Changes
We’ve all heard the adage “the only constant in life is change” but coming to embrace it is another story. We all like control, we like knowing what the future holds and we exhaust a great deal of effort every day in the pursuit of that knowledge. From salary-based jobs to our daily routines, we find comfort in the consistency. It can be one of the greatest challenges of our conscious to accept that despite all of our own effort to dominate the countless variables in our lives, change, expected and unforeseen, will inevitably arise. Embracing that change and even being excited for it can change the game a bit. It can even flip the idea of control on its head.
For better or worse, I have grown accustomed to perpetual change. From a young age through to the daily beast of owning and operating my own business, I knew every day would be unlike the last, present new and unforeseen challenges and test me in ways I never could anticipate. While the journey to date has been taxing in some regards, the result has help build a foundation of self-confidence and resilience, a knowing that whether life delivers change that appears good or bad, challenging or easy, it is only temporary and I have the strength and tools to persevere regardless. And with that you can take on life like a page-turner novel, anxiously anticipating what happens on the next page while dancing in the revelry of the current one.
Okay, so with that comes the change of today. In the national conversation around real estate, if you find the patience and discipline to read past the Trump-Harris-Gaza-Ukraine news, headlines will point that there is a huge shake up to the real estate industry. How business has been conducted and especially as it relates to how and who is paying agent’s compensation is getting up-ended, or so they say. My perspective is that it is simply getting cleaned up and details of the transaction simplified for all parties. The main headline circled around the idea that it was not abundantly clear that commissions or agents’ compensation was negotiable and furthermore who paid who was negotiable as well.
The NAR settlement and subsequent changes to the industry specifically address making the simple fact that commissions to agents and who pays them is and has always been a point of negotiation. The seller always set’s the asking price, the buyer always wants a good deal, the buyer also always writes the check and finally the seller always received the balance of the that check. The ultimate purchase price of the property, and who is paying what fees, transfer taxes and the elephant in the newsroom: commissions for broker compensation, simply has been highlighted. What’s better is the paperwork has been cleaned up to also make this clearer and more transparent from the beginning of the working relationship. Welcomed change in my perspective.
In changes specific to Aspen, other than our local headlines that discuss the expansion of the Aspen Airport as well as the Castle Creek Bridge and the entrance to Aspen, the tide of real estate seems to be shifting. For the past four plus years if not longer, Aspen real estate has favored sellers, where the demand for property outweighed the inventory of available homes. Urgency for the Aspen home during and the immediate aftermath of the pandemic drove prices and appreciation to new heights. In the past few months, we have seen more inventory come to market giving buyers more options than they have seen since life before March 2020. While we are not yet back to the average levels of inventory from that era, new listings have significantly outpaced transactions to help balance the real estate environment. This change or development has also brought pressure on asking prices, driving some aspirational listing prices down, and at the same time engaged more buyers to revisit the market and the options that abound.
In Aspen there are currently a total of 219 residential listings currently for sale, with an average asking price just over $13.5M and an average price per square foot of $nearly $3700. Specific to single family homes, the average asking price is just over $20M with an average price per foot of $3,851. Of the 69 Condos for sale in Aspen, the average list price is over $5.6M with an average price per foot of $3750.
The eternal optimist in me welcomes this change and the change to the standard operating procedures of the real estate business. I am excited to see what the next page holds for us, for you and for Aspen.
Looking Ahead:
JAS Aspen’s Labor Day Festival is just over two weeks away and features music from Brandi Carlile, Lukas Nelson, Sting, The Black Crowes and more! See the full schedule and buy your tickets (if it’s not already sold out) here at JAS Aspen’s Website
September in Aspen is one of the best times of the year. Crisp cool nights, stunning blue-bird nights, maybe the occasional dusting of snow? Check out the Golden Leaf Half Marathon if your looking for a fun race or get out into the wilderness to experience the changing Aspens.
GO BUFFS - As a University of Colorado alumni, the CU football schedule is always on my mind. With Coach Prime at the helm of his second season in Boulder, look for the Buff’s to break out a winning season and upset the competition as we march back in the the BIG 12 League, shoulder to shoulder!
If you are looking to buy, sell or rent in Aspen, please give me a call. I welcome the opportunity to show you how my nearly 18 years in Aspen, business acumen and approach, and passion for this community will help you make the best decision for you and your family.
Let’s find your dream home.
