Aspen’s Real Estate UP-date
The National Association of Realtors has reported that its pending home sales contract index increased 1% in December and is 10% above December 2008. This is good news on a national level, as well as on a local level. Aspen has seen activity increase, especially in the West End and The Residences at The Little Nell.
Aspen’s esteemed West End has recently experienced significant activity. Seventeen single family homes have sold in the past year, and 11 of those sales have been in the last quarter of 2009 or in January 2010. Furthermore, Joshua & Co. has represented buyer or seller on three of the sold properties and represents the seller on the only property currently under contract.
The Residences at The Little Nell (RLN), located at the base of Aspen Mountain, was touted as the most expensive fractional product in history when sales began in 2007. RLN subsequently had many obstacles while the development was in process, including a national recession and construction complications.
The building was completed November 2009. 96 of the 208 interests have been sold, and 6 of those interests have been resold, making it a grand total of 102 sales for RLN since the project began selling. 4 interests have been sold in January so far (two were resales), plus 2 more interests are slated to close in mid-February.
The Aspen real estate market is seeing increased real estate activity. The number of sales in the upper Roaring Fork Valley increased each quarter of 2009, and showing activity is continuing to increase in 2010.
