September 2014

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— September 2014 — Off Season!

Off Season” is upon us, but so far it’s been anything but off!

With real estate sales at their highest since 2007, it’s been anything but slow. But here is the interesting part—-prices are still well below the peak—in some cases prices are still off by as much as 40%! It surprises me how many opportunities still exist in the market place. But as inventory continues to diminish, those opportunities will also diminish.

There are a few updates to share prior to the third quarter numbers coming out. (Expect to see that towards the end of October, early November.) But I do have some interesting facts to share with you:

  • The current average sale price is 92% of the List Price
    (It was 87% in 2009/2010…And it was 96% in 2007)
  • Condo/Townhome prices are up 20% this year in Aspen
  • Single family prices are up 6% this year in Aspen
  • Listing Inventory is Down 36% compared to 2009 in Aspen
  • There is only 4,000 square feet of Commercial Space available to rent in Aspen (That’s a 1% Vacancy Rate)

For NEWS around our Roaring Fork Valley please see the Link below.
September Roaring Fork Valley News

IMPORTANT NEWS BRIEF

The City of Aspen has just sent out a questionnaire to all property owners within the City Limits. If you own property we encourage you to thoughtfully complete the Questionnaire. The responses are due within ten days of receipt.

While the survey has many intentions, the primary goal is to determine and update the affordable housing mitigation rates for developers of residential projects. Currently, the mitigation rate for developers of residential construction is $76/square foot if the developer chooses to pay a fee to the City in lieu of building affordable housing. City staff and some on the City Council believe that the city is taking in a much lower rate per square foot than it should be because the current fee doesn’t allow the City to build much affordable housing. Some Council members believe it should be closer to $500 a square foot to effectively build housing for locals. The study, conducted independently by a research firm, is intended to help the City determine what the correct number should be.

Click here to view the Cover letter and questionnaire. If you have questions regarding the Survey, please contact Chris Bendon, Community Development Director for the City of Aspen, at 970-429-2766 or chris.bendon@cityofaspen.com

As the incoming President to the Aspen Board of Realtors, I assure you we will be watching this issue carefully, and encourage Aspen City Council members to come to a fair number.