Tim Estin MBA, GRI

Aspen CO Real Estate Broker
Call Tim:(970) 309-6163
“Looking Up at Last” – Merrill Lynch Wealth Mgmt Luxury Home Report Image

“Looking Up at Last” – Merrill Lynch Wealth Mgmt Luxury Home Report

Published by Merrill Lynch Private Banking and Investment Group, Oct. 25, 2012 An exclusive city-by-city analysis of the high-end residential real estate market suggests that those waiting for a meaningful recovery to set in need wait no longer. Click for Report pdf Resort Report Mixed Excerpt: Venerable high-end resort towns, while too small to be included in Merrill Lynch's survey of Zillow data, share the same long-term appeal of properties in Manhattan or San Francisco: a natural supply limit. As Michael Feder, president and CEO of research and analysis firm Radar Logic Inc., puts it, "They aren't making new oceanfront property in the Hamptons anymore." That's not to say such areas weren't hit hard during the crisis. "Prices in Aspen, Colo., dropped 25% to 40% after 2008", says Tim Estin, a broker at Coldwell Banker Mason Morse Real Estate in Aspen, Colo., and the publisher of The Estin Report, a monthly and quarterly analysis of the Aspen/Snowmass home market. Since then, the recovery has been a bit all over the map, Estin says. The total amount of money spent on Aspen homes surged 20% year over year in 2011, then retreated 37% year over year in the first half of 2012, then surged 55% this past summer. A lot of this has to do with the degree to which a very few number of very expensive homes can skew the market in an area like Aspen. For example, through the first half of 2011, 12 properties sold for more than $10 million, whereas during the same period this year, there were just five transactions of that magnitude. But perhaps a more telling statistic is the total number of units sold. That number — which was up 26% for the summer of 2012 vs. the summer of 2011 — suggests to Estin that while some high-end buyers may still be putting their vacation dreams on hold amid lingering uncertainties about the economy, more are recognizing that now may represent "an unprecedented opportunity" to acquire properties at prices not seen in nearly a decade. Read More

Low End of Market Sees Prices Rise Nationally But Not in Aspen, ABJ

ASPEN REAL ESTATE - Housing prices across the country may be rising on the lower end, but that trend isnʼt necessarily being felt in the Aspen area. Yet there are indicators emerging that owners who wish to sell properties that are priced below $1 million should find encouraging. “There are positive signs that the market has been scraping along the bottom and the worst is over,” said broker Tim Estin of Coldwell Banker Mason Morse, author of the real estate analysis entitled “The Estin Report.” In a forthcoming letter about Aspen core condo sales, Estin said that in the third quarter of the year, 13 condos priced below $1 million sold as compared to six in that price range between July 1-Sept 30, 2011. However, thereʼs a harsh reality to these statistics: Both average and median prices of properties that topped out at around $1 million dipped by 41 percent and 34 percent respectively. So whatʼs the good news? Well one indicator Estin has noted is, “I donʼt believe prices will further erode.” And another? “Well priced, well located, recently remodeled condos and units representing solid value to buyers are selling - in some cases at a premium.” By Madeleine Osberger, Oct. 8, 2012 ABJ Read More

Aspen Home Sales Up This Summer, but Overall Market Still Down, ABJ Image

Aspen Home Sales Up This Summer, but Overall Market Still Down, ABJ

In Coldwell Banker Mason Morse broker Tim Estin’s August 2012 Market Snapshot Aspen Snowmass Real Estate,...dollar volume was down 25 percent and number of transactions was even compared to August 2011 in the Aspen/Snowmass market. Estin’s calculations are based on sales from Aspen to Old Snowmass, including Snowmass Village.Year to date, the total Aspen/Snowmass market is down 14 percent in dollar volume and down 3 percent in number of sales compared to 2011, Estin reported. By Catherine Lutz, Oct. 4, 2012 ABJ MLS #117882 - Aspen, Central Core single family home, 802 Gibson Avenue, Aspen, CO: Sold Price: $4,225,000/$532 sq ft unfurnished (-68% off the original 2006 pre-construction price.); Asking Price: $5,500,000. (Original Price: $13,160,000 and 2,170 days on the market since 12/29/2006. Photo courtesy of Aspen Snowmass Sotheby's. Read More

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