Updates from Sally Shiekman
The Power of Location: Investing in Aspen's Remarkable Real Estate Market
The recent off-market sale of Patrick Dovigi’s Aspen mansion for $55,000,000, just months after he purchased it for $48,750,000, is another stunning example of the strength of Aspen’s real estate market. Even small changes can yield significant returns in a town where inventory is limited and demand remains at a high altitude. Dovigi, a former hockey player and entrepreneur, made only minimal updates to the property, including adding a bedroom, before flipping it for a $6.25 million profit between April and December of this year.
Located around the corner from my condo, I know this home well. It was originally built in 1975, renovated over the years and sold for $13,000,000 in 2018. Then, it was completely rebuilt in 2021. The home sold twice in 2024 and both were off-market sales. In April 2024, the nearly new home sold for $48,750,000 or $5,957/Sq.Ft., and in December 2024, Dovigi sold it for $55,000,000 or $6,720/Sq.Ft. with an additional bedroom. To provide perspective, as of 11/30/24, single-family homes in downtown Aspen were selling for an average of $3,696/Sq.Ft.
It’s little wonder this transaction stands out. This practically new home is significantly larger than most homes in downtown Aspen; it’s sited on a large corner lot, on a quiet, dead-end street and has great mountain views. This type of short-term return is made possible by a scarcity of high-end inventory and a location that is hard to beat.
As someone privileged to live in this incredible valley, I take immense pride in helping others find their foothold here. Whether you’re a first-time buyer looking for a less expensive property in a prestigious neighborhood or a seasoned investor seeking to capitalize on Aspen’s booming and limited luxury market, the opportunities are extraordinary.
This sale also underscores a valuable axiom in real estate: owning in a highly desirable location provides access to long-term appreciation and lifestyle benefits that can’t be matched. Even properties that seem like stepping stones can become significant investments in markets like Aspen, Snowmass, and the Roaring Fork Valley. The down-valley town of Carbondale was recently honored by Forbes Magazine as the single top appreciating market in the country, with a stunning 20-year appreciation of over 460%!
The Roaring Fork Valley real estate market is as unique as its breathtaking landscapes, and with the proper guidance, your dream home—or next excellent investment—is within reach. If you are considering buying or selling in this fantastic market, let me put my Mountains of Experience to work for you.
Rooted in Aspen
Sally first discovered Aspen in 1970 and has been a full-time real estate professional here since 1992. A Philadelphia native and Syracuse University graduate, she raised her children in the Roaring Fork Valley and remains deeply connected to the community she serves—locally rooted, professionally seasoned, and trusted across generations.
Outside of work, she enjoys skiing, hiking, cycling, scuba diving, supporting her synagogue, and spending time with Aspen’s vibrant wellness and recovery community. She cherishes time with family and friends in the mountains she calls home and is known as a voracious lover of all genres of live music.
Sally first discovered Aspen in 1970 and has been a full-time real estate professional here since 1992. A Philadelphia native and Syracuse University graduate, she raised her children in the Roaring Fork Valley and remains deeply connected to the community she serves—locally rooted, professionally seasoned, and trusted across generations.
Outside of work, she enjoys skiing, hiking, cycling, scuba diving, supporting her synagogue and the area’s vibrant wellness and recovery communities, and cherishing time with family and friends in the mountains she calls home. She is also known as a voracious live music lover.
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