REAL ESTATE UPDATE
Yes, the number of deals is lower than 2021, but price per square footage just keeps going up. It is really just basic supply and demand. The more the local government down-zones, and limits demolition permits the more prices rise with quality already built product. The closer you are to the downtown Aspen core including the big views from Red Mountain, the higher price the real estate. Because I have been in this business my entire adult life, I have great friends and clients who I will always call for selling or buying off market property. If you have the talent to remodel, you may get a “great deal” in this market. If you want the highest price to sell then you have to have the best product.
For example: I sold a friend’s penthouse at the Monarch for about $4,800+ per sq ft last winter/spring. Another one will close this week for over $5,000 per sq ft. The first Sellers were very smart to take advantage of the insane market so we used 1031 tax free exchange to purchase 3 properties-a single family home in Aspen with no HOA dues plus and an apartment in Manhattan, and a condo in Miami! There are other examples like this so call me for your opportunity!
As for the unfinished projects in town including the beloved Main Street Bakery, and even the Red Onion, we finally found the culprit - very delayed permits “lost” in City Hall. Maybe we will finally see some action early in January. This is why a few of us “business folks” are bringing like minded candidates to run for the three open seats in March. I will let you know in January who they are so we can all help!