The Aspen real estate market hasn’t been this strong since pre-recession days. Condo inventory in the Aspen is predicted to be the hottest segment in 2015. Timing is everything. Contact me to discuss your needs, give your the latest market info, and get you well on your way to buying your dream home or selling your property.
The 2015 Cost vs Value Report by REMODELING Magazine in cooperation with the National Association of REALTORS® and REALTOR® Magazine’s provides up-to-date info and estimated costs for a variety of home-improvement projects, along with the percentage of cost that owners can potentially recoup when they sell. The basics still count – cleaning, staging, and de-cluttering but the annual report includes many worthwhile ideas, some that you might not have even considered.
“© 2014 Hanley Wood, LLC. Complete data from the Remodeling 2014 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.”
Luxury properties from mansions to grand estates and spectacular vacation homes and ranches have changed the auction game from not so long ago when they were associated with sellers who were desperate to sell or banks unloading foreclosed homes. Auction prices are up as luxury homeowners take advantage of the increased publicity and exposure to buyers looking for a great value. Prospective buyers have the opportunity to bid on a property they might not otherwise be able to purchase and it they’re lucky, walk away with an extraordinarily good buy.
Buyer Tips for a Successful Auction Purchase:
- Prepare to show proof of funds in order to register as a bidder.
- Understand the terms and conditions.
- Complete all Due Diligence prior to the auction. Properties are usually sold in “as-is” condition so research and inspections on the front end are essential. Auction Companies usually have a package of due diligence documents for prospective purchasers to review prior to purchase.
- If you aren’t comfortable with the auction process, some companies will consider offers prior to the auction. In that situation, make a strong offer, free of contingencies so that the Seller will have reason to accept your offer rather than proceeding with the auction.
- If you’ve found your dream home, go after it.
“Serenity Ridge” – Parker, Colorado
Contact: Liza Hogan at email@example.com
- Average sale price is 92% of list price.
- In 2009-10 it was 87%
- In 2007 it was 96%
In Aspen, overall YTD sales up 5%
- Home sales up 14%
- Condo sales up 2%
- Land sales down 10%, but mostly due to lack of inventory
The average Condo/Townhome prices are up 20% this year but differ depending on location. Single Family is up 5-6% with price increases even more subject to neighborhoods and location. Listing inventory is down compared to last year and down 36% compared to 2009. In Snowmass overall sales down 15% YTD, but home sales are up 22% and land sales up, but condos are down.
- Condo/Townhome average price down 2%
- Single Family prices up 6%, same as Aspen
- Listing inventory is down 1% compared to 2009.
The Viceroy provided most of the boost for Snowmass in 2013 but as expected, those sales have now dropped off. Ernemann summed up the Aspen/Snowmass recent market history as follows:
- 2011 felt like a Depression for Sellers
- More hope
- 2014 – More excitement, but not for all the outlying neighborhoods
The Aspen/Snowmass Condo/Townhome market picked up in Aspen and in ski-accessible properties in Snowmass. Before this year the Aspen Core Condo/Townhome market saw about one each year above $2,000/sq. ft. Then in 2013, there were four sales and five so far this year. There are 15-20 listings in the Core above $2,000/sq. ft. In the old buildings that number is hard to achieve. Buyers prefer newer and more contemporary properties and are willing to pay for them.
The Aspen square foot price of Single Family homes is currently at $1,082/sq. ft. in all of Aspen YTD sales. The last time it was close to this number was 2009-10 and in 2005-06 at $1,000 /sq. ft. Today’s list price is $1,366/ ft. on average, with Sellers (on average) asking 21% more than sales price.
- Aspen Homes – strong and getting stronger
$10 million + should do as well as last few years.
- Aspen Core Condos – going off the charts, particularly, new and contemporary units
- Aspen Land’s below average activity should improve next year
- Snowmass home sales will continue to improve with $2.5 million plus sales getting better next year
- Snowmass Village condos getting stronger next year
Originally published in the Aspen Business Journal. Liza Hogan is a regular contributor to The Aspen Business Journal. She is a Broker Associate with Joshua & Co./Christie’s Real Estate, and President of Resort Rating Specialists. She specializes in luxury homes in Aspen and Denver and brings over 30 years experience in real estate and 18 years consulting with the vacation home resort industry. Liza can be reached at firstname.lastname@example.org or her website lizahogan.com.
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One of my favorite quiet places in Aspen is Watson Divide Rd. There’s a lovely site near the beginning that gives you a blissful view of the valley. It’s the perfect spot to sit back with cool drink and take in the overwhelmingly beautiful scenery.
Joshua & Co.’s Four Peaks Ranch was featured on CNBC Secret Lives of the Super Rich’s “10 Of The Most Expensive Views in America”.
I would be happy to help you with more information or to find a property in the Aspen area.
You’ve found the perfect home and now comes the finishing details to make it reflect your personal taste and style. Countertops, floors, interior and exterior applications, durability, it’s no surprise that shopping for stone can be a daunting task, particularly for do-it-yourselfers. The following link provides a great starting point to help you focus on the key elements.
…”No one buys a house because every floorboard is hammered in at the six sigma level of perfection. They have to be good enough, and better than good enough is just fine, but perfect isn’t something that’s going to overwhelm location, beauty, peace of mind and price.” Seth Godin
I will add to that – find a great Realtor to guide you.