Aspen Real Estate Market  Last Week’s Sales:  Mar 15 – 22, 2020 – Week 12

Closed (5) + Under Contract / Pending (1).  [To view the new blog post, you may have to “Clear your Browser Settings”. Go to: Chrome browser/more tools/clear browsing data.]  

From the home page Bottom Line: 
Things were fine until they weren’t. Today, as this is written on Mar 9, 20, we face great uncertainty with the coronvirus and financial market upheavals. Markets have changed dramatically almost overnight and the Aspen real estate market is obviously in this mix. We are in uncharted moment(s), and one’s circumstances may or may not be uniquely different. Here are some lessons culled from the financial crisis a decade ago.
•As over 60-70% of Aspen real estate transactions are cash, historic record low mortgage rates may have little impact on sales. But with money so cheap, perhaps this will incentivize buyers to step up.
•Price reductions may offset a slowing market and smart, maybe prescient, motivated sellers may want to get ahead of global financial disruptions with pre-emptive price reductions or be prepared to wait out the crisis.
•Buyers may want to step up with aggressive offers. The only way to know the motivated level of a seller is to put an offer in front of them. All else is talk and speculation.
•One thing is sure: when uncertainty prevails, opportunities arise.
•Sellers who had the fortitude to get ahead of the falling knife of the 2007-2009 financial crisis faced far less loss than those who clung on and followed the market down.
• Buyers who had the cash and fortitude to step up and make purchases in the heart of darkness when risk was greatest were well rewarded over time.

The Feb YTD 2020 Market Snapshot has been posted in Current Reports.

The new Estin Report: Aspen Snowmass Real Estate Market 2020 ws  is available for PDF download in the Current Reports section. The print version is available at Aspen racks at Galena St/Aspen Chamber Info Booth, Snowmass Village Center, Clarks Market, at Sothebys at 415 E Hyman on the mall and Sothebys at 300 S. Spring St opposite the Art Museum and at the ASE/Pitkin County Airport.

   

Quarterly and Annual Charts just posted: Estin Report Q1 2008 – Q4 2019: Aspen & Snowmass Historic Real Estate Market Performance Charts by Property Types and Dollar & Unit Sales  These charts are broken down by each market, Aspen and Snowmass, and by property types: single family homes, condos and vacant land and compare  sales  to prior years starting at 2008.  They answer the question “Where are we now compared to prior periods?” and indicate market direction with trend lines.

   
          Aspen & Snowmass Village Historic Real Estate Sales Chart Series

Blog Post: Mar 15 – 22, 2020 Aspen CO real estate market activity, Week 12

Weekly Aspen and Snowmass Village, CO real estate sales activity appears below for sold and under contracts properties in the upper Roaring Fork Valley over $250,000 – for Aspen, Snowmass Village, Brush Cr Village, Woody Creek and Old Snowmass. Fractional sales are not included. Photos and written descriptions of sold properties are posted here as the MLS links below expire after 30 days. For earlier dates, see the Estin Report blog archives starting in 2008 at the bottom of the page. Or use SearchEstinAspen in 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: 146390, 160353, 160464, 162736, 162903.  This link is valid until 4/21/2020.

Under Contract/Pending (1): MLS#s: 162266.  This link is valid until 4/21/2020.

Sold Properties Last Week:

MLS #162736 – Fifth Ave Condo, Central Core, 800 S Mill Street #6, Aspen, CO: Sold Price: $2,430,000/$2,223 sq ft; furnished. Sold Date: 03/20/2020. More details below photos.

MLS #162736 – Fifth Ave Condo, Central Core, 800 S Mill Street #6, Aspen, CO: Sold Price: $2,430,000/$2,223 sq ft; furnished. Sold Date: 03/20/2020. Aspen condos for sale. Ask Price: $2,575,000. (Original Price: $2,575,000 and 56 days on the market since 01/15/2020.) This is a 1965 built and 2009 remodeled, 3 bedroom/3 bath, 1,093 sq ft condo. Broker comments are “Top floor, corner unit located in the heart of downtown Aspen! This condo is nestled behind an Aspen grove and beautiful large Pine trees with views facing North and West. It is the absolute best location in the 5th Avenue complex. The unit features open living space with a stone fireplace, vaulted ceilings and abundant natural light. Additional features specific to this unit include stainless appliances, stone countertops throughout, wood flooring, an oversized owners’ closet with mud room nook, 2 ski storage lockers and portable AC units for the summertime. All three bedrooms have private en-suite bathrooms and privacy. In just 5-minutes you can walk to anywhere you want to be; Aspen Mountain, restaurants, shops, hiking/biking trails or the spa. Light, bright, comfortable and move-in ready… right in the middle of everything Aspen.” 2019 taxes: $4,769; HOA Dues: $13,033. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 02/08/2020; Sold Date: 03/20/2020. (Photos and broker comments courtesy of Douglas Elliman Real Estate-Durant)

MLS #162903 – Country Club, 432 Fairway Drive, Snowmass Village, CO: Sold Price: $1,900,000/$785 sq ft; partially furnished. Sold Date: 03/17/2020. More details below photos.

MLS #162903 – Country Club Subdivision, 432 Fairway Drive, Snowmass Village, CO: Sold Price: $1,900,000/$785 sq ft; partially furnished. Sold Date: 03/17/2020. Snowmass Village homes for sale. Ask Price: $1,995,000. (Original Price: $1,995,000 and 48 days on the market since 01/29/2020.) This is a 1976 built and 2016 remodeled, 4 bedroom/3 bath, 2,418 sq ft single family home with 1 car garage on a 7,034 sq ft lot. Broker comments are “Fantastic single-family home located right between the Snowmass Club and Two Creeks lift. Enjoy the remodeled master bedroom, bathroom, kitchen, and backyard along with 17′ ceilings and wood-burning fireplace.” 2019 taxes: $5,238; HOA Dues: $190. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 02/05/2020; Sold Date: 03/17/2020. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Snowmass Village)

MLS #146390 – Top of Village Condominiums, 855 Carriage Way Leaf 101, Snowmass Village, CO: Sold Price: $875,000/$603 sq ft; furnished. Sold Date: 03/16/2020. More details below photos.

MLS #146390 – Top of Village Condos, 855 Carriage Way Leaf 101, Snowmass Village, CO: Sold Price: $875,000/$603 sq ft; furnished. Sold Date: 03/16/2020. Snowmass Village condos for sale. Ask Price: $945,000. (Original Price: $1,250,000 and 1,249 days on the market since 10/14/2016.) This is a 1974 built and 2002 remodeled, 3 bedroom/3 bath, 1,450 sq ft condo. Broker comments are “Ski in and out directly to the Snowmass Ski Area slopes. Located directly on Dawdler Ski Run, this beautifully remodeled three bedroom, three bath is the perfect ski retreat. This corner location provides lots of light and windows and is situated in an aspen grove with a park like setting. Ski right to and from your own patio. The main living area has been remodeled and tastefully furnished. Amenities include pool, two jacuzzis, work out facilities, Top of the Village shuttles, covered parking, superior management and much more. This condominium is also an excellent rental property. Ready to move in and start enjoying.” 2019 taxes: $3,576; HOA Dues: $16,024 per Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 02/05/2020; Sold Date: 03/16/2020. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Snowmass Village)

MLS #160464 – Interlude Condos, 70 Gallun Lane 106-B, Snowmass Village, CO: Sold Price: $835,000/$896 sq ft; furnished. Sold Date: 03/18/2020. More details below photos.

MLS #160464 – Interlude, 70 Gallun Lane 106-B, Snowmass Village, CO: Sold Price: $835,000/$896 sq ft; furnished. Sold Date: 03/18/2020. Snowmass Village condos for sale. Ask Price: $849,000. (Original Price: $849,000 and 432 days on the market since 01/02/2019.) This is a 1972 built and 2014 remodeled, 2 bedroom/2 bath, 931 sq ft condo. Broker comments are “This beautiful two bedroom condo has direct ski-in and ski-out access at the Interlude. Tastefully renovated in 2014, this unit enjoys convenient ski access while also being directly adjacent to the Westin Hotel and all the shops and restaurants of Snowmass Mall and Base Village. The Interlude is one of the few complexes in Snowmass Village with covered, assigned parking and the elevator accesses the front door of the unit from its assigned spot. Additionally, the complex features a new, outdoor spa that is located along a running creek bordering the property.” 2018 taxes: $2,556; HOA Dues: $11,518. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 01/15/2020; Sold Date: 03/18/2020. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)

MLS #160353 – Assay Hill Lodge Condo Hotel, 130 Wood Road 533, Snowmass Village, CO: Sold Price: $825,000/$929 sq ft; furnished. Sold Date: 03/18/2020. More details below photos.

MLS #160353 – Assay Hill Lodge Condo Hotel, 130 Wood Road 533, Snowmass Village, CO: Sold Price: $825,000/$929 sq ft; furnished. Sold Date: 03/18/2020. Snowmass Village condos for sale. Ask Price: $875,000. (Original Price: $945,000 and 251 days on the market since 07/11/2019.) This is a 2010 built and 2019 remodeled, 2 bedroom/2 bath, 888 sq ft condo. Broker comments are “Looking for luxury and solid return for your ski in/out property under $900,000? Assay Hill Lodge 533 is a 2 bedroom, 2 bath hotel residence located in the only 4-star hotel in Snowmass Village. Current owner has seen an annual average net income of $20,000+ since 2018 (see documents for details), and Seller is motivated! This wholly owned condominium was recently refreshed with new carpet, fixtures and linens and is ready to rent. Also, the homeowner fees include ski valet service, owner storage, and all utilities. Owners and rental guests love this property as their private mountainside sanctuary. From the valet and shuttle service to the 24-hour room service to the slopeside bar and pool, this property has every luxury imaginable.” 2019 taxes: $3,843; HOA Dues: $23,276. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 02/02/2020; Sold Date: 03/18/2020. (Photos and broker comments courtesy of Douglas Elliman Real Estate-SMV)

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