Aspen Updates from Sally Shiekman

I am regularly espousing the deep value of the Aspen, Snowmass, and the Roaring Fork Valley, and it is clear that I am not alone. 

It's time to dig out those skis and if you are ready to move closer to the lifts, give me a call. 

Unstoppable Aspen

November 11, 2023
A million dollars here and a million dollars there, and before long, we are talking real money! Is now the time to sell?

The luxury real estate market in Aspen is defying gravity. While the rest of the world grapples with economic uncertainties, Aspen’s elite property scene continues flourishing. It's a question on many homeowners' minds: In this current sellers' market, driven by low inventory, is now the opportune moment to put your property on the market?

Since 2020, Aspen has witnessed a seismic shift in its real estate dynamics. With the influence of the pandemic, the wealthy sought refuge in the mountainous enclave, escalating demand in an already exclusive market. Homes priced at $30 million and above have become hot commodities, with sales skyrocketing from a mere two in 2020, one of which I represented, to 17 the following year, as reported in a recent Wall Street Journal analysis.

Take Michael Klein's story, for example. His 9,000-square-foot home, a property he had just finished building and was renting out for over $300,000 a month, caught the eye of a buyer willing to pay a staggering $60 million. This transaction isn't an outlier; it reflects a new norm in Aspen's real estate echelon.

But what fuels this unprecedented spike in property values? A cocktail of tight inventory, building restrictions, and the city’s limitations on new construction has created an environment where existing properties, especially large and newly built homes, are seeing their prices balloon. Pitkin County, where Aspen, Snowmass, and much of the region presides, has also enacted new limits on new large home construction, driving the price up on existing limited inventory.

Real estate in Aspen has always been a hot commodity. Still, with new proposals that could slash the maximum buildable square footage, the current stock of expansive homes has become even more precious. Buyers are rushing to secure these grand properties, knowing full well that the opportunity to build something similar in the future may be limited or impossible.

The seller’s advantage is palpable. More than half of the transactions exceeding $20 million are happening off-market, often fetching even higher prices because, as it turns out, people will pay a premium for what isn’t readily available.

The allure of Aspen extends beyond the slopes. Its vibrant restaurant and retail scene cements its status as a year-round haven. This, combined with its natural beauty, has solidified its appeal to high-net-worth individuals seeking more than just a seasonal retreat.

Sellers like fashion icon Tommy Hilfiger, who flipped a slopeside home for a $19 million profit just three months after the acquisition, exemplify the gains to be made in this market. And then there's the Lemkins, who, after acquiring a downtown mansion for $60 million, listed it a year later for $70 million.

Despite the obvious profit potential, it’s important to remember that these luxury homes are not just buildings; they're investments of time, millions in construction, and sometimes, a fair share of headaches given Valley’s unique building challenges.

As you ponder the possibilities, remember that the market is ever-changing, but as of now, in Aspen, the numbers speak for themselves. A deep dive into this phenomenon is available in a detailed article by E.B. Solomont in the Wall Street Journal titled "Record Sales and Off-Market Trades: Why Aspen’s Luxury Market Seems Unstoppable."

For those considering whether to 'sell or hold,' Aspen's market presents a compelling argument. With such a lucrative market, the question isn't whether you could sell but whether you can afford not to.

Whether you’re a potential buyer, seller, or just an observer, the Aspen, Snowmass, and the Roaring Fork Valley market's current enthusiam is certainly worth your attention.

Call me at 970-948-7530, and let me put my 30-plus years of “Mountains of Experience” to work for you. 
 

Testimonials

Read more
The most important thing that Sally did for us was to make us comfortable with the experience. She answered all of our novice questions and understood that we were truly starting from the beginning. She showed us a wide range of property so that we had a full view of the valley real estate market.
Jenny & Simon Elliot
Sally brokered both sides of our first home purchase this last fall. We felt that Sally always had our best interest in mind, carefully and thoughtfully explained the unknown to us (as novices) and took the time to help make this monumental life moment easy for us. Furthermore, her services didn't stop after we closed, she still checks in to ensure we are comfortable and settled in. She is a wonderful resource to connect with regardless of your home purchase needs. We are forever thankful the Sally Shiekman was our real estate agent and in our corner, thank you!!!
Brooke Benton
I wanted to express my sincere appreciation for the fantastic job you did in helping me find a home. I had been through the process several times before, and my experiences have been mixed. However, after working with Sally, I believe I have truly seen someone who wants to consistently provide the absolute best service for their client. Sally’s professionalism, concern for my specific needs, and consistency in following-up on every detail went beyond my expectations.
Scott Crawford
Sally is a consummate professional who knows her market and takes great pride in being thorough, direct, and positive. I was particularly impressed with her ability to balance patience with execution, given the property we were selling was quite old. I also appreciated the frankness around expectations, and I am sure that pace of closure for our sale agreement in a matter of days, was due to her. If you want to best, she is it.
Buck Byrum
I highly recommend Sally Shiekman as a realtor. She was always available to answer any questions I had and was on top of every deadline in the contract. I am a busy mortgage lender and so I appreciate Sally’s attention to detail, integrity and genuine concern.
Karen E. Crepps
I want to thank you for all the work you did to sell my Aspen condo. Now that I have worked with you as a buyer and a seller, I am definitely impressed with your professionalism. I know that you are busy, but you are very organized and thorough so that your clients get excellent service. I think the hardest part of any real estate deal is negotiating a contract and getting that contract to closing. I appreciate you helping me get a full price contract with only minor contingencies, and then following each deadline so that nothing fell through the cracks.
Betty Hoye
Sally recently helped my wife and I to purchase a building site in the Missouri Heights area. Sally made the purchase a great experience; she showed us much of what the valley had to offer over a several days time frame. Sally presented us with information on what was currently on the market. We have since purchase a property and are already projecting an increase in value. Sally has kept in touch since the purchase providing valuable information.
Donald Russell
Sally Shiekman has acted as my real estate broker in 4 different transactions. Her professional manner, close attention to the market and new additions to it, attention to detail, and willingness to do what it takes to find the perfect buyer and/or property make her an exceptional broker.
Margo Chisholm
We feel that Sally is always looking out for our best interests. She has a great knowledge of the market, is diligent, honest and has integrity. We would not consider making another move with out Sally’s help. She is the best!
Gigi & Tim Durand
Sally went above and beyond to at first find us a home to suit our needs and finally to sell our home in a timely manner… Sally guided us through all of the details of our sale and was a terrific advocate for us in the process. We wouldn’t consider using anyone else in the future.
Ericka & Joseph Meade
Through Sally’s efforts our transactions went through without any problems and we received the highest sales price for a unit of our size in the complex. Sally is a true professional in all respects and provided us with top quality service. She made the process easy and painless. Should we ever require a real estate broker in the future, you can be sure we will call Sally.
Kim Nuzzo and Eileen Kinkelaar
Sally always carefully explained each part of the selling/buying process, answered every question patiently, and was completely honest about the possible outcome(s) of the entire event. Buying/selling a home is an emotional and exciting time; Sally has the ability to keep things calm while retaining that important sense of excitement.
Wally & Kris Graham
Sally was so good to work with during our entire home buying process. We know we took a lot of her time getting to know the market and what was available. I can't say enough good things about her and her interactions with us. Her communication was so very helpful, and she always followed up. She either responded immediately to calls, texts, and emails or let us know when she could get back to us. We highly recommend using Sally.
Dave Shinneman
Sally is the best. We have worked with her twice. Accept no substitute!
Jackson Emmer
Sally was very professional, persistent without pressuring, and handled all details necessary to complete the sale. When it came time to sell that property and purchase another, although both my husband and I had become good friends with many other local realtors, we both felt strongly that Sally should be our listing and buying agent.
Anne & Mark Grice
Sally is a true professional. Her open manner, honesty and knowledge of the real estate market are outstanding. I would highly recommend her to any potential buyer or seller in the valley.
Nancy Albert
I received your gift card, and want to express my appreciation. Quite a nice surprise! Also to acknowledge all your help with our transactions and rentals over the past few years. It turns out that, directly and including the new Tahoe home, you were involved with five different properties we have had owned over the years. (And you have seen Owl Meadows as well, making six.) Which is quite a few for small time investors. You got us out of the properties we needed to get out of, and into one that was just fine for as long as we needed it. Then out again, as we moved on. We hope to see you on our next Aspen visit. And we will toast you at Valenti’s!
Tom & Jan Restaino
Sally was there with guidance throughout the process of purchasing our home in Snowmass Village. She is knowledgeable about the markets from Aspen to down-valley. We definitely recommend Sally for anyone who is looking for a real estate professional.
Dan & Judi Smith
Sally worked with us to understand our needs, out architectural preferences, and our financial capabilities. She patiently showed us properties from Aspen to Glenwood Springs, and we fell in love with our house in Carbondale.
Randi Lowenthal
Sally and her team were such a pleasure to work with. When deciding to sell our home, she gave some excellent advice on what we could do to improve how it shows without any pressure to do so. She’s a realist who tells it as it is and we very much appreciated that. She gave great advice when we asked for it, and led us to a surprise free closing on a timeline that worked best for us. If we are back in the roaring fork valley again, Sally will be our first call!
Josh Meyer
Property SearchSearch all available properties in Aspen, Snowmass, and the surrounding communities.