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WHAT'S IT WORTH?

Aspen Real Estate

in the frenetic, rah-rah days of 2006, sellers of Aspen real estate worried little about mispricing their homes. Comparable sales were plentiful, and even if one wasn’t available, demand was such that too low an asking price would quickly be rectified by a flurry of bids from buyers flush with cash and credit.
Four years later, sales have slowed to a trickle, and as far as asking prices go, “too low” seems an anachronism. Indeed, the task of coming to a suitable asking price has become more complicated than it’s been in decades. Despite signs of improvement—dollar volume of home sales, at $120.5 million in the first quarter of 2010, was up 35 percent over a year ago—valuing one’s home has become as rigorous as a hike up the face of Ajax.
So how to make sure your price is grounded in reality? In the absence of good comparable sales data, Tim Estin, a broker associate at Mason Morse who writes...

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