On August 9th real estate agents, businessmen and women, and tourism experts from throughout Aspen and Snowmass Village gathered together for this year’s Aspen/Snowmass State of the Real Estate and Tourism Economy Symposium. In this symposium these professionals discussed the local real estate market last year, and sought to better understand the direction the market is moving in this year. This year’s event was held at the Aspen Meadows’ Doerr-Hosier Center in Aspen, Co.
Keynote speaker Dr. Jim Taylor, vice chairman of the Harrison Group returned this year to speak about the findings of his company on the trends within the affluent members of society. Co-author of The New Elite: Inside the Minds of the Truly Wealthy, Taylor offered an exclusive insight into the minds of the elite Aspen/Snowmass real estate buyers.
Based on his studies, Taylor increasingly found within the wealthiest Americans a reluctance to flaunt their wealth within the current economic atmosphere. Many affluent individuals seeking second homes in the current market began seeking privacy rather than splendor. He also went on to explain that these buyers are seeking in Aspen and Snowmass Village a lifestyle rather than simply a home or investment. Taylor reminded the attendees of the symposium that these affluent buyers represent ‘worth’ buyers, rather than ‘value’ buyers. (Aspen Times, 8/10/12).
Taylor has also predicted a real estate boom to come, particularly in high-end markets, in 2013 based on economic predictors within many aspects of the economy.
Broker Andrew Ernemann, of BJ Adams and Co. addressed the audience as well in a detailed discussion about the specific prospects within each of these unique markets.
In a graph displaying the attitudes of the real estate market in 2012 in each of these markets, Ernemann found that sales within Aspen were up year-over-year. Despite a fall in single-family homes and sales dollar volume falling, price per square foot in homes in Aspen remained stable. According to Ernemann, price per square foot is a good indicator to the health of the market as a whole. With this consideration, the real estate market in Aspen is showing very positive signs for growth.
Snowmass Village continued to show a fall in sales dollar volume, average sale price, and price per square foot. However, Ernemann felt that Snowmass was approaching rock bottom, at which point he is hopeful that the market will turn around. Despite these discouraging statistics, Ernemann titled Snowmass Village’s real estate cycle, as entering the ‘hope’ stage. The impending sale of Base Village and other indicators offer a few bright spots in Snowmass Village’s future, which Ernemann feels will contribute to resurgence in real estate and tourism within the area.
With these positive indicators for 2012, the real estate market is heating up in Aspen and Snowmass Village – don’t miss your chance to find a unique, luxurious and meticulously designed home in the heart of Aspen or Snowmass Village. Discover true quality of life within this exclusive community!