Aspen Market Information
Aspen experienced a very strong and healthy real estate market in 2019 and seems to be off to a strong start in 2020, especially in the core areas above the “round-about” (West End, Red Mountain, Core, East Aspen). Price per square foot set records in many segments of the Aspen Market (West End/Core locales) as inventory has steadily decreased. Investors have gobbled up most of the “deals” and bargain hunters have simply missed the boat. With few exceptions, properties that are priced correctly in good locations are selling quickly, while properties that are still on the market are typically mis-priced. Unfortunately, many real estate brokers vying for listings are simply giving seller’s inflated values, which does nothing for the seller and seller’s insisting on astronomical prices simply don’t need to sell. For investors, the best deals that are still on the market are in West Aspen, East Aspen, Woody Creek, McClain Flats, Starwood, etc. While it’s very difficult to find deals in Aspen’s core, or the much sought after West End, we feel that these investments are very insulated to market fluctuations and are still great long term plays. Lack of inventory, pent up demand, and seemingly strong consumer confidence should keep the market strong through 2020.
Snowmass Market Information
It’s been somewhat perplexing why most other real estate markets in the Roaring Fork Valley have accelerated tremendously in the last 7-8 years and Snowmass Village has been so slow to follow. The Base Village fiasco and the unknowns moving forward during the recession made both investors and second home owners sluggish to buy real estate in Snowmass. In 2019 however, sales were up, listing inventory finally declined (almost 5% from 2018), and price per square foot rose almost 20% from 2018. Much of the market strength can be attributed to strong sales at the Base Village and the Viceroy, some large luxury homes sales, and several lower priced single family home sales (sold mostly to locals wanting to access the Aspen school district). In our minds, the market over reaction due to the base village created unbelievable values for savvy buyers and there are still good deals in Snowmass. We are bullish on Snowmass as a long-term play and feel this is a great time to get into the market.