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The 1942 edition of Harvard University's Quarterly Journal of Economics uses the first citation of bottom-up and top down. Most of us know the commonly used phrase "bottoms up" serves as a congratulatory toast when drinking.
It's my belief that bottoms up, thankfully, is an appropriate phrase representing the current state of affairs in Aspen real estate. Congratulations--the bottom's up! For those buyers who had the self-imposed daunting task of timing the market's bottom, you missed.
Yes, there are still great deals out there, and yes, there are still distressed sellers and a handful of auctions and foreclosures; but at the end of the day, the better deals have been scooped up, and there will continue to be some fashion of a correction.
Will we see 2007 prices? Not anytime soon. Will there be limited options for buyers? No, there is still plenty of inventory available. But confidence is back in the buying community, and buyers are beginning to prioritize. They are now first looking for what best suits their needs and then negotiating a good deal rather than deal shopping without looking for an appropriate property that fits their criteria.
So, bottoms up, my friends. Let's drink to good times in Aspen and all over the world. Here's mud in your eye. You can research that one.
"Carpe Diem! Rejoice while you are alive; enjoy the day; live life to the fullest; make the most of what you have. It is later than you think. " - Horace
"There'll be two dates on your tombstone And all your friends will read 'em But all that's gonna matter is that little dash between 'em. " - Kevin Welch |
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This past year is a good news/not so good news scenario. The good news is that this month's chart includes final dollar volume sale statistics for 2010 showing almost an 18% increase sales from 2009. According to figures from Land Title Guarantee, the last quarter of 2010 represented the highest dollar volume of sales of any previous quarter in 2010. That being said, however, the number of transactions was consistently lower than any other quarter of 2010.
Now the not so good news--Overall the number of transactions in Pitkin County is lower than it has been in any time since prior to 2004. With only 622 transactions for the year compared to a high of 1,591 transactions in 2005, fewer properties are being sold for higher sales prices. In fact of the 622 transactions closed, according to MLS statistics, 18 were sold above $10,000,000. That leaves a lot of unsold product.
The properties that have been selling in the upper valley have either had A+ locations or have been premier properties selling at highly discounted prices, as buyers continue to look for "deals." Newer product continues to have the strongest appeal. Significant sales in the higher dollar ranges including a commercial building, several penthouses, my West Buttermilk sale of $31,500,000 (the highest 2010 sale in Pitkin County), a McLain Flats sale of $24,500,000, several Snowmass Village homes, my two Red Mountain sales of $14,000,000 and $13,813,000, and the Droste property in Snowmass.
Although we typically gear this newsletter to the upper valley, if you would like more specific information on the up or down-valley markets, please let us know! We have more graphs and data for both.
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Two Creeks Estate
This very private ski-in/ski-out 5-bedroom, 6-1/2 bath mountain home on almost 4 acres will delight the most discerning buyer. With pond, creek, stream and views from Snowmass Ski area to the Hunter Creek Valley, the superior craftsmanship in this property must be seen. Offered at $11,200,000 furnished. Find out more»
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Aspen Artistry
This contemporary 4-bedroom designer's delight is located on a convenient corner in Aspen's West End. It represents the ultimate in sophisticated and chic living walking distance to the Music Tent, Aspen Institute, downtown Aspen, or local buses. Living spaces flow to the outdoors and are perfect for indoor/outdoor entertaining. Offered at $12,500,000.
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Preacher House
Originally built in 1838 by Preacher Huling in Huntington. Pennsylvania, the hand-hewn log house was taken down, moved to 3+ acres at Stirling Ranch in Missouri Heights, and lovingly reconstructed in with 4 bedrooms, 3-car garage, all new kitchen, baths, and stone addition. Unobstructed views of Mount Sopris and the Elk Mountain Range are yours from the house or from the horseback riding trails surrounding the property. Keep your horses at the common equestrian facility. $1,495,000. Find out more»
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Great Family Home
With beautiful winter views to Independence Pass and Difficult on a half acre, this gracious 4-bedroom home is located on the best lot in Knollwood. A luxury home with high-end finishes, media room, office and more, it is priced to sell at $5,750,000 furnished.
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Downtown Half-Duplex
Located at the end of East Hyman, this 4-bedroom townhome has been beautifully remodeled with log and stone accents and is walking distance to everything. Special features include vaulted ceilings, rooftop deck, gourmet kitchen, Aspen Mountain views, and more. Offered at $3,400,000 furnished.
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Ski-In to 777 Ute at-the-Aspen-Alps
The ultimate in downtown convenience, this 3-bedroom property with a Southwest feel is located steps away from the gondola and enjoys all the amenities of the Aspen Alps, including pool, tennis, fitness facility, underground garage, on-site management, and more. Perfect for the vacation homeowner, it features two master suites, each with whirlpool tub and fireplace. Short-term rentals are a breeze when you're not in residence. $2,250,000 furnished.
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Starter Studio
This sunny, second-floor studio with loft and washer/dryer is located one block from the Hotel Jerome at the edge of the Rio Grande Park. It is perfect for a starter residence, design studio or other SCI zoning use. Just $385,000.
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SDS Real Estate, Inc. is delighted to welcome Christopher Trump-Retchin and Haley Fucci to our team. Christopher joins us from New York and London with a strong real estate marketing and development background in New York and throughout Europe.
Most recently involved in marketing and real estate sales with Related in New York and with the Snowmass Village expansion, Haley was born and raised in Aspen/Snowmass Village and is the daughter of another of our agents, Rick Fucci.
SDS was recently accepted into the LuxuryRealEstate.com network, which provides outstanding worldwide marketing exposure for all our listings above $1,000,000. You can begin your search for real estate worldwide right from our company website. In conjunction with this invitation-only affiliation, SDS agents accepted into Who's Who in Residential Real Estate in addition to myself include Shlomo Ben-Hamoo, Scott Lupow, and Stephanie Lewis.
More innovative marketing at SDS includes the use of QR codes, Facebook and Twitter accounts. Please follow us on Facebook and me on Twitter. If you like what you see, please hit the like button on this newsletter! |
West End home for $9,995,000 - I represented the seller.
Ridge of Red Mountain for $21,000,000 - I represented both buyer and seller on this unlisted property that never hit the market.
Red Mountain for $19,950,000 - I represented the seller. |
Steven Shane, Broker/Owner
Betsy Brownell, Office Manager/Broker Associate
Janine Jacinto Hill, CRB, CRS, GRI/Managing Broker
Brittanie Rockhill, Rental Manager, Broker Associate
Carroll "Rollo" Johnson III, Broker Associate
John McCormick, EcoBroker/Broker Associate
Peggy Scharlin Ben-Hamoo, Broker Associate
Shlomo Ben-Hamoo, Broker Associate
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
Stephanie Lewis, EcoBroker, CNE
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
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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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