The New York Times cites the fact that in four cities, “price increases showed up even in the cheapest homes.” That has yet to be reflected as a trend in local data although whatʼs considered “cheap” in Aspen may be middle-ground or even pricey in non-resort areas.
ASPEN REAL ESTATE — Housing prices across the country may be rising on the lower end, but that trend isnʼt necessarily being felt in the Aspen area. Yet there are indicators emerging that owners who wish to sell properties that are priced below $1 million should find encouraging.“There are positive signs that the market has been scraping along the bottom and the worst is over,” said broker Tim Estin of Mason Morse, author of the real estate analysis entitled “The Estin Report.” In a forthcoming letter about Aspen core condo sales, Estin said that in the third quarter of the year, 13 condos priced below $1 million sold as compared to six in that price range between July 1-Sept 30, 2011. However, thereʼs a harsh reality to these statistics: Both average and median prices of properties that topped out at around $1 million dipped by 41 percent and 34 percent respectively. So whatʼs the good news? Well one indicator Estin has noted is, “I donʼt believe prices will further erode.” And another? “Well priced, well located, recently remodeled condos and units representing solid value to buyers are selling – in some cases at a premium.”
By Madeleine Osberger, Oct 8, 2012 ABJ
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Recent sale of a 2 bdrm/2 bath downtown Aspen condo for $637,000.
Photo courtesy of Coldwell Banker Mason Morse Real Estate