December 2014 Aspen Real Estate Trends

Posted on December 9, 2014 by Chris Klug

  This morning we had a great Aspen Snowmass Sotheby's International Realty Aspen office meeting where we discussed the differences between today versus a year ago. Part of our job as Realtors is to help manage downside risk for our clients, interpret market data, and recognize trends in the marketplace. Here are some of the major differences between December 2014 and December 2013:

  • Upward price pressure in the downtown core
  • Lack of inventory
  • Premium for new construction
  • Lack of vacant land
  • Stronger economy
  • Urgency on part of buyers
  • Lower priced inventory almost gone
  • Less flexibility on the part of sellers
  • Bigger discrepancy between Aspen and Snowmass Village
  • More activity - transactions are up
  • Dramatic price disparity from neighborhood to neighborhood W. End, Red Mtn., downtown core versus W. Aspen and McLain Flats, new versus old
  • Never seen the gap between Aspen and Snowmass Village so great
  • Asset preservation for older clients; Aspen is a secure environment
  • Relative liquidity
  • Always a demand for Aspen
  • Focus on newer, contemporary product
  • Macroeconomic factors - people are making a lot of money in the stock market
  • The importance of quality of life and outdoor activities

What does this all mean? I think it spells a strong 2015 ahead. There's a premium being paid for new contemporary product such as OneAspen and Aspen Muse at $3,000 plus sold price per sq. ft. One way to meet demand with inventory declining is to remodel old inventory, upgrading and contemporizing, spending $10,000 to make $50,000. The value of West Aspen and McLain Flats versus the downtown core, Red Mtn., W. End, as well as Aspen versus Snowmass Village. These are where the values are today! They are going to be strong again soon. The pluses of location, more space, big views, and ski-in/ski-out access i.e. Highlands, Maroon Creek, Starwood, and W. Buttermilk. Inventory is underpriced in W. Aspen, Mclain Flats and Snowmass Village compared to W. End, Red Mtn., and the downtown core. I'm gearing up for a busy winter selling season ahead. I anticipate a great 2015 ahead. I study the market every day. Call me anytime to discuss the best values in our market today. Have a great week. Chris Klug

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