In looking at what has sold in Aspen Glen in the past two years vs. homes presently listed, there is a “tale of two different cities”. While I certainly concede that the value of anything is in the eye of the beholder, at some point reality in pricing has to set in. If you are truly a seller and not just fishing for that one special buyer, you have to be priced right vs. your competition AND vs. what real buyers have established as present market values. After studying a sample of homes roughly the same size in a particular sector of the Aspen Glen marketplace, you have to wonder whether or not some of these sellers are “real” sellers.
Sold in Aspen Glen 07-08
In looking at single-family homes in Aspen Glen between 4,300 sq ft and 5,020 sq ft sold in 2007 (3 transactions) & 2008 (2 transactions)- a total of 5 homes sold between $1,850,000 and $1,325,000. The median sale price (midpoint between the highest and lowest price) was $1,586,000. The median price per square foot for these homes was $314.
Listed in Aspen Glen as of 10/08/08
In looking at the comparable group of single family homes currently listed in Aspen Glen between 4,000 sq ft and 5,020 sq ft -11 are on the market for asking prices between $2,395,000 and $1,175,000. Of those homes, 4 are priced over 2 million. The median list price in this group $1,895,500. The median price per square foot is $418
There is quite a spread between these two groups, which is likely a factor (among others) contributing to the market slowdown.
Of course many factors come into play when valuing a home, including location, square footage, age of the home, floor plan, outdoor space, etc. Since the buyers now have the advantage in this market, “real” sellers should use some basic market data to at least put their properties in a position get an offer.
- Tom Kilby, Associate Broker
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