Aspen Real Estate Update! - July 12th, 2011

REAL ESTATE: Front Page story in the Aspen Times on Thursday, July 7th, 2011 - ONE IN FOUR HOMES IN ASPEN CLOSED FOR OVER $10,000,000.00 THIS YEAR! To read the entire article click here http://aspentimes.com/article/2011110709914.

Aspen:

Dollar volume this year is $414,036,156 vs. $277,811,053 last year.

Number of Properties sold this year is 99 vs. 66 last year.

Aspen is leading in this recovery. The pundits think Snowmass is 6 - 12 months behind and Basalt, Mid-Valley is 12 - 24 months behind.

The big news is that buyers are coming in from all over the world becuase of the strength of their dollar against ours. So, if you have a property you are thinking about selling over $10,000,000 now could be your opportunity. Prices have corrected here since the highs of 2005 - 2007, which is why we brokers thinks so many deals are finally closing.

I see a few opportunities a week still that are bank owned for you buyers who still want an Aspen step in. The best one this week is a new duplex of about 4,000 square feet, completed just prior to the "crash" in 2008 and listed then for $5,995,000. It is now available for $2,995,000. There are also some substantial properties listed in the $20,000,000 range that may have their notes coming due. Call for those ideas!

CHEAP MONEY: Dick Carter from Affiliated Mortgage of Denver brought me the following yesterday: 2.6 percent interest rate up to $10,000,000 (depending on your financial strength). 25% down. Larger loans are available for a small bump in the interest rate. This is interest only for the first year, then amortized over thirty (30) years for the remaining two (2) years. For five (5) years, the rate is just over 3%. Loan must be $3.5 million of higher.

SUMMER EVENTS: Theatre Aspen just opened "Annie" to rave reviews. It plays at 10am for the little ones and 7:30pm for us old folks! Belly Up featured Ted Nugent last night. He was certainly raucous! The Music Associates have an excellend lineup, for more information click here www.aspenmusicfestival.org. The Aspen Santa Fe Ballet starts their summer season on Friday, July 15th, 2011. For more information click here http://aspensantafeballet.com/performance_calendar/aspen_season.php.

FLOWERS! With all the moisture from a very late spring and daily rain showers, the flowers are some of the most beautiful in years...lupines, paintbrush, brown eyed susans, columbines, etc.

Don't miss out this year! Call us for rentals, listings, sales or just to say "hi!"

My best regards,

Lorrie B. Winnerman