June 25, 2020 | Gary Feldman Group

The COVID Affect on Aspen Real Estate

The COVID Affect on Aspen Real Estate
Our March/April newsletter shared the prediction that the COVID Pandemic would result in families fleeing big cities in favor of small towns like Aspen Snowmass. Three months later and we have data that reflects the impact and confirms our prediction. Following is an analysis of closings since June 1 and properties currently pending. These statistics are for real estate activity only in Aspen, Snowmass Village, Woody Creek, and Old Snowmass. Down the valley, the markets of Basalt, Carbondale, and Glenwood Springs are experiencing similar results but on steroids with too many to count.

Many of the above transactions are closing within 1 to 2 weeks. Normally, it takes 30-45 days from under contract to closed sale, but families are anxious to move immediately. Buyers are either making offers sight unseen or flying in for a day or two to identify a property to purchase. One of our Buyers recognized the need to make a thousand-mile day trip to secure a property instead of waiting until later in the summer when choices became limited.  It took 24 hours to successfully negotiate the contract with a 14-day closing, and hours later another broker sought access to the property with a buyer who had to have it.
This real estate activity is taking place during Aspen’s traditional off-season, which was compounded or extended when the ski season abruptly ended in mid-March. Activity all but ceased until Aspen relaxed its lock-down restrictions around June 1st. Since then, Aspen’s Sardy Field has probably seen more activity from private aircraft than Denver International Airport has seen commercially.
Reports from luxury rental specialists tell a similar story with summer rental demand at unprecedented levels and many properties garnering double the normal summer rates. It doesn’t sound like much until you realize that normal summer monthly rates can be $100,000 to $200,000. If a home has a pool, the normal summer rate has doubled.
If you have plans to travel to Aspen Snowmass this summer and are interested in acquiring or renting property, do not delay.  Consider taking advantage of virtual, Matterport, or FaceTime tours to identify and negotiate a contract now or jump on a plane and visit for a few days in advance of your intended plans. Call, text, or email Gary at 970.948.3737 or [email protected] to discuss your plans.  Just as he helped his client identify and contract for a property in 24 hours, he can efficiently and effectively assist you.

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