To understand the current trends in Aspen real estate, one must first look at the past before you can understand the present, let alone predict the future. Through the years, Aspen as a town has changed dramatically, while other aspects have stayed exactly the same. This week, our blog team takes a closer look at Aspen’s real estate trends, the town’s rich history, the current market and what we think the future holds. Let’s take a closer look at the past, present and future of real estate in Aspen.
THE PAST: There are cycles to all real estate markets, even in Aspen, but to better understand this market, one must begin with the understanding that we have a limited amount of land with which to work. This is due to the topography of the land, to the majority of the land in the valley belonging to the National Forest Service and to decades of already improved properties on some of the best lots.
What that meant in past terms is that supply and demand had created a healthy real estate market in Aspen and the surrounding area. Those three factors had helped in sustaining a more vibrant real estate community than most others. The end result had been higher sales prices across all sectors of the real estate market. Over the decades, every time we believed a plateau had been reached, the market exceeded it.
THE PRESENT: Real estate prices (in most) of the Aspen area have caught up with and exceeded that which existed before the great Recession of 2008. Due to the lack of quality vacant lots in desirable locations, we will see a continued purchase of existing homes as the norm. Of those purchases, we will see renovations on some of the older more dated product and at times the renovations will be massive. Purchasers may even consider razing existing structures when it makes sense.
It is safe to say that Aspen will always have a limited supply of properties. So when the good properties become available, there will be considerable activity on them. The upside for Aspen is that it has a lot going for it and because of this, there will be a continued desire to own a piece of this pie.
As for the current market, there are some really good locations to take advantage of, but be sure they too will disappear.
THE FUTURE: In conclusion, there will continue to be interest in real estate ownership in the Aspen community. There are few better places to live. Let Frias Properties introduce you to the opportunity that awaits your participation.
The professional real estate brokers at Frias Properties believe in a culture of integrity and that the human experience that our people bring to work each day is what you are looking for. Our knowledgeable experts are fully capable of assisting you with all of your real estate needs. We are conveniently located two blocks from the gondola at 730 E. Durant Avenue and are open 7-days a week.