The past few months have seen a number of “only in Aspen” headlines; many related to a topic a colleague of mine recently described as “beyond rational.” In a year we hoped to see the demise of our persistent, uninvited viral guest, real estate has remained newsworthy, to the delight of some and disgust of others.
What caught my attention were the number of “ads,” not of local listings but rather what I call “the award show.” Broker after broker announcing their accolades for their performance last year — double-black diamond, platinum, pinnacle, inner circle, etc. And just like the red carpet, the pics of the top producers harken Hollywood with coifed hair, in the latest fashion and striking a pose.
Frankly, I find it embarrassing as I know of no other industry that touts its achievements in such a showy fashion and so many receiving the same award. Further, I would bet the general public finds it as ridiculous as it is inconsequential, not to mention a strong incentive to thumb to the next section.
Those of us in the local realty game who did manage to open a laptop last week and check the hot sheet, likely noticed 10 significant sales in Aspen Snowmass since the first of February. Those 10 properties ranged in price from $10 million to $41 million. That’s right, 10 homes, three weeks, representing more than $166 million of inventory. Top of the leaderboard was Four Peaks Ranch in Old Snowmass.
I think we all thought 2022 would be different. That goes without saying really. After all, the point of every New Year is that it be “new” and offer a fresh start and perspective. But I have to tell ‘ya, at least in terms of the Bayens household, we’ve had a doozie of a first month and are still trying to catch our breath and find our stride. And from what I hear and been seeing, we are not alone.
To be clear, we are nowhere near recession, but the lack of options for buyers is raising more than a few hairs on necks. It’s hard not to make a comparison to car dealers who have a waiting list of buyers but nothing on the lot because the product is stuck on a boat or hasn’t left the assembly line. I admit, it took longer than I would have liked to shake of the PTSD after what happened 10 years ago, but when it comes to the market around here, yes, circumstances have changed again, as we knew they would, but I personally don’t find a reason to panic.
But it’s no secret “there are still miles to go before we sleep.” In the world of real estate, more than $100 million went pending last week in a seven-day stretch between Carbondale and Aspen. This despite record low inventory. At that pace, we’d sell more than $5 billion of property in a year. The actually number is of course lower but still impressive as we are trending toward $2 billion in total sales volume for 2021. So far there is no “off season” in site for those in the industry.
So wake up. We’re in the age of change; change in abundance. The 1% of the 1% are clearly in abundance. So too is human suffering and those in peril. Those in the middle must seek their own abundance. And what we choose to be abundant in is within our own power. And maybe that’s a simple as a walk in the woods.
Yes, what a summer it’s been and continues to be! But as a witness to all of it from the front lines, I find it noteworthy how much effort we are exerting to return to normal when frankly the conversation should be how we lean into the reality of the age in which we are living, be honest about what happened and acknowledge what we’re seeing all around us now.
The sooner we recognize this new frontier for what it is, both a challenge and an opportunity, can we truly get on with our lives, and concentrate on what really matters.
In some ways, the Aspen dream has morphed to the Aspen extreme. Offseason seems a thing of the past, monsoons have yielded to wildfires, gridlock at the traffic circle extending to the airport and the old-guard on a collision course with the nouveau venu. COVID seems under control around these parts but the fatigue is palpable and hard to shake.
