The Estin Report:2nd Quarter and 1st Half 2016State of the Aspen Market with narrative, charts, tables photos was posted inCurrent Reportsas PDF (v6.6) late Wed. July 20. A Denver Post article on the Aspen real estate market’s “nosedive” appeared in the Sat Aug 12, 2016 paper citing this report. 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 luggage area rack at the airport.The June and July Market Snapshots are now posted.The Monthly Snapshots are posted on or near the 1st Monday of the month but June was late due to work on the half year report.
Click cover above for Exec. Summary and full 28-Pg Report PDF
Excerpt from 2nd Quarter 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 33, August 14 – 21, 2016
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 (8):MLS#s 143076, 144414, 144417, 144972, 138045, 145645, 145190, 144683.This link is valid until 9/20/2016.
Under Contract/Pending (20):MLS#s 141013, 140406, 144292, 141260, 139835, 139843, 140299, 142850, 144186, 144214, 144421, 144644, 144716, 144717, 144755, 144839, 144929, 145007, 145634, 145655.This link is valid until 9/20/2016.
Aspen Snowmass Solds Last Week:
MLS #143076 – West End, 319 W Bleeker Street, Aspen, CO. Sold Price: $10,900,000/$1,978 sq ft; furnished. More details below photos.
MLS #143076 – West End, 319 W Bleeker Street, Aspen, CO. Sold Price: $10,900,000/$1,978 sq ft; furnished. Asking Price: $12,000,000. (Original Price: $12,000,000 and 209 days on the market since 01/22/2016.) This is a stunning 2012 built, 6 bedroom/6 bath/2 half-bath, 5,508 sq ft single family residence with 2 car garage on a 6,000 sq ft lot. Broker comments are “This beautiful home sits on a prime SW corner lot and is a few blocks to the Hotel Jerome and downtown. Built in 2012, the home features 6 bedrooms, 6 baths and two powder rooms. The modern finishes are of the absolute highest level, very tasteful and with clean lines. There are beautiful views of Aspen Mountain from the kitchen, dining and living areas. There is a large deck with fireplace and built in grill off of the kitchen and living areas. A spiral staircase goes down from the deck to a large patio at ground level. There are four bedrooms above grade, a large mud room and a two car garage. The lower level features a family room with wet bar and pool table as well as a separate media room. On the lower level there is an exercise room, large steam room/shower, laundry room and two bunk rooms.” 2016 taxes: $29,037. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 07/06/2016; Sold Date: 08/18/2016. (Photos and broker comments courtesy of Aspen Associates Realty)
MLS #144414 – Monarch on the Park, Central Core, 233 E Cooper Avenue Unit C-1, Aspen, CO. Sold Price: $6,000,000/$2,245 sq ft; furnished. More details below photos.
MLS #144414 – Monarch on the Park, Central Core, 233 E Cooper Avenue Unit C-1, Aspen, CO. Sold Price: $6,000,000/$2,245 sq ft; furnished. Asking Price: $6,595,000. (Original Price: $6,595,000 and 72 days on the market since 06/06/2016. Seller paid $4M/$1,497 sq ft on 12/30/08, +50% gain…testament to the high prices new and like-new Aspen Core product is selling at. On 02/05/16, Penthouse #1 (Unit P-1) in the same bldg sold at an all-time downtown Aspen record price per sq ft, $15M/$4,275 sq ft.) This is a 2008 built, 3 bedroom/3 bath/1 half-bath, 2,672 sq ft condo. Broker comments are “Just steps from the pulse and excitement of downtown Aspen, there may be no better location than this. Situated directly across from Wagner Park, the residences at Monarch on the Park provide the quintessential in-town living experience. Offering nearly 2700 square feet on one level, the generous and open floor plan features a spacious great room with gas-burning fireplace, gourmet kitchen with island seating, office, and three en suite bedrooms with private exterior entrances to the master and guest master suites. Inclement weather need not be a worry with two dedicated spaces in the shared parking garage accessed through the unit’s back door. A fenced private patio with views of Shadow Mountain on the quiet side of the building add to this sophisticated urban lifestyle.” 2015 taxes: $9,796; HOA Dues: $4,687 per Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 07/23/2016; Sold Date: 08/17/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #144417 – Fasching Haus, Central Core, 747 S Galena Street #390, Aspen, CO. Sold Price: $1,425,000/$1,319 sq ft; furnished. More details below photos.
MLS #144417 – Fasching Haus, Central Core, 747 S Galena Street #390, Aspen, CO. Sold Price: $1,425,000/$1,319 sq ft; furnished. Asking Price: $1,495,000. (Original Price: $1,549,000 and 70 days on the market since 06/06/2016.) This is a 1969 built and 2013 remodeled, 3 bedroom/3 bath, 1,080 sq ft condo. Broker comments are “Top floor, courtyard side 2 bed/den/3 bath. Includes furnishings, nicely updated-excellent association amenities!” 2015 taxes: $2,831; HOA Dues: $4,013 per Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 07/06/2016; Sold Date: 08/15/2016. (Photos and broker comments courtesy of Berkshire HathawayHome Services | Aspen Snowmass Properties)
MLS #144972 – Aspen Villas, West End, 814 W Bleeker Place B-1, Aspen, CO. Sold Price: $1,225,000/$902 sq ft; unfurnished. More details below photos.
MLS #144972 – Aspen Villas, West End, 814 W Bleeker Place B-1, Aspen, CO. Sold Price: $1,225,000/$902 sq ft; unfurnished. Asking Price: $1,275,000. (Original Price: $1,275,000 and 43 days on the market since 07/05/2016.) This is a 1972 built and 2011 remodeled, 3 bedroom/3 bath, 1,357 sq ft townhouse. Broker comments are “Beautifully appointed, 2011 remodeled, 3 bed/ bath with one of the quietest locations in the complex tucked in the trees and far from the road. Main level features an open floor plan with hardwood floors, maple cabinetry, slab granite countertops, stainless appliances, built-in speakers, in floor radiant heat, leaded glass doors and a steel surrounded gas fp. The stylish wrought iron handrail to the upper level which includes the master suite which has a large walk-in outfitted closet, large Kohler soaking tub with rain showerhead, marble tiles and euro glass as well as a second bedroom, ¾ bath with tumbled marble tiles and glass block. . The lower level has a large open bedroom with rolling door for privacy, ¾ bath and laundry room. Outside enjoy the built-in gas grill, the adorable patio, perennial gardens in front and back and the seasonal stream. Owners may have a dog, low HOA fees. An easy bike or walk to downtown or take the free bus a block away.” 2015 taxes: $2,684; HOA Dues: $1,700 per Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 07/15/2016; Sold Date: 08/17/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #138045 – Aspen Square, Central Core, 617 E Cooper Avenue Unit #224, Aspen, CO. Sold Price: $715,000/$1,441 sq ft; furnished. More details below photos.
MLS #138045 – Aspen Square, Central Core, 617 E Cooper Avenue Unit #224, Aspen, CO. Sold Price: $715,000/$1,441 sq ft; furnished. Asking Price: $749,000. (Original Price: $749,000 and 528 days on the market since 03/10/2015.) This is a 1969 built and 2010 remodeled, 1 bath, 496 sq ft condo. Broker comments are “Completely remodeled contemporary studio at Aspen’s best location in the center of town with views from your private deck from Starwood to Smuggler. Unit features an upgraded U-shaped kitchen design with stainless steel appliances, walnut cabinetry with matching stainless pulls, solid slab granite countertops and full mosaic stone tile backsplash. Wood-burning fireplace with custom mosaic stone tile and slate hearth. Across the street from the Silver Queen Gondola and walking distance to Aspen’s best shopping and restaurants. Excellent rental history. Aspen Square Hotel amenities include concierge service, new courtyard with pool, two hot tubs and fire pit, convention and fitness room, daily maid service and air conditioning.” 2014 taxes: $1,385; HOA Dues: $18,957. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 06/17/2016; Sold Date: 08/19/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #145645 – Winfield Arms, Central Core, 119 E Cooper Avenue Unit #19, Aspen, CO. Sold Price: $445,000/$1,444 sq ft. More details below photo.
MLS #145645 – Winfield Arms, Central Core, 119 E Cooper Avenue Unit #19, Aspen, CO. Sold Price: $445,000/$1,444 sq ft. Asking Price: $445,000. (Original Price: $445,000 and on the market since 07/19/2016.) This is a 1969 built, 1 bath, 308 sq ft condo. Broker comments are “Sold before MLS.” 2015 taxes: $1,069. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 07/19/2016; Sold Date: 07/19/2016. (Photos and broker comments courtesy of Frias Properties of Aspen)
MLS #145190 – 914 Waters, Central Core, 914 Waters Avenue 5, Aspen, CO. Sold Price: $315,000/$1,254 sq ft; unfurnished. More details below photos.
MLS #145190 – 914 Waters, Central Core, 914 Waters Avenue 5, Aspen, CO. Sold Price: $315,000/$1,254 sq ft; unfurnished. Asking Price: $325,000. (Original Price: $325,000 and 32 days on the market since 07/14/2016.) This is a 1998 built, 1 bath, 251 sq ft condo. Perfect unit for staff, pilots, an Aspen pied a terre. Broker comments are “The least expensive studio in the central core. Great quiet street. This won’t last long.” 2015 taxes: $810; HOA Dues: $363 per Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 07/24/2016; Sold Date: 08/15/2016. (Photos and broker comments courtesy of Compass)
MLS #144683 – Wood Run, 1022 Wood Road, Snowmass Village, CO: Sold Price: $ 2,797,500/$794 sq ft; furnished. More details below photos.
MLS #144683 – Wood Run, 1022 Wood Road, Snowmass Village, CO: Sold Price: $ 2,797,500/$794 sq ft; furnished. Asking Price: $2,895,000. (Original Price: $2,895,000 and 63 days on the market since 06/15/2016.) This is a 1975 built and 2004 remodeled, 7 bedroom/6 bath, 3,521 sq ft single family residence with 3 car garage on a 23,569 sq ft lot. Broker comments are “A charming mountain retreat ideal for a large family. Two-story home adjacent to Woodrun common area. Virtually every room interacts with the exceptional forest setting and a beautiful, roaring creek which runs through the property. Renovated kitchen and baths, 2 fireplaces, wine storage, sauna, and huge dining/entertaining terrace which has dramatic views across the valley – sunsets every evening. 7th bedroom could easily serve as a family room with wet bar. Generous mudroom and 3-car garage roomy enough for all the toys. Hear the creek from the master and guest master suites, as well as from the deck. Easy Adams Avenue ski access. Short walk to the Village Mall.” 2015 Taxes: $9,686; HOA Dues: $90 per Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 07/05/2016; Sold Date: 08/17/2016. (Photos and broker comments courtesy of BERKSHIRE HATHAWAY HomeServices | Aspen Snowmass 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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