ࡱ> CxB{ @ $bjbj5*5* XW@W@ =ppp    2  :Z p p p %"Gd4FHHHHHH$CRpp@%"p Mp (p FF:6p N z]di 4"$0 4"pDl D   August 1, 2001 Re: Aspen Real Estate Market Dear client, The Aspen Market is summarized by: Prices are higher by 4%, sales volume is down 40%, inventories are higher, selection is better. (Statistics are for the first six months of 2000 and the first six months of 2001) The strongest market is Basalt, then the mid valley followed by Aspen then Snowmass. Since the early 70's the predominant trend during weak economic periods, and weak equity markets was for Aspen Real Estate values to hold constant, with lower sales volume. We appear again to be in that type of market. Our most important market indicators are telling the same story. 1. Inventory to Sales Ratio: When it is below three we have experienced appreciation as can be seen by the accompanying graphs. The inventory to sales ratio for 2000 was 1.8, for 2001 to date it is 4.21 and rising, which indicates an upcoming period of stable prices and slow sales. The low inventory to sales ratio that we experienced the last four years corresponded to rapid price increases in Aspen and Snowmass properties. The average Aspen home price in 2000 exceeded $3,700,000 and the average Snowmass home sale price was at $3,000,000. The average Aspen lot sale in 2000 was $2,450,000. Both Aspen and Snowmass average home sale prices appreciated over 40% in the year 2000. They have appreciated about 4% in 2001. 2. The relationship between national equity markets and Aspen home and land values yields our other valid indicator. Over the long term Aspen property values and the Dow Jones Industrial Average track very close to each other. Currently Aspen property is still priced low by about 10%. What will occur next? Will Aspen values increase or the stock market drop? Both occurred in the year 2000 bringing them much closer to their historical correlation. In summary Buyers are finding better selection at slightly higher prices. Sellers are finding it more challenging to move their properties due to higher inventories and fewer sales. Coates, Reid and Waldron was the selling or listing broker in over half of the real estate transactions that closed over $5,000,000 since January 2001. The following is the list of properties that have sold since January 2001 over $5,000,000. Property Property Square footage Price 408 Spruce Ridge Lane, Snowmass Single family 5500 $5,200,000 81 Spruce Ridge Lane, Snowmass Single family 5500 $5,250,000 1275 Ute Avenue, Aspen Single family 5393 $5,600,000 611 Two Creeks, Snowmass Single family 5500 $5,800,000 1230 S. Tiehack Road, Aspen Single family 6488 $5,900,000 1124 Red Mountain Road, Aspen Single family 6000 $6,000,000 1300 Willoughby Way, Aspen Building site 5 acres $6,150,000 1175 Star Mesa Drive, Aspen Single family 6681 $7,000,000 5 Wrights Road, Aspen Single family 10,640 $8,650,000 186 Wrights Road, Aspen Single family 8600 $9,800,000 031 North Star Circle, Aspen Single family 11,633 $15,000,000 Braun Ranch, Woody Creek Ranch 956 acres $23,000,000 If you would like to receive a quarterly market update plus market alerts as to excellent values currently on the market via email we would be happy to provide it. Please send your email address to  HYPERLINK "mailto:rritchie@rof.net" rritchie@rof.net. For a complimentary valuation of your property, to list your home, buy a property or for any other real estate needs please call me at (970) 920-0565. 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