Aspen: A World Unto Itself
Aspen has been spared the full impact of the real estate slowdown nationwide. The average sale price of an Aspen home is down only 11 percent from 2008, a far cry from the 30- to 60-percent drops some areas have experienced.
“We sit in such a unique place in the world that the blow seems to have been softened a bit,” says Realtor Ruth Kruger of Kruger and Company. But she says sales activity has slowed, leaving a wide choice of properties on the market. “It’s the buying opportunity of a lifetime, particularly with interest rates still low,” she says.
A two- to three-bedroom condo at the base of Aspen Mountain runs between $2 million and $3 million, while the average price of a single-
family home in Aspen is $5.5 million.
Realtor Ron Weisser of Lindell Properties says local brokers are reporting a rise in interest and inquiries from potential buyers in the past two to three months. He says some of those may be individuals who postponed a purchase in 2008 because they anticipated a downturn in the market.
“All the signs point to a rise in sales activity in the next few months,” he says.
Weisser represents mostly ranch properties, which he says have seen no drop in value because of their scarcity. At High Aspen Ranch, a community of ranch properties, each parcel spans at least 35 acres and buyers can enjoy amenities such as horse stables, trails and fitness centers.
“It offers both solitude and a sense of community,” Weisser says. “It’s the best of both worlds.”
Photos courtesy BJ Adams and Company