The Dec 2016 YTD Snapshot has been postedinCurrent Reports. The Monthly Snapshots are usually posted on or near the 1st Monday of the month. My year end 2016 report will be released mid-Jan 2017.

Below is a new chart I’m working on: the historic pace of sales since 2006 with a trend line (to be added). Additional charts are: pace of sales by property types: all property types combined separately for Aspen and SMV; by area and property types – Aspen and Snowmass single family homes, condos. and vacant land. (Fractionals are not included.)
Unit sales are the true measure of market activity – as the sales drop-off in the 2nd Half 2007 so presaged the coming recession, sales velocity or pace is useful to consider.

An Aspen Times article in August 2016, “Aspen real estate: Was 2015 that good or is 2016 that bad?”, suggested that it was misguided to compare 2016 to a record year like 2015. This chart, and many other Estin Report Monthly Snapshots posted during 2016, demonstrate that thinking wrong. 2016 was a very bad Aspen real estate year, especially the 1st Half, the worst since 2010. Most notably, Aspen single family home sales for the year were off 50-60% and sales of properties over $10M were down a stunning 65%. Everyone including me, blamed the election and the attendant uncertainty. Few suggested the lack of sales may have been due to speculative and unrealistic pricing turning buyers off and away. As we head into 2017, we shall see. Since the election, sales activity has been picking up as the charts indicate.

To enlarge, click on either chart.

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

011817 Estin Report Historic Aspen real estate pace of sales since 2006 96res590w

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

Nov 2016 Market Snapshot excerpt:

“Nov ’16 has been less ‘bad’ than Oct or Sep. The uncertainty of the election has passed, the “Trump Trade” has pushed the stock market to record highs and the financial markets are bullish. Historically, these are good omens for Aspen real estate.

For the past two years, the Aspen residential market is being driven by speculative activity in the form of a small handful of REIT type investment groups. In particular, these groups dominated buyer activity in 2015 and new-built home listings in 2016. There are approximately 20-25 brand new spec homes in various stages of construction with some having sold or are under contract validating never-seen-before new pricing levels in specifically the Aspen Core, Historic West End and newer homes on Red Mountain..”

The Estin Report:2nd Quarter and 1st Half 2016State of the Aspen Real Estate Marketwith narrative, charts, tables photos was postedinCurrent Reportsas PDF (v6.6) on July 20th. The print edition is available at kiosks around town, at Sothebys/415 E. Hyman Mall, Sothebys/300 S. Spring St and at the airport.

072016 Q2 H1 2015 Estin Report State of the Aspen Market cover final 96Res 350wX457Click cover above for Exec. Summary and full 28-Pg Report PDF

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 (12/28/16) as additional re-sale properties come on the market at significantly higher prices.

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Market Activity Week 3, January 15 – 22, 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 144358, 142732, 143860, 143708, 138729.This link is valid until 2/21/2017.

Under Contract/Pending (10):MLS#s 126246, 138687, 140715, 141555, 144491, 144582, 146826, 147013, 147216, 147218.This link is valid until 2/21/2017.

Aspen Snowmass Solds Last Week:


MLS #144358 – Cimarron Townhomes, Central Core, 1011 E Hopkins Street, Aspen, CO. Sold Price: $5,550,000/$1,650 sq ft; unfurnished. More details below photos.
Aspen real estate 012217 144358 1011 E Hopkins Street 1 590WAspen real estate 012217 144358 1011 E Hopkins Street 2 590WAspen real estate 012217 144358 1011 E Hopkins Street 3 190HAspen real estate 012217 144358 1011 E Hopkins Street 4 190HAspen real estate 012217 144358 1011 E Hopkins Street 5 190HAspen real estate 012217 144358 1011 E Hopkins Street 6 190H
MLS #144358 – Cimarron Townhomes, Central Core, 1011 E Hopkins Street, Aspen, CO. Sold Price: $5,550,000/$1,650 sq ft; unfurnished. Asking Price: $5,700,000. (Original Price: $6,150,000 and 1,262 days on the market since 06/05/2013.) This is a 1996 built and 2008 remodeled, 3 bedroom/3 bath/2 half-bath, 3,362 sq ft duplex/half duplex with 2 car garage on a 7,500 sq ft lot. Broker comments are “Conveniently located on a quite cul-de-sac in Aspen’s downtown core, this 3 level, 3,362 sf mountain-style duplex features 3 en suite bedrooms, 2 half baths, vaulted ceilings, large, plentiful windows featuring mountain views, open and spacious top floor great room including a wet bar, a second lower-level family room, office, laundry room, 3 gas burning fireplaces, 2 decks, fenced dog run or garden and a 491 s.f. single car garage with built-in storage.” 2015 taxes: $11,950. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 11/14/2016; Sold Date: 01/20/2017. (Photos and broker comments courtesy of Douglas Elliman Real Estate-Hyman Ave)
MLS #142732 – Historic West End Vacant Lot, 433 W Bleeker Street, Aspen, CO. Sold Price: $3,400,000. More details below photos.
Aspen real estate 012217 142732 433 W Bleeker Street 1 590WAspen real estate 012217 142732 433 W Bleeker Street 2 190HAspen real estate 012217 142732 433 W Bleeker Street 3 190H
MLS #142732 – Historic West End Vacant Lot, 433 W Bleeker Street, Aspen, CO. Sold Price: $3,400,000. Asking Price: $3,495,000. (Original Price: $3,695,000 and 341 days on the market since 02/01/2016. The lot has been availabe for sale, not in MLS, for approximtely 4 years originially at $4.5M ask) This is a 6,000 sq ft single family vacant lot. Broker comments are “One of the few remaining vacant lots in the West End. Aspen Mountain Views and within walking distance to town and the music tent.” 2015 taxes: $20,915. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 11/06/2016; Sold Date: 01/13/2017. (Photos and broker comments courtesy of Coldwell Banker Mason Morse-Aspen)
MLS #143860 – West End, 332 W Main Street Unit B, Aspen, CO. Sold Price: $1,550,000/$1,445 sq ft; unfurnished. More details below photos.
Aspen real estate 012217 143860 322 W Main Street Unit B 1 590WAspen real estate 012217 143860 322 W Main Street Unit B 2 190HAspen real estate 012217 143860 322 W Main Street Unit B 3 190HAspen real estate 012217 143860 322 W Main Street Unit B 4 190HAspen real estate 012217 143860 322 W Main Street Unit B 5 190H
MLS #143860 – West End, 332 W Main Street Unit B, Aspen, CO. Sold Price: $1,550,000/$1,445 sq ft; unfurnished. Asking Price: $1,700,000. (Original Price: $2,450,000 and on/off the market since 09/28/12. The ask price was as high as $3,295,000 in April 2016.) This is a 2015 remodeled, 2 bedroom/2 bath, 1,072 sq ft townhouse on a 4,500 sq ft lot. Broker comments are “This brand new two bedroom, two bathroom condo in the near West End has two levels, all with the highest quality. A deck has views of Aspen Mountain, radiant heat, A/C and humidification, Viking appliances, gas fireplace, and a carport are just a few of the features in this mostly furnished unit.” 2015 taxes: $3,000; HOA Dues: TBD per Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 10/17/2016; Sold Date: 01/20/2017. (Photos and broker comments courtesy of Douglas Elliman Real Estate-Hyman Ave)
MLS #143708 – 1469 Snowmass Creek Road, Snowmass, CO. Sold Price: $495,000/$149 sq ft. More details below photos.
Aspen real estate 012217 143708 1469 Snowmass Creek Road 1 590WAspen real estate 012217 143708 1469 Snowmass Creek Road 2 590WAspen real estate 012217 143708 1469 Snowmass Creek Road 3 190HAspen real estate 012217 143708 1469 Snowmass Creek Road 4 190HAspen real estate 012217 143708 1469 Snowmass Creek Road 5 190HAspen real estate 012217 143708 1469 Snowmass Creek Road 6 190H
MLS #143708 – 1469 Snowmass Creek Road, Snowmass, CO. Sold Price: $495,000/$149 sq ft. Asking Price: $595,000. (Original Price: $675,000 and _ days on the market since _.) This is a 1959 built and 1993 remodeled, 3 bedroom/4 bath, 3,303 sq ft single family residence with 1 car garage on 1 acre/s lot locted in Ols Snowmass. Broker comments are “Enjoy this spacious three bedroom home in a peaceful rural location. The irrigation pond is surrounded by an acre of lawn and mature trees. Includes a non-conforming studio apartment. Propane heat with solar thermal plus pellet and wood stove backup to keep you warm in winter. A convenient location short drive to the Old Snowmass Conoco.” 2015 taxes: $3,565. Under Contract Date: 11/25/2016; Sold Date: 01/18/2017. (Photos and broker comments courtesy of Coldwell Banker Mason Morse-Aspen)
MLS #138729 – Crestwood Condo, 400 Wood Road #3301, Snowmass Village, CO: Sold Price: $407,500/$439 sq ft; furnished. More details below photos.
Aspen real estate 012217 138729 400 Wood Road 3301 1 590WAspen real estate 012217 138729 400 Wood Road 3301 2 590WAspen real estate 012217 138729 400 Wood Road 3301 3 190HAspen real estate 012217 138729 400 Wood Road 3301 4 190HAspen real estate 012217 138729 400 Wood Road 3301 5 190HAspen real estate 012217 138729 400 Wood Road 3301 6 190H
MLS #138729 – Crestwood Condo, 400 Wood Road #3301, Snowmass Village, CO: Sold Price: $407,500/$439 sq ft; furnished. Asking Price: $414,000. (Original Price: $460,000 and 621 days on the market since 04/23/2015.) This is a 1970 built and 2004 remodeled, 2 bedroom/2 bath, 928 sq ft condo. Broker comments are “A bright top-floor end condominium on the upper level at The Crestwood. The roof-line was changed with the addition of a large dormer allowing floor to peaked-ceiling windows which lets in both light and views to fill the interior spaces. Nicely updated kitchen and bath. Fantastic ski access and plenty of on-site amenities including a heated outdoor pool, 3 outdoor hot-tubs and a fitness facility. Couple that with high-end hotel concierge and front desk services and you will seriously consider extending your stay!” 2015 Taxes: $1,691; HOA Dues: $15,074 per Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 12/05/2016; Sold Date: 01/19/2017. (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 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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