As of May, real estate was lagging in 2012 due to lack of big ticket, $10M plus, property sales
Many real estate agents say the large volume of high-end sales in the first half of 2011 is one of the main reasons for the discrepancy. In the greater Aspen/Snowmass area, a total of four single-family homes sold for more than $10 million from January through May 2012, compared to 12 during the same time period in 2011, according to Coldwell Banker Mason Morse broker Tim Estin. And in both cases, most of the homes sold were built after 2005, Estin wrote in his monthly report. “Proof of new-built developer inventory being depleted,” he wrote. “New, at the new normal, sells.” According to Estin’s statistics, year-to-date dollar volume is down even further in the greater Aspen/Snowmass area (which includes Woody Creek and Old Snowmass)—25 percent—than in Pitkin County as a whole. Drilling down even further, things are best in Snowmass Village, which is less down, at 13 percent, in dollar volume than the other communities. In 2011, real estate sales were all over the map, although in general the numbers surged in the first half of the year and then gradually tapered off during the last six months.
By Catherine Lutz, July 5, 2012 ABJ Read More