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 “nosedive” was in the Sat Aug 12, 2016 paper citing the 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 32, August 7 – 14, 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 (11):MLS#s 117230, 140089, 139333, 139434, 141150, 136319, 145212, 140617, 143098, 143199, 143507.This link is valid until 9/13/2016.
Under Contract/Pending (8):MLS#s 141979, 134888, 141373, 142526, 143484, 144414, 144677, 144719.This link is valid until 9/13/2016.
Aspen Snowmass Solds Last Week:
MLS #140089 – West End, 430 W Hallam Street, Aspen, CO. Sold Price: $7,200,000/$1,745 sq ft; unfurnished. More details below photos.
MLS #140089 – West End, 430 W Hallam Street, Aspen, CO. Sold Price: $7,200,000/$1,745 sq ft; unfurnished. Asking Price: $7,400,000. (Original Price: $7,400,000 and 392 days on the market since 07/13/2015.) This is a 1959 built and 1996 remodeled, 5 bedroom/4 bath/1 half-bath, 4,124 sq ft single family residence with 2 car garage on a 9,000 sq ft lot. Broker comments are “A rare opportunity to own a 9,000 sq/ft non-historic lot in Aspen’s West End for your dream single family home or as a redevelopment opportunity for two detached single family residences. Live very comfortably in the existing spacious 5 bedroom home. Main level bedroom suite. Multiple balconies, patios and fenced yard spaces including an outdoor hot tub with views of Red Mountain. Perfect house for entertaining. Walk to town while planning your remodel or redevelopment. 90 feet of Hallam Street frontage provides endless sun and views to the south of Aspen Mountain and Shadow Mountain. Private fenced yard and attached two car garage. The West End shuttle is just outside your front door for easy access to skiing. Seller will consider carryback on financing and look at all terms” 2014 taxes: $12,873. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 06/20/2016; Sold Date: 08/08/2016. (Photos and broker comments courtesy of Cuthbert L Myrin Jr. LLC)
MLS #143098 – West Aspen, 15 Bonita Drive A, Aspen, CO. Sold Price: $5,200,000/$948 sq ft; furnished. More details below photos.
MLS #143098 – West Aspen, 15 Bonita Drive A, Aspen, CO. Sold Price: $5,200,000/$948 sq ft; furnished. Asking Price: $5,695,000. (Original Price: $5,695,000 and 174 days on the market since 03/15/2016. The sellers paid $4.8M on 02/06/15 after being on the market since 08/19/09 originally priced spec home $7.95M.) This is a 2009 built and 2015 remodeled, 5 bedroom/5 bath/2 half-bath/2 3/4-bath, 5,484 sq ft duplex/half duplex with 2 car garage. Broker comments are “West Aspen Subdivision developer’s number on choice of lots. Unparalleled views of Pyramid Peak, Aspen Highlands, Buttermilk and Independence pass. Walk out your door onto the Aspen Championship Golf Course and cross country track. Remodel is complete with brand new elevator and hot tub. Home has been upgraded to complete smart home including power blinds, and audio/visual system. A home theatre and game room has been added with surround sound, pool table, and oversized lounge furniture. Home comes completely furnished and is turnkey right down to the remote control pads. The upgrades are extensive and must be seen to be appreciated.” 2016 taxes: $15,138. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 07/11/2016; Sold Date: 08/08/2016. (Photos and broker comments courtesy of Compass)
MLS #117230 – Maroon Greens, West Aspen, 74 Pfister Drive 206, Aspen, CO. Sold Price: $3,850,000/$1,016 sq ft; unfurnished. More details below photos.
MLS 02 – Maroon Greens, West Aspen, 74 Pfister Drive 206, Aspen, CO. Sold Price: $3,850,000/$1,016 sq ft; unfurnished. Asking Price: $3,999,000. (Original Price: $3,900,000 and 2,086 days on the market since 07/21/2010.) This is a 1997 built, 4 bedroom/4 bath, 3,788 sq ft townhouse on a 2,971 sq ft lot. Broker comments are “Located on the fairway of the private Maroon Creek Club golf course in Aspen, this property is a great value for the discriminating buyer. The spacious 4 bedroom townhome has a great floor plan including elevator, private underground parking, and high quality finishes and appliances. Best value on today’s market. Only unit available!” 2011 taxes: $7,387; HOA Dues: $5,000 per Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 07/12/2016; Sold Date: 08/11/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #139434 – Little Nell, Condominiums Central Core, 611 S West End Street #8, Aspen, CO. Sold Price: $2,415,000/$1,832 sq ft; furnished. More details below photos.
MLS #139434 – Little Nell, Central Core, 611 S West End Street #8, Aspen, CO. Sold Price: $2,415,000/$1,832 sq ft; furnished. Asking Price: $2,695,000. (Original Price: $2,950,000 and 429 days on the market since 06/08/15.) This is a 2015 remodeled, 3 bedroom/2 bath, 1,318 sq ft condo. Broker comments are “Sophisticated Penthouse in the Core. Impeccably remodeled unit with Aspen Mountain views, high vaulted and beamed ceilings, private patio/deck, rich Brazilian Tiger wood flooring, stunning designer furnishings and new center island kitchen with white Calcutta marble counters and stainless steel appliances. A gorgeous palette of warm vibrant colors, recessed lighting, Venetian plastered walls, fireplace and quality fixtures throughout complement this one level open floor plan. Perfectly located adjacent to scenic Glory Hole Park, this quiet small complex, well maintained building had a full exterior remodel in 2013. Easy 2 block stroll to the gondola, shops, restaurants and Aspen night life. Sold Furnished. Turnkey.” 2014 taxes: $3,673; HOA Dues: $1,960 per Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 06/23/2016; Sold Date: 08/10/2016. (Photos and broker comments courtesy of Aspen Associates Realty)
MLS #145212 – Christiana Aspen, West End, 501 W Main Street A 201, Aspen, CO. Sold Price: $1,850,000/$1,118 sq ft; furnished. More details below photos.
MLS #145212 – Christiana Aspen, West End, 501 W Main Street A 201, Aspen, CO. Sold Price: $1,850,000/$1,118 sq ft; furnished. Asking Price: $1,850,000. (Original Price: $1,850,000 and 27 days on the market since 07/15/2016.) This is a 2003 built, 2 bedroom/2 bath, 1,654 sq ft condo. Broker comments are “Mindfully designed and spacious condo with views of Aspen and Shadow Mountain. This 1,650 square foot unit features two bedrooms plus a sleeping loft. High end finishes and beautiful furnishings create a sense of comfort. Conveniently located in Aspen’s unmistakeble West End, you can walk to town in no time to let loose. Walk back and enjoy the quiet neighborhood setting. Room for fun.” 2015 taxes: $5,773; HOA Dues: $1,309 per Month. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 07/21/2016; Sold Date: 08/11/2016. (Photos and broker comments courtesy of Coldwell Banker Mason Morse-Aspen)
MLS #143507 – Hunter Creek, Smuggler, 316 Vine Street, Aspen, CO. Sold Price: $645,000/$734 sq ft; unfurnished. More details below photos.
MLS #143507 – Hunter Creek, Smuggler, 316 Vine Street, Aspen, CO. Sold Price: $645,000/$734 sq ft; unfurnished. Asking Price: $650,000. (Original Price: $650,000 and 115 days on the market since 04/12/2016.) This is a 1982 built, 2 bedroom/2 bath, 878 sq ft condo. Broker comments are “Peaceful ground floor, corner unit with a wooded ”backyard”. Enjoy the sounds of Hunter Creek year round. This two bedroom, two bath condo is a great rental or primary/second home. Other amenities to compliment an active lifestyle include the Hunter Creek trail head, large pool, hot tubs and tennis courts. Just a short walk or shuttle to downtown Aspen.” 2015 taxes: $1,553; HOA Dues: $325 per Month. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 05/26/2016; Sold Date: 08/05/2016. (Photos and broker comments courtesy of Hunter Creek Properties)
MLS #141150 – Mountain River Manor, Central Core, 900 E Hopkins, Unit: 4, Aspen, CO. Sold Price: $365,000/$1,317 sq ft; partial-furnished. More details below photos.
MLS #141150 – Mountain River Manor, Central Core, 900 E Hopkins, Unit: 4, Aspen, CO. Sold Price: $365,000/$1,317 sq ft; partial-furnished. Asking Price: $369,000. (Original Price: $389,000 and 269 days on the market since 09/23/2015.) This is a 1972 built and 2006 remodeled, 1 bath, 277 sq ft condo. Broker comments are “Wonderful ground floor corner condo in downtown Aspen. Conveniently located on quiet street just east of the central core. Short walk to downtown restaurants, shops and Aspen’s Silver Queen gondola. Clean, bright with plenty of light (south-facing). Remodeled kitchen and bath. New carpets and new paint. Ready to move in! Includes Murphy bed with custom shelving, custom leather sofa and track lighting. Enjoy shared outdoor space with awesome location on the Roaring Fork River. Additional storage unit. HOA fees include utilities (including cable and internet).” 2015 taxes: $736; HOA Dues: $955 per Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 06/21/2016; Sold Date: 08/10/2016. (Photos and broker comments courtesy of Leverich & Carr)
MLS #139333 – Capitol Creek, 6801 E Sopris Creek Road, Snowmass, CO: Sold Price: $ 3,600,000/$864 sq ft; unfurnished. More details below photos.
MLS #139333 – Capitol Creek, 6801 E Sopris Creek Road, Snowmass, CO: Sold Price: $ 3,600,000/$864 sq ft; unfurnished. Asking Price: $3,795,000. (Original Price: $4,200,000 and 434 days on the market since 06/01/2015.) This is a 1982 built, 5 bedroom/3 bath/1 half-bath, 4,165 sq ft single family residence with 2 car garage on 38 acres. Broker comments are “Exceptional ranch / horse property opportunity in Old Snowmass. This thirty-eight acre ranch is the horse lover’s delight with sprawling, irrigated pastures for your horses and dream equestrian estate. The charming house with its cozy interiors and expansive porches makes for the perfect quintessential of country living. Enjoy the sweeping vistas of the Capitol Creek Valley from sunrises over the Continental Divide to magnificent sunsets over Sopris Mountain. This fantastic property offers a wide variety of opportunities. Also includes a large office space, which could easily be converted into a large master suite or a caretaker’s quarters. Terrific location – under thirty minutes to Aspen/Snowmass and a quick drive to the town of Basalt, Whole Foods and the Roaring Fork Club.” 2015 Taxes: $5,915. Under Contract Date: 07/09/2016; Sold Date: 08/08/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Snowmass Village)
MLS #136319 – Ridge Run, 244 Antler Ridge Lane, Snowmass Village, CO: Sold Price: $ 3,900,000/$895 sq ft; furnished. More details below photos.
MLS #136319 – Ridge Run, 244 Antler Ridge Lane, Snowmass Village, CO: Sold Price: $ 3,900,000/$895 sq ft; furnished. Asking Price: $3,995,000. (Original Price: $3,900,000 and 2,546 days on the market since 09/25/2008.) This is a 2008 built, 4 bedroom/4 bath/2 half-bath, 4,354 sq ft single family residence with 2 car garage on a 3/4 acre lot. Broker comments are “Quality built home in Snowmass priced to sell at $3,995,000 furniture and art included! This new luxury Ridge Run home offers cul-de-sac privacy with mountain views and ski access just down the street. Practical floor plan with a main level master and contiguous office. A stacked stone fireplace in the great room leads into the open gourmet kitchen with butler’s pantry and second sitting area with an additional fireplace. A formal dining room or additional sitting area is located nearby. The entry level also features a generous two car garage, mudroom and laundry room. The above grade lower level features media room, wet bar, three ensuite bedrooms that all walkout to the back yard and an outdoor hot tub. NEW POTENTIAL ADD +/-650 S. An additional laundry room is in place to turn over your mountain gear. The home is pre-wired for integrated control of the audio/visual system, lighting, climate, and security system with cameras. Beautiful long wide-planked walnut floors and doors, wool carpet, Venetian-plaster walls, Pella windows, snow melted sidewalks and driveway, custom cabinetry and built-out closets showcase the quality of this well-built home.” 2015 Taxes: $12,503; HOA Dues: $90 per Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 07/21/2016; Sold Date: 08/11/2016. (Photos and broker comments courtesy of Compass)
MLS #140617 – Wild Oak, 565 Oak Ridge Road, Snowmass Village, CO: Sold Price: $1,750,000/$398 sq ft; unfurnished. More details below photos.
MLS #140617 – Wild Oak, 565 Oak Ridge Road, Snowmass Village, CO: Sold Price: $1,750,000/$398 sq ft; unfurnished. Asking Price: $2,225,000. (Original Price: $2,225,000 and 1,287 days on the market since 09/30/2013.) This is a 1978 built, 4 bedroom/4 bath/1 half-bath, 4,387 sq ft single family residence with 2 car garage on a 244,807 sq ft lot. This is effectively a lot sale. Broker comments are “Stunning views, which include Williams Range, Continental Divide and the Aspen and Aspen Highlands, ski areas. This private retreat offers a 4,387 sq. ft. home on approximately 6 acres. The home is unique with a two-story floor to ceiling windows and high ceilings and open floor plan. The home has many outdoor spaces for gardens, two car garage, and extra parking. With endless possibilities and some imagination this home will reward with a real dream house. Let your mind run wild in restoring this home to your showplace. It includes a three-car garage and is minutes from the Snowmass Ski area, Snowmass Club and Rec center. It is also in the Aspen School district and close to downtown Aspen. The perfect year round home or vacation retreat” 2015 Taxes: $10,183; HOA Dues: $90+- per Yr. Under Contract Date: 07/20/2016; Sold Date: 08/02/2016. (Photos and broker comments courtesy of Coldwell Banker Mason Morse-Aspen)
MLS #143199 – Country Club Homes, 366 Snowmass Club Circle Unit 6, Snowmass Village, CO: Sold Price: $ 1,445,000/$618 sq ft; furnished. More details below photos.
MLS #143199 – Country Club Homes, 366 Snowmass Club Circle Unit 6, Snowmass Village, CO: Sold Price: $ 1,445,000/$618 sq ft; furnished. Asking Price: $1,495,000. (Original Price: $1,495,000 and 139 days on the market since 03/23/2016.) This is a 1981 built, 3 bedroom/3 bath, 2,337 sq ft townhouse with 1 car garage. Broker comments are “South facing with views of the golf course and Snowmass ski area. Short walk to Snowmass Club. Village shuttle loops every 15 minutes to the mall and Two Creeks Lift. Well maintained grounds and property.” 2015 Taxes: $5,511; HOA Dues: $4,026 per Qtr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 06/22/2016; Sold Date: 08/09/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Snowmass Village)
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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