Sales of fractional ownership residences surpass full-ownership in Aspen

The Aspen Times reported that fractional ownership sales in 2009 buoyed real estate sales in Pitkin County, Colorado (Aspen). For the first time in 2009, luxury fractionals actually surpassed high-end luxury home sales by a 20 percent margin. See the full story in the Aspen Times, here.

Sales of fractional ownership residences buoyed the Pitkin County market in 2009, even though some of the projects hit tough times. Total sales by fractionals were $181.88 million, or 260 percent over 2008, according to Land Title Guarantee Co. The strong performance matched 2006 in dollar volume.

The number of transactions involving fractionals increased 19 percent, from 228 in 2008 to 272 last year. The Residences at The Little Nell led the way with 95 sales for $133.07 million in 2009. The Hyatt Grand Aspen had 72 sales for $11.98 million.

The Aspen Highlands Ritz-Carlton Club had 40 sales for $6.32 million. The Dancing Bear Lodge had 30 sales totaling $21.65 million.