Blog Archives: May 2017

The Estin Report: Q1 2017 & 2016 Year: State of the Aspen and Snowmass Village Real Estate Market has just been released in Current Reports. The 30-Page report is available on-line as PDF and will be available in a print edition distributed in kiosks around town and at the airport in about two weeks.

Starting with this week's blog, I'll be adding a "Read more" link underneath the first of last week's sold properties displayed below. This will improve site performance.

The April 2017 Aspen Snowmass Real Estate Monthly Market Snapshot was posted in Current Reports on Wed. May 3rd. The Monthly Snapshots are usually posted on or near the 1st Monday of the month.

"Flip Job" Examples: See recent Before/After Redevelopmentin the Flip Jobs Section near the bottom of the Menu Bar on the left. These are properties that have been recently or are currently in the process of redevelopment for re-sale. This post is updated (05/17/17) as additional re-sale properties come on the market at significantly higher prices.
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Market Activity Week 21, May 21 - 28, 2017

Aspen Snowmass real estate weekly sales and under contract activity appears below for all Aspen, Snowmass Village, Brush Cr Village, Woody Creek and Old Snowmass properties over $250,000 excluding fractionals in the upper Roaring Fork Valley. As the MLS links below expire after 30 days, photos and written descriptions of select closed properties (those with excellent photography) are posted here to preserve an archive of sold market activity.  Scroll down the page for home photos and details of weekly sales and under contract / pending Aspen properties in the past 4 weeks. For earlier dates, use the down arrow to quickly find blog archives by year and date to 2008. 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 (9):  MLS#s 141963, 142401, 142777, 144426, 145834, 146951, 147352, 147902, 148384. This link is valid until 6/27/2017.

Under Contract/Pending (7): MLS#s 142982, 139662, 141344, 146585, 147155, 147674, 149019. This link is valid until 6/27/2017.

Aspen Snowmass Solds Last Week:  

MLS #148384 - Red Mountain, 120 Red Mountain Road, Aspen, CO. Sold Price: $9,600,000/$2,210 sq ft; furnished. More details below photos.
        
MLS #148384 - Red Mountain, 120 Red Mountain Road, Aspen, CO. Sold Price: $9,600,000/$2,210 sq ft; furnished. Aspen single family residence for sale. Ask Price: $9,925,000. (Original Price: $9,925,000 and 88 days on the market since 02/23/2017. The sellers paid $8.16M on 02/26/16.) This is a 1968 built and 2016 remodeled, 4 bedroom/5 bath/1 half-bath, 4,342 sq ft single family residence with 2 car garage on a 30,672 sq ft lot. This is a 1960's ski house turned into a 2016 retro cool like-new home. Broker comments are "Located at the base of Red Mountain, this fashionable four bedroom, five and one half bath luxury home just underwent a complete remodel. Featuring open living area with vaulted ceilings, gas fireplace and spectacular views extending out to a spacious deck. State of the art kitchen with stainless steel appliances and adjoining dining area with seating for eight and a cozy wood-burning fireplace. Extensive master suite with office, sitting area, gas fireplace, walk-in closet and master bath with his and hers vanities, steam shower and soaking tub. Amazing extras include a media room, hot tub overlooking Hunter Creek, an expansive mud room with storage and a two car garage." 2016 taxes: $12,926. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 04/05/2017; Sold Date: 05/22/2017. (Photos and broker comments courtesy of Whitman Fine Properties) Read More

Released June 07, 2017 v4.1 in Current Reports– read executive summary and full report as PDF. The 32-page report is also available in a print edition at downtown Aspen kiosks (Information Center opposite Paradise Bakery), at Sothebys offices at 415 E. Hyman in the middle of the Aspen Mall,… Read More

The 30-Page report has just been released in Current Reports. It is available on-line as PDF and will be available in a print edition distributed in kiosks around town and at the airport in approximately two weeks. __________________________________________________________________________________________________________… Read More

This is the 504th weekly Estin Report blog post on Aspen real estate. But who's counting, really? Check out the SearchEstinAspen Section to find all kinds of accumulated information on Aspen homes, condos and properties - ten years have gone into building this searchable database and archive that becomes a more useful as a resource over time. 

The April 2017 Aspen Snowmass Real Estate Monthly Market Snapshot was posted in Current Reports on Wed. May 3rd. The Monthly Snapshots are usually posted on or near the 1st Monday of the month. The Q1 2017 & 2016 Year End report will be released this week, I hope, as will Q4 2016 stats.

An article appeared in the Denver Post Sunday Feb 26th on Colorado Mountain resort real estate including Aspen and Pitkin County. 

Bottom Line:  Estin Report: Apr 2017 Aspen Real Estate Market Snapshot Excerpt:

"Aspen real estate is in turn-a-round mode from a dismal 2016 when global uncertainty curtailed buyers' appetite for luxury high end 2nd home purchases. Post-election 2016, an upper-end Aspen real estate recovery is in full bloom.

In April 2017, for the combined Aspen/Snowmass Village market, the number of units sold is up +25%, from 28 last year to 35 this year. The number of properties that went under contract in April 2017 was 30 versus 25 last year. Under contracts are viewed as an indicator of future activity.

But the surging market activity grabbing local headlines is very specific: location specific, property specific, style/design specific, property age specific..
. There’s inside the roundabout and there’s outside. Not everyone’s partying at present.

If you want to pay through your teeth, pour money into developer’s pockets who saw these things coming 2-4 years ago, be a part of the great migration closer into town... If you want to find good-to-great values and motivated sellers in to-die-for stunningly beautiful settings 5-15 minutes beyond downtown Aspen, play the contrarian hand and rediscover and embrace the areas and neighborhoods the Aspen settler generation of the 1960's through the 1980’s came to Aspen for...""

Click tables to enlarge

New Charts Below: Historic Pace of Aspen and Snowmass Village Homes, Condos and Vacant Land / Lots by Dollar Sales and Unit Sales Updated with Q1 2017. (These charts are very popular and will be updated every quarter):

These new charts were originally posted in Current Reports on 02/15/17 through Q4 2016. They have been updated with Q1 2017 stats. The charts are: the historic pace of dollar and unit sales since 2006 separately for Aspen and Snowmass Village (SMV) by property types: 1) all properties combined; 2) single family homes; 3) condos; 4) vacant land / lots. (Fractionals, with the exception of extreme sales, are not included.)

Sales velocity, or pace, whether by dollar volume or unit sales is extremely useful to consider ss the unit sales drop-off in the 2nd Half 2007 so foreshadowed the Great Recession. 

While many real estate professionals use dollar volume sales as the single metric for sales performance (it often looks 'better'), unit sales are a more reliable measure of market activity. Dollar sales can be skewed disproportionately by extreme high or low end priced sales.

Clients often ask, "Where are we now compared to the Great Recession...?". These charts offer a solid reference for that conversation. In this instance, the starting point for the trend line is 2006, but, of course, where the trend line commences will affect its outcome...If the charts had started at 2009, the trend would be more upwards at present than is shown here.

As this is written, post-election Nov 2016 through Mar 31, 2017(see charts through Q1 2017), sales have picked up considerably and are decidedly on an upward trajectory.

Click link to see additional charts
for Aspen and SMV by property types thru Mar 31, 2017 (Q1).

"Flip Job" Examples: See recent Before/After redevelopment  in the new Flip Jobs Section near the bottom of the Menu Bar on the left. These are properties that have been recently or are currently in the process of redevelopment for re-sale. This post is updated (01/04/17) as additional re-sale properties come on the market at significantly higher prices.
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Market Activity Week 20, May 14 - 21, 2017

Aspen Snowmass real estate weekly sales and under contract activity appears below for all Aspen, Snowmass Village, Brush Cr Village, Woody Creek and Old Snowmass properties over $250,000 excluding fractionals in the upper Roaring Fork Valley. As the MLS links below expire after 30 days, photos and written descriptions of select closed properties (those with excellent photography) are posted here to preserve an archive of sold market activity.  Scroll down the page for home photos and details of weekly sales and under contract / pending Aspen properties in the past 4 weeks. For earlier dates, use the down arrow to quickly find blog archives by year and date to 2008. 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 (8):  MLS#s 141581, 140780, 142935, 143689, 143697, 144516, 146684, 147871. This link is valid until 6/20/2017.

Under Contract/Pending (4): MLS#s 139835, 145712, 146108, 147702. This link is valid until 6/20/2017.

Aspen Snowmass Solds Last Week:  

MLS #142935 - Black Birch Estates, West Aspen river front home, 1130 Black Birch Drive, Aspen, CO. Sold Price: $7,600,000/$2,627 sq ft 05/16/2017, unfurnished. More details below photos.
        
MLS #142935 - Black Birch Estates, West Aspen river front home, 1130 Black Birch Drive, Aspen, CO. Sold Price: $7,600,000/$2,627 sq ft on 05/16/2017, unfurnished. Aspen single family home for sale. Ask Price: $7,900,000. (Original Price: $8,900,000 and 455 days on the market since 02/16/2016.) This is a 1972 built and 1995 remodeled, 4 bedroom/3 bath, 2,893 sq ft single family residence with 1 car garage on a 20,171 sq ft lot. The house is located at the end of Red Butte Dr off of Cemetery Ln. It looks out onto the confluence of the Roaring Fork River and Caslte Creek, a completely unique and dramatic river frontage setting. Broker comments are "Situated at the confluence of the Roaring Fork River and Castle Creek in Aspen, this may be the most spectacular river front property in the State of Colorado; it is as good as it gets. Early morning sun fills the nearly half acre property and continues throughout the day. Listen to the sounds of the river, and watch wildlife wonder the riparian setting. Fly fish from the back yard. A wooden bridge entry crosses a meandering stream through the front yard. The four-bedroom home was recently remodeled and tastefully appointed with new contemporary fixtures and furnishings. A two-sided large stone fireplace warms the living area. The kitchen enjoys river views from two sides. Wood flooring is throughout. The dining room walks out to a large deck on the river. Three main level bedrooms with two bathrooms, and an open entertainment room complete the main level. The master bedroom sits above the river with views upstream towards the Continental Divide of Sunshine and New York Peaks. Located at the end of a quiet, non-through street. Close to downtown Aspen via the Rio Grande or Cemetery Lane trails, or a five-minute drive or free bus ride away. The Aspen Meadows footbridge to the Benedict music tent is also nearby. A detached garage provides adequate storage. Additional Floor Area Ratio (FAR) is still available with numerous expansion and redevelopment opportunities. There is nothing else like this available today." 2015 taxes: $12,936. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 03/18/2017; Sold Date: 05/16/2017. (Photos and broker comments courtesy of Aspen Snowmass Sotheby's International Realty-Hyman Mall) Read More

This is the 503th weekly blog post on the Estin Report !! Check out the SearchEstinAspen Section to find all kinds of hidden treasures. Over ten years have gone into building this archive.

The April 2017 Aspen Snowmass Real Estate Monthly Market Snapshot was posted in Current Reports on Wed. May 3rd. The Monthly Snapshots are usually posted on or near the 1st Monday of the month. The Q1 2017 & 2016 Year End report will be released this week, I hope, as will Q4 2016 stats.

An article appeared in the Denver Post Sunday Feb 26th on Colorado Mountain resort real estate including Aspen and Pitkin County. 

Bottom Line:  Estin Report: Apr 2017 Aspen Real Estate Market Snapshot Excerpt:

"Aspen real estate is in turn-a-round mode from a dismal 2016 when global uncertainty curtailed buyers' appetite for luxury high end 2nd home purchases. Post-election 2016, an upper-end Aspen real estate recovery is in full bloom.

In April 2017, for the combined Aspen/Snowmass Village market, the number of units sold is up +25%, from 28 last year to 35 this year. The number of properties that went under contract in April 2017 was 30 versus 25 last year. Under contracts are viewed as an indicator of future activity.

But the surging market activity grabbing local headlines is very specific: location specific, property specific, style/design specific, property age specific..
. There’s inside the roundabout and there’s outside. Not everyone’s partying at present.

If you want to pay through your teeth, pour money into developer’s pockets who saw these things coming 2-4 years ago, be a part of the great migration closer into town... If you want to find good-to-great values and motivated sellers in to-die-for stunningly beautiful settings 5-15 minutes beyond downtown Aspen, play the contrarian hand and rediscover and embrace the areas and neighborhoods the Aspen settler generation of the 1960's through the 1980’s came to Aspen for...""

Click tables to enlarge

New Charts Below: Historic Pace of Aspen and Snowmass Village Homes, Condos and Vacant Land / Lots by Dollar Sales and Unit Sales Updated with Q1 2017. (These charts are very popular and will be updated every quarter):

These new charts were originally posted in Current Reports on 02/15/17 through Q4 2016. They have been updated with Q1 2017 stats. The charts are: the historic pace of dollar and unit sales since 2006 separately for Aspen and Snowmass Village (SMV) by property types: 1) all properties combined; 2) single family homes; 3) condos; 4) vacant land / lots. (Fractionals, with the exception of extreme sales, are not included.)

Sales velocity, or pace, whether by dollar volume or unit sales is extremely useful to consider ss the unit sales drop-off in the 2nd Half 2007 so foreshadowed the Great Recession. 

While many real estate professionals use dollar volume sales as the single metric for sales performance (it often looks 'better'), unit sales are a more reliable measure of market activity. Dollar sales can be skewed disproportionately by extreme high or low end priced sales.

Clients often ask, "Where are we now compared to the Great Recession...?". These charts offer a solid reference for that conversation. In this instance, the starting point for the trend line is 2006, but, of course, where the trend line commences will affect its outcome...If the charts had started at 2009, the trend would be more upwards at present than is shown here.

As this is written, post-election Nov 2016 through Mar 31, 2017(see charts through Q1 2017), sales have picked up considerably and are decidedly on an upward trajectory.

Click link to see additional charts
for Aspen and SMV by property types thru Mar 31, 2017 (Q1).

"Flip Job" Examples: See recent Before/After redevelopment  in the new Flip Jobs Section near the bottom of the Menu Bar on the left. These are properties that have been recently or are currently in the process of redevelopment for re-sale. This post is updated (01/04/17) as additional re-sale properties come on the market at significantly higher prices.
___________
Market Activity Week 19, May 7 - 14, 2017

Aspen Snowmass real estate weekly sales and under contract activity appears below for all Aspen, Snowmass Village, Brush Cr Village, Woody Creek and Old Snowmass properties over $250,000 excluding fractionals in the upper Roaring Fork Valley. As the MLS links below expire after 30 days, photos and written descriptions of select closed properties (those with excellent photography) are posted here to preserve an archive of sold market activity.  Scroll down the page for home photos and details of weekly sales and under contract / pending Aspen properties in the past 4 weeks. For earlier dates, use the down arrow to quickly find blog archives by year and date to 2008. 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 (17):  MLS#s 140596, 139928, 142816, 143563, 144465, 145358, 146782, 146868, 147156, 147516, 147759, 147952, 148030, 148208, 148823, 148869, 148914. This link is valid until 6/13/2017.

Under Contract/Pending (3): MLS#s 141963, 145603, 147239. This link is valid until 6/13/2017.

Aspen Snowmass Solds Last Week:  

MLS #147516 - West End, 815 Roaring Fork Road, Aspen, CO. Sold Price: $10,500,000/$1,883 sq ft; unfurnished. More details below photos.
     
MLS #147516 - West End, 815 Roaring Fork Road, Aspen, CO. Sold Price: $10,500,000/$1,883 sq ft; unfurnished. Aspen single family residence for sale. Ask Price: $10,950,000. (Original Price: $10,950,000 and 92 days on the market since 02/07/2017.) This is a 2004 built, 4 bedroom/4 bath/2 half-bath, 5,574 sq ft single family residence with 2 car garage on a 18,849 sq ft lot. Broker comments are "A rare offering on Roaring Fork Road - where one finds the largest parcels in the West End. This 18,849 sq.ft lot features a 5,574 sq.ft home re-built in 2004. The zoning allows for 4,728 sq.ft above grade for a single-family home or 5,148 sq.ft for a duplex. All sub-grade space is exempt and is in addition to the above grade calculations. Outdoor entertaining spaces include the large at-grade terrace in the backyard to the 2 upper-level terraces that offer stunning views of Aspen Mountain. Enjoy the Aspen lifestyle from this property’s close proximity to the Aspen Music Festival & School’s Harris Concert Hall, Benedict Music Tent, the Aspen Institute campus to the trails accessing the Rio Grande Trail or the shuttle to the center of town." 2016 taxes: $23,557. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 02/09/2017; Sold Date: 05/10/2017. (Photos and broker comments courtesy of Coldwell Banker Mason Morse-Aspen) Read More

This is the 502th weekly blog post on the Estin Report !! Check out the SearchEstinAspen Section to find all kinds of hidden treasures. Over ten years have gone into building this archive. Read More

This is the 501th weekly blog post on the Estin Report !! Check out the SearchEstinAspen Section to find all kinds of info on this site. Over time, the archival content builds and becomes more useful. The April 2017… Read More