Real Estate News - November 11th, 2003

We are in the final and best month of the ski season!  We are greeted by 40+ degree days plus snow at night, perfect for spring skiing!

The Wall Street Journal ran an article last Friday highlighting Aspen's real estate market.  The article points out that Aspen is "defying the national housing slump" with rising prices, out pacing other luxury markets including the Hampton's.  This has prompted some sellers to become more bullish, holding firm on their listing prices and in some cases, raising them.  Others look at the few sales over $2000 per square foot and the lower footage numbers of $1150 per square foot, and understand the middle sales numbers may be where the market really lies in this luxury estate market.  Below is the link to the article.

http://online.wsj.com/article/SB10001424052748703775704576162553297928260.html

Compared to last year, closings in Aspen have increased significantly.  Attached you will find the stats that show year to date numbers for 2010 and 2011 in residential real estate sales for Aspen and Snowmass Village.  We still have pockets where sales  are not happening because of the exceptional inventory and competition.  Once all the spec homes are absorbed, the prices should really start inching higher.

We have also seen some changes in commercial real estate and retail since our last update.  The North of Nell building finalized leases for their last two empty spaces which will now be occupied by women's and men's retail.  Victoria's coffee shop is expanding into the former Franck Mueller space across from the North of Nell. IPRO Center of Aspen opens next week across from Little Annie's on Hyman.  It is Aspen's only authorized Apple reseller. Also, the new Pyramid Bistro in the Explore Bookstore is a gourmet, organic restaurant.  The chef was with Syzygy for 20 years and is pursuing his new cooking passion with rave reviews.  Addiitonally, The Little Nell and Hotel Jerome are fully booked for this month.

Call us to book your last minute reservations for end of ski season and also the upcoming summer.  Please call us for all your buying and selling needs.  If we don't have the information you want, we'll find it!

Happy Spring!