The recent $418 million settlement between the DOJ and NAR (National Association of Realtors) is creating a media frenzy and has potentially significant implications for buyers and sellers in the real estate market. There are two key takeaways from this settlement to be aware of:
Requirement for Representation Agreement:
Before touring a property, it is now mandatory to have a written agreement in place with the specific broker. This agreement must clearly outline how you are being represented and detail the terms of compensation. This requirement aims to ensure clarity and transparency in the relationship between clients and their chosen real estate professionals.
Changes in Commission Advertising:
Effective immediately, the NAR has agreed to create a new MLS rule prohibiting offers of compensation on the MLS. While this is a shift in industry practice, compensation can continue to be negotiated off-MLS between sellers and real estate professionals.
What does a seller do? Do you offer a buyer’s commission? Or do you leave it up to the buyer to pay the broker? Jordan M Marry, the John B Millien Professor of Law and Taxation at the University of Southern California, conducted a fascinating study showing a seller’s advantage in offering a buyer’s side commission. Click here for the study.
If you have any questions or concerns about the NAR settlement or how it may impact your real estate transactions, please do not hesitate to contact me. I am here to provide you with the guidance and support to navigate these changes successfully.
2 Records Sales Set in 5 Days
The largest real estate transaction in Colorado history closed April 15th when Steve Wynn and Thomas Peterffy paid $108 million for a 22,405 square foot home located on 4.5 acres at 419 Willoughby Way. This 11 bedroom 17 bathroom traded for just over $4,800 a square foot. The house traded for $72.5 million back on June 15th, 2021.
Just five days earlier, the previous record was set when 600 Owl Creek Ranch Road closed for $77 million, at $6,084 a square foot. That property boasted a 12,655-square-foot, 8-bedroom, 11-bath home set on just over 60 acres.
Needless to say, we are still seeing a lot of activity in the Roaring Fork Valley.
Aspen Snowmass Market Watch
- The number of condo & townhome sales are up significantly in Aspen & Snowmass Village, while single family home sales keep their same pace year over year
- Eleven of the sixteen Aspen single family home sales have occurred above $10M this year
- Nearly 40% of the Aspen condo sales year to date have occurred above $3,500 per square foot
- Average price per square foot for closings in Aspen generally appears to be rising after a relatively consistent 2023
- Snowmass Village condo prices have continued to push upward
- About 40% of the Snowmass Village condo sales have occurred above $1,750 per square foot
- Buyers are continuing to drive strong activity in the Aspen Snowmass market as relatively limited available listings and rising prices continue to persist
A Tribute to our History as a Ski Capital of the World
Each April, we celebrate the close of the ski season at our five beloved mountains – Ajax, Aspen Highlands, Buttermilk, Snowmass and Sunlight. These mountains each contribute to the rich culture and tightly bonded ski communities within the Roaring Fork Valley. Over the years, they have each become famous in their own right, drawing an international crowd of visitors who assure each ski season ends with a bang. These visitors celebrate not only the efforts of mountain staff and ski patrol members over the past season but also their respect for the mountains themselves. Over the course of many decades, these local mountains have taken shape with diehard fan bases, tried-and-true dining options, and intriguing traditions to match.
New Snowmass Rental Listing
Discover luxury living at 65 Harleston Green, Unit 51, a stunning two-level townhome boasting 2,375 square feet of refined comfort. This meticulously crafted residence offers three bedrooms, three bathrooms, and a one-car garage, presenting an ideal blend of space, style, and functionality.
Step inside to find a sanctuary of modern elegance. The primary bedroom exudes relaxation with its plush king-size bed, while the second bedroom features a queen bed topped with a twin, perfect for versatile sleeping arrangements. Additionally, a third room serves as a flexible space, functioning seamlessly as a third bedroom or a home office, complete with a convenient queen murphy bed.
Entertain in style in the spacious living area, adorned with 20-foot ceilings and floor-to-ceiling windows that flood the space with natural light and showcase breathtaking views of Snowmass. The chef’s kitchen is a culinary haven, appointed with top-of-the-line Wolf and Fisher Paykel appliances, inviting you to unleash your culinary creativity.
Indulge in outdoor living on the expansive south-facing deck, where you can bask in the sunshine and cook on the gas grill while savoring panoramic vistas of the surrounding landscape. Whether you’re hosting gatherings or enjoying quiet moments of reflection, this outdoor oasis provides the perfect backdrop for every occasion.
This remarkable residence has been completely remodeled and finished to the highest standards, ensuring a luxurious living experience at every turn. With its modern amenities, refined finishes, and prime location, 65 Harleston Green, offers an unparalleled opportunity to experience the ultimate inSnowmass living. Don’t miss your chance to make this exceptional property your new home. Schedule a viewing today and elevate your lifestyle to new heights.
