Aspen/Snowmass is feeling some of the affects of the national real estate market meltdown. Continuing a trend that began in the fall of 2007, real estate sales in Pitkin County took a tumble in 2008. Sales totaled $1.37B compared to $2.52B in 2007. The 2008 amount was the lowest since 2003 and the beat goes on for 2009. The total sales volume in Pitkin County through August 2009 has been $655M from 418 transactions, which is down 35% in dollar volume and 29% in transaction volume for the same period in 2008.
Through the first three quarters of 2009 there were only thirty-three single family home sales in Aspen compared to fifty-two for the same period of 2008. This accounts for a 37% decline year over year. Because of the low transaction volume, sellers are having to discount steeply in order to get their properties sold. The average discount given on Aspen home sales through September was 22%. Some sales were recorded with discounts over 40%, so there are definitely extraordinary deals to be found.
Despite the fact that prices are holding up overall, we are seeing quite a few price reductions by highly motivated sellers. Now is a great time to buy Aspen real estate because good deals are popping up when motivated sellers need to move their properties in a short period of time. I have prepared a spreadsheet that identifies the really good deals with the highest price reductions and lowest price per square foot. Please give me a call at 970 309 3620 if you would like for me to send you one.
The table below provides a comparison of the median prices for 2006, 2007, and 2008 for the three categories of residential real estate for each city in the Roaring Fork Valley.
ROARING FORK VALLEY MEDIAN PRICES 2006 % Diff 2007 % Diff 2008 % Diff
This data is believed to be accurate but is not guaranteed. Figures shown reflect arms-length property transfers only.
ZIP Codes: 81611, 81612 Approximate Location Boundaries: Aspen is flanked by Independence Pass, Ajax (Aspen Mountain), Smuggler Mountain and Red Mountain. The Roaring Fork River cuts through the middle of town and marks both of the entrances/exits of the town.
Location Characteristics: Aspen, Colorado is the infamous playground of the rich and famous. A skiers paradise in Winter and everyone's paradise year-round. A truly unique and wonderful mountain town replete with all the charms of Colorado's rugged past combined with its modern present.
About Jack G. Gausnell:
Jack Gausnell has an extensive background in both the real estate and information technology (IT)/Internet industries. Jack was brought up in a real estate family by a father who was the founder of a large real estate brokerage in Kansas City. Jack obtained his first real estate license when he was only twenty years old. It was at this time that Jack learned the habits of successful real estate professionals.
Jack also began his career in the information technology industry selling mainframe computers in his twenties. During his career in the computer industry he held titles such as Vice President of Sales and Managing Director of Europe for two of the industry's leading multi-national corporations.
In 1996, Jack moved from Europe to the Roaring Fork Valley and began focusing his energy on real estate as a broker for the Roaring Fork Valley's largest real estate agency. In the late nineties, Jack received his Graduate Realtor Institute (GRI) certificate and just recently received his ePRO certificate. With over 30 years combined experience in both sales/marketing, real estate and the information technology industry, Jack's seldom-found level of sophistication and saavy makes him an ideal choice as your listing agent. Additionally, Jack knows how to find just the right property to suit anyone's individual tastes and needs. Jack has always embraced new technology and today he continues this tradition by utilizing the Internet as part of a multi-faceted, modern approach to his successful business strategy while never forgetting the importance of person-to-person communication and quality service delivered in an earnest and sincerely genuine fashion.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
