Aspen Real Estate

ASPEN, CO-As the Aspen real estate market marches towards a sustainable recovery, we continue to hear a myriad of opinions on how far we still have to travel. Here are the thoughts of six of Aspen's top brokers to give us a better picture of where we are on this journey.

Doug Nehasil, BJ Adams & Company
While Aspen real estate continues to see a stabilization of prices and a small increase in activity in the current market cycle, condominium interest and activity has begun to pick up momentum; especially for properties under $3,000,000 and within 3-4 blocks of the Aspen Mountain Gondola or Lift One. Many Sellers now understand that listing a property properly the first time and at or near current market values is important. If not, then the property does not get the necessary showings and just increases its days on the market. Prices are not currently increasing. A proper listing price will get the interest and the number of showings needed to get an acceptable offer to sell the property. Buyers are here, seeing value in the lower listing prices and offers are being written.

Jen Engel, Joshua & CO
The Aspen & Snowmass real estate markets are improving. Unique, well-priced properties in desirable areas are selling. Sales examples include a newly constructed home in the West End near Triangle Park, penthouse condominium with Aspen Mountain views two blocks from the gondola, and a ski-in/ski-out home in Two Creeks in Snowmass. Irreplaceable estates on special pieces of land are also in demand, including a 14,000+ square foot Buttermilk estate on 44 acres that sold for $31.5 million and a 13,000+ McLain Flats home on 8.4 acres that sold for $24.5 million. For buyers looking to enter the market, there are some great options available. But the options shrink considerably when buyers narrow their focus to a quality property in a specific location. www.jenengel.com

Karen Setterfield , Setterfield & Bright
In the downtown Aspen commercial Real Estate market most (but not all) new lease rates as well as list prices and sale prices are now averaging approximately 40% lower, than they were three years ago. Everyone wants to know when we have bottomed out and if we will start to trend back up again. I think that we MAY be there right now. The demand for retail spaces is very strong now and that is the first step, while demand for office spaces still lags behind retail. Suddenly there is even more interest in buying commercial investment/income property too. In my daily work I can almost feel the infusion of new energy from the increased activity happening now. But as caution prevails and goes hand-in-hand with the optimism, it will take much longer for commercial rents and prices to return to former highs than the amount of time it took for rates to drop down to current levels.

Andrew Ernemann, BJ Adams & Company
After a tumultuous period for the local real estate market the dust has finally settled enough to see clearly ahead. The path forward is by no means easy and upward like many of us would like to report; but I can say with confidence that the well-located, quality properties are once again getting the pricing respect they deserve (albeit at entirely new levels than earlier this decade). The "distressed" inventory in the Upper Roaring Fork Valley seems to be clearing more quickly as buyers gain pricing confidence. Overall, sales activity has re-established itself, inventory levels and sales discounts are stable (if not declining, which is a good thing!), and depending on location, prices have stabilized, or at least the pace of price deterioration has slowed substantially. Onward!

Greg Rulon, Joshua & CO A View from the "Fishbowl"
The "fishbowl" is how I affectionately refer to my office at Joshua & Co. in the Snowmass Center. Strategically located at arguably the busiest year-round spot in Snowmass Village, my office is within 200 feet of the grocery store, post office, restaurants, banks and Sundance Drug & Liquor. I have my finger on the pulse of Snowmass! Daily visitors to my office include CEOs, CFOs, educators and politicians from across the country and world. Their mood on the U.S. economy? Positive across the board! Whereas a year ago there was real fear in many, today all are upbeat. Buyers, both national and international, are recognizing the real values of today's market. This is reflected in increased showing activity experienced by all real estate companies in Snowmass Village. While this activity has yet to reflect an increase in sales numbers, it is typically where the first signs of recovery are seen. Looking forward to a positive 2011! www.gregrulon.com

Tim Estin, Mason Morse
"Residential sales of properties over $250,000 throughout the Upper Roaring Fork Valley - which includes Aspen, Snowmass, Woody Creek and Old Snowmass and no fractional sales - hit a record high in 2006 with a gross dollar volume of over $1.5 billion. That remarkable year, representing now what looks to have been a unique period in Aspen's real estate cycles, was followed by a 3-year period of declining sales volume and increasing listing inventory. The market appears to have bottomed in 2009, falling 57% from its 2006 high. In 2010, the overall upper Valley market rose 20% in gross dollar volume from 2009, and unit sales of all property types increased a convincing 26%. Additionally, the overall listing inventory declined by 11%. I believe, finally, it can be substantiated that there's light at the end of a very painful past two years." www.estinaspen.com