IT’S ELECTRIC
DUNCAN CLAUSS REAL ESTATE
AUGUST | 2023
Hello from Aspen,
I hope this newsletter finds you all well and enjoying another incredible yet fleeting summer, be it in Aspen or elsewhere. Since early June we have seen an abundance of perfect Colorado blue-bird days creating daily opportunities to take advantage of all that this area has to offer in the warmer months. With that, the Real Estate market has remained calm with a below average number of transactions, especially in the high end luxury properties within Aspen’s city limits. I believe a few factors are at play and working in concert with one another. First, we saw consecutive record breaking years follow the start of the pandemic, and many buyers with serious interest in Aspen acted then and were able to purchase their dream vacation or relocation property during that low interest fueled frenzy. Second, uncertainly around the financial markets, interest rates and potential for a national and/or international recession still lingers and therefore both buyers and sellers remain hesitant to make big changes to their situation. Replacement costs remain high for properties that were likely purchased or refinanced at the exceptionally low rates that followed the pandemic. And finally, inventory remains at approximately 50% of Aspen’s historical averages. While we have seen more listings come to market since the lifts stopped spinning in April, property values and therefore list prices remain strong. The limited price reductions are coming only from properties priced aspirationally high, for the most part properties are trading at 95-97% of the asking price.
While this may come across as discouraging, there is more to love about Aspen today than ever before. In addition, I expect to see a bit more activity in the coming six weeks as the summer ‘selling’ season winds down.
Opening Pandora’s
This coming season Aspen Skiing Company will open a new chairlift on Aspen Mountain aptly named Pandora’s. The terrain to the skiers’ right of Walsh's run has been gladed to create a new and very unique intermediate and expert experience that adds 123 new acres of skiing. Facing north-east, this aspect gets some of the best snow, get ready to experience some amazing powder in Pandy’s this year and beyond. For more information, visit https://www.aspensnowmass.com/four-mountains/aspen-mountain/pandoras
JAS Aspen Labor Day Festival
I’m not trying skip the next 30 days of summer, trust me. But if you are not gearing up for another spectacular lineup for this year’s JAS Aspen Labor Day Festival, you shouldn’t be gearing up at all. The Foo Fighters, Grace Potter, Brothers Osborne are just the start, Billy Idol will be there too! Visit: https://jazzaspensnowmass.org/labor-day-experience/
So, get out there and enjoy the next month of summer. Get in touch if you want to talk Aspen Real Estate, grab a coffee or beer, or go on an adventure. I’m in for any and all of it.
DUNCAN CLAUSS REAL ESTATE
