What a year!
2015 was an extraordinary year of business for the overall Aspen Real estate market, and my own sales reflected the growth and trends throughout the valley, as demonstrated in the photos of some of the properties that I sold this year.
Here Are Some of the Highlights:
The combined markets of Aspen and Snowmass of $1.49 Billion, nearly reached the peak of $1.7 Billion back in 2006.
Aspen single-family homes rose by + 17% in total dollar sales in 2015 versus 2014
Aspen condos increased by + 7%
$10M + luxury homes rose by 38% from the previous year
24% of these luxury home sales occurred in downtown Aspen!
The micro-markets that are on fire and leading the way in $/sq ft are Red Mountain, Aspen Core, and the West End
Newly constructed homes are commanding significant premiums and are in high demand in all segments of the market
Major remodeling of 70s and 80s inventory is occurring throughout the valley
Contemporary architecture and design are spreading rapidly and in high demand with ‘Mountain Contemporary Design’ the new buzz term.
Red Mountain Contemporary home sold for $17,250,000
But, the activity in Aspen was not limited to a handful of in-town neighborhoods but reached more remote and private properties like Castle Creek and East Aspen.
Castle Creek River retreat sold for $5,050,000
East Aspen home on Popcorn Lane sold for $8,600,000
While the market is as strong as ever in Aspen, the Snowmass market is building momentum and as always playing catch up to Aspen. Snowmass sales are currently around 38% of the peak in 2006 and half of the average $/SqFt of Aspen, so there is still some room to grow and opportunities to find great values for beautiful homes both ski in/out and otherwise.
Maple Ridge Lane remodel, Snowmass Village, sold for $2,600,000
Basalt’s total sales rose by 34% in 2015 over 2014 and inventory is dropping. It’s getting harder to find a quality property in Basalt. The Whole Foods factor has had an impact on Willits with strong sales in its condo lofts, particularly with the new construction at Park Modern Lofts at Willits.
Willits Park Modern 3 Bedroom Loft, sold for $888,000
Ridge Road, Basalt sold for $1,250,000
Most notable in Carbondale is Missouri Heights which has seen strong sales in the $1,000,000+ second home market by offering great value for Mt Sopris views, ranch-style living, and acreage that’s just a few minutes from all the mid-valley’s amenities, yet at a fraction of up-valley prices. These buyers are new 2nd home buyers as well as primary home buyers, some of whom have migrated down the valley after living in Aspen or Snowmass for many years. I call this the ‘Down Valley Migration’ that occurs when both markets are active.
Stirling Ranch lot sold for $210,000 in Missouri Heights
I’m so grateful for the opportunities to list beautiful homes and help buyers find their perfect match properties. I look forward to doing more of the same in 2016. If you would like to take a closer look at any micro-market that interests you, please let me know and I would be delighted to do an analysis for you.
Here’s to a happy and prosperous 2016!