Vacant land for single-family homes in the Aspen area was the first segment of the real estate market to get smacked by the recession, and it’s been one of the slow areas to recovery, but it’s finally turning around, according to sales data.
Twenty-six vacant lots in Aspen and surrounding neighborhoods sold in 2012, far exceeding any of the prior four years, according to an analysis by Andrew Ernemann, of B.J. Adams and Co. Only 11 vacant lots sold in the same geographic area in 2011. The level reached last year essentially matched the pre-recession level of 25 lots sold in 2007, Ernemann’s report showed.
He said his personal experience and chats with other real estate agents indicate that most of the sales are to end users — people who want to build and live in the homes. There are also signs of some interest from investors, he said. Investors are typically spec builders who invest the money in land and construction on the assumption the houses will sell. Spec building disappeared, for the most part, when the recession struck the Roaring Fork Valley in late 2008.
Stewart Seeligson’s business education and diverse real estate experience set him apart from other real estate brokers in the Telluride region.