Updates from Sally Shiekman
As a seasoned broker with deep roots in Aspen, Snowmass, and the Roaring Fork Valley, I’m passionate about sharing insight into our dynamic markets. Whether you're buying, selling, or simply staying informed, my goal is to help you navigate with clarity, confidence, and a local’s perspective.
The Power of Location: Investing in Aspen's Remarkable Real Estate Market
December 10, 2024
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.