stop in to see me, whether you are here for the Aspen Food and Wine Festival, the Aspen Music Festival, the Aspen Ideas Festival, or any programs of the Aspen Institute.  Or call me if you want to bicycle to the Bells!  We’ve had a cool and wet spring, so you’ll be rewarded with a gorgeous green landscape throughout the Roaring Fork Valley.