Deb Bamesberger MRE, ABR, e-Pro

To say that I am excited is an understatement! I didn't know who our next President would be until I woke up this morning at 4:30 am. Our voices were heard and yes, I did vote with my head. I watched everything there was to watch on both candidates. When I went to vote yesterday I still did not know which way I would go, I filled out the rest of the ballot and had to come back to who I wanted to vote for for President. I, for one, am ready for change. I believe that Barack Obama will make a great President. I believe that our economy will now make a turn towards the positive. Real estate will begin to sell again, people will start to spend their money again and we will be fine. We needed this change!

Is this a good time to buy Aspen/Snowmass real estate? How is Aspen's real estate market compared to the rest of the country? The real estate market started to decline in Aspen about 12 months ago. Since then we have seen a 28% decline in our number of transactions and a 41% in the total sales volume from the previous 12 months. In addition, the average price and the median price of a property sale in the past 12 months are 18.7% and 41.6%, respectively. They are below the average and median price of a sale in the previous 12 months. These statistics do not mean that Aspen's real estate prices have dropped dramatically. Although the total number of transactions has declined by 28%, the number of sales over $10,000,000 has declined by 61%. The decline in sales over $10 million has brought the average sales price down but that does not mean that the prices in Aspen have dropped.

There are two reasons why a significant decline in Aspen's real estate is unlikely. The first reason being, 61% of the real estate purchased in Aspen in the past 12 months was bought without financing. Aspen is a highly un-leveraged real estate market and is not subject to the forces that are visible in other markets around the country. The second reason being location. Aspen is rated as one of the most desirable resort spots in the world.

We are seeing the inventory of properties in Aspen and Snowmass start to decline also. At the beginning of September we had about 463 homes and condos in Aspen and 197 in Snowmass that were for sale. Today we are seeing 419 in Aspen and 164 in Snowmass. This modest decline is, for the most part, expired listings or properties being withdrawn from the market rather than sales, but a decline in inventory is one of the first signs that our real estate is beginning to recover.

It's very difficult to pinpoint the bottom in our market but there is growing evidence that we may very well have bottomed out here in Aspen/Snowmass. In the last 33 years, Aspen has only experienced six years, including this one where the average real estate sales price has declined from the previous year per the Aspen Board of Realtors. Aspen has never seen a deline that has lasted for more than one year. Following every year that real estate prices has declined, the average sales price has increased by about 27%.

So, is this a good year to buy real estate in Aspen/Snowmass, Colorado? It's hard to be certain but if history is any prediction of the future, this may be the best opportunity to buy Aspen/Snowmass real estate that we have in the last 33 years.

Thanks to Bill Small for providing these statistics and for the opportunity to share them with the rest of the country.

Wow, Basalt is the happening place in the Roaring Fork Valley! If you are looking to invest your money, this is where you should buy. There are currently 68 condos, townhomes and duplexes for sale and 59 of those are priced under one million dollars! The average price per square foot is around $400. There are 50 single family homes for sale right now with an average price per square foot of about the same, $400. There are alot of great deals out there, I would be happy to help anyone who has an interest in investing in the hot spot of the valley. Give me a call, I can help!

So, you want commercial property in Aspen? There isn't much and never is. The prices are high and inventory is low. Currently in the central core of Aspen there are six properties for sale. One is under contract, it's a block outside the central core and is currently a dentist office with a couple of offices upstairs that house and attorney and a structural engineer. It was listed at $5,900,000 and I understand they are going to turn it into a bank. I guess we need another bank here. Two properties right on the Hyman Avenue mall that are right next to each other are for sale. They are the Billabong and New York Pizza and the T shirt shop. These have had the same tenants for years and are for sale for $5,000,000 and $5,500,000, These would both be a great investment for someone looking to own commercial property in Aspen. Interested, give me a call!

Currently there are 89 listings for vacant land in Aspen and the outskirts of Aspen. There are a couple of really nice 25 acre parcels not very far up Castle Creek that are priced at $4,500,000 and $5,500,000. These would be a wonderful place to build your special home and still be close to town. As usual, there are only a handful in the town of Aspen but there seem to be more than usual. The prices range from $3,500,000 up to $14,500,000. Many of the listings for vacant land include a house which is usually a tear down. There are a couple that are listed on Red Mountain, look to spend about $10,000,000 for an acre or so up there. Vacant land is tough to find in the town itself but there are a couple. It's very difficult to build in Aspen, there is so much you have to go through to get a building permit. There have not been any new building permits issued in over a year now. Hopefully, that will change soon. I have buyers looking for vacant land and I have suggested that they look at existing homes as they will be able to come to Aspen and have a place to stay and not have to wait two or three years.