The Estin Report 1Q09: State of the Aspen Snowmass Real Estate Market will be published in the next few days with a narrative accompanying the 1Q2009 chart summary. In the interest of expediency, however, I am posting the 1Q2009 versus 1Q2008 Chart now (source data from: Aspen/Glenwood MLS), and the reader will have to draw their own conclusions for the time being. As this Blog (launched in Dec. 2008) and my market reporting evolves, there is a learning curve involved in developing posting styles and technology. Please bear with me as I adapt to the best and most expedient ways to get the information posted in a timely manner, the goal being quickly and precisely, but within a schedule that allows me to perform my main brokerage responsibilities for clients.
In general, the First Quarter 2009 -1Q09 – was characterized by:
> A huge drop-off in Aspen and Snowmass Village market activity,
> Little buyer urgency to step up and make offers
> Seller reluctance to lower prices to below pre-peak levels of 2007-2008.
This past week posted the strongest market activity showing since the “economic crisis” began Sept. 15, 2008. There were (6) closings and (10) properties went under contract, two-to-almost-three times the activity of any other single week this winter 2008/2009.
A number were notable closings: in particular (3) single family home closings of properties listed above the $10M mark, and, for the first time in at least 6 months, residential Aspen land parcels went under contract! Three parcels – (2) vacant land parcels and (1) eventual tear down/Aspen “Starter and School District home” – went under contract last week. There have been virtually no land sales for comparable valuation purposes in 2009 and for most of 2008, and these lot closing prices will be important price markers.
Links to the listings:
Closed (6): 104949, 107207, 102810, 106387, 108491, 108376: This link will expire on 5/13/2009
110334, 109722, 109284, 110188, 104069, 109952, 100840, 109017, 108529, 107134. This link will expire on 5/13/2009