The Estin Report: Feb. 2012 Market Snapshot - Aspen Snowmass Real Estate by Tim Estin with Coldwell Banker Mason Morse
Posted by Tim Estin — March 12, 2012
By Tim Estin with Coldwell Banker Mason Morse
Beginning the first Monday of every month, The Estin Report will publish monthly real estate sales charts for the total combined Aspen Snowmass market, the Aspen market and the Snowmass Village market - the upper Roaring Fork Valley.
The Feb. 2012 charts below have been finalized and were posted on Mon. 3/5/12. Here is the link to more readable pdf files of the charts. Commentary and links to sold Feb. 2012 Aspen and Snowmass Village properties appears within this email below the Charts.
The Estin Report weekly Aspen Snowmass market activity blog post will occur as normal on Monday mornings.
Comments on Feb 2012: Weak Aspen specific sales in Feb. 2012 versus much stronger Jan 2012.
In spite of growing positive US economy news with Wall Street indexes hitting prerecession highs, manufacturing on the rise and a glimmer of consumer confidence that the recovery this time has legs, there was a dramatic fall off of total Aspen Snowmass sales activity in Feb. 2012 - and in Aspen specifically - compared to the prior months, Jan. 2012, and the prior year, Feb. 2011.
Reasons? Difficult to say. Here's some best guesses:
1. Poor snow conditions for the Aspen Snowmass area until final week of Feb.
2. Specter of Greek default continues global uncertainty.
3. Wall Street bonuses down for 2011 by 20-30%.
4. Greater caution this year on the strength of the recovery because last year we got burned...The beginning of last year was strong for local real estate sales and in other high end locations. There was much optimism. And then a series of macro events ruined the party: Japan earthquake, renewed fears in May of the sovereign debt crisis, the Congressional impasse in July.
Prediction: Market activity to improve measurably in the spring as the domestic economy continues to improve barring unforeseen events such as Middle East oil disruptions, a Euro melt-down and others.
Question: For the year, will there be a Facebook IPO ripple effect in the Aspen Snowmass real estate market later in the year?
Sold Feb. 2012 Aspen and Snowmass Village Properties: