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MARKET UPDATE: Aspen has amongst the most expensive homes in the United States, if not the world. Prices per square foot start at $3000 per foot for newer construction and $2000 per foot for those needing to be remodeled, depending on exact location and amenities. But these are starting prices. Quality product or marquis properties can be over $6,000 sq ft. Thus far, the record sold price for an Aspen home is $6,998 per Square Foot for a home with rare ski access to Aspen Mt, while the record price for one of the very few penthouses is $7,546 per Square Ft EXAMPLES: 1) last month, BET television founder Byron Nelson sold his Willoughby Way home off-market , for $60 million: $6,867 per sq ft. He purchased the home 4 years prior for $27 million and was able to sell after an 8-month interior redesign by Paige Larkin Development and Design. 2) Also in August, an Aspen core townhome built in 2007 and located behind St Mary’s church sold for $32 million, that is $6,907 per sq ft. 3) Last spring (4/15/24) the record was broken for highest price in Aspen at $108 million, that is $4,820 per sq ft. Of note is that the total came to $127 million with furnishings and art. The Seller was the same Patrick Dovigi who bought Jack Nicholson’s former house, and Buyers were Steve Wynn and Thomas Peterffy. MARKET REPORT STATS: Many buyers anticipate and even expect a “correction” in this local market. I hear this daily. ANd while it may be true for the overall national market, in our local microcosm in Pitkin County there is a 70+ year history of strong pricing with minor shifts. The linked report shows that the first half of 2024 has seen incremental Aspen home price adjustments, largely due to the majority of product which has been priced very aggressively. Buyers contend with continued low inventory, as well as expected stricter land-use codes. World events and national elections will and do impact our local market, but again, the 70+ year history has shown Aspen real estate remains profitable, and given the above examples, EXTREMELY profitable to those able to get their arms around the staggering prices. For more, please do not hesitate to contact me at susanplummer@me.com or 970-948-6786
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