The Estin Report: March 2016 Aspen Snowmass Real Estate Market Snapshot was released April 10, 2016inCurrent Reports. The Monthly Snapshots are posted on or near the 1st Monday of the month.
Excerptfrom the Mar 16 Aspen Snowmass Real Estate Market Snapshot:
“Bottom line: The market continued to tank in March. Aspen, which accounts for approximately 70% of total Aspen Snowmass combined sales, was down particularly hard… Buyer demand is off sharply contrasting with a rising inventory of properties for sale at ever-higher ask prices. A disconnect to be sure. Luxury sales of properties over $10M (approx. 30% of all sales dollars in 2015) plummeted -86% from (7) in Q1 2015 to (1) in Q1 2016. The single over $10M sale in the quarter was for a 4 bdrm penthouse condo at Monarch on the Park in downtown Aspen selling for $15M at an all-time record setting $4,275 sq ft. Buyers are seeing greater negotiating spread, and, for those sitting on the sidelines, this may be an opportune entry period. In Q1 2016, the total market is off just –3% from same time in 2014 which turned out to be the best in the 5 preceding years as well as the conclusive recession turnaround year.”
See recent Before/After redevelopment‘flip job’ examplesin Miscellaneous Info at the bottom of the Menu Bar on the left. These are properties that have been recently or are currently being redeveloped for re-sale. This post is updated (02/16/16) as additional re-sale properties come on the market at significantly higher prices.
Last week’s Aspen and Snowmass sales activity appears below. Scroll down the page for 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 search the blog archives by year and date to 2008. Or useSearchEstinAspenin the menu bar to search by topic, address, subdivision, complex, date, etc. If it’s about Aspen real estate, the information should be here.
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Market Activity Week 16, April 17 – 24, 2016
Aspen Snowmass real estate weekly sales and under contract activity appears below for all Aspen, Snowmass 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.
Closed (6):MLS#’s: 143323, 143025, 143637, 142676, 139556, 142462.This link is valid until 5/24/2016.
Under Contract/Pending (9):MLS#’s: 140161, 142976, 127952, 138750, 139837, 140192, 141269, 142445, 142724. This link is valid until 5/24/2016.
Aspen Snowmass Solds Last Week:
No Photo available in MLS for this River Park Townhouse in Aspen.
MLS #143323 – River Park, Central Core, 134 N Spring Street, Aspen, CO: Sold Price: $7,250,000/$1,345 sq ft; unfurnished. Asking Price: $7,500,000. (Original Price: $7,500,000 and 50 days on the market since 02/29/2016.) This is a 1992 built, 3 bedroom/4 bath/1 half-bath, 5,389 sq ft townhouse with 2 car garage. This unit has not been updated. The River Park Townhome is an extremely desirable semi-private, enclosed courtyard, underground parking complex in the center of Aspen. Broker comments are “This listing went under contract before it was listed in the MLS.” 2015 Taxes: $14,174; HOA Dues: $7,794 per Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 03/04/2016; Sold Date: 04/19/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #143025 – Victoria Square, West End, 730 W Bleeker Street Unit West, Aspen, CO: Sold Price: $5,200,000/$1,236 sq ft; furnished. More details below photos.
MLS #143025 – Victoria Square, West End, 730 W Bleeker Street Unit West, Aspen, CO: Sold Price: $5,200,000/$1,236 sq ft; furnished. Asking Price: $5,470,000. (Original Price: $5,470,000 and 44 days on the market since 03/08/2016.) This is a 1990 built and 2014 remodeled, 4 bedroom/4 bath/2 half-bath, 4,204 sq ft townhouse with 2 car garage. The property is located at the western edge of West Bleeker at Seventh St, abutting the S-Turn entry to Aspen. Broker comments are “Contemporary interiors juxtaposed with Victorian exterior. West End townhouse was completely rebuilt in 2014. Contemporary high-end designer finishes and decor in this rare new offering that lives like a single family home. Thoughtfully redone with four bedroom suites, 2 half baths and two living areas. State-of-the-art kitchen with Miele and Thermador appliances. Lots of natural sunlight and views of Shadow Mountain. Venetian plaster and Brazilian quarts, large windows, high ceilings and open floor plan.” 2016 Taxes: $12,148; HOA Dues: $600 per Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 04/01/2016; Sold Date: 04/21/2016. (Photos and broker comments courtesy of Douglas Elliman Real Estate-Hyman Ave)
No Photos available in MLS for this Single Family Residence, redevelopment opportunity, in Aspen.
MLS #143637 – Smuggler, 931 Gibson Avenue, Redevelopment opportunity, Aspen, CO: Sold Price: $3,598,200/$1,668 sq ft; unfurnished. Asking Price: $3,598,200. (Original Price: $3,598,200 and 254 days on the market since 08/10/2015.) This is a 1987 built, 4 bedroom/3 bath, 2,157 sq ft single family residence on a 15,497 sq ft lot. Older home on an oversized typically infers a redevelopment play. Broker comments are “Sold before MLS.” 2016 Taxes: $5,700. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 08/11/2015; Sold Date: 04/20/2016. (Photos and broker comments courtesy of BERKSHIRE HATHAWAY HomeServices | Aspen Snowmass Properties)
MLS #142676 – Aspen Airport Business Center, West Aspen, 209 Ventnor Avenue N, Aspen, CO: Sold Price: $335,000/$542 sq ft; unfurnished. More details below photos.
MLS #142676 – Aspen Airport Business Center, West Aspen, 209 Ventnor Avenue N, Aspen, CO: Sold Price: $335,000/$542 sq ft; unfurnished. Asking Price: $335,000. (Original Price: $335,000 and 66 days on the market since 02/15/2016.) This is a 1982 built, 1 bedroom/1 bath, 617 sq ft condo. Broker comments are “Nice AABC unit ideal for locals. Large front deck space with storage, and view, quiet and private. Dedicated parking spot. Laminate flooring, updated cabinetry, granite counter tops. Renter in place would like to stay. Currently paying $1750/m. 60 day move out clause. Living Room TV belongs to tenant and is excluded from sale. 2 exterior storage closets. Lease runs to 8/30/16 w/ a 60 day move out.” 2015 Taxes: $694; HOA Dues: $730 per Qtr. Under Contract Date: 02/20/2016; Sold Date: 04/21/2016. (Photos and broker comments courtesy of Douglas Elliman Real Estate-Hyman Ave)
MLS #139556 – Ridge Run, Snowmass Village, 352 Faraway Road, Snowmass Village, CO: Sold Price: $2,220,000/$520 sq ft; furnished. More details below photos.
MLS #139556 – Ridge Run, Snowmass Village, 352 Faraway Road, Snowmass Village, CO: Sold Price: $2,220,000/$520 sq ft; furnished. Asking Price: $2,465,000. (Original Price: $2,465,000 and 311 days on the market since 06/14/2015.) This is a 1989 built and 1993 remodeled, 4 bedroom/4 bath/1 half-bath, 4,267 sq ft single family residence with 2 car garage on a 45,301 sq ft lot. Broker comments are “A warm and inviting home set in a forested hillside conveniently located in lower Ridge Run. A thoughtful floorplan features the master suite and living spaces on the main level, and the second master, guest bedrooms and a generous family and game room on the lower level. Large picture windows throughout welcome the sunshine and frame views of the Brush Creek Valley. Winsome accents, stone details, and several decks create a treehouse environment of mountain fun. Meticulously maintained, this is the perfect headquarters for summer and winter activities. New roof installed 2011, with 50-yr materials guarantee.” 2015 Taxes: $8,307; HOA Dues: $90 per Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 10/09/2015; Sold Date: 04/20/2016. (Photos and broker comments courtesy of BERKSHIRE HATHAWAY HomeServices | Aspen Snowmass Properties)
MLS #142462 – Ridge, Snowmass Village, 229 Faraway Road 2, Snowmass Village, CO: Sold Price: $1,800,000/$658 sq ft; furnished. More details below photos.
MLS #142462 – Ridge, Snowmass Village, 229 Faraway Road 2, Snowmass Village, CO: Sold Price: $1,800,000/$658 sq ft; furnished. Asking Price: $1,895,000. (Original Price: $1,895,000 and 1,499 days on the market since 11/17/2010.) This is a 1982 built and 2008 remodeled, 4 bedroom/4 bath, 2,733 sq ft condo with 1 car garage. Broker comments are “This four bedroom condominium boasts the best ski access in the Ridge Complex, which leads right to the Assay Hill lift! It has big views of Mt. Daly and the Snowmass Ski Area as well as easy access to Base Village, the mall and Snowmass Center via the free village shuttle. The living space has vaulted ceilings and a spacious open floor plan. Each bedroom has an ensuite bathroom and ample hang out space. The complex has a pool and numerous hot tubs. The perfect ski get-a-way for the family. We are priced to sell quickly…a four bedroom at this price will not last long!!” 2015 Taxes: $5,812; HOA Dues: $2,790 per Qtr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 02/22/2016; Sold Date: 04/18/2016. (Photos and broker comments courtesy of Aspen Associates Realty)
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Disclaimer: The statements made in The Estin Report and on Aspen broker Tim Estin’s blog represent the opinions of the author and should not be relied upon exclusively to make real estate decisions. A potential buyer and/or seller is advised to make an independent investigation of the market and of each property before deciding to purchase or to sell. To the extent the statements made herein report facts or conclusions taken from other sources, the information is believed by the author to be reliable, however, the author makes no guarantee concerning the accuracy of the facts and conclusions reported herein. Information concerning particular real estate opportunities can be requested from Tim Estin at970.309.6163or byemail.The Estin Report is copyrighted 2016 and all rights reserved. Use is permitted subject to the following attribution with a live link to the source:“The Estin Reporton Aspen Real Estate.”
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