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Aspen real estate, coronavirus and financial upheaval: Great Recession lessons

Things were fine until they weren't.
•As of Mar 23rd, anecdotally there were about 30 properties under contract in Aspen. Approximately  30-35% of those have terminated over the past two weeks as a direct result of the economy and coronavirus concerns. There have been (3) properties put under contract since March 9th. (I will be releasing the March 2020 Market Snapshot in the next few days and some adjustments to these figures may result.) Since then, there have been very limited property showings. Like everywhere else, Aspen is closed for non-essential business and the ski mountains have been shut down a month early. Colorado has designated real estate as an essential business so showings and deals are occurring within safe distancing and protective health guidelines. At the same time, there are buyers looking for “deals" which may only be fully tested and realized with actual written offers put in front of sellers.
•Today, as this is written on Mar 9, 2020, we face great uncertainty with the coronavirus and financial market upheavals. Markets have changed dramatically almost overnight and the Aspen real estate market is obviously in this mix. We are in uncharted moments, and one's circumstances may or may not be uniquely different. Here are some lessons I learned as an Aspen real estate broker from the financial crisis a decade ago.
•As over 60-70% of Aspen real estate transactions are cash, historic record low mortgage rates may have little impact on sales. But with money so cheap, perhaps this will incentivize buyers to step up.
•Price reductions may offset a slowing market and smart, maybe prescient, motivated sellers may want to get ahead of global financial disruptions with
pre-emptive price reductions or be prepared to wait out the crisis.
•Buyers may want to step up with aggressive offers. The only way to know the motivated level of a seller is to put an offer in front of them. All else is talk and speculation.
•One thing is sure: when uncertainty prevails, opportunities arise.
•Sellers who had the fortitude to get ahead of the falling knife of the 2007-2009 financial crisis faced far less loss than those who clung on and followed the market down.
• Buyers who had the cash and fortitude to step up and make purchases in the heart of darkness when risk was greatest were well rewarded over time.

  • Q3 2019: Overall Aspen Snowmass Sothebys Luxury Property Sales Market Share (Jan 1- Sep 30, 2019))

  • Q3 2019: Closings Over $2MM: Aspen Snowmass Sothebys Market Share (Jan 1- Sep 30, 2019)

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Owning Aspen CO real estate is the capstone of your success.
You’ve worked the lower part of your anatomy off.
You’ve made it. You’ve earned it. You deserve it.
What to do?
Yodel from the Mountains.
Go to the broker the experts use.

Find or Sell your Aspen Snowmass home with “One of Aspen’s best brokers”  Tim Estin MBA, GRI

970.309.6163

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Featured Properties

Exceptional and favorite Aspen CO and Snowmass CO homes for sale, worthy of special attention.. These selections change as properties list and sell.

$26,900,000
301 Lake Avenue

  • 5 beds
  • 8 baths
  • 9,597 sq ft
  • $2,803 price/sq ft

$37,500,000
314 E Hyman Avenue

  • 6 beds
  • 10 baths
  • 8,771 sq ft
  • $4,275 price/sq ft

$4,950,000
320 Ridge of Wildcat Drive

  • 4 beds
  • 5 baths
  • 4,426 sq ft
  • 6 acres
  • $1,118 price/sq ft

Best Deals

Identifying the best deals in Aspen CO real estate. This selection of Aspen homes for sale changes as deals come and go.

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Flip Jobs: Before/After

See what's possible. Before and after photos and descriptions of recent Flip Jobs of Aspen CO homes for sale from 2014-2018.

Aspen Real Estate is the ultimate lifestyle choice.
You’ve made it. You’ve earned it. You deserve it.
Relax. Kick back. Chill.
Yodel from the Mountains.
Go to the Expert.

Find or Sell your Aspen Snowmass home with Aspen Realtor Tim Estin MBA, GRI
One of the town’s best real estate brokers”, reports local media.

970.309.6163

Get in Touch

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