Estin excerpt: “Already a relatively small real-estate market, Aspen saw its housing supply grow even tighter in 2022, when the city put a moratorium on construction, real-estate agents said. Currently, Pitkin County officials are considering a proposal to reduce the maximum buildable square footage from 15,000 to 9,250 or smaller…That dynamic has put sellers firmly in control, said Tim Estin of Aspen Snowmass Sotheby’s International Realty, who tracks the market. More than half of deals above $20 million are happening off-market, Estin said. Some agents say that tends to drive prices even higher.”

Link to WSJ article

See Estin blog post: Breakdown of off market sales over $20M in 2023-2019

Blog post: 1011 Ute Ave referenced in the article