April 26 – May 3, 2009 Market Activity: Closed (2) and Pending (4)
Link to these (6) Listings This link is valid until 6/3/2009
Closed (2):
MLS #110668 – 860 Cemetery Ln,#101 Aspen II Duplex. Ask Price: $1.5M; Sold Price: $1.475M (-46% from original price, sold at $664 sq ft). 4 Bdrm/3 Ba, 2,220 sq ft, Originally priced at $2.75M on 1/28/08. 415 days on market.
MLS #109952 – Tbd W. Bleeker vacant lot (corner 4th & W.Bleeker). Ask Price: $3.5M; Sold Price: $3.3M (-6% of Ask, -30% off original price of $4.7M). Lot size 7,500 sq ft. Lot size 7,500 sq ft. Days on Market approx 2 yrs, on and off market, Price history:originallly $4.7M, reduced to $3.89M on 3/10/09.
Under Contract/Pending (4):
MLS #108530 – 416H Pacific Ave #4, Alpine Grove Condos, Airport Business Center (AABC). Ask Price: $610,000.($799 sq ft). 2 Bdrm/1 Ba, 763 sq ft, 145 days on market.
MLS #109487 – 1039 E. Cooper #30-A, Chateau Roaring Fork Condos. Ask Price: $1.995M ($1,797 sq ft). 3 Bdrm/2Ba, 1,110 sq ft. Corner top floor unit with dramatic view of river. 84 days on market.
MLS #100740 Under Contract – 798 Mountain Laurel Dr., Ask Price: $2.5M. 3Bdrm/2Ba older early ’70’s tear down home, 1,110 sq ft. 604 days on market. Lot value sale.
MLS #108779 – 35 Upper Woodbridge Rd #7, Woodbridge Condos, Snowmass Village. Ask Price: $635,000. ($687 sq ft). 2B/2Ba, 924 sq ft, 132 days on market.
Since late Feb., there has been a significant increase in vacant lots or teardown home sales selling at essentially lot value. There have been approximately (10) of these sales or under contracts, up from the meager (3) solds in this category during the 1st Quarter 2009 shown on the chart below.
Vacant Residential Land: Aspen, Snowmass, Woody Creek & Old Snowmass
Year $ Volume (%ch) Sold Transactions (%ch) %off Ask* DOM**
1Q09 9,400,000. 3 -10% 585
2008 23,900.000.(-86%) 20 (-57%) -8% 311
2007 166,000,000.(-13%) 47 (-24%) -12% 244
2006 190,000,000.( +3%) 62 (-7%) -6% 339
2005 185,000,000.(+95%) 67 (+29%) -4% 422
2004 95,000,000. 52 -10% 318
*% off Ask = Sold price discounted from ask price; **DOM=Days on Market; %ch=Percent change year over year. This Chart may NOT include “teardown single family homes” that are likely selling at lot value. This would require the property to be listed twice, as vacant lot sale and single family home sale. The Estin Report: Vacant Residential Land – Aspen, Snowmass Village, Woody Cr., Old Snowmass May 4, 09 (Source: Aspen/Glenwood MLS)
Summary of Lot Related Sales Activity Since Late Feb. ’09:
Link to these (10) Pending or Sold Listings This link is valid until 6/3/09
(109952, 100740, 105740, 109816, 109794, 110334, 107134, 110210, 106118, 107457)
April 26 – May 3, 2009
MLS #109952 Sold -Tbd W. Bleeker vacant lot (corner 4th & W.Bleeker). Ask Price: $3.5M; Sold Price: $3.3M (-6% of Ask, -30% off original price of $4.7M). Lot size 7,500 sq ft. Lot size 7,500 sq ft. Days on Market approx 2 yrs, on and off market, Price history:originally $4.7M, reduced to $3.89M on 3/10/09.
MLS #100740 Under Contract – 798 Mountain Laurel Dr., Ask Price: $2.5M. 3Bdrm/2Ba older early ’70’s tear down home, 1,110 sq ft. 604 days on market. Lot value sale.
April 12-19, 2009
MLS # 105740 Sold – 59 Meadow Ranch, Melton Ranch home, Snowmass Village – Ask Price: $1,700,000; Sold Price: $1,250,000. ($289 sq ft, – 26% off Ask, Original Price: $2,795,000). 3B/2Ba, 4313 sq ft, built 1969/remodeled 2001. Days on market 303.This property was under contract last fall at $2.495M ask price. It fell out in Dec, the sellers had already moved and dropped price in early Jan to $1.7M. This very livable home received much attention because of the dramatic price drop. It became known as a highly motivated and probable “lot value” sale. But due to so few “lot” or “teardown” sales, lot value was difficult to determine.
This sale is noteworthy for a number of reasons, however it’s important to ask, “Is this sale an anomaly or a real new market level?” Whatever the answer, the sale will be impossible to ignore by the market and by appraisers:
1) Discount from original price, -55%
2) The low closing price setting a new marker for entrry level, “starter”, single family homes within the Aspen School District.
3) For Snowmass residential lot valuation.
MLS # 109816 Under Contract- 75 Bluebonnet, Meadowood 1989 home in beautiful mature Aspen open space subdivision. Ask Price: $4,250,000. ($1402 sq ft, reduced -26% from $5.75M). 4B/3Ba,3030 sq ft with approval for 2500 sq ft additional, 1/2 acre lot. Pricing history: Original: $5.99M, then $5.75M, now $4.25M. 414 days on market. This is not a teardown, but it appears sale will be just slightly above lot value.
MLS # 109794 Under Contract – 199 Capitol Cr. Rd, river frontage in Old Snowmass, CO 81654 – Ask Price: $897,000. 2Bdrm/2Ba, 1821 sq ft, 1.29 acres with year round creek. 50 days on market. Well priced, Very sweet and charming waterfront property.
April 5-12, 2009
MLS #110334 Under Contract – Dble Bar X lot Ask Price: $4.495M to close in June. At least 2.5 yrs on market.
MLS #107134 Under Contract- Meadowood single family 1972 home on 1/2 acre lot. Ask Price: $2.9M; Original Price: $3.9M. Days on market, 251.While house is livable, sale is basically at lot value.
March 29- April 5, 2009
MLS # 110210:Sold – (4) Little Annie mining claims at 10 acres each claim for total 40 acres on the backside of Aspen Mountain. Ask Price: $1.95M; Sold Price: $1.95M, 28 days on market. This is an “off the grid” land sale.
March 8 -15, 2009
MLS #106118: Sold. TBD Snowmass Creek Rd. Ask Price: $4.75M; Sold Price $4.1M (-14% off ask). Days on Market 246. This is only the 2nd lot sale in 2009, With this sale, there have been only a total of 11 lot sales since Jan 1, 2008
Feb 22 – Mar 1, 2009
MLS # 107457 Under Contract- 606 S. Starwood Dr, Aspen. Ask price $2.995M.($1,017 sq. ft.).3 Bdrm/2 Bath, 2,945 sq ft. Remodeled and promoted as “Best Aspen Deal under $3M” with views and big redevelopment rights for the lot as hedge (protection)..lot value teardown or starter home? 132 days on market.
See also Dec 19, 2008 Aspen Appraisal Group’s notes on Vacant Land Sales
