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.
With longer days of sunshine and cold temperatures turning, spring is on its way to the Roaring Fork Valley. While March is historically one of the snowiest months of the year in Aspen, it is also the month of bluebird spring skiing and après ski. From Basalt to Glenwood, the snow has already started to become sparse and trails are clearing for mountain biking, hiking, and trail running. There are plenty of options for recreation throughout the late winter and spring as the temperamental weather persists through May. Here’s how to savor the remaining days of the winter season from Aspen to Glenwood.
Brand-new Doug Olson construction in coveted Blue Creek Ranch! Located directly on the pond with views to the southwest, this contemporary farmhouse-style home with architecture by Al Beyer Design features light filled spaces, and 4 en-suite bedrooms plus a large flexible space (potential studio or office) with bath above the oversized two-car garage. Great attention to detail and design is evident in the open concept kitchen with a butler's pantry equipped with high-end appliances.
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.
For market watchers on any side of the equation, the breakneck pace of sales leads to an obvious question: How long can a frenzy like this one last?
"We’ve seen markets like Aspen, Colorado, more than double sales volume for our company,” says Philip A. White Jr., president and CEO, Sotheby’s International Realty. “There are so many examples like this. We have an office in Destin, Florida, that’s done US$2 billion in sales volume through November 2021, and it’s less than 100 agents in the panhandle of Florida. Park City, Utah, is a similar story.”
Being the best is about more than just sales volume. The data in these reports speak to more than just our performance, but our expert brokers’ unwavering dedication to delivering unparalleled service and unrivaled results for our clients, every time. As the number one brokerage in the Roaring Fork Valley for more than 20 years, we consider consistency a benchmark of our success.
Metaphorically, the pinball machine that is the local real estate market continues to bounce off the bumpers. As 2021 draws to a close, total sales in Pitkin County alone are expected to top $3 billion for the second year in a row. Add our valley’s corners of Eagle and Garfield counties and the final numbers are sure to be as staggering as they are record shattering.
MLS stats show 188 single-family homes were sold from Aspen to Glenwood Springs in just this fourth quarter alone. That number does not include condos, townhomes or land. The lowest priced sale was $400,000 for a double-wide in Aspen Village. Highest was a gated compound in the West End which traded for $38.5 million.
In all, 15 homes sold in that three month timeframe commanded $10 million or more, five topped $20 million, and four closed above $30 million. And with another week to go, 75 are showing pending with five of those priced over $30 million.
But this may be this beast’s last gasp, as indications are clear the market is changing and will be markedly different from the past two years. Inventory is down 30%. Prices are up 40%. Even the ultra-wealthy are wary of finding themselves without a chair if the music should stop.
Even so, demand remains high. Listings are selling 50% faster than before the pandemic. Sales of properties before they hit the market is up significantly. There will certainly be activity in 2022, deals will get done, but to those who watch the numbers, there’s no doubt it’s slowing.
