In Christie’s recently released International Real Estate State of the Luxury Market Report, Chief Executive Officer, Neil Palmer reported that luxury buyers are returning to the real estate market seeking value, location, luxury and emotional attachment in their investments.
Particularly in the very top market where most buyers, 60-79%, are seeking cash deals, these buyers are patient, willing to wait for something they really want or a great deal. John Turpin of Turpin Realtors in Far Hills, New Jersey was quoted in the report saying, “I would say our buyers are not only cautions, but extremely patient.”
This patience pays off as the market has held near steady at the current price. Sellers have come to the realization that their property cannot sell at prices seen during the peak of the market. While the majority of sellers still over-estimate the worth of their home, they have become more accepting of current market. Christie’s remarked that in all markets, even those in difficult regions, when priced correctly sold.
Aspen’s real estate market satisfies every requirement on luxury buyers’ lists. With the average home in the Aspen area listing at just $4,182,792 for the week ending September 28th, according to Trulia.com, it ranks as a bargain investment city compared to the cities in the top 10 highest-priced sales list for 2011. Cities from California, Connecticut, Switzerland and Paris topped out at between $22 million and $85 million. Other markets, particularly in Canada, Asia and Europe showed strong numbers as well.
The trend with luxury buyers indicates that these buyers, who often own as few as 2 homes and as many as 12, value international investments, particularly real estate.
Yannis Ploumis, of Ploumis Sotiropoulos Real Estate remarked in the report, “Luxury real estate is once again selling. Buyers have decided that it is worth the risk to have a beautiful home overlooking the Mediterranean at an unimaginably low price that will be enjoyed much more than a stock certificate sitting in a vault.”
Like the Mediterranean, Aspen and Snowmass Village offer investors luxury homes in a destination unlike any other in the entire world. Beyond the panoramic views of the Rocky Mountains, Aspen and Snowmass Village offer residents, part-time and full-time alike, small town Western hospitality – the way the pioneers, miners and first residents offered it.
Investors in the luxury market have been known to watch properties to their liking for years, waiting to snatch it up when the opportunity arises. Perhaps they love the location, the neighborhood or the history of the home. Aspen and Snowmass Village offer high-end homes with star quality, remarkable stories that date back to the late 1800’s and others that boast more recent history, of equal interest. No mountain city in the world can boast the views, quality of living or athletic and artistic opportunity offered in Aspen and Snowmass Village.
While economists throughout the world argue about the economic health of the world, those in the luxury home buying market would do well to remember, life is short. A house in Aspen and Snowmass Village is an investment in the quality of life, with far greater returns than percentages and pennies earned on the dollar. A penny saved is a penny unenjoyed, particularly when it comes to home.
To see how far your pennies can take you, click here to see homes, condos and investment properties in the Aspen and Snowmass Village area.