The info in this weekly blog, with the exception of this writer’s opinions, is generally available to the public from a number of sources but it’s disseminated here at a single location. It’s my intention to report the significant week’s activity but not everything. My focus is on the quality and accuracy over quantity and hype. For specific buying and selling decisions, and/or market information relevant to your needs, please email or call me directly.
Under Contract/Pending (2): 102345, 106306 Links valid till 6/17/09
- MLS # 102345 – 798 Gibson Unit A, Smuggler area, Aspen. Ask Price: $5.995M/$1,567 sq ft. 4Bdrm/4Ba, 3825 sq ft, New 2007 single family home. 508 days on market.
- MLS # 106306 – 210 E. Cooper #1A. Ask Price: $1.4M/$1,435 sq ft (Original Price: $2.25M), 2Bdrm/2Ba, 975 sq ft. 308 days on market.
Closed (2): 105523, 105896 Links valid till 6/17/09
- MLS # 105523 – 1362 Snowbunny Ln, off Cemetery Lane. Ask Price: $2.25M; Sold Price $1.9M/$806 sq ft (Original Price: $2.85M). 3 Bdrm/2Ba, 2356 sq ft, 1/2 duplex built 1985. Days on market 339.
- MLS # 105896 – 269 Park Ave., Smuggler area near river. Ask Price: $8.75M; Sold Price: $8M/1,446 sq ft, -9% of ask. (Original Price: $10.95M, sold at -27% off original price) New 2008 single family home 6B/6Ba, 5533 sq ft, Days on market 322.
Although most in the local real estate scene either are optimistic looking to the summer, or at least aspire to be, I find it difficult to see through the fog and all the contradictory macro economic signals. But one thing emerges clearly.This moment of profound uncertainty represents an historic opportunity for a buyer. As this crisis prevails, there will be more sellers who have to sell, rather than want to sell, and buyers are coiled to strike. I am confident that when the market signals a turn for the better, a floodgate of buyers will be let loosed. And it will be “too late” for buyers seeking the absolute bottom. When that moment arrives, sellers are likely to dig in, firm in their most recent price capitulation, and buyers may again stand off. I sense a moment right now of “unknowingness” that will benefit any buyer believing in the long term uniqueness and durability of the Aspen market. As John Templeton, the noted investor wrote, “maximum pessimism equals maximum opportunity”. Never again will I say the Aspen market is “insulated”, but protected or buffered yes, especially when compared to other asset classes.