Strong real estate sales in the first 4 months of 2014 have provided a serious boost to the city of Aspen’s affordable housing fund. Housing real estate transfer tax (RETT) collections for this past April were up 146% from 2013, and in February, RETT collections were 255% higher than the same month last year. Aspen Snowmass Sotheby’s real estate broker agent Tim Estin, who tracks the market on his blog, The Estin Report, said “April was an exceptional month. Sales in Aspen are 94% higher for April compared to the same month last year. And year-to-date, dollar volume for real estate sales in Aspen is 50% higher than last year and units sold is seeing a 57% increase.”
The Aspen Real Estate Transfer Tax, or RETT, of approximately 1.5% on real estate sales that take place within the City of Aspen boundaries, is used to fund affordable housing projects such as Burlingame Ranch located 1/2 mile east of the Pitkin Country Airport.