The real real estate market
September 9, 2003
This has been a terrific summer for sales of Aspen real estate. Why, then, the grapevine rumor about slow sales and an overabundance of listings? Simple. Those professing that line don’t know the market.
Just ask Penney Carruth, Carol Dopkin, Craig Morris, BJ Adams, Terry Morse, Steve Stay and Brian Hazen what kind of year they have had! And there are many others doing just fine.
The reason for the misconceptions is that agents and the public alike are looking at the quantity in the statistics, not the quality. For example, comparing sales figures to a previous year, when new subdivisions, time-share projects and other one-time influences tilt the numbers, is not comparing apples to apples.
Furthermore, yes, there is a lot for sale. But a great deal of that real estate is grossly overpriced. As I tell sellers and buyers, it isn’t the number of listings that matters (quantity) but the ones that are priced properly for what they offer (quality). That number is much smaller.
Another important indicator is determining where the action is. I track the sales every day analyzing price point, quality and type (condo vs. land, etc.), and I can tell you, this market is very busy in just about every area.
So, if you are a buyer, sort out the choices with your agent and make an offer. Prices aren’t going lower. And, if you are a seller, listen really hard to what your agent tells you the market is doing. If you are overpriced you may be waiting a while for that contract.
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Philip L. Miller