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Choices - Buy and Wait or Wait to Buy - That is the
Question?
I currently own 7 Aspen properties. I have
watched market cycles in Aspen for 37 years.
My philosophy is to pay too much and sell too cheap.
CRAZY? I doubled
my net worth in 3 years based on this philosophy.
As
a seller, I am happy to leave a little
money on the table.
My belief is that if I wait for the absolute top dollar,
I’ll
likely miss the peak and have to wait
for the next up cycle.
As a buyer again I’m happy
to miss the absolute low. I wait for the market
to conclusively turn up and continue on an uphill trend;
historic up cycles usually last 4-6 years.
Maybe my philosophy takes 10-15% away from my profit.
Also, I believe in always having 5-10
properties in
play so that I can buy and
sell to take advantage of every market. This is similar
to dollar cost averaging in
the stock market.
If you are a seller I suggest in real estate, never,
never get in a position
where you have to sell. If you are a buyer I suggest
that with a “stable” market like
Aspen, never wait for the perfect price or perfect
property.
You will miss many opportunities
and you may pay more. Historically, tomorrow will
make today’s
price look like a steal. Prudent patience rules over
prudent panic.
In closing, I leave you with one Golden
Rule that summarizes my thoughts:
“Greed almost always overcomes
good judgment.”
With kindest regards, I remain,
Sincerely yours,
Rich Wagar
P.S. If you know of anyone, I currently have 5 private
listings in the 30-60 million dollar range.
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In The News:
New
Land-Use Code Goes Into Effect
By
Joel Stonington
July 6, 2006
Aspen Times
Pitkin
County approved a new land-use code Wednesday night,
making sweeping changes for the first time in more
than a decade.
The county has had a restrictive land-use code since the mid-1970s, and this
latest incarnation continues the trend of tightening development regulations
with the goal of preserving the rural quality of Pitkin County.
"[The land-use code] is cutting-edge, it is precedent-setting," Commissioner
Michael Owsley said. "We should be proud of it."
The new countywide code limits houses to 15,000 square feet, reduces the value
of a transferable development right to 2,500 square feet, limits houses in
urban areas to 5,750 square feet, increases the number of county roads with
scenic review restrictions and increases stream setbacks for building from
20 feet to 50 feet.
Pitkin County also deleted two important building exemptions from the code.
There is no longer a 1,000-square-foot exemption beyond the 5,750-square-foot
limit for a house, or an exemption for a 4,000-square-foot basement and 750-square-foot
garage. Both deleted exemptions are expected to increase demand for transferable
development rights significantly.
Read
Complete Article |
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Evaluation |
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Quarterly Market Report |
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Market Report
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More News |
For Sale: Nation's Most Expensive Home
By
Chad Abraham
July 12, 2006
The Aspen Times
For $135 million you, too,
can live like a prince.
That is the asking price for the palatial Aspen
compound of Prince Bandar bin Sultan bin Abdul
Aziz, a real estate financier confirmed Tuesday.
It is the highest real estate price in U.S. history,
and possibly in the world, experts said. The
price tag trumps Donald Trump, who had the previous
highest offering on the national market, $125
million for a beachfront home in Florida.
Bandar is the former Saudi Arabian ambassador
to the United States. His 95-acre Starwood Ranch
property includes a nearly 56,000-square-foot
mansion, and several smaller homes and buildings.
Read
Complete Article |
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Jeff
Pogliano
Jeff
is a third generation Coloradoan whose parents
built their first home in Aspen in the early
1950's. He can remember all the streets except
Main Street were gravel when he was a small
boy. Graduating from Western State College
in 1981, Jeff has sold property in not only
Aspen, but in different areas of Colorado's
Western Slope. When he is not giving his
clients 110%, he enjoys spending time in
the outdoors with his wife Lisha and their
daughter Sienna.
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