FROM SLOPES TO SALES - A DISCUSSION WITH ASPEN’S TOP BROKER STEVEN SHANE
To learn more about the luxury market in Aspen, listen to “Luxury on Location” with Kevin Sneddon here.
What market trends have emerged in your market in the last few months, and do you see these maintaining in the future?
Much like most desirable markets, we are short on inventory. I recently listed a townhome at Aspen Highlands for $11.9M. I thought this was aspirational because the most recent comparable sale (mine) was 18 months ago — same floor plan, same square footage — at $5.4M. We received three sight-unseen offers within two hours and are under contract at significantly over the asking price.
What data snapshots can you share that capture today's market?
On December 3rd, I represented the buyer and closed on a $30M property. On February 14th, I put the same property under contract with my new buyer for $50M.
In your market, is inventory higher/lower than usual? What do you think is causing this?
Inventory is glaringly lower. When COVID first hit, two things happened in Aspen real estate: The first was a mass exodus from densely populated major metropolitan cities to Aspen. The second was potential buyers who had been on the sidelines realizing that life is too short not to get in the game.
What are sellers most concerned about right now? What’s motivating them to sell?
Sellers are motivated to sell based on the significant appreciation in the last two and a half years. The hurdle that exists is where they will go after they sell.
What are buyers most considering right now? Are their expectations in line with reality?
Buyers are concerned that they are buying at the top of the market. There is no such thing in Aspen. We have a finite amount of inventory — and there is no developable land — therefore, prices will continue to increase.
What's the best advice you can give to a client who is trying to make a purchase decision?
The best advice I can give to a buyer is that they should invest in quality of life. You can’t ski on a Damien Hirst or fly-fish on shares of Apple. They may have better investment opportunities from a purely financial perspective, but none better from a lifestyle perspective.
What differentiates your market from other luxury markets?
Aspen has four ski mountains. The gondola comes into our town. We are a four-season community providing the best in cultural activities — including the Aspen Institute, Aspen Music Festival and School, Jazz Aspen Snowmass, Aspen Art Museum — as well as world-class dining and shopping.