Summary Highlights from the BJ Adams and Company
2011 Semi-Annual Real Estate Report
The entire Upper Roaring Fork Valley is benefiting from increases in Sales Activity. Prices have diverged with some areas showing strength (and even hinting at future increases), while other locations are still decreasing. Aspen is unquestionably leading a local real estate recovery. An astounding fact is that, thus far in 2011, 1 out of every 4 Single Family Home sales in Aspen has been for more than $10 million.
This is more than double the average over the past 5 years (11%), and significantly higher than the average for any other year in the recent past (2009 was the highest with 16% of all Single Family Home sales above $10 million).
This fact alone is a clear indicator that Aspen continues to appeal to the world’s wealthy, and that Buyers at the top end of the real estate food chain are investing in the local real estate market in greater proportions than even the best years of the last market run.
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ASPEN/SNOWMASS REAL ESTATE MARKET INDEX
BJ*Adams and Company unveiled the
Aspen/Snowmass Real Estate Market
Index in 2010 after more than a year
of testing and development. The Index
tracks the relative “strength” of
the market. It also provides some
insight about future market direction.
As of the fall of 2011, the Index
has provided objective, statistical
evidence that the local real estate
market has been gaining “strength” for
almost a year. Based on this direction,
we anticipate that local real estate
prices in key neighborhoods will start
rising in the next 6-18 months (note
that not all neighborhoods and property
types have “recovered”).
Of course national and global macro-economic
trends will influence the timing of
any future price appreciation in our
local real estate market.
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