Aspen, a bargain for the time being.
The latest figures have been released on the sales in the Aspen area for the third quarter of 2009. September is the first month to post an increase in both dollar volume and transactions from 2008. The dollar volume is up 27% and the total transactions are up 21%. Overall we are down 29% through September 2009 from 2008 and down 24% in transactions in the same period.
Fractional Luxury sales are up 348% from last year, same time period, which reflects the long overdue contracts closing on the Residence at the Little Nell and a small Hyatt Grand Aspen surge.
What I find most important with the latest data that has been released comparing the years from 2005 to 2009, is that it looks by all the Aspen, Snowmass and surrounding area data is that we have hit bottom and are on the move back up. The percentage of change in previous year to date hovered at all time lows earlier this year and with the latest sales, looks to have pulled the market out and on an upswing.
The sales in the Aspen Resort Market that we are seeing are the properties that are priced to sell, whatever the circumstances of the owner, but the deals of the decade. This inventory is dwindling and it will only secure the pricing on an average to become stronger going into 2010.
As in the stock market for 2009 that has rallied past the 10,000 mark, I think we are seeing a formable come back and strength in the resort luxury market. An asset you can enjoy and will reap appreciation!
For a more in-depth look at the market whether it be the data or the property you seek, please call or email me and I will be happy to assist you.
Best to you,
Brenda Wild
