The mid Roaring Fork Valley, only 18 miles west of Aspen, has been a buyer’s market since the recession struck in late 2008. Given how severely the recession hit and how far prices fell, it will take time for a recovery to occur, a broker commented. He is cautiously optimistic that could change this summer if current trends continue. “The tide could be turning to a seller’s market,” he said
BASALT REAL ESTATE — The good news in the midvalley real estate market is the incredible amount of sales that already have occurred in 2012. The bad news is that the furious pace has been spurred by foreclosures and short sales, according to real estate agents. “The midvalley is just on fire right now. It’s almost a feeding frenzy,” said Ted Borchelt, a real estate agent in Basalt with Aspen Snowmass Sotheby’s International Realty.The residential market for property priced under $350,000 is incredibly active. There were 25 sales completed in 2012 through mid-March in that price range in the Basalt and Carbondale area, according to research by Borchelt and Garret Brandt, another real estate agent in Borchelt’s office. That compares with 11 closings during the same period in 2011 and just three in 2010. In addition, there are 46 residences prices under $350,000 under contract, according to Brandt’s research. That compares with eight in 2011 and four in 2010.
By Scott Condon, March, 29 2012, AT
Lovely Old Town Basalt Victorian on E. Sopris Dr. closed at $894,200 on 10/25/11. It was purchased for $1.3M in May 2006. The broker’s description, “This wonderful Victorian – 4 bedroom/3 bath, 3075 sq ft , built 1903/1985, on 12,884 size lot – expanded and updated, resonates with the charm of Old Town Basalt and is one of the historic jewels on Sopris Avenue. The exquisite gardens will take your breath away, and the surrounding trees provide great privacy. The home has been beautifully renovated and is filled with light and warmth and soul. Hardwood floors, walls of windows, French doors, big decks, and a huge master suite all on its own floor make this home delightful. Add a guest apartment, a garden gazebo and Sopris views, and this is one special property.” (Photo and description courtesy of BJ Adams & CO)