Aspen Real Estate Market Last Week’s Sales: Jul 19 – 26, 2020 – Week 29
Closed (11) + Under Contract / Pending (43). [To view the new blog post, you may have to “Clear your Browser Settings”. Go to: Chrome browser/more tools/clear browsing data.]
07/27/20 Bottom Line: Sales activity is off the charts. Experienced brokers have never seen a market like this. Properties are getting multiple offers and there are numerous disappointed buyers. A Colorado Sun news article today hits the key points. At times similar to these, here are notes I’ve written from the past: Corrections and opportunities… fallacy or truth? …There are a number of buyers who say, “I’m sitting on a lot of cash and I’m ready to jump in as soon as the market tanks. Let me know asap cause I’d like to pounce.”; “Okay, sure no problem…”; Or “Find me a great opportunity, I’m a cash buyer and I can do a deal in a day.” The truth: There are maybe 75-100 brokers out there right now with clients ready to make a similar move. Many, if not most, buyers are sophisticated, learned, follow the market daily and a pricing anomaly gets identified immediately. The only real discounts I’ve witnessed in the past 5 years are auction properties. These have typically been on the market for a very long time, often over-priced from the beginning of the listing period, then becoming stale and falling out of interest by the professional real estate community. Market peak? No one wants to buy at the market peak and we are probably closer to the top than the bottom, so Why would a buyer want to buy now? Because…historically, Aspen prices have always been at record highs at whatever point in time … they follow a step-up pattern with the exception of the Great Recession when everything everywhere went south. The most common refrain – and mistake in contemplating a purchase of Aspen real estate – is “woulda, coulda, shoulda” or “If only I’d bought then.” The only people who made a mistake are the people who never bought. Inevitably, there will be market adjustments, but the long term trend is that it has always been prudent to get into our market now. Buyers may get discouraged and simply walk in order to wait for a downturn, but how long does one really want to wait if they have a family and kids and grandchildren and Aspen Snowmass time is so relatively limited and finite? And in a Covid-19 pandemic world? If there’s anything the past 6 years (since the real current run-up commenced in early spring 2014) and the 40 years between 1968-2008 have demonstrated, it’s that Aspen prices continue to rise and buyers who have waited for a correction during this period are paying an expensive waiting game, financially and time-wise, burning up perhaps one’s best years. See prior Bottom Line weekly comments, Mar 1-July 27, 20.
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Blog Post: Jul 19 – 26, 2020 Aspen CO real estate market activity, Week 29
Closed (11): These properties went under contract end of April and early May. MLS#s: 161356, 148037, 152158, 159479, 160081, 160347, 162791, 163107, 163845, 164143, 165429. This link is valid until 8/25/2020.
Under Contract/Pending (43): MLS#s: 161358, 161029, 141788, 154081, 156198, 156329, 158888, 159163, 159687, 159749, 160196, 162373, 162864, 163219, 163413, 163443, 163476, 164123, 164297, 164302, 164325, 164363, 164407, 164474, 164548, 164570, 164688, 164807, 164822, 164829, 165016, 165037, 165113, 165155, 165166, 165171, 165192, 165238, 165291, 165308, 165322, 165460, 165557. This link is valid until 8/25/2020.
Sold Properties Last Week:
MLS #165429 – West End, TBD W Hopkins Avenue, Aspen, CO: Sold Price: $29,500,000/$2,863 sq ft; unfurnished. Sold Date: 07/20/2020. More details below photos.
MLS #165429 – West End, TBD W Hopkins Avenue, Aspen, CO: Sold Price: $29,500,000/$2,863 sq ft; unfurnished. Sold Date: 07/20/2020. Aspen homes for sale. Ask Price: $29,500,000. (Original Price: $29,500,000 and 20 days on the market since 06/30/2020.) This is a 1968 built, 6 bedroom/8 bath/3 half-bath, 10,302 sq ft single family home with 4+ car garage on a 13.01 acres lot. Broker comments are “Sold before MLS.” 2019 taxes: $82,623. Under Contract Date: 07/03/2020; Sold Date: 07/20/2020. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #148037 – West Buttermilk, West Aspen, 2900 West Buttermilk Road, Aspen, CO: Sold Price: $21,000,000/$1,189 sq ft; unfurnished. Sold Date: 07/24/2020. More details below photos.
MLS #148037 – West Buttermilk, West Aspen, 2900 West Buttermilk Road, Aspen, CO: Sold Price: $21,000,000/$1,189 sq ft; unfurnished. Sold Date: 07/24/2020. Aspen homes for sale. Ask Price: $29,500,000. (Original Price: $50,000,000 and 1,226 days on the market since 03/16/2017.) This is a 2006 built, 10 bedroom/10 bath/3 half-bath, 17,657 sq ft single family home with 3 car garage on a 61 acres lot. Broker comments are “If a home with little privacy on a small lot in town with neighbors close by and traffic running past your front door is what appeals to you, then keep looking. But, if you want privacy (end of the road and gated), a large expansive parcel with room to stretch (60+ acres adjoining BLM and Forest), a private ski run (the only ski-in/out property on West Buttermilk) and irreplaceable improvements (20,000 square feet of livable space/10 bedrooms/7,000 square foot multi-use barn) appeal to you, then Owl Mountain Ranch just may be your dream home. And with a price tag that’s been drastically reduced (from $50M to $29.5M) this just may be the opportunity of a lifetime.” 2020 taxes: $50,540. Under Contract Date: 05/31/2020; Sold Date: 07/24/2020. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #160347 – Meadowood, West Aspen, 11 Heather Lane, Aspen, CO: Sold Price: $8,000,000/$1,119 sq ft; furnished. Sold Date: 07/20/2020. More details below photos.
MLS #160347 – Meadowood, West Aspen, 11 Heather Lane, Aspen, CO: Sold Price: $8,000,000/$1,119 sq ft; furnished. Sold Date: 07/20/2020. Aspen homes for sale. Ask Price: $9,995,000. (Original Price: $9,995,000 and 377 days on the market since 07/09/2019.) This is a 1972 built and 2000 remodeled, 6 bedroom/6 bath/1 half-bath, 7,144 sq ft single family home with 2 car garage on a 1.38 acres lot. Broker comments are “Where history meets luxury: This Legacy Estate is set in a park like setting on over an Acre with views up and down the Aspen Valley, Buttermilk and Highlands Ski Mountains. Desirable Meadowood neighborhood, offering privacy and proximity to all that Aspen has to offer. Walk to Aspen’s top public schools, athletic fields, Aspen’s Recreational Center, Tennis courts, pond, miles of Nordic ski trails and open space meadows. Easy bike or walk to downtown Aspen. Bring family and friends to this beautiful six bedroom home with a gourmet Kitchen, stunning Great Room and a multiple entertaining spaces designed for either quiet intimacy or large gatherings. Walk out onto spacious patios surrounded by stunning landscaping featuring a fireplace, social seating or dining.” 2019 taxes: $23,426; HOA Dues: $1,200. Under Contract Date: 06/08/2020; Sold Date: 07/20/2020. (Photos and broker comments courtesy of Coldwell Banker Mason Morse-Aspen)
MLS #159479 – Maroon Creek Townhome, West Aspen, 509 Oregon Trail, Aspen, CO: Sold Price: $5,000,000/$1,079 sq ft; furnished. Sold Date: 07/24/2020. More details below photos.
MLS #159479 – Maroon Creek Townhome, West Aspen, 509 Oregon Trail, Aspen, CO: Sold Price: $5,000,000/$1,079 sq ft; furnished. Sold Date: 07/24/2020. Aspen townhomes for sale. Ask Price: $5,295,000. (Original Price: $5,495,000 and 378 days on the market since 05/30/2019.) This is a 1999 built and 2017 remodeled, 5 bedroom/5 bath, 4,633 sq ft townhome with 2 car garage on a 4,514 sq ft lot. Broker comments are “Enjoy incredible ski access on the quiet side of Buttermilk at Tiehack! Literally out the back door puts you at the base of the high speed Tiehack Express chairlift where there is never a line. If Aspen Highlands is more your style, a short walk across the bridge to the Aspen Recreation Center and the free shuttle bus will get you there in just a few minutes. Situated within the desirable Maroon Creek Club neighborhood, the refined, updated and furnished townhome features incredible outdoor living space with a large south-facing deck and extensive landscaping including a recirculating waterfall. The large upper level living areas (including a den or guest bedroom with full bath) provide comfortable space for entertaining with far reaching views of Aspen Highlands and Pyramid Peak fromfloor to ceiling windows and privacy for the bedroom suites below. The master suite on the entry level is perfectly located with a walk-out to the covered patio and convenient access up to the stylish kitchen or down to the private two car garage. Additional bedrooms provide ample space to accommodate a large family or a host of guests. Easy access to the airport and downtown Aspen, proximity to abundant outdoor activities, and an attentive on-site property manager make for a perfect no-maintenance, “lock and leave” Aspen oasis.” 2020 taxes: $12,003. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 06/30/2020; Sold Date: 07/24/2020. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #160081 – Aspen Square, Central Core, 617 E Cooper Avenue 134, Aspen, CO: Sold Price: $2,650,000/$3,169 sq ft; furnished. Sold Date: 07/22/2020. More details below photos.
MLS #160081 – Aspen Square, Central Core, 617 E Cooper Avenue 134, Aspen, CO: Sold Price: $2,650,000/$3,169 sq ft; furnished. Sold Date: 07/22/2020. Aspen condos for sale. Ask Price: $2,850,000. (Original Price: $3,100,000 and 396 days on the market since 06/21/2019.) This is a 1969 built, 2 bedroom/2 bath, 836 sq ft condo. Broker comments are “Top floor Aspen Square Condo, with dead-on views of Aspen Mountain, ideally located in the heart of downtown. This property has an excellent rental history, or choose to live on property full time. Ideal for a couples’ getaway or a family vacation, this air conditioned two bedroom / two bath condominium provides plenty of space to spread out and relax with an open living room, dining room, kitchen area and private balcony, or head to the courtyard for a swim in the pool and a relaxing soak in the hot tub.” 2018 taxes: $4,211; HOA Dues: $33,360. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 07/07/2020; Sold Date: 07/22/2020. (Photos and broker comments courtesy of Coldwell Banker Mason Morse-Aspen)
MLS #164143 – Concept 600, Central Core, 600 E Main Street 204, Aspen, CO: Sold Price: $2,105,000/$2,215 sq ft; furnished. Sold Date: 07/20/2020. More details below photos.
MLS #164143 – Concept 600, Central Core, 600 E Main Street 204, Aspen, CO: Sold Price: $2,105,000/$2,215 sq ft; furnished. Sold Date: 07/20/2020. Aspen condos for sale. Ask Price: $2,200,000. (Original Price: $2,200,000 and 70 days on the market since 05/11/2020.) This is a 1972 built, 2 bedroom/2 bath/1 half-bath, 950 sq ft condo. Broker comments are “Stylish finishes exude the sophisticated ease of modern design. This 2 bed 2 bath condo has been meticulously updated from floor to ceiling and beyond – no detail has been overlooked. Clean lines and abundant natural light with myriad levels of lighting options. This building enjoys both ample underground parking as well as an elevator along with capturing views of Ajax and Shadow Mountain. Only four blocks from the gondola. Curated in every detail and outfitted for the most discerning buyer. www.600eastmain204.com.” 2019 taxes: $3,821. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 06/18/2020; Sold Date: 07/20/2020. (Photos and broker comments courtesy of Compass Aspen)
MLS #152158 – Larkspur, Central Core, 800 E Hopkins Avenue, Aspen, CO: Sold Price: $1,600,000/$1,111 sq ft; unfurnished. Sold Date: 07/15/2020. More details below photos.
MLS #152158 – Larkspur, Central Core, 800 E Hopkins Avenue, Aspen, CO: Sold Price: $1,600,000/$1,111 sq ft; unfurnished. Sold Date: 07/15/2020. THIS IS THE DEAL OF 2020 – YES. IT HAPPENS VERY OCCASIONALLY. A DEAL FALLS THROUGH, SELLER FATIGUE, PRICING ANOMALY. Aspen condos for sale. Ask Price: $2,195,000. (Original Price: $2,500,000 and 932 days on the market since 12/09/2017.) This is a 2015 remodeled, 2 bedroom/1 bath/1 half-bath/1 3/4-bath, 1,440 sq ft condo. Broker comments are “Centrally located this 2 bedroom 2 bath townhouse has been completely remodeled.An easy walk to the center of town and across the street from Heron Park.South facing open floor plan with views of Ajax allows natural light throughout the living room, kitchen, dining and sitting area. Wood burning fireplace. Pet friendly. Laundry room. Six month minimum rental restriction. Vacant, easy to show.” 2019 taxes: $4,455. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 07/01/2020; Sold Date: 07/15/2020. (Photos and broker comments courtesy of Weaver & Briscoe)
MLS #163107 – Horse Ranch, 179 Saddleback Lane, Snowmass Village, CO: Sold Price: $5,040,000/$1,005 sq ft. Sold Date: 07/24/2020. More details below photos.
MLS #163107 – Horse Ranch, 179 Saddleback Lane, Snowmass Village, CO: Sold Price: $5,040,000/$1,005 sq ft. Sold Date: 07/24/2020. Snowmass Village homes for sale. Ask Price: $5,485,000. (Original Price: $5,485,000 and 104 days on the market since 01/30/2020.) This is a 1999 built, 4 bedroom/4 bath/1 half-bath, 5,010 sq ft single family home with 2 car garage on a 1.02 acres lot. Broker comments are “Never been listed before. Prepare to be wowed with stunning, 180 degree views overlooking Snowmass Village and the surrounding mountains. Located at the end of a quiet cul-de-sac, this meticulously kept home sits on a premier Horse Ranch lot. The home features large, south facing great room windows that allow for all day light, a grand wood burning fireplace, a gourmet chef’s kitchen complete with a six-burner Viking range and double ovens, a home office, a workout room, a main floor master suite with a steam shower and jetted-tub, and three garden-level bedrooms that are all en-suite. The main level open floor plan was thoughtfully designed and allows for comfortable living and entertaining. This 1 acre corner lot borders the Rim Trail so you can start your adventure right from the house.” 2019 taxes: $14,445; HOA Dues: $190. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 06/24/2020; Sold Date: 07/24/2020. (Photos and broker comments courtesy of Compass Aspen)
MLS #162791 – Melton Ranch, 100 Terrace Lane, Snowmass Village, CO: Sold Price: $1,737,725/$562 sq ft; furnished. Sold Date: 07/20/2020. More details below photos.
MLS #162791 – Melton Ranch, 100 Terrace Lane, Snowmass Village, CO: Sold Price: $1,737,725/$562 sq ft; furnished. Sold Date: 07/20/2020. Snowmass Village homes for sale. Ask Price: $2,150,000. (Original Price: $2,150,000 and 182 days on the market since 01/20/2020.) This is a 1985 built and 2011 remodeled, 4 bedroom/4 bath, 3,092 sq ft single family home with 2 car garage on a 21,664 sq ft lot. Broker comments are “Charming mountain home nestled in Melton Ranch with glorious mountain and ski area views. Rim Trail hiking access out your front door! Meticulously maintained 4 bedroom 4 bathroom home with beautiful wood floors, vaulted wood ceilings and updated kitchen. Main floor master with attached art studio which allows for great flex space to the master. Guest suite on main level as well with wall of windows bringing nature inside. Lower level has 2 bedrooms/ 2 bathrooms plus den/ family room with access to the outdoor patio and hot tub. Wraparound deck to enjoy the mountain surroundings and lot has partially fenced yard. Mechanical is all updated to include solar aspects to heat hot water.” 2019 taxes: $6,498; HOA Dues: $150. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 04/20/2020; Sold Date: 07/20/2020. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Snowmass Village)
MLS #161356 – Assay Hill Lodge, 130 Wood Road 214, Snowmass Village, CO: Sold Price: $1,850,000/$830 sq ft; furnished. Sold Date: 07/23/2020. More details below photos.
MLS #161356 – Assay Hill Lodge, 130 Wood Road 214, Snowmass Village, CO: Sold Price: $1,850,000/$830 sq ft; furnished. Sold Date: 07/23/2020. Snowmass Village condos for sale. Ask Price: $2,395,000. (Original Price: $2,395,000 and 1,681 days on the market since 07/03/2015.) This is a 2010 built, 4 bedroom/3 bath, 2,227 sq ft condo. Broker comments are “Enjoy Ski in/Ski out access at the largest unit available at Assay Hill Lodge Condominiums at the base Of Snowmass Mountain in the heart of the new Base Village. 4 bedroom/3 bath – only 1 of 2 of its kind – brand new top of the line finishes, sold fully furnished and enjoy all the amenities at this full service building including – 2 restaurants/spa/pool/hot tub/ski valet/concierge.” 2019 taxes: $10,533; HOA Dues: $61,459. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 07/09/2020; Sold Date: 07/23/2020. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Snowmass Village)
MLS #163845 – Terrace House, 65 Campground Lane 62, Snowmass Village, CO: Sold Price: $585,000/$746 sq ft; unfurnished. Sold Date: 07/22/2020. More details below photos.
MLS #163845 – Terrace House, 65 Campground Lane 62, Snowmass Village, CO: Sold Price: $585,000/$746 sq ft; unfurnished. Sold Date: 07/22/2020. Snowmass Village condos for sale. Ask Price: $595,000. (Original Price: $595,000 and 105 days on the market since 04/08/2020.) This is a 1972 built and 2016 remodeled, 2 bedroom/2 bath, 784 sq ft condo. Broker comments are “For Those in Pursuit of the Mountain Lifestyle. Relax and unwind in this beautifully remodeled 2 bedroom, 2 bath Terrace House condo. Perfect in every way, it features an open floor plan, clawfoot tub, stainless steel appliances, fireplace, private ski locker, pool, hot tub and fitness center. Close to all of the new Snowmass amenities including: restaurants, shops, ice rink and miles of mountain biking and hiking trails, this ski- in ski-out condo is priced to sell.” 2019 taxes: $3,596; HOA Dues: $10,158. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 06/10/2020; Sold Date: 07/22/2020. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
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