Aspen Colorado: An Un-real Real Estate Year
A year that most Aspen area Realtors will ever forget. With total sales nearing the figure of 1.5 Billion Dollars, it is one of the best years to do date for Pitkin County. The year was so profitable, we saw one of the best Aspen based reality firms get purchased by Douglas Elliman Real Estate, the largest real estate brokerage in New York City.
With a downtown Pent House selling earlier this year for $3,100 per square foot the Aspen market was extremely successful. The reason Aspen was so successful in real estate transactions this year was do to the immense amount of homes that sold over 7.5 million dollars. There were 35 sales of 7.5 million or more in 2014. Compared to 2013 there were only 19 sales with the same value. Real estate professionals have contributed the fantastic year to a strong stock market giving buyers and sellers much more confidence with their investments. More high end construction is under way, these homes are being bought quicker than ever thus, there is a shrinking inventory helping make the market strong.
The surge of developers is in full throttle. Any and all open land whether it is zoned for living or commercial is being bought up and developed at record pace right now. None of the current or recently sold developments are having any trouble in selling homes or commercial spaces.
A few years ago the Aspen city council decided that they would no longer allow penthouses to be built in downtown center. There were a few instances that were grandfathered in and were allow to continue planned construction. This year with one penthouse on Hyman Ave (the main street in Aspen). This penthouse was sold this year for 15.8 million dollars. With a revenue stream such as this the Aspen City Council has already begun discussing the repeal of the penthouse rule in the downtown core.
To cap off what was just an incredible year for real estate in Aspen is the sale of homes that were over 12 million dollars. 13 real estate transactions eclipsed 12 million dollars. Of those thirteen homes the most expensive home to sell in Pitkin County this year was 26 million dollars.
Summit County also has had an incredible year for real estate transactions. Summit County will never have as high of numbers as Aspen and Pitkin County, but the real estate market is bouncing back and equalizing. With only two days left in 2014 the year to date monetary volume has been: $883,103,681. Compared to Aspen, not many, less than five purchases have been more than 7.5 million, not the 35 Aspen has reported. Again, the entire state of Colorado had positive gains in real estate transactions for the year of 2014. More and more signs the housing market is coming back quickly and stabilizing. Having over 30 closings in 2014 Omni Real Estate is a high Rockies real estate company that continues to work hard for their clients year to year, regardless of transaction value.