In Manhattan, after a four year hiatus in luxury residential construction, the market for new high end properties is on fire, exceeding even the heady days of 2006/2007.
The same can be said in Aspen but the paltry supply of new built product is significantly limiting the progress of a market ready to break loose of the recession’s grip. The high premium prices paid for Aspen’s newly constructed homes and recently renovated condos is evidence of this. But unfortunately, new construction cannot happen quickly enough.
This fall in Aspen, there have been at least two conspicuous examples of downtown condos being flipped after substantial renovation at 20-33% returns for 3-6 months of renovation. Two recent 2013 downtown Aspen Penthouse sales sold at record Price/Sq Ft prices, at $2,500-$2,700 sf, for the past 5 years.
While this NYT article is about Manhattan, read “Aspen” wherever “Manhattan” appears, and one will be closer to understanding our local luxury market.
Link to article by Michelle Higgins, Dec. 27, 2013 NYT
Modern luxury is space, size and uniqueness in this $25 million One York penthouse, which has seen more bidding action than apartments under $2 million in the same building. Source: NY Daily News