you make the call (I am no good at picking tops)
Middle school principal quits job---becomes real estate agent
Young local accountant tries to rent friends basement--aware there is no natural light or shower or kitchen says 'ill take anything '
GC is busting his butt to deliver neighbor's house on time (delivery date two days ago)---got busted last week for turning street into parking lot--37 trucks for 1 job site. Fined GC and drivers---no one cares making too much money. Also failed to deliver on time----still not heat for the family for x-mas---how very Aspen Dickens.
TDR's (transfer development rights) ---the right to build an extra 250 square feet above code (per TDR) trades at $1.8m up from aprox $200k for the past 5 years. (ie about a 900% jump in about a year).
Every local I know who is not in real estate is talking (yes talk is cheap) about moving.
Poll in the local paper about how difficult is it to get a table for dinner lately---not sure I will never be able to afford to eat out in Aspen again leads results with 60% of the vote (there are 5 different options).
A bit of land that I looked at buying 6 years ago for $4m sells for $20m (and sold 5 months ago for 15m).
Another local hunt (SU Casa ) will be gone---Mark Hunt adding it to his portfolio of land banked (ie vacant) properties.
The city council is trying to reduce prices by stopping development and short term rentals. Maybe I missed something in econ class but reducing supply is an interesting way to lower prices---might I suggest eliminating all rules regarding development to both increase supply and reduce demand by making Aspen a less awesome place (more traffic, less views, more Texans).
merry x-mas.
PS its raining.
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