The Feb 2017 Aspen Snowmass Real Estate Monthly Market Snapshot was postedinCurrent Reportsthis morning, Mar 6th. The Monthly Snapshots are usually posted on or near the 1st Monday of the month. The Q4 and Year 2016 report will be released soon.

Anarticleappeared in the Denver Post Sunday Feb 26th on Colorado Mountain resort real estate including Aspen and Pitkin County.

Bottom Line Feb 2017 Excerpt:

“For year-to-date (YTD), Jan 1 through Feb 28, 2017, the total combined Aspen Snowmass Village market is up 19% in dollar sales to $139M from $117M same time last year and no change in unit sales with (43) in 2017 versus (43) last year.

The number of under contract properties for the combined Aspen Snowmass Village market is up 52% to (35) in Feb 2017 versus (23) same time last year.

Under Contracts are used as an indicator of future activity when compared to the prior year.”

New Charts: Historic Pace of Aspen and Snowmass Village Homes, Condos and Vacant Land / Lots by Dollar Sales and Unit Sales

These new charts were posted inCurrent Reportson 02/15/17.They are: the historic pace of dollar and unit sales since 2006 with trend lines for Aspen and Snowmass Village (SMV) separately by: 1) all properties combined; 2) single family homes; 3) condos; 4) vacant land / lots. (Fractionals, with the exception of extreme sales, are not included.)

Sales velocity, or pace, whether by dollar volume or unit sales is extremely useful to consider ss the unit sales drop-off in the 2nd Half 2007 so foreshadowed the Great Recession.

While many real estate professionals use dollar volume sales as the single metric for sales performance (it often looks ‘better’), unit sales are a more reliable measure of market activity. Dollar sales can be skewed disproportionately by extreme high or low end priced sales.

Clients often ask, “Where are we now compared to the Great Recession…?”. These charts offer a solid reference for that conversation. In this instance, the starting point for the trend line is 2006, but, of course, where the trend line commences will affect its outcome…If the charts had started at 2009, the trend would be more upwards at present than is shown here.

As this is written, post-election Nov 2016 through Feb 15, 2017, sales have picked up considerably and are decidedly on an upward trajectory.

021517 Estin Report Aspen Real Estate Historic All Properties Unit Sales 590w96res

Click chart to see additional breakdown chartsfor Aspen and SMV by property types.

“Flip Job” Examples: See recent Before/After redevelopmentin the new Flip Jobs Sectionnear 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 (01/04/17) as additional re-sale properties come on the market at significantly higher prices.

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Market Activity Week 9, February 26 – March 5, 2017

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 (5):MLS#s 144182, 140993, 147050, 144756, 140161.This link is valid until 4/4/2017.

Under Contract/Pending (5):MLS#s 138870, 141615, 145207, 146533, 147227.This link is valid until 4/4/2017.

Aspen Snowmass Solds Last Week:


MLS #144182 – Two Creeks Townhome, 408 Burnt Mountain Drive, Snowmass Village, CO: Sold Price: $3,590,000/$987 sq ft; furnished. More details below photos.
Aspen real estate 030517 144182 408 Burnt Mountain Drive 1 590WAspen real estate 030517 144182 408 Burnt Mountain Drive 2 590WAspen real estate 030517 144182 408 Burnt Mountain Drive 3 190HAspen real estate 030517 144182 408 Burnt Mountain Drive 4 190H
MLS #144182 – Two Creeks Townhome, 408 Burnt Mountain Drive, Snowmass Village, CO: Sold Price: $3,590,000/$987 sq ft; furnished. Aspen townhouse for sale Ask Price: $3,590,000. (Original Price: $3,590,000 and 450 days on the market since 12/18/2015.) This is a 1997 built, 4 bedroom/4 bath/1 half-bath, 3,634 sq ft townhouse with a 2 car garage on a 3,484 sq ft lot. Broker comments are “This premier Owl Creek Townhome is conveniently located in Snowmass Village with direct ski in /out access from your townhome to the Two Creeks chair lift. With over 3600 square feet, this immaculate and well cared for property features 4 bedrooms, 4 full-baths, media room, gourmet kitchen, spacious bedrooms, vaulted ceilings, floor to ceiling windows in the main living room and views galore. Multiple decks, private hot tub and more.” 2016 Taxes: $12,887; HOA Dues: $23,177 per Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 12/30/2016; Sold Date: 03/01/2017. (Photos and broker comments courtesy of Douglas Elliman Real Estate-Durant)
MLS #140993 – Country Club Homes, 700 Snowmass Club Circle 84, Snowmass Village, CO: Sold Price: $1,150,000/$600 sq ft; unfurnished. More details below photos.
Aspen real estate 030517 140993 700 Snowmass Club Circle 84 1 590WAspen real estate 030517 140993 700 Snowmass Club Circle 84 2 190HAspen real estate 030517 140993 700 Snowmass Club Circle 84 3 190HAspen real estate 030517 140993 700 Snowmass Club Circle 84 4 190HAspen real estate 030517 140993 700 Snowmass Club Circle 84 5 190H
MLS #140993 – Country Club Homes, 700 Snowmass Club Circle 84, Snowmass Village, CO: Sold Price: $1,150,000/$600 sq ft; unfurnished. Aspen townhome for sale Ask Price: $1,253,000. (Original Price: $1,283,000 and 452 days on the market since 09/14/2015.) This is a 1989 built and 2007 remodeled, 2 bedroom/2 bath/1 half-bath, 1,914 sq ft townhouse with 1 car garage. Broker comments are “Freshly painted throughout, new appliances in kitchen, and newly created laundry-mudroom make this well priced town home an exceptional opportunity. Rarely available 2 bedroom floorplan with bedrooms on lower level and living room, kitchen and powder room on the upper level to maximize the views and the volume created by the vaulted ceilings in the entire living area. Terrific location on the creek, close to the Snowmass Club with expansive mountain views and abundant sunshine. This location also provides open space across the creek and at both ends of building 15.” 2014 Taxes: $5,587; HOA Dues: $12,198 per Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 02/10/2017; Sold Date: 02/28/2017. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Snowmass Village)
MLS #147050 – Capitol Peak Condominiums, 90 Carriage Way Unit 3420, Snowmass Village, CO: Sold Price: $1,100,000/$827 sq ft; furnished. More details below photos.
Aspen real estate 030517 147050 90 Carriage Way Unit 3420 1 590WAspen real estate 030517 147050 90 Carriage Way Unit 3420 2 590WAspen real estate 030517 147050 90 Carriage Way Unit 3420 3 190HAspen real estate 030517 147050 90 Carriage Way Unit 3420 4 190HAspen real estate 030517 147050 90 Carriage Way Unit 3420 5 190HAspen real estate 030517 147050 90 Carriage Way Unit 3420 6 190H
MLS #147050 – Capitol Peak Condominiums, 90 Carriage Way Unit 3420, Snowmass Village, CO: Sold Price: $1,100,000/$827 sq ft; furnished. Aspen condo for sale Ask Price: $1,179,000. (Original Price: $1,179,000 and 408 days on the market since 11/23/2015.) This is a 2008 built, 3 bedroom/2 bath, 1,329 sq ft condo. Broker comments are “Unit 3420 is the only extra large two bedroom den unit in Capitol Peak. It has windows on three sides, vaulted ceilings, all day sun and panoramic views of the ski mountain. This two bedroom den Penthouse lives and rents like a three bedroom and the 1,329 sq./Ft is larger than many three bedrooms. The unit overlooks the planned events plaza and skating rink plus the fourth floor location has unobstructed ski mountain views. It is located at the core of Base Village and new development, with skiing only steps to the gondola and Village express. In addition, elevator access to a heated garage, restaurants, hot tubs, exercise center, with the Base Village shops, activities and events out your front door. This unit has it all, and it’s priced under $900 per sq./FT.” 2016 Taxes: $7,604; HOA Dues: $5,348 per Qtr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 02/04/2017; Sold Date: 03/03/2017. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Snowmass Village)
MLS #144756 – Country Club Villas, 150 Snowmass Club Circle 1514, Snowmass Village, CO: Sold Price: $694,500/$552 sq ft; furnished. More details below photos.
Aspen real estate 030517 144756 150 Snowmass Club Circle 1514 1 590WAspen real estate 030517 144756 150 Snowmass Club Circle 1514 2 590WAspen real estate 030517 144756 150 Snowmass Club Circle 1514 3 190HAspen real estate 030517 144756 150 Snowmass Club Circle 1514 4 190HAspen real estate 030517 144756 150 Snowmass Club Circle 1514 5 190HAspen real estate 030517 144756 150 Snowmass Club Circle 1514 6 190H
MLS #144756 – Country Club Villas, 150 Snowmass Club Circle 1514, Snowmass Village, CO: Sold Price: $694,500/$552 sq ft; furnished. Aspen duplex/half-duplex for sale Ask Price: $712,000. (Original Price: $726,900 and 877 days on the market since 07/08/2014.) This is a 1987 built, 3 bedroom/3 bath, 1,256 sq ft duplex/half-duplex. Broker comments are “Price reduced for quick sale. The best priced Villa available. Play golf off the back patio at the Snowmass Golf Course, take the family alpine skiing just a short distance to Two Creeks or cross country out your back door on the golf course. Relax at the spa, workout, swim, play tennis, socialize and dine at the famous Snowmass Club just across the street. Custom features include granite countertops, cabinetry, solid glass shower enclosures on all baths, large lockable owners’ closets, updated electronics, and well-designed bunk room for the kids. Offered furnished.” 2016 Taxes: $2,808; HOA Dues: $3,578 per Qtr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 12/28/2016; Sold Date: 02/17/2017. (Photos and broker comments courtesy of McKinley Sales)
MLS #140161 – Woodbridge, 35 Upper Woodbridge Road 19a 19a, Snowmass Village, CO: Sold Price: $397,000/$447 sq ft; partial-furnished. More details below photos.
Aspen real estate 030517 140161 35 Upper Woodbridge Road 19a 19a 1 590WAspen real estate 030517 140161 35 Upper Woodbridge Road 19a 19a 2 590WAspen real estate 030517 140161 35 Upper Woodbridge Road 19a 19a 3 190HAspen real estate 030517 140161 35 Upper Woodbridge Road 19a 19a 4 190HAspen real estate 030517 140161 35 Upper Woodbridge Road 19a 19a 5 190HAspen real estate 030517 140161 35 Upper Woodbridge Road 19a 19a 6 190H
MLS #140161 – Woodbridge Condos, 35 Upper Woodbridge Road 19a 19a, Snowmass Village, CO: Sold Price: $397,000/$447 sq ft; partial-furnished. Aspen condo for sale Ask Price: $445,000. (Original Price: $445,000 and 557 days on the market since 07/15/2015.) This is a 1973 built, 2 bedroom/2 bath, 887 sq ft condo. Broker comments are “Buyer pays Woodbridge $20,000. special assessemnt. Woodbridge Condominium located adjacent to the open common space and above the pool area, Woodbridge 19A is a delightful 2 bedroom condominium with lots of windows and storage. The unique floor plan offers a spacious kitchen area with room for extra bar seating. The bathrooms have modern vanities and both bedrooms have two closets. Utilities are included in the homeowner’s fees, including internet access. The Woodbridge complex is an ideal location within Snowmass Village. Leave the car in the common parking steps from the front door and take the quick walk to the Snowmass Center along the bike path or ski across the wood bridge to the base of Fanny Hill. The Special Assessment is payable by one payment of $20,000 or by quarterly payments of $1,050 for five(5) years.” 2016 Taxes: $1,550; HOA Dues: $3,000 per Qtr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 01/03/2017; Sold Date: 03/01/2017. (Photos and broker comments courtesy of Douglas Elliman Real Estate-SMV)

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 2017 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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