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There are a variety of challenges that exist in buying and selling real estate. If buyers and sellers are aware of these hurdles ahead of time, the success rate is considerably greater.
On the seller's side, the perspective that is counterproductive begins with the following statements, “I paid this,” or “ I am all in for this,” or “I need this”--newsflash to sellers--nobody cares! The market or “supply and demand” dictates at what price you can sell your home, not what you need. If you price your home based on what you need, you may own it for quite some time.
Buyers on the other hand very often feel that the Aspen real estate market is tied into the national real estate market, the stock market, or the real estate market in their hometown. If Buyers have a good broker, they should be well informed to recent comparable home sales in this market and can ascertain a reasonable value of the home in which they are interested. There is no such thing as a standard discount off the asking price. Aspen is not insulated from the downturn in the economy and sluggish real estate sales; but the old adage continues to ring true, “we are the last market to be affected and the first to recover.”
"You have brains in your head.
You have feet in your shoes.
You can steer yourself in any direction you choose.
You're on your own.
And you know what you know.
You are the guy who'll decide where to go."
- Dr. Seuss
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Our latest statistics from Land Title show the up valley market is definitely rebounding with the strongest segment being the high end properties. With dollar volume up 50% this June versus June 2010, buyers who have been on the sidelines will need to move quickly on properties that are in prime locations or are properly priced. These properties are where we are seeing the most sales. Though Snowmass Village volume is also up, it still lags behind Aspen in sales, in part due to the uncertainty of the looming and frequently postponed Base Village foreclosure. Two significant Snowmass sales in June of the Silvertree Hotel for $38,750,000 and a Two Creeks home for $16,000,000 skewed the June figures for the Village.
Inventory supply up valley has decreased according to MLS stats with the length of time on the market decreasing from a four-year supply to a three year supply.
Buyers continue to look for VALUE. They want to know the price at which comparable properties sold, whether distressed or not, as that is what makes the market. They are not as concerned with offering prices of competitive properties—and rightly so!
Sellers who hold out for top dollar and 2007 prices in the face of the more aggressively priced competitive homes, will end up holding the bag with an unsold home years down the way that may end up selling at a lower price than had they initially priced the property more competitively. |
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Whole Foods is back on track for the Roaring Fork Valley. They have signed a lease for a 26,000 square foot supermarket at Willets just up from City Market in El Jebel. Scheduled to open in 2012, the store will employ 100 to 120 people, and will be a very welcome addition to the community.
New Air Service to Aspen -- American Eagle Airlines, the regional affiliate of American Airlines announced it will begin nonstop seasonal service between Aspen/Pitkin County Airport and both Dallas/Fort Worth International Airport and Los Angeles International Airport, beginning December 15, 2011. Eagle will operate the daily trips with two-class CRJ-700 jet aircraft offering economy and first class seating. The service will run from December 15 through April 2, 2012; then resume June 14 through August 20, 2012. Customers may begin booking the new service beginning August 2011.
Airport redevelopment plans would double size of terminal--Airport officials released nine conceptual designs for an overhauled county airport that all call for building an 80,000-square-foot terminal, a multi-level underground parking garage and bus hubs in various configurations.
The plans would all nearly double the size of the current airport terminal. Five of the proposals would result in a brand new terminal, while the other four remodel and expand on the current structure.
None of the plans call for grand architecture or anything that would call attention to the facility. Airport Director Jim Elwood said one of the most prevalent desires of expressed in the public outreach process was that the, in airport master plan meetings, was that it works well but not be an ostentatious travel center.
Planners will be studying environmental impacts and financial feasibility in the coming months. The cost of any new work on the airport is to be paid for through federal and local enterprise funds, which come from airport user fees.
Private rentals may be subject to tax collections--Aspen homeowners who offer their properties as vacation rentals may be required to pay sales and lodging taxes under a plan being considered by the Aspen City Council. The homeowners may also need to pay for an annual business license and a related permit. Aspen officials are inventorying hundreds of vacation rentals in order to bring them into compliance with current and potentially revised rules. The city finance department estimates that the government is losing out on nearly $100,000 in sales and lodging taxes because property owners fail to pay them. |
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Tuscan Estate on Red Mountain
Exquisitely finished and furnished, this is the ultimate Red Mountain estate with 5 bedrooms, 6+baths with greater than 17,000 square feet of improvements on 3 acres, and which will NOT appear in the MLS or in any advertising other than this newsletter. The grounds and views are unparalleled. Property includes a separate pool house with 20-meter indoor two-lane pool, massage room, full gym, oversized steam room and more. $29,500,000 buys you Paradise in Aspen. Call for details or a private showing.
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Aspen's Finest Address
Located on Willoughby Way with 180-degree views, this 6-bedroom, 6+ bath home imparts a true Colorado feel. Designed by Aspen's most prestigious architect, interior designer and builder, this majestic property is casual enough to kick back yet formal enough for large group entertaining. This special property will also NOT appear in the MLS or in any advertising other than this newsletter. $19,950,000 furnished. Call for details or a private showing. |
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Red Mountain Retreat
Built for entertaining, this dramatic home has amazing views in the backdrop, yet is just a few blocks to downtown Aspen! Extensive use of marble, slate, and granite throughout; built-in speakers; vaulted ceilings; art walls and nooks; oversized windows; caretaker unit; privacy gate; multiple whirlpool tubs; manicured yard; and more! Great value at $6,995,000 furnished. Find out more»
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Mountain Valley Magic
This super 5-bedroom family home has views from Aspen Mountain to Independence Pass. Outdoor living at its finest includes an attractively landscaped backyard with swimming pool, large spa, built-in wood-burning fireplace, playground area, and tented deck. Special features include 2-story foyer with water feature, home theater, multiple wine chillers, and high-end finishes. Priced for summer sale at $4,995,000.
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Montecito House
Located in Aspen Mountain View subdivision just three miles from the new Whole Foods location, this 4-bedroom home is unique, modern, and serene. Situated on 2.68 acres with panoramic views of Mount Sopris, the Elk Mountain Range and beyond, this is a “must see” property. $1,750,000..
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Meadowood Opportunity
A free 5-bedroom house is included with the price of this prime lot located adjacent to 8 acres of common area, common tennis courts, and common pond! The house is quite livable while you design and get approvals in place for your dream home. A house of up to 8,278 square feet is permitted.
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Country Living in Old Snowmass
Great for entertaining or relaxing in the hammock while listening to Snowmass Creek, this secluded 5-bedroom, 3-1/2 bath home is situated on a landscaped hillside surrounded by Aspen trees. An open floor plan, easy access to Highway 82, high ceilings, caretaker apartment, and multiple fireplaces make this property attractive to either the local resident or second homeowner. $2,200,000.
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SDS Real Estate, Inc. is delighted to welcome many new brokers including well-known local broker, Wendy Lucas, who will become the company's managing broker in September, replacing Janine Hill, who is moving to Denver. When in town, listen to Wendy's show, Real Estate Realities, which airs Fridays from 9 am to 10 am on KNFO. Wendy, a top-producing broker and attorney, will continue to sell as well as manage.
Another seasoned and well-known local broker, Dale Hower, specializes in Aspen and Snowmass Village high-end properties and high-end rentals. Richard Duddy, a former owner of Bistro Basalt, specializes in mid-valley properties, while Hilary Porterfield has her focus on horse properties.
It is flattering that I have personally been in the news quite a bit myself recently. During the month of May, I was one of several panelists to address NAREE (National Association of Real Estate Editors) in San Antonio. National real estate news site, Inman News profiled me as well here. More recently, the Wall Street Journal contacted me for information on the Aspen vacation home market. The article can be viewed here. |
Aspen Silver Cloud has been dramatically reduced from $22,000,000 to $18,850,000 furnished. This magnificent 6-bedroom new home is Aspen's only downtown estate property with gated entrance, spectacular views, and the capability to create your very own compound! Multiple master suites and junior suites make it well suited for the large family or corporate retreat.
Red Mountain Estate — Enjoy views spanning from Independence Pass to Mount Sopris, from this 9,237 square foot 6-bedroom estate features wine cellar, game room, and many custom features. An old world style, renderings are in place should your preference be for a more contemporary look! Now $13,500,000 furnished. Listed by Dale Hower.
An Artist's Dream — This West End corner home has already been extensively remodeled and beautifully decorated but has potential to personalize for someone else's family. The kitchen will delight the most discriminating restaurateur, while spectacular design features will wow those with an artistic flair. Reduced from $12,500,000 to $9,500,000!
Two Creeks Estate — Ski in and out from this very private 5-bedroom Snowmass Village mountain chateau with creek frontage, waterfall, and pond on one of the largest lots at Two Creeks. Custom, custom, custom with all the finest and most unique materials, this is truly one-of-a-kind. Now priced at $10,750,000 furnished.
 Riverfront Family Compound — A fisherman's paradise, this new 4-bedroom main house and 3-bedroom guest house are situated on 10 acres with almost 400 feet of Frying Pan River frontage and gold medal fly fishing. The property is also adjacent to National Forest for hiking, horseback riding or hunting. Bike to Basalt or Ruedi. $5,995,000.
 Preacher House — This historic but updated 4-bedroom home in Stirling Ranch is now offered for $1,295,000. Enjoy great views of Mount Sopris or riding the equestrian trails surrounding the subdivision.
 River Valley Ranch — This new energy-efficient, custom 5-bedroom home located on the 14th tee at River Valley Ranch has expansive views of Mount Sopris and Crystal River Valley. Enjoy amenities including clubhouse with three pools, tennis, exercise facility and restaurant as well as nearby hiking and biking trails. Now $2,295,000.
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Steven Shane, Broker/Owner
Betsy Brownell, Office Manager/Broker Associate
Janine Jacinto Hill, CRB, CRS, GRI/Managing Broker
Wendy Lucas,Broker Associate/Attorney
Brittanie Rockhill, Rental Manager, Broker Associate
Carroll "Rollo" Johnson III, Broker Associate
John McCormick, EcoBroker/Broker Associate
Jan Cooper, GRI, EcoBroker
Mita Forster, Broker Associate
Ellen Torell, CNE, Broker Associate
Melanie Muss, Broker Associate
Haley Fucci, Broker Associate
Rick Fucci, Broker Associate
Stefanie Vanover, GRI, CNE, EcoBroker
Justin Lupow, Broker Associate
Scott Lupow, Broker Associate
Minette Medlin, Broker Associate
Ivan Hass, Broker Associate
Sheryl Goldman, Broker Associate
Christopher Trump-Retchin, Broker Associate
Dale Hower, Broker Associate
Seth Owen, Broker Associate
Steve Multin, Broker Associate
Richard Duddy, Broker Associate
Hilary Porterfield,Broker Associate
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SDS Real Estate, Inc
117 S. Monarch Street,
Aspen, CO 81611
Phone: 970.925.6063 | Fax: 970.925.6064
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