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| Rich's Corner |
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Aspen
Real Estate Falls into Gear
Last
week was a 20 million dollar week for me. Even without
me, my agents doubled our business in the last three
weeks. Year-to-date we already have more then twice
the number of solds and under contracts (56) compared
to this time last year.
The overall real estate market in Aspen has also
picked up during the same time period. The sold
volume is still down from last year and there is
over four years of inventory on the market. Most
sales are still driven by price.
Friends of mine across the country that I contact
as for information resource believe the U.S. economy
has bottomed out and may be on a slight upward trend.
One friend whose economic prediction have been remarkably
accurate for the last 20 years believes that we
will experience 3 to 5 years of very strong growth
in the immediate future.
Aspen real estate was down during the second quarter
due largely to the war, however I believe the past
three weeks and the next three weeks will put us
well on the road to recovery. Although local economy
is still challenged for countless reasons, Aspen
is still the best place in the world to live and
vacation.
However with over four years worth of inventory
it remains a buyer’s market. Buyers are seeking
good value for unique properties. Buyers want to
capitalize on the best buys before the market returns
to a sellers market. Clients tell me over and over
again life is too short and that they want to enjoy
it now! Often I hear “I could wait a few more
years, make a few more bucks, and buy twice as nice
a property. But, if I do, where do I put the cash?
What is more secure then resort real estate? Plus,
if I wait, I lose time enjoying life in Aspen with
my friends and family.”
I predict that we are at the start of a slow upturn
in the Aspen real estate marketæ an upturn
that I have seen three times before in my 33 years
selling real estate. As with previous curves, I
believe this one will accelerate rapidly with time.
Personally I am buying as much real estate as I
can while the selection is bountiful and the prices
affordable. To hedge my bets I will average 50%
leverage in my portfolio.
Thanks for you time.
With
kindest regards,
Rich Wagar
P.S. This year my agents and I have offered six
sellers simultaneous competing offers. Why?
There is an over abundance of buyers just waiting
for the right price to give themselves permission
to act….they have created their own urgency.
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October Events
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Sept.
30-Oct. 5 - 25th Annual Filmfest - Location:
Wheeler Opera House
Oct. 1-31 - Aspen Art Museum - Ferenc Berko
Oct.
4 - Aspen Saturday Market- Location: Aspen
Oct. 13 -
John Denver: Gone Yet Not Forgotton - Location:
Wheeler Opera House
Oct. 31 - Halloween!
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Featured
Properties
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October
News & Events
Colors
Heightened by Rain
The
late-summer rains might have washed out a few outdoor
camping plans, but they’re responsible for creating
nature’s awesome color display.
Read
Complete Aspen Times article ...
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Star
Mesa Estate
$10,800,000
This
beautiful Star Mesa estate offers 12,005 sq. ft. custom home
with log, stucco and river rock on 40 acres of private land
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the entire Aspen Valley. This home has five bedrooms and six
and one-half baths.
Unique
River Frontage
$1,800,000
Surrounded
by spectacular views, active beaver ponds and orchards. Unlimited
possibilities on almost 12 acres with full access to all water
rights. Charming upgraded four-bedroom/two-bath Victorian
home, 7,000 square feet of limited commercial 1890's brick
buildings and an additional potential riverfront homesite.
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