I continue to refer readers to my blog post of July 11 – 18, 2010 for my present thinking on the market. But here are some immediate comments: it is end of the season, sellers are motivated, many do not not want to hang onto properties going into the winter, rates are the lowest in years but lending standards onerous, buyers are empowered, there are unheard of deals being consummated, and general uncertainty abounds with a lack of confidence and great anxiety framing the macro picture.
Yes, there is only one Aspen – and NYC/Manhattan, a market not without Aspen similarities, is doing fairly well in fact – but most of us have never seen or experienced the economic clouds surrounding us at present.
Of note, read last weekend’s NYT Joe Nocera’s especially frank and poignant assessment of where the market is at this moment…The general mood makes my quiet nature even more so. Reflective, contemplative, where is all this going ? Like most of us, I do not know what is next…and the news changes daily. But they say, “Focus on your breathing not the noise” and “It’s always darkest before the dawn.” If one is contrarian and has the courage and liquidity to dig deep, there appear to be great opportunities at present. No spin, no hustle here but a belief that ‘if thou shalt venture forth; though shalt be rewarded’ in due time.
Last Week’s Aspen and Snowmass Market Activity: Last week’s real estate sales activity appears below for the upper Roaring Fork Valley for all property types over $250,000 excluding fractionals in Aspen, Snowmass Village, Woody Creek and Old Snowmass (although Residences at Little Nell and Dancing Bear are included due to their higher fractional price points). Because the MLS link(s) to photos and property details expire after 30 days, photos and descriptions of the closed properties are posted to preserve an archive of sold market activity.
For a spreadsheet summary of the past week’s activity, see The Estin Report: Aspen Snowmass Weekly Sales Statistics August 22 – August 29, 2010.
Sold:
(2) Aspen single family homes in Historic West End
(2) Aspen condos
Under Contract:
(4) Aspen condos
(2) Aspen single family homes
No activity in Snowmass Village
As reminder, there are a number of significant properties not shown here that are under contract. Photos and descriptions were posted in prior weeks.
1) New Beautiful custom Maroon Creek estate listed at $29.5M is under contract
2) East Aspen/Northstar Preserve estate listed at $19.5M is under contract reputedly to close soon.
3) Shady Lane/Roaring Fork River acreage with old 1950’s home (behind the Aspen Post Office along Rio Grand Trail) listed at $15M is under contract.
Closed (4): MLS#’s 112119, 108062, 117019, 118018. This link is valid 30 days until 9/21/10.
MLS # 112119 – 711 S Galena Street 17, Alpenblick, Aspen, CO: Sold Price: $435,000./$799 sq ft; Ask Price: $495,000: Original Price: $649,000 and 413 days on the market. This is a 1 bdrm/ 1 bath, 544 sq ft condo. Listing broker comments, “Great locals unit on the ”right side of town” located between Lift 1A and gondola and less than two blocks to bus, shops, restaurants and nightlife.” 2009 Taxes: $1,351.; HOA Dues: $1486 per quarter (Photos and description courtesy of BJ Adams and Company-Aspen)
MLS # 108062 – 814 W Bleeker D-2, Aspen Villas, Aspen, CO: Sold Price: $750,000./$534 sq ft; Ask Price: $829,000: Original Price: $1,375,000 and 661 days on the market. This is a 3 bdrm/ 2 bath, 1,405 sq ft condo. Listing broker comments, “Wonderful for a local or investor. Tremendous rental history. Designated parking. Just off Hopkins Avenue bike/ped path. Easy bus access for all ski areas. About 10 blocks to center of town. HOA is currently working on a landscaping plan that would limit the impact of the road.” 2009 Taxes: $2,096.; HOA Dues: $1,425 per quarter (Photos and description courtesy of Lorrie B Aspen)
MLS # 117019 – 211 S First Street Aspen, CO: Sold Price: $1,750,000./$469 sq ft; Ask Price: $1,850,000: Original Price: $1,800,000 and 65 days on the market. This is a 2 bdrm/ 2 bath, 1,512 sq ft condo. Listing broker comments, “Charming 2 bedroom, 2 bath, 1512 square foot home with a beautiful interior, hardwood floors, granite counters, vaulted ceilings, two wood-burning fireplaces, wonderful entertainment spaces, one car garage, and off-street parking for two cars. Located in the quiet West End and within walking distance to downtown Aspen.” 2009 Taxes: $3,110.; HOA Dues: $0 (Photos and description courtesy of Morris & Fyrwald, Sotheby’s Intl Realty)
MLS # 118018 – 329 W Francis Street Aspen, CO: Sold Price: $6,600,000./$1,237 sq ft; Ask Price: $6,895,000: Original Price: $6,895,000 and 49 days on the market. This is a 6 bdrm/ 6 bath, 1 half bath, 1,256 sq ft condo. Listing broker comments, “Brand new construction in the heart of the West End. All day sun, private backyard with protected views of Aspen Mountain. Designed and built for private homeownership.” 2009 Taxes: $10,776.; HOA Dues: $0 (Photos and description courtesy of Mason & Morse Real Estate – Aspen)
Pending (6): MLS#’s 110539, 109536, 112907, 109190, 112318, 117774. This link is valid 30 days until 9/21/10. Photos of under contract listings are not posted unless special circumstances dictate.
Tim Estin is an active Aspen Snowmass real estate broker and he welcomes your business, comments and inquiries. Email him or call 970.920.7387. Find tweets and/or subscribe to RSS feeds for The Estin Report and blog on twitter @EstinAspen or click “Join the conversation” below:
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