Aspen's Buoyant Fractional Ownership Market Bucks Q1 Sales Trend

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Despite real estate sales for March in Pitkin County, Colorado falling 13.7 per cent year-on-year, sales of fractional ownership real estate rose three per cent in the same period, with fractions seeing a 74 per cent increase in transaction value ($4.6 million for the month), with sales up 21 per cent to 17.

Over the first three months of 2011, fractional sales totaled $19,119,554, up three per cent from the same time period in 2010. Transactions totaled 71, an increase of 92 per cent from the same time period in 2010. These numbers reflect the discounted prices developers are having to offer to keep buyers active, and the introduction of projects at a lower than normal price point for the region. The Innsbruck Aspen, for example, is offering 1/12th shares of an apartment from $89,999.

This contrasts starkly with the average price for a single-family home the area through March, which was $4,611,723, according to figures from the Land Title Guarantee Company.

During March The Ritz at Highlands reported six fractional sales; the Hyatt Grand Aspen three; Innsbruck, Residences at Snowmass Club and Timbers Club two each, while the Prospector and Residences at Little Nell each sold one fraction.

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