Aspen Real Estate Market  Last Week’s Sales:  Mar 22 – 29, 2020 – Week 13

Closed (7) + Under Contract / Pending (1).  [To view the new blog post, you may have to “Clear your Browser Settings”. Go to: Chrome browser/more tools/clear browsing data.]  

From the home page Bottom Line:
•As of Mar 23rd, anecdotally there were about 30 properties under contract in Aspen. Approximately  30-35% of those have terminated over the past two weeks as a direct result of the economy and coronavirus concerns. There have been (3) properties put under contract since March 9th. (I will be releasing the March 2920 Market Snapshot in the next few days and some adjustments to these figures may result.) Since then, there have been very limited property showings. Like everywhere else, Aspen is closed for non-essential business and the ski mountains have been shut down a month early. At the same time, there are buyers starting to look for “deals” which may only be fully realized with actual written offers put in front of sellers.
•Things were fine until they weren’t. Today, as this is written on Mar 9, 20, we face great uncertainty with the coronavirus and financial market upheavals. Markets have changed dramatically almost overnight and the Aspen real estate market is obviously in this mix. We are in uncharted moment(s), and one’s circumstances may or may not be uniquely different. Here are some lessons culled from the financial crisis a decade ago.
•As over 60-70% of Aspen real estate transactions are cash, historic record low mortgage rates may have little impact on sales. But with money so cheap, perhaps this will incentivize buyers to step up.
•Price reductions may offset a slowing market and smart, maybe prescient, motivated sellers may want to get ahead of global financial disruptions with pre-emptive price reductions or be prepared to wait out the crisis.
•Buyers may want to step up with aggressive offers. The only way to know the motivated level of a seller is to put an offer in front of them. All else is talk and speculation.
•One thing is sure: when uncertainty prevails, opportunities arise.
•Sellers who had the fortitude to get ahead of the falling knife of the 2007-2009 financial crisis faced far less loss than those who clung on and followed the market down.
• Buyers who had the cash and fortitude to step up and make purchases in the heart of darkness when risk was greatest were well rewarded over time.

The Feb YTD 2020 Market Snapshot has been posted in Current Reports.

The new Estin Report: Aspen Snowmass Real Estate Market 2020 ws  is available for PDF download in the Current Reports section. The print version is available at Aspen racks at Galena St/Aspen Chamber Info Booth, Snowmass Village Center, Clarks Market, at Sothebys at 415 E Hyman on the mall and Sothebys at 300 S. Spring St opposite the Art Museum and at the ASE/Pitkin County Airport.

   

Quarterly and Annual Charts just posted: Estin Report Q1 2008 – Q4 2019: Aspen & Snowmass Historic Real Estate Market Performance Charts by Property Types and Dollar & Unit Sales  These charts are broken down by each market, Aspen and Snowmass, and by property types: single family homes, condos and vacant land and compare  sales  to prior years starting at 2008.  They answer the question “Where are we now compared to prior periods?” and indicate market direction with trend lines.

   
          Aspen & Snowmass Village Historic Real Estate Sales Chart Series

Blog Post: Mar 22 – 29, 2020 Aspen CO real estate market activity, Week 13

Weekly Aspen and Snowmass Village, CO real estate sales activity appears below for sold and under contracts properties in the upper Roaring Fork Valley over $250,000 – for Aspen, Snowmass Village, Brush Cr Village, Woody Creek and Old Snowmass. Fractional sales are not included. Photos and written descriptions of sold properties are posted here as the MLS links below expire after 30 days. For earlier dates, see the Estin Report blog archives starting in 2008 at the bottom of the page. Or use SearchEstinAspen in the menu bar to search by topic, address, subdivision, complex, date, etc.  If it’s about Aspen real estate, the information should be here.

Closed (7):  MLS#s: 161386, 140400, 154994, 157051, 160630, 162032, 162041.  This link is valid until 4/28/2020.

Under Contract/Pending (1): MLS#s: 154819.  This link is valid until 4/28/2020.

Sold Properties Last Week:

MLS #160630 – East Aspen, 125 Stillwater Lane, Aspen, CO: Sold Price: $21,000,000/$2,140 sq ft; partially furnished. Sold Date: 03/27/2020. More details below photos.

MLS #160630 – East Aspen, 125 Stillwater Lane, Aspen, CO: Sold Price: $21,000,000/$2,140 sq ft; partially furnished. Sold Date: 03/27/2020. Aspen homes for sale. Ask Price: $24,950,000. (Original Price: $21,000,000 and 245 days on the market since 07/26/2019.) This is a 2004 built and 2012 remodeled, 7 bedroom/6 bath/2 half-bath, 9,809 sq ft single family home with 3 car garage on a 1.76 acres lot. Broker comments are “Surrounded by the pristine beauty of Mother Nature’s finest offerings, this 9,809 sq ft, 7 bedroom home with unobstructed views provides an elevated mountain lifestyle. Timeless design by Poss Architecture features reclaimed timbers, dry-stack stone, plastered walls, and specially curated stone/wood flooring. In addition to a 3-car garage, amenities include an office, media/rec room, an 1,800 bottle wine room, a gym, and a fishing tackle room. The living areas open to a stone terrace with blooming gardens. Outdoor features include a fire pit, built-in BBQ, and a hot tub. Along with 5 other properties in the Stillwater Ranch HOA, this property has control of the adjacent 25 acres, with access to the Roaring Fork River and a private lake.” 2019 taxes: $31,178. Under Contract Date: 01/28/2020; Sold Date: 03/27/2020. (Photos and broker comments courtesy of Coldwell Banker Mason Morse-Aspen)

MLS #157051 – South Aspen Street, Central Core, 122 Juan Street, Aspen, CO: Sold Price: $13,350,000/$2,574 sq ft; furnished. Sold Date: 03/25/2020. More details below photos.

MLS #157051 – South Aspen Street, Central Core, 122 Juan Street, Aspen, CO: Sold Price: $13,350,000/$2,574 sq ft; furnished. Sold Date: 03/25/2020. Aspen townhomes for sale. Ask Price: $14,499,999. (Original Price: $14,899,000 and 379 days on the market since 12/03/2018.) This is a 2017 built, 4 bedroom/5 bath, 5,185 sq ft townhome with 2 car garage. Broker comments are “Brand new construction at the base of Aspen Mountain! The perfect combination of impeccable interior design, convenience to downtown, and proximity to skiing. This four bedroom home boasts impressive views of Ajax as well as a great hot tub deck with views toward Red Mountain. Easy living with a total sense of luxury and comfort throughout the home. Full-sized two car garage with additional space for parking is a rare find in downtown Aspen. Additional amenities include an elevator, impressive game/family room, and a separate office. Incredible opportunity to get in to this neighborhood before the new ski lift is constructed to replace the current Lift 1A. A public vote approved a new chairlift (and two new hotels) to be constructed on South Aspen Street. Once those improvements are in place the ski and chairlift access to Aspen Mountain will be across the street.” 2018 taxes: $23,152; HOA Dues: $20,360. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 03/06/2020; Sold Date: 03/25/2020. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)

MLS #162032 – Townsite of Aspen, Central Core, 630 E Hyman Avenue PH Penthouse 301, Aspen, CO: Sold Price: $11,234,000/$3,978 sq ft; furnished. Sold Date: 03/23/2020. More details below photos.

MLS #162032 – Townsite of Aspen, Central Core, 630 E Hyman Avenue 301, Aspen, CO: Sold Price: $11,234,000/$3,978 sq ft; furnished. Sold Date: 03/23/2020. Aspen condos for sale. Ask Price: $15,990,000. (Original Price: $15,990,000 and 602 days on the market since 07/02/2018.) This is a 2012 built, 3 bedroom/3 bath/1 half-bath, 2,824 sq ft condo with 2 car garage. Broker comments are “This sophisticated and modern downtown core penthouse is the epitome of luxury and convenience. This three bedroom masterpiece has been impeccably maintained and cared for. Many light filled spaces, and floor-to-ceiling glass corner windows that open up to a spacious deck with outdoor entertaining space and hot tub. Ascend one level up to enjoy the rooftop sun deck. No detail was overlooked, with top of the line appliances and decor throughout the home. Central air, a two car garage and private building entrance complete this well rounded downtown residence.” 2019 taxes: $19,684; HOA Dues: $33,333. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 02/24/2020; Sold Date: 03/23/2020. (Photos and broker comments courtesy of Douglas Elliman Real Estate-Durant)

MLS #161386 – Durant Condos, Central Core, 718 S Galena Street 201A, Aspen, CO: Sold Price: $3,000,000/$2,599 sq ft; furnished. Sold Date: 03/25/2020. More details below photos.

MLS #161386 – Durant Condos, Central Core, 718 S Galena Street 201A, Aspen, CO: Sold Price: $3,000,000/$2,599 sq ft; furnished. Sold Date: 03/25/2020. Aspen condos for sale. Ask Price: $3,250,000. (Original Price: $3,300,000 and 188 days on the market since 09/19/2019.) This is a 1969 built and 2017 remodeled, 2 bedroom/2 bath, 1,154 sq ft condo. Broker comments are “Contemporary, turnkey residence at the Durant Condominiums with direct ski in/out access. Abundant views and natural light, features that are rarely seen in a mountainside property. Recently renovated down to the studs by Charles Cunniffe Architects and interiors. No detail was spared to create an open, flowing floor plan with thoughtful, curated spaces. Each room centers on the windows to highlight the outdoors like a piece of art. The floor plan includes two bedrooms, two bathrooms, including a steam shower in the master. Two fireplaces and high-end finishes and fixtures complete this luxe residence. Property offered with a one year membership for a double locker to the new luxury Gorsuch Ski Locker lounge located in Gondola Plaza. (While supplies last). Stroll two blocks to downtown or Lift 1A, or put your skis on directly from the entry deck and slide down to the gondola. Ample storage and built ins were created throughout the residence to elegantly store equipment and additional belongings. Durant Condominiums recently completed a full exterior remodel including landscaping new siding, walkways, windows, siding, pool and hot tub, and more.” 2018 taxes: $5,238; HOA Dues: $18,640. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 02/21/2020; Sold Date: 03/25/2020. (Photos and broker comments courtesy of Douglas Elliman Real Estate-Durant)

MLS #162041 – Fifth Ave Condo, Central Core, 800 S Mill Street 13B, Aspen, CO: Sold Price: $827,500/$1,678 sq ft; furnished. Sold Date: 03/17/2020. More details below photos.

MLS #162041 – Fifth Ave Condo, Central Core, 800 S Mill Street 13B, Aspen, CO: Sold Price: $827,500/$1,678 sq ft; furnished. Sold Date: 03/17/2020. Aspen condos for sale. Ask Price: $877,400. (Original Price: $877,400 and 126 days on the market since 11/12/2019.) This is a 1965 built and 2018 remodeled, 1 bedroom/1 3/4-bath, 493 sq ft condo. Broker comments are “Le Mazot ~ 5th Ave Condo #13 A sophisticated, spacious, beautiful 1B pied-a-terre. The recently remodeled unit and complex are 1 block from the Silver Queen Gondola in the Aspen Core. Ski-In. This modest space has been fully utilized to provide comfort, convenience, aesthetics & utility. Decor provides an eclectic offering of late 18th to mid 20th century American and European furnishings, accessories, art, antiques & memorabilia encompassing Eastlake, Victorian, Black Forest, Tyrolean, Tramp, Rustic, Cottage, Great Camp, Louis XV & Modern styles. ● WiFi / Bang & Olufsen BeoSound 8 ● Washer / Dryer in unit ● TVs Living Room & Bedroom / Cable ● Gas Range / Double Oven ● Le Creuset Cookware ● American Leather Sleeper ● Handheld / Ra” 2018 taxes: $1,277; HOA Dues: $4,648. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 02/17/2020; Sold Date: 03/17/2020. (Photos and broker comments courtesy of Aspen Resort Accommodations DBA ARA Real Estate)

MLS #140400 – Shield O Terrace 151 Blue Sage Lane, Snowmass, CO: Sold Price: $2,387,500/$566 sq ft; furnished. Sold Date: 03/23/2020. More details below photos.

MLS #140400 – Shield O Terrace, 151 Blue Sage Lane, Snowmass, CO: Sold Price: $2,387,500/$566 sq ft; furnished. Sold Date: 03/23/2020. Old Snowmass homes for sale. Ask Price: $2,650,000. (Original Price: $3,350,000 and 1,692 days on the market since 08/03/2015.) This is a 2002 built, 4 bedroom/4 bath/1 half-bath, 4,216 sq ft single family home with 3 car garage on a 2 acres lot. Broker comments are “Beautiful mountain craftsman style home in a private and peaceful hilltop setting with panoramic views from the slopes in Snowmass and overlooking the Snowmass Creek Valley. Designed by Charles Cunniffe, this home features interior designer furnishings, 29 foot ceilings, panoramic windows, cherry floors, walk out terraces, English garden Zeroscaping, three fireplaces, gas fire pit and hot tub. The chef’s kitchen includes Thermador stove, GE Profile double ovens and two dishwashers. The main level master suite has a private terrace with gorgeous views of the surrounding mountain peaks, and a large master bathroom with steam shower, the guest suites feature en suite bathrooms, awesome views and private decks.” 2019 taxes: $14,561; HOA Dues: $1,000 per Yr. Under Contract Date: 01/14/2020; Sold Date: 03/23/2020. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Basalt)

MLS #154994 – Country Club Villas, 294 Snowmass Club Circle 1302, Snowmass Village, CO: Sold Price: $733,000/$654 sq ft; furnished. Sold Date: 03/25/2020. More details below photos.

MLS #154994 – Country Club Villas, 294 Snowmass Club Circle 1302, Snowmass Village, CO: Sold Price: $733,000/$654 sq ft; furnished. Sold Date: 03/25/2020. Snowmass Village condos for sale. Ask Price: $797,500. (Original Price: $825,000 and 635 days on the market since 06/29/2018.) This is a 1981 built, 2 bedroom/2 bath, 1,120 sq ft condo with 1 car garage. Broker comments are “Delightful contemporary pied a terre located on the 11th green of the Snowmass Club golf course. This vaulted ceiling two bedroom two bath property is bright and airy with a modern decor. There is easy access to the top floor via an elevator right outside of the units front door. Enjoy the ownership of a one car private garage and transportation via the Snowmass Bus Shuttle. Sales contract is subject to a rental dated February 1-March 30. 2020.” 2019 taxes: $1,691; HOA Dues: $14,000. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 01/09/2020; Sold Date: 03/25/2020. (Photos and broker comments courtesy of Douglas Elliman Real Estate-SMV)

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