“The prevailing attitude is that 2012 is a significant turnaround year and if you don’t get in now you have missed out on some sort of bottom,” Aspen real estate agent Tim Estin wrote in his year end 2011 State of the Aspen Market Report, . “Even with continued price pressure buyers will have missed out on some really quality properties.”
ASPEN CO REAL ESTATE – PITKIN COUNTY, Colo. – Looking at the 2011 year-end report from Land Title Guarantee company, one sees little growth in the Pitkin County real estate market. But separate analyses by at least two local brokers, who parse the numbers further, show much improvement—as well as some areas of lingering concern. Pitkin County real estate sales in 2011 totaled $1.27 billion in 2011, just one-half percent higher than the 2010 total, according to Land Title. The 756 transactions in 2011 was a nearly 10 percent increase from the previous year’s 689 sales. A sharp drop in sales dollars in December compared to the same month the previous year—38 percent—was the main cause of 2011 ending flat, although previously it had only been up a few percentage points. But honing in on upper valley free-market sales provides a different picture, one that speaks more to the largely second-home-driven, investment market that fuels the area economy, local real estate experts generally argue. Land Title’s report, which includes all transactions in Pitkin County, includes sales in the Carbondale and Redstone parts of Pitkin County, plus employee housing and fractional sales that, when taken out, reveal some more telling trends. Mason Morse Aspen real estate broker Tim Estin, who publishes a quarterly analysis of upper valley real estate sales, reported in his 2011 year-end report that the Aspen and Snowmass real estate market was up 15 percent in dollars and 25 percent in unit sales over 2010. (Estin’s analyses also include Woody Creek and Old Snowmass, but exclude fractional sales and all transactions under $250,000.).
By Catherine Lutz, Feb. 6, 2012, ABJ
Aspen and Snowmass condo sales saw a big jump in sales in 2011; dollar volume was up 40 percent and unit sales up 39 percent. This 4 bedroom, two level, 2,176 sq ft condo on East Hyman–only two blocks from Aspen commercial core–sold in the spring of 2011 for $2.143MM. (Photo courtesy of Mason Morse Coldwell Banker.)