Midvalley homes: $1 million and counting
January 17, 2007
Aspen, CO ColoradoBASALT So much for the $1 million barrier in the midvalley housing market.The number of single-family home sales in excess of $1 million in the Basalt area last year was more than double the number in 2005, according to sales data tracked by real estate agents.Last year there were 33 sales of $1 million or more in the Aspen Board of Realtors’ Multiple Listing Service zone for the Basalt area. In 2005 there were only 15 such sales in that zone, according to Wendy Lucas, owner of Wendy Lucas & Co.That sales data reflects home sales in Basalt and the surrounding area. The Aspen Board of Realtors’ “Basalt zone” extends from Wingo Junction to the Mount Sopris Ranch, where several big sales occurred.Even within Basalt proper, $1 million sales are becoming a common occurrence. Four sales exceeding $1 million occurred on Riverside Drive alone, according to data Chaffin/Light Real Estate published in its Mountain Places winter catalogue. There were also two on Sopris Drive.Early signs this year indicate $1 million deals will be commonplace. The Aspen Times reported Tuesday that one home in the Willits subdivision in West Basalt sold for more than $1 million on Jan. 2. A second, new house in Willits is under contract for $1.1 million. The previous high sale in that new subdivision was $770,000.Lucas said she suspects the sales in Willits will influence appreciation in the Southside and Elk Run subdivisions, both closer to “old town” Basalt.Elk Run, Willits and Southside were all once legitimate free-market options for middle-class families in the Roaring Fork Valley. Skyrocketing prices could change the demographics of those neighborhoods.Single-family homes aren’t the only residences selling for $1 million. Two of the Market Street Lofts at Willits, in the first building constructed in what the developer calls Willits Town Center, are for sale for more than $1 million.Scott Condon’s e-mail address is email@example.com.