They're Clichés for a Reason...

Real estate is full of well-worn clichés that we’ve all heard one too many times. There are the classics like “Location, location, location,” “Think ‘time-on-market,’ not timing the market,” and “Buy the worst house on the best street.” One that always gets a chuckle is the broker’s favorite, “We don’t have a crystal ball, but...”. No better way to absolve yourself of responsibility when making predictions! What these sayings all have in common is their universal applicability—they’re true for any market. However, Aspen isn’t like every other market. After over 17 years in the industry, I’ve come across a few Aspen-specific adages that resonate deeply with me. Why? Because they hold real weight in this market. As the title suggests, they’re clichés for a reason.

“You don’t FIND value in Aspen; you CREATE it.” – Unknown

In Aspen, sellers are sharp and often well-informed, leaving buyers with little room to simply "find" value. In many other real estate markets, buyers can stumble upon value due to an oversupply of inventory. A surplus of supply naturally brings competition, which sometimes forces sellers to list homes below market value to attract buyers. Additionally, in larger markets with rapid development, there are often hidden opportunities—the promise of a new city center or a developing neighborhood can drive appreciation in the surrounding areas. In such environments, buyers may only need to secure a property for cheap and wait for the new development to deliver value.

Aspen, however, operates differently. The supply is tightly controlled, and development that could increase property values is rare. Buyers shouldn’t expect to find a "screaming deal." Instead, they must be prepared for a significant initial investment, whether it’s in purchasing a pricey property that will appreciate (historically around 11% annually) or undertaking a lengthy and costly project to unlock a property’s full potential - the cost of labor/materials and legislative red tap are the most significant factors in a project's length and costliness. For those with the time and resources, this approach can yield strong returns, but entering the Aspen Snowmass market requires a clear understanding of the long-term commitment and the financial capital necessary for success.

“There are three stages of Aspen real estate inquiry: Shock, frustration, surrender.” – From the Estin Report

This quote, written at the top of Tim Estin’s market report, reflects the common emotional journey of first-time buyers in Aspen. Tim, a colleague of mine at Aspen Snowmass Sotheby’s International Realty, shared that a veteran broker introduced him to this adage back in 2005, long before the Covid-19 pandemic. While the pandemic was a unique period in real estate, it’s important to remember that Aspen’s market has always been a challenging one for newcomers. As long-time locals will tell you, since the 1960s, Aspen has been a market that shocks buyers, even those accustomed to high-end real estate. What makes this market so daunting? The combination of extraordinary natural beauty, rich cultural history, limited land availability, and a demand for properties that far outstrips supply. When these factors converge, prices inevitably rise, and newcomers quickly realize that Aspen real estate isn’t for the faint of heart.

It’s Not ‘Off-Season’, it’s ‘Opportunity-Season’! – Brent Waldron

When the lifts stop turning in April after an epic ski season, or the weather turns in October after a warm and adventurous summer, one thing is sure to happen – Aspen becomes a ghost town. Seasonal workers take their biannual trips or return home, local restauranteurs and retailers close their doors to enjoy a well-deserved reprieve, and, surprisingly, real estate brokers leave town for weeks, sometimes even months at a time. Fortunately, I heard this ‘opportunity-season’ adage early enough in my career for it to make a difference. As a broker, now is the time for several best practices that have consistently produced results for my business and my clients. I won’t share them here (my clients know what they are), but what I will share is that these practices are impossible to do from halfway across the world. Our team of three full-time, lifelong locals is always here to capitalize on and create OPPORTUNITIES for our clients in the off-season.