September 19, 2020 | Gary Feldman Group

Aspen Market Update

The Aspen real estate market since the beginning of the COVID pandemic has been nothing short of unprecedented. In our Spring 2020 newsletter, we predicted that the ex-migration from the East and West Coasts and the Midwest that was being fueled by the change in Federal and State tax laws would increase due to COVID and that Aspen would see an increase in people moving their families to the Roaring Fork Valley. Although our forecast was correct, we simply could not have anticipated the surge in the demand for Aspen real estate and the subsequent dramatic increase in prices.
 
There are currently 27 properties under contract in Aspen/Snowmass with asking prices of more than $10,000,000. That is a remarkable number when you look at the 48 sales since March 1st. The breakdown is:
 
34 sales               $10,000,000 - $20,000,000
11 sales               $20,001,000 - $30,000,000
3 sales                 $30,001,000 +
 
Assuming all of the properties that are under contract eventually close, the summer selling season would result in no less than 75 sales of more than $10,000,000. The numbers for sales under $10,000,000 are too numerous to address, but if you have an area of particular interest let us know and we’ll provide the statistics.
 
We are also experiencing an in-migration of families with school-age children. Rumors that there are 150 new students enrolled in the Aspen School District are echoed with a significant increase at Aspen Country Day School. This has increased the value of homes that are in the Aspen School District.
 
For decades Aspen locals decried the fact that many McMansions sat empty most of the year and didn’t add to the economy and vibrancy of the community. That is changing as many part-timers have opted to make Aspen their home. During the summer, many of these large homes that typically housed just a few people have been maxed out as people escaped the big cities and simply did not leave after Labor Day.
 
How will the influx of new permanent families affect Aspen? Will these Aspen newbies change Aspen or will they leave big-city attitudes behind and assimilate into the local culture? Only time will tell.

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