Friday, July 9, 2010

Real estate sales edge upward in Aspen area

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By ALLEN BEST - MTN TOWN NEWS SERVICE

ASPEN, Colo.(MTN)—Real estate volume through June in Aspen and Pitkin County was 22 percent ahead of last year, with June being particularly strong, reports the Aspen Times.

The greatest amount of activity was in properties ranging in value from $4 million to $8 million. One real estate broker associate, Tim Estin, reported he was "day to day hopeful." Between 60 and 70 percent of annual sales occur between the Fourth of July and the end of September.

Unless conditions worsen, Aspen can expect to surpass $1 billion in sales, although this will lag far behind the benchmark years of 2006 and 2007, when roughly $2.6 billion was sold each year. "I am of the opinion we're never gong to see 2007, at least not in my lifetime," said longtime agent Bob Starodoj, owner and chief executive of Mason Morse Real Estate. He sees future prices more in line with those of 2004 to 2006.

Meanwhile, hoteliers in Aspen have been expecting improved economic conditions this summer. Bill Tomcich, director of a reservation agency, expected lodges over the July 4 weekend to surpass last year's figure of 84 percent of capacity.

Part of the draw during late June was the annual Ideas Festival. The festival in years past had a regular string of front-page names passing through: the Clintons, John McCain, and many more. This year has been no exception. Tickets were $1,225 for students and $7,500 for regular patrons.

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