Randy Gold of Aspen Appraisal Group gave his state of the real estate economy speech at this month's Aspen Board of Realtors meeting.
"We are not going to know where the bottom was until we are well on the road to recovery" said Gold. "In past recessions our market really suffered very little. This time it is more broad-based."
Single family homes in Aspen are off about 36% through the first 11 months of 2008 compared to the same period last year. Property listings have increased 24% for the same period.
Here we go again. It's deja-vu. Just like last year, we experienced mild weather through Thanksgiving and are now in the midst of a series of major snow storms that have dumped heavy snows to the area.
According to the Aspen Skiing Company's records, it snowed 11 days between Thanksgiving and today last season and it has snowed 11 days during the same period this season. 63 inches s far this year at the top of Aspen Mountain compared to 72 inches during the same period a year ago.
Roaring Fork Club
$1,289 per square foot
5 Arbaney Ranch Road at the Roaring Fork Club
2,423 square feet
Cabin #5 includes chestnut floors, custom woodwork, cascading waterfall and wrap-around deck
The Gant, Aspen's first condominium property to provide hotel amenities and service when it opened in 1973, turns 35 on December 27th. Managed by Destination Hotels and Resorts, The Gant has recently undergone a $7 million renovation.
Conde Nast Traveler named The Gant as one of North America's Top 50 ski hotels in 2007.
To celebrate, The Gant launched a "Countdown to 35" series in September that began with a series of monthly rotating offers.
The Stage 3 redevelopment project located at 625 West Main Street in Aspen has been put on a temporary hold until the spring. Developers had construction financing in place, but due to the slow economy and higher construction costs during winter in Aspen, decided to put the project on hold until spring 2009.
Completion is now scheduled for December 2009. When completed the building will be 27,000 square feet with mixed use units, including several luxury condos and retail space.
Aspen Highlands and Buttermilk open for their 50th ski season this Saturday, December 13th.
60% of Highlands is set to open including a good portion of Highlands Bowl. Four of five chairlifts are expected to be open. Cloud Nine and Merry Go Round restaurants will also be opening.
All lifts at Buttermilk are due to be in service tomorrow and 70% of the terrain is ski-able. Bumps and Cliffhouse restaurants will be open.
Snowmass is expected to open the Sheer Bliss, High Alpine and Alpine Springs chairlifts tomorrow.
219 South Third Street
Property Class: Duplex/Triplex
Total heated area: 2,046 square feet
Amenities: 4 bedrooms/2 baths
Bryan Sax a 37 year old Aspen native died in a mid air plane crash over the Florida Everglades Sunday, December 6, 2008. Sax was flying a twin-engine Piper Seminole when it collided with another plane about 25 miles from Fort Lauderdale. The bodies of all four victims were recovered Monday afternoon.
Bryan Sax was a familiar face behind the bar at Jimmy's Restaurant for many years. He was also a champion ski racer, a coffee shop owner and recently started a flight school based out of Aspen's Sardy Field.
"When written in Chinese, the word 'crisis' is composed of two characters. Once represents danger and the other represents opportunity."
John F Kennedy
Rare opportunities can be found in the current financial climate.
Let us take you there.
Is is a good time to buy property in Aspen? The answer is yes. Rare opportunities can be found if you know who to call.
Call me. I know.