Fractional sales jump in June
August 12, 2008
ASPEN ” Real estate transactions for Pitkin County show some positive news for fractional sales, according to Land Title Co.
June represented the first month of the year with an increase over 2007 in dollar volume, posting a jump of 20 percent to $4,562,800. The percentage increase in transactions of 42 percent represents the second highest this year, second only to January, which posted a 67 percent increase from 2007.
Of the 77 total real estate transactions recorded in June, 17 of them, or 22 percent, were in the fractional market. Through mid-year, transactions for fractional sales were up 2 percent, at 132, while dollar volume reflects a decrease of 39 percent to $28 million, down from 2007’s mid-year total of $45.7 million.
The properties that led June in sales transactions include the Hyatt Grand Aspen, which captured 65 percent of the transactions with an average sale price of $312,000, followed by the Roaring Fork Club and the Ritz Carlton Club each with nearly 12 percent of the June transactions.
The Roaring Fork Club reflected an average price of $552,000 while the Ritz Carlton Club’s average price was $311,250. The St. Regis and the Residences at Snowmass Club each captured one transaction in June with prices of $312,000 and $230,000, respectively.
The average price for a Pitkin County fractional property in June was $268,400; the median price was $240,000, which are both slightly higher than the mid-year average of $212,893 and median of $200,000.