How to Tackle the Aspen Real Estate Market

Engel Lansburgh Team  |  January 2, 2023

How to Tackle the Aspen Real Estate Market

If you are looking for a special property in the Aspen/Snowmass area, you are likely aware that quality inventory is limited in almost every price point. As you determine which neighborhoods are the best fit for your needs, the available options become even narrower, particularly in popular neighborhoods like the West End, Red Mountain and ski-in/ski-out neighborhoods like Two Creeks in Snowmass. It’s no secret that Aspen real estate has been, and continues to be, a good investment and it can take time to find the right property.
If you’re planning to purchase a new house, townhouse or condominium in this Rocky Mountain paradise, you’ll need a luxury market expert like the Engel Lansburgh Team and a market-savvy plan to help you find the home of your dreams.

Get to know Aspen, Snowmass and the Roaring Fork Valley

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Aspen has earned its reputation as a premier ski resort town with some of the nation’s best and most diverse ski terrain on four area mountains, amazing cultural opportunities and outdoor activities in summer and winter, and some of the best dining and shopping available in any ski town. However, Aspen is so much more than a wintertime playground. The historic downtown area offers delectable fine-dining options and charming boutique shopping. Special events, live music, and more bring visitors and locals together to experience the best of life in the Rockies.
Throughout the year, Aspen and the surrounding area is an outdoor adventurer’s paradise. In the winter, go snowshoeing, cross-country skiing, or snowmobiling. During the warmer months, fly fish in Gold Medal waters (the Roaring Fork and Frying Pan Rivers), go horseback riding, hike the Four Pass Loop, road or mountain bike on some of the best roads/trails anywhere, find world class yoga and find a peaceful site to camp for an immersive experience in Aspen’s stunning backyard.
If you want a more cultural experience, this Valley offers the world renowned Aspen Music Festival, Theater Aspen, Jazz Festivals, as well as dance programs throughout the summer.

What’s happening in the real estate market?

As the Aspen real estate market awakened from the COVID-19 slumber in mid-2020, home sale prices for both single-family dwellings and condominiums skyrocketed. Although median sales prices for single family homes and condos increased significantly, the frenzy has slowed a bit and there are still some good opportunities available.
Despite higher interest rates and rising inflation, the market in Aspen has stayed very strong due to the special, safe nature of our mountain town and incomparable quality lifestyle in the outdoors. Inventory is often measured in months of supply, or the number of months current listings can supply the needs of buyers.

Your home buying strategy

Use these tips as a guide to finding the right Snowmass, Basalt, Carbondale or Aspen home for sale for your family.

First, prepare for the right investment

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Carefully and critically assess the lifestyle you live and the lifestyle you want to have in Aspen. What type of Aspen real estate property is most conducive to achieving these goals? What must your new home have and what amenities are negotiable? What neighborhood will best suit your needs for the time you plan to spend in the Aspen area? Will you be using the property in both summer and winter, and is rental income important when you are not using your home?

Next, choose a skillful ally

Photo courtesy of Engel Lansburgh Team
Not all real estate agents are created equal, and not all agents are equipped for the unique aspects of luxury properties. The Engel Lansburgh Team specializes in luxury property investment, with $200 million in sales—and many satisfied clients over the past couple of years alone. Together, Jennifer Engel and Marian Lansburgh bring 45 years of experience to the table, and from their office in Aspen, they offer unmatched local market expertise in Aspen and throughout the whole Roaring Fork Valley.

Remember good things are worth the wait

Patience is a vital trait when searching for the right home in the Aspen real estate market. If your plans allow you to watch and wait for the right property, do so. This is too great of an investment to simply settle for what’s available. Also know that since demand far outpaces availability, when a property becomes available, it’ll be important for you to act quickly since a great Aspen home for sale generally won’t sit on the market for long if it’s priced properly for the market.

Conduct due diligence

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Upon visual inspection of a property, continue to assess your potential investment carefully. A good home inspection is well worth the cost, and bringing in the proper subcontractors is very important.
Expand your investigation beyond the individual Aspen home for sale you’re considering. Look at the neighborhood, the condition of other properties in proximity, and learn about future developments, roadway improvements, and other features that may impact access to and the value of your property. Aspen has a long-range development plan and vision that’s a great starting point for this research.

Make a move

Are you ready to begin your search for the perfect Aspen home? With a little bit of luck, you can purchase, close, and move into your new home in time to enjoy most of this ski season. Reach out to top Aspen real estate brokers Jen Engel and Marian Lansburgh of the Engel Lansburgh Team today to begin your real estate search. They will be happy to educate you on the market and handle all of the details while you enjoy all that Aspen has to offer this winter.

*Header photo courtesy of Shutterstock

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