The August 2016 YTD and Summer 2016 Aspen Snowmass Real Estate Market Snapshots were posted on Fri Sep 10th in Current Reports.The Monthly Snapshots are usually posted on or near the 1st Monday of the month.
The Estin Report:2nd Quarter and 1st Half 2016State of the Aspen Real Estate Market with narrative, charts, tables photos was posted inCurrent Reportsas PDF (v6.6) late Wed. July 20. The print edition is available at kiosks around town, at Sothebys/415 E. Hyman Mall, at Sothebys/300 S. Spring St opposite the new Aspen Art Museum and at the airport.
Click cover above for Exec. Summary and full 28-Pg Report PDF
Excerpt from 2nd Qtr and 1st Half 2016 Report Executive Summary: (The recently posted June and July 2016 YTD Market Snapshots continue the trend of poor performance heading into August.)
“In the 1st Half of 2016, the combined Aspen Snowmass real estate market turned down suddenly and sharply. The total dollar volume of sales fell 43% from $700M in H1 2015 to $396M in H1 2016. Units sales, the more reliable indicator of market activity, dropped 38% from (230) sales in H1 2015 to (143) sales in H1 2016.
The Aspen real estate market alone, typically accounting for 70-80% of the total combined Aspen Snowmass marketplace but 66% in H1 2016, experienced its worst first half year since H1 2010 in unit sales and its worst in dollars sales since H1 2009 – periods in the grip of the economic crisis and indeed the bleakest of the bleak.
The 1st Half 2016 market performance is a stunning reversal from the sizzling market of 2015 when sales in a number of categories and neighborhoods were the best of the past ten years. The past 6 month slowdown combined with the increase of active listings for sale is a recipe for prices to fall.
At present, the market has shifted to the favor of buyers…“
See recent Before/After redevelopment‘flip job’ examplesin Miscellaneous Info Sectionat 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 (05/16/16) as additional re-sale properties come on the market at significantly higher prices.
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Market Activity Week 35, August 28 – September 4, 2016
‘Tis the season: it is typical to see a big seasonal spike in sales activity in later Aug. and Sep. as summer winds down and buyers step up to secure properties to be ready for the winter. The same thing happens at the end of the winter ski season with a big uptick in activity in Mar. and Apr. Last week, (16) properties went under contract following (20) the preceding week.
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 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.
Closed (11):MLS#s 142070, 141683, 134888, 135747, 138822, 139843, 142646, 142655, 144340, 144418, 145831.This link is valid until 10/4/2016.
Under Contract/Pending (10):MLS#s 112730, 140890, 138805, 140416, 139804, 143717, 143862, 144277, 144363, 144545.This link is valid until 10/4/2016.
Aspen Snowmass Solds Last Week:
MLS #144340 – Black Birch Estates, West Aspen, 1180 Black Birch, Aspen, CO. Sold Price: $9,850,000/$1,721 sq ft; unfurnished. More details below photos.
MLS #144340 – Black Birch Estates, West Aspen, 1180 Black Birch, Aspen, CO. Sold Price: $9,850,000/$1,721 sq ft; unfurnished. Asking Price: $9,950,000. (Original Price: $9,950,000 and 87 days on the market since 05/31/2016.) This is a 1990 built and 2013 remodeled, 4 bedroom/4 bath/1 half-bath, 5,722 sq ft single family residence with a 3 car garage on a 38,987 sq ft lot. Broker comments are “Surrounded by a grove of Aspen trees sits this award winning Rowland and Broughton designed home. Because the original house was larger than the current building code allows, the owners decided to remodel versus building from scratch. The result is a 5722 square foot modern home that incorporates the iconic gable form of the original house. Reclaimed wood from Montana is used both on the exterior and interior of the house. The contrast of the wood and modern elements such as standing seam metal siding, roofs and windows is striking. This light filled residence is enhanced by floor to ceiling glass windows and doors throughout. Vaulted ceilings and glass filled gables contribute to the feeling of a home that brings the outdoors inside. Although the general design is an open floor plan, the living room and kitchen are separate, yet part of a large entertaining area.” 2015 taxes: $14,530. Under Contract Date: 07/31/2016; Sold Date: 08/26/2016. (Photos and broker comments courtesy of Aspen Associates Realty)
MLS #145831 – Red Mountain Ranch, Red Mountain, 171 Hunter Creek Road Aspen, CO. Sold Price: $9,400,000/$1,196 sq ft; furnished. More details below photo.
MLS #145831 – Red Mountain Ranch, Red Mountain, 171 Hunter Creek Road Aspen, CO. Sold Price: $9,400,000/$1,196 sq ft; furnished. Asking Price: $9,400,000. (Original Price: $9,400,000 and 172 days on the market since 03/10/2016.) This is a 1981 built, 6 bedroom/6 bath/2 half-bath, 7,858 sq ft single family residence with a 3 car garage on a 31,122 sq ft lot. Broker comments are “Sold before MLS.” 2014 taxes: $11,917. Under Contract Date: 08/12/2016; Sold Date: 08/29/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #144418 – West End, 639 N Fourth Street, CO. Sold Price: $4,670,000/$1,322 sq ft; furnished. More details below photos.
MLS #144418 – West End, 639 N Fourth Street, CO. Sold Price: $4,670,000/$1,322 sq ft; furnished. Asking Price: $4,900,000. (Original Price: $4,900,000 and 86 days on the market since 06/06/2016.) This is a 1987 built, 5 bedroom/4 bath/1 half-bath, 3,531 sq ft single family residence with a 2 car garage on a 7,078 sq ft lot. Broker comments are “This Victorian style home, on a generous corner lot in the heart of the West End, was built in 1987 with an artistic collaboration between the owners, designers and contractors, from both Aspen and Denver. The 3,531sq ft interior features 5 bedrooms, 4-1/2 bathrooms and is furnished with beautiful period Victorian-style antique pieces, many of which will be available for purchase. The lot is over 7,000 sf and has a gracious yard. It is a stone’s throw from the Benedict Music Tent, and is located at the gateway to the Aspen Meadows campus, home of the Aspen Institute. Though the home is Victorian in its appointments inside and out, it is not a City of Aspen designated Victorian thus any modifications do not require oversight from the Historic Preservation Commission. This property is well-appointed, well-priced, and won’t be on the market for long. Floor area drawings with square footage calculations and a survey are available.” 2015 taxes: $15,196. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 07/02/2016; Sold Date: 08/31/2016. (Photos and broker comments courtesy of Stirling Peak Properties, LLC)
MLS #141683 – Aspen Highlands, West Aspen, 202 Prospector Road, CO. Sold Price: $4,350,000/$879 sq ft; furnished. More details below photos.
MLS #141683 – Aspen Highlands, West Aspen, 202 Prospector Road, CO. Sold Price: $4,350,000/$879 sq ft; furnished. Asking Price: $4,500,000. (Original Price: $4,500,000 and 291 days on the market since 11/16/2015.) This is a 2008 built, 4 bedroom/4 bath/2 half-bath, 4,945 sq ft townhouse with a 2 car garage on a 36,155 sq ft lot. Broker comments are “Enjoy direct world-class ski-in/ski-out access to Aspen Highlands from this newer beautifully appointed Thunderbowl Townhome. High-end finishes include distressed oak flooring throughout, granite and marble, and plaster walls. A long-term rental is in place through fall 2017.” 2014 taxes: $19,841; HOA Dues: $5,370. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 07/24/2016; Sold Date: 09/02/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #142646 – West End, 626 W Francis Street, CO. Sold Price: $3,824,000/$2,076 sq ft; furnished. More details below photos.
MLS #142646 – West End, 626 W Francis Street, CO. Sold Price: $3,824,000/$2,076 sq ft; furnished. Asking Price: $4,950,000. (Original Price: $4,950,000 and 202 days on the market since 02/11/2016.) This is a 1962 built and 2016 remodeled, 3 bedroom/2 bath/1 half-bath, 1,842 sq ft duplex/half duplex with a 1 car garage on a 9,000 sq ft lot. Broker comments are “Look no further for the perfect West End retreat. Three bedroom contemporary remodel (inside and out) with a private back yard for entertaining or peaceful meditation. Elegant finishes, choice appliances and a great layout combine for the ideal sanctuary in the heart of Aspen’s premier neighborhood! Construction is complete and furnishings are in.” 2015 Taxes: $5,451; HOA Dues: TBD. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 08/31/2016; Sold Date: 08/31/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #142655 – West Aspen, 982 Cemetery Lane, CO. Sold Price: $1,675,000/$736 sq ft; unfurnished. More details below photos.
MLS #142655 – West Aspen, 982 Cemetery Lane, CO. Sold Price: $1,675,000/$736 sq ft; unfurnished. Asking Price: $1,749,000. (Original Price: $1,749,000 and 364 days on the market since 04/22/2015.) This is a 1964 built and 2008 remodeled, 3 bedroom/3 bath, 2,273 sq ft duplex/half duplex. Broker comments are “Aspen Single Family Living. Charming 1/2 duplex with private, fenced front and back yards. All one level, on the bus route. Best priced 1/2 duplex in the school district.” 2015 Taxes: $3,625. Under Contract Date: 06/13/2016; Sold Date: 09/01/2016. (Photos and broker comments courtesy of Douglas Elliman Real Estate-Hyman Ave)
MLS #138822 – Ridge Run, 99b North Ridge Lane B, Snowmass Village, CO: Sold Price: $1,262,500/$505 sq ft; partial-furnished. More details below photos.
MLS #138822 – Ridge Run, 99b North Ridge Lane B, Snowmass Village, CO: Sold Price: $1,262,500/$505 sq ft; partial-furnished. Asking Price: $1,399,000. (Original Price: $1,550,000 and 486 days on the market since 05/01/2015.) This is a 1979 built and 1990 remodeled, 4 bedroom/3 bath/1 half-bath, 2,499 sq ft duplex/half duplex with 1 car garage. Broker comments are “Located in the Aspen School District, this four bedroom duplex has great space and location. Almost 2,500 square feet on three levels, this property offers separation of bedrooms from the gathering level. The kitchen was updated with stainless steel appliances and granite countertops. Loft area on the upper level is ideal for an office or play area. Vaulted ceilings and sky lights provide ample natural light year round. There is a deck that steps down to a patio area that offers a private yard area within easy walking distance to the Owl Creek Road bike path. Additional benefits include low HOA fees, shared driveway, one-car garage and a woodburning fireplace. Garage can be expanded to 700 sq. ft.” 2015 Taxes: $3,622; HOA Dues: $90 per Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 06/17/2016; Sold Date: 08/29/2016. (Photos and broker comments courtesy of Douglas Elliman Real Estate-SMV)
MLS #135747 – Ridge, 229 Faraway Road 28, Snowmass Village, CO: Sold Price: $1,150,000/$809 sq ft; furnished. More details below photos.
MLS #135747 – Ridge, 229 Faraway Road 28, Snowmass Village, CO: Sold Price: $1,150,000/$809 sq ft; furnished. Asking Price: $1,225,000. (Original Price: $1,395,000 and 748 days on the market since 08/14/2014.) This is a 1985 built and 2013 remodeled, 2 bedroom/2 bath, 1,420 sq ft townhome. Broker comments are “This is the most premier, professionally designed and furnished 2-Bedroom Ridge Townhome available. Enjoy sweeping, drop-dead views of Mt. Daly. Open the glass doors from the living room and master suite to generously sized elevated decks. With high ceilings and spacious bedrooms and living areas, this layout is exceptional. Private one-car covered parking and ample storage are included with this property. The townhome comes completely furnished, turn-key.” 2015 Taxes: $3,149; HOA Dues: $1,448 per Qtr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 07/22/2016; Sold Date: 08/31/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Snowmass Village)
MLS #139843 – Country Club Villas, 294 Snowmass Club Circle 1209, Snowmass Village, CO: Sold Price: $1,050,000/$532 sq ft; unfurnished. More details below photos.
MLS #139843 – Country Club Villas, 294 Snowmass Club Circle 1209, Snowmass Village, CO: Sold Price: $1,050,000/$532 sq ft; unfurnished. Asking Price: $1,125,000. (Original Price: $1,395,000 and 428 days on the market since 07/01/2015.) This is a 1981 built and 2015 remodeled, 3 bedroom/2 bath/1 half-bath, 1,972 sq ft condo. Broker comments are “Motivated seller, bring offers. This is the ultimate Snowmass Club unit – completely remodeled top to bottom with a contemporary design featuring clean lines and stunning finishes and all new appliances. The large master has a private deck and walk in closet. The large loft, with new stair access, provides additional room for your semi private office/den/media room. The home features huge decks for the best in outdoor living with views of the Snowmass Golf Course, Mt Daly and looking up Snowmass Mtn. One carport parking spot included for convenience. This is the best in luxury living in both summer & winter. Walk across the street to the Snowmass Club and Golf Course. Take the Snowmass shuttle steps from your door to the slopes.” 2014 Taxes: $3,025; HOA Dues: $4,938 per Qtr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 08/08/2016; Sold Date: 09/01/2016. (Photos and broker comments courtesy of EAngels & Volker).
MLS #134888 – Capitol Peak, 110 Carriage Way 3301, Snowmass Village, CO: Sold Price: $850,000/$778 sq ft; furnished. More details below photos.
MLS #134888 – Capitol Peak, 110 Carriage Way 3301, Snowmass Village, CO: Sold Price: $850,000/$778 sq ft; furnished. Asking Price: $920,000. (Original Price: $895,000 and 781 days on the market since 06/23/2014.) This is a 2008 built, 2 bedroom/2 bath, 1,092 sq ft condo. Broker comments are “This fully furnished, large 2-bedroom condominium residence is located in the coveted ‘A’ Building of Capitol Peak in Snowmass’ premier ski-in/out location, Base Village. Generously sized living, kitchen and dining space define this property. 3301 enjoys a corner location with views to the west taking in beautiful sunset vistas. This is the best located two bedroom in Base Village. Clearly the best opportunity to own in Base Village under $1M.” 2015 Taxes: $5,925; HOA Dues: $4,134 per Qtr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 08/06/2016; Sold Date: 08/29/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Snowmass Village)
MLS #142070 – Snowmass Mountain, 55 Upper Woodbridge Road K6, Snowmass Village, CO: Sold Price: $763,000/$522 sq ft; partial-furnished. More details below photos.
MLS #142070 – Snowmass Mountain, 55 Upper Woodbridge Road K6, Snowmass Village, CO: Sold Price: $763,000/$522 sq ft; partial-furnished. Asking Price: $789,000. (Original Price: $789,000 and 252 days on the market since 12/21/2015.) This is a 1973 built and 2007 remodeled, 3 bedroom/3 bath, 1,461 sq ft condo. Broker comments are “This top corner unit has spectacular views of Snowmass Ski area and the Brush Creek Valley from EVERY room. The vaulted ceilings in the living area, master bedroom and office add to the feel that it truly is one of the largest condos in the Snowmass Mountain Complex. It offers outstanding location to the slopes and market, convenient shuttle service, and great patio space to lounge and take in the huge views. This property is well maintained, has an outdoor pool and spa as well as on-site property management, conference center, and COVERED PARKING! Once you see the exceptional value for the spaciousness that comes with this condo, you will realize, this is an opportunity to make that mountain getaway dream a reality.” 2014 Taxes: $1,566; HOA Dues: $2,547 per Qtr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 06/18/2016 Sold Date: 08/29/2016. (Photos and broker comments courtesy of Snowmass Select Properties)
Recent Estin Report tweets on Aspen Real Estate
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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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