Tim Estin, an Aspen broker associate for Mason Morse Real Estate, believes the Aspen-Snowmass Village real estate market bottomed out in 2009…High-end buyers are driving the improvement in the Aspen market. "Sales of condominiums and single family homes over $250,000 in the upper Roaring Fork Valley – which almost entirely includes Aspen and Snowmass Village – was up last year… "In 2010, the overall market has risen 20% in gross dollar volume from 2009, and unit sales of all property types included in this report has risen a convincing 26%. Additionally, the overall listing inventory has declined by 11%," he said. "but at the same time, the sale price per square foot continued to decline, while the average number of days on market continued to increase….I believe, finally, it can be substantiated that there’s light at the end of a long, painful most recent two years,” he wrote in “The Estin Report: 2010 Year End, Aspen Snowmass Real Estate.”
ASPEN REAL ESTATE — Aspen’s economy is negotiating more bumps than an intermediate skier who accidentally ends up on Bell Mountain.More than two years after the Great Recession struck, local lodges and hotels must lower rates or sweeten deals to get bargain-conscious travelers to pull the trigger on reservations. Retail shops must slash their profit margins to complete a sale. Construction companies must cast rock-bottom bids to land a job. Real estate agents must show a ton of properties to prospective buyers and repeatedly explain why the time is right to buy. Even the Aspen Skiing Co. isn’t immune to the caution of customers. Many skiers and riders demand added value before they will plunk down up to $99 for a single day lift ticket. They want an extra lift ticket in return for a multi-day purchase or a package that bundles hotel rooms and lift tickets. Most signs show that Aspen’s economy is slowly rebounding from the dark days of 2009 and the lackluster performance of 2010.
By Scott Condon, Feb. 13, 11 Aspen Times Weekly