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 14, April 3 – 10, 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 (7):MLS#’s:136528, 130044, 141924, 123680, 143397, 139207, 139635.This link is valid until 5/10/2016.

Under Contract/Pending (8):MLS#’s:141967, 141932, 137061, 140986, 142663, 142798, 143152, 143228. This link is valid until 5/10/2016.

Aspen Snowmass Solds Last Week:

MLS #139635 – Garet Condos, West End, 222 W Hopkins Avenue #6, Aspen, CO: Sold Price: $3,250,000/$1,492 sq ft; unfurnished. More details below photos.

MLS #139635 – Garet Condos, West End, 222 W Hopkins Avenue #6, Aspen, CO: Sold Price: $3,250,000/$1,492 sq ft; unfurnished. Asking Price: $3,250,000. (Original Price: $3,999,999 and 628 days on the market since 01/16/2013.) This is a 1980 built and 2015 remodeled, 4 bedroom/3 bath/1 half-bath, 2,177 sq ft condo with 1 car garage. Broker comments are “Located along the Hopkins Avenue pedestrian thoroughfare this completely remodeled residence is an ideal property for anyone wanting a new product in a great location. Only 1.5 blocks to Paepcke Park and 3.5 blocks to “restaurant row” downtown Aspen without ever having to cross Main Street. 4 bedrooms, 3.5 baths and brand new 1 car garage. Private decks with amazing south facing views of Aspen and Shadow Mountains as well a small private fenced back yard ideal for pets. Vaulted ceilings in the living room and master bedroom the upper level is a masterpiece of living space with tremendous views. The ground floor/main level has 3 bedrooms and 1 full bath (1 bedroom could be an office or “gear room”). The basement/lower level could serve as a 5th bedroom.” 2015 Taxes: $4,300; HOA Dues: $1,179 per Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 03/07/2016; Sold Date: 04/07/2016. (Photos and broker comments courtesy of Douglas Elliman Real Estate-Hyman Ave)

MLS #139207 – West Aspen, 950 Cemetery Lane, Aspen, CO: Sold Price: $2,125,000/$866 sq ft; partial-furnished. More details below photos.

MLS #139207 – West Aspen, 950 Cemetery Lane, Aspen, CO: Sold Price: $2,125,000/$866 sq ft; partial-furnished. Asking Price: $2,195,000. (Original Price: $2,395,000 and 257 days on the market since 02/16/2015.) This is a 1975 built and 2007 remodeled, 4 bedroom/3 bath/1 half-bath, 2,451 sq ft duplex/half duplex. Broker comments are “Presenting an incredible opportunity to move into a beautiful 1/2 duplex on Cemetery Lane in Aspen, Colorado. The home has wonderful views of both Aspen and Aspen Highlands ski areas from your living room or the large second floor decks. Soak in the covered hot tub and relax after a day on the slopes. This home is priced to move and is one of only a few options under 2.5m Aspen. You won’t need to do anything to this home, it has been well taken care of and is move-in ready.” 2014 Taxes: $3,334. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 02/27/2016; Sold Date: 04/08/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)

MLS #143397 – Independence Square, Central Core, 404 S Galena Street 302, Aspen, CO: Sold Price: $495,000/$1,650 sq ft; furnished. More details below photos.

MLS #143397 – Independence Square, Central Core, 404 S Galena Street 302, Aspen, CO: Sold Price: $495,000/$1,650 sq ft; furnished. Asking Price: $495,000. (Original Price: $495,000 and 50 days on the market since 02/11/2016.) This is a 1889 built and 2013 remodeled, 1 bath, 300 sq ft condo. Broker comments are “Recently Remodeled Unit in the historic Independence Building, above Ralph Lauren overlooking Cooper Ave Mall & Paradise bakery. Views of Red Mountain. Nicely appointed and cozy – Contemporary comfort makes this a highly requested rental unit.” 2015 Taxes: $1,007; HOA Dues: $3,004 per Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 02/11/2016; Sold Date: 04/01/2016. (Photos and broker comments courtesy of Coldwell Banker Mason Morse-Aspen)

MLS #123680 – Pines @ Owl Creek, Snowmass Village, 521 Pine Crest Drive, Snowmass Village, CO: Sold Price: $4,500,000/$813 sq ft; furnished. More details below photos.

MLS #123680 – Pines @ Owl Creek, Snowmass Village, 521 Pine Crest Drive, Snowmass Village, CO: Sold Price: $4,500,000/$813 sq ft; furnished. Asking Price: $5,950,000. (Original Price: $7,395,000 and 2,103 days on the market since 07/02/2010.) This is a 2000 built, 5 bedroom/5 bath/1 half-bath/1 3/4 bath, 5,530 sq ft single family residence with 2 car garage on a 31,799 sq ft lot. Broker comments are “This custom built residence is surrounded by Pine and Aspen trees,located in the ski in/ski out Pines neighborhood. A great open floorplan with 5530 sq. ft, 5 bedrooms, 5 bathrooms, an abundance of light, and beautifully furnished.” 2010 Taxes: $22,528; HOA Dues: $5,342 per Month. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 12/26/2015; Sold Date: 04/05/2016. (Photos and broker comments courtesy of Alpine Real Estate, Inc)

MLS #141924 – Country Club Homes, Snowmass Village, 86 St. Andrews Court 73, Snowmass Village, CO: Sold Price: $2,600,000/$894 sq ft; furnished. More details below photos.

MLS #141924 – Country Club Homes, Snowmass Village, 86 St. Andrews Court 73, Snowmass Village, CO: Sold Price: $2,600,000/$894 sq ft; furnished. Asking Price: $2,896,000. (Original Price: $2,896,000 and 122 days on the market since 12/07/2015.) This is a 1985 built and 2002 remodeled, 3 bedroom/1 bath/3 3/4 bath, 2,907 sq ft townhouse. Broker comments are “Possibly the best end unit at Country Club Townhomes. Private cul-de-sac location with views from every window. Situated on Brush Creek stream with two South-facing stone patios. Large, flat yard, perfect for children. Magnificent views of ski area overlooking 15th fairway of golf course. Mature landscaping. Commercial grade dumb waiter in garage for grocery transport to kitchen.” 2015 Taxes: $6,922; HOA Dues: $4,900 per Qtr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 03/03/2016; Sold Date: 04/07/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Snowmass Village)

MLS #130044 – Countryside, Snowmass Village, 0106 Clubhouse Unit 171, Snowmass Village, CO: Sold Price: $1,725,000/$776 sq ft; furnished. More details below photos.

MLS #130044 – Countryside, Snowmass Village, 0106 Clubhouse Unit 171, Snowmass Village, CO: Sold Price: $1,725,000/$776 sq ft; furnished. Asking Price: $1,845,000. (Original Price: $2,190,000 and 980 days on the market since 05/27/2013.) This is a 2005 built and 2010 remodeled, 4 bedroom/4 bath/1 half-bath, 2,222 sq ft townhouse. Broker comments are “Not your average Countryside Residence. This Beautifully remodeled, and appointed Four Bedroom Residence is perfectly situated with easy access to the Snowmass Club and upgraded finishes & furnishings throughout. Upgrades Include New Furnishings, Bedding, Drapes, Lighting, TV’s, Electronics & More. Over $240k in upgrades spent in 2010. Countryside was completed in 2005 and boasts (11) individually owned 3, 4 & 5 bedroom Residences. Underground Parking, Storage and easy access to the Snowmass Club.” 2014 Taxes: $6,964; HOA Dues: $7,250 per Qtr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 01/27/2016; Sold Date: 04/05/2016. (Photos and broker comments courtesy of Alpine Real Estate, Inc)

MLS #136528 – Seasons 4, Snowmass Village, 35 Lower Woodbridge Road B107, Snowmass Village, CO: Sold Price: $432,000/$455 sq ft; furnished. More details below photos.

MLS #136528 – Seasons 4, Snowmass Village, 35 Lower Woodbridge Road B107, Snowmass Village, CO: Sold Price: $432,000/$455 sq ft; furnished. Asking Price: $449,000. (Original Price: $469,000 and 810 days on the market since 08/20/2013.) This is a 1971 built and 2010 remodeled, 2 bedroom/2 bath, 948 sq ft condo. Broker comments are “Clean. Cute. Comfortable. Convenient. This fully furnished condo has everything you want and need. Two large bedrooms and two baths, granite counters, hickory cabinets, energy efficient appliances, gas range, in unit washer and dryer and a wood burning fireplace. The HOA has completed improvements to the exterior, roof, pool area and everyone has brand new windows…yet the dues are very low. The free shuttle to everywhere is steps away. And so is this condo…there are not many stairs to the front door.” 2015 Taxes: $1,252; HOA Dues: $1,415 per Qtr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 02/11/2016; Sold Date: 04/05/2016. (Photos and broker comments courtesy of Shane Aspen Real Estate)

Tim Estin welcomes your business, inquiries and comments. Call him at970.309.6163or email him from theContact Page. Subscribe to The Estin Report and blog on twitter@EstinAspenby clicking “Join the conversation” button below or click one of the different subscription options in banner at the top of page:

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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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