Jan 21 – 28, 2018 Estin Report: Last Week’s Aspen Snowmass Real Estate Sales & Stats: Closed (10) + Under Contract / Pending (12)

The Dec 2017 Market Snapshot was released 01/13/17 in Current Reports.

New in Charts in Current Reports
12/23/17: Charts: 2017 Aspen Sales by Neighborhood and Property Type and Downtown Condos Fly High – new charts to be included in my year end 2017 report to be released soon.

11/20/17: Where are we now? Chart Series: 2006 – Q3 2017 Historic Pace of Aspen and Snowmass Village Dollar and Unit Sales (updated every quarter.  Q4 2017 update to be updated soon).

    

Clients often ask, “Where are we now compared to the Great Recession…?” My interest in creating this series of charts is to answer that question for myself and to offer a visual reference for that conversation – to compare Aspen and Snowmass Village sales activity now to pre-recession mid-2000’s levels…Read more

Bottom Line Dec 2017

“Dec 2017 ended on a weak note compared to what was to an outstanding year. A disappointment in fact. But maybe this was the reprieve we needed after an exceptionally strong three months in August, Sep and Oct ’17.

For the year, dollar sales at $1.512B were almost dead-even with $1.513B in Year 2015;  unit sales were also near even with 2015 with (433) in 2017 versus (442) in 2015. Years 2017 and 2015 were remarkably similar to one another and the best performing years of the past ten, 2008-2017, while 2017 had the lowest inventory of properties for sale of that ten year period: (762) listings inventory 2017 vs (858) in 2015, -11%.

Standout categories for the month of December are:

1) Sales of properties over $10M and over at near record of 2015.

  • For the year 2017, dollar sales of properties $10M and above are up 181% to $442M from $157M in 2016; Unit sales are up 142% to (29) versus (12) last year.
  • In 2017, $10M and over property sales accounted for $442M, or 29%, of the $1.512B total market dollar sales and (29), or 7%, of the (433) total unit sales.
  • In 2015, sales of properties $10M and over were $454M, or 30%, of the $1.513B total market dollar sales and (30), or 7%, of the (441) total unit sales.

2) Aspen condos: Sales are up 29% YTD while inventory of available listings is down -18%. High demand and falling inventory is creating price pressure: In the 3-mos sales period from Oct-Dec 17, the avg Aspen Core condo/townhome sold at $1,514 sq ft over $1,252 in the same period Dec 2017, +21%.

3) Where are the Aspen Discounts? Checkout areas a bit farther out of town but more than compensating for the ‘relative’ distance are the staggering views and high mountain scenery. This is ‘Rocky Mountain High’ living at its best at sub-prime pricing!  Giddy-up folks!!  For example, Starwood had (2) sales in the three months of Oct-Dec 17 at an avg $624 sq ft vs $616 sq ft same period a year ago, +1%.  The caveat: these sales were for older homes selling essentially at lot value, but for reference, compare this to the avg. (3) downtown SF home sales +31%,  $2,227 sq ft in Oct-Dec 2017 vs $1,704 sq ft in the same period last year. Another example is Woody Creek where home prices over $1.5M are still relatively discounted at $1,310 sq ft in Oct-Dec 2017 versus $963 sq ft same time last year. +36%. See Best Deals for Starwood/McLain Flats and Woody Creek properties.

4) Snowmass Village values: SMV is entering its prime winter selling season Dec – April, and unit sales activity has been picking up similar to 2015.  The revived Snowmass Base Village under new ownership is completing some major construction projects and the base area if starting to look and feel more finished than the construction site its been for the past 10 years. There is a lot of excitement and positive energy while at the same time,   SMV opportunities continue…in general, prices – at 40-60% discount-to-Aspen –  are similar, if not down incrementally, from last year…


Deep Dive: Dec 2017 Sales by Location (3-month avg. sales Oct-Dec 17)

                                      

Aspen Sales by Neighborhood       Snowmass Village Sales by Neighborhood

“Flip Job” Examples:
See recent Before/After Redeveloped Properties in the Flip Jobs Section.  These are properties that have been recently, or are currently, in the process of redevelopment for re-sale. Flip jobs. This section also highlights sold properties back on the market at higher prices – examples of price appreciation.  This post is updated regularly (01/11/2018) as additional re-sale properties come on the market.

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Market Activity Week 4, Jan 21 – 28, 2018

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 in the upper Roaring Fork Valley. Fractional/Timeshare sales are not included. Because the MLS links below expire after 30 days, photos and written descriptions of most closed properties (those with excellent photography) are posted here to preserve an archive of sold market activity. Scroll down the page for property photos and details of weekly sales and under contract / pending. For earlier dates, see the Estin Report blog archives from 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 (10):  MLS#s: 136969, 143977, 149428, 149456, 150617, 150952, 151665, 152126, 152129, 152401. This link is valid until 2/27/2018.

Under Contract/Pending (12): MLS#s: 146807, 148268, 151456, 150942, 152075, 152192, 152245, 152247, 152253, 152257, 152258, 152403. This link is valid until 2/27/2018.

Aspen Snowmass Solds Last Week:

MLS #143977 – West Aspen, 1481 Sierra Vista Drive, Aspen, CO: Sold Price: $6,300,000/$1,428 sq ft; furnished. More details below photos.

MLS #143977 – West Aspen, 1481 Sierra Vista Drive, Aspen, CO: Sold Price: $6,300,000/$1,428 sq ft; furnished. Aspen duplex/half-duplex for sale. Ask Price: $6,750,000. (Original Price: $6,750,000 and 849 days on the market since 09/22/2015.) This is a 2017 built, 5 bedroom/6 bath/1 den, 4,410 sq ft duplex/half-duplex on the Aspen golf course with a 2 car garage on a 16,016 sq ft lot. Broker comments are “Floor-to-ceiling windows on the main level and in the master bedroom suite bring the outside in — including postcard-worthy views of Aspen Highlands, Buttermilk, Shadow Mountain and Pyramid Peak — to further enrich the warm, mountain contemporary design. Coupled with innovative details and chic design features, deciding to ever leave home will be the hardest part of living in this brand-new 4,410-sq. ft., 5 en suite-bedrooms + office half-duplex (connected only by the 2-car garage). An 8-minute bike ride to downtown Aspen, & golf and Nordic ski access out the back door, the light and bright home nestled at the 4th hole of the Aspen Golf Course at the end of a quiet cul-de-sac was meticulously crafted around mature trees & designed as an extension of the dramatic outdoor canvas.” 2016 taxes: $7,912. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 10/24/2017; Sold Date: 01/18/2018. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)

MLS #150617 – West End, 931 W Francis Street, Aspen, CO: Sold Price: $4,150,000/$1,754 sq ft; unfurnished. More details below photos.

MLS #150617 – West End, 931 W Francis Street, Aspen, CO: Sold Price: $4,150,000/$1,754 sq ft; unfurnished. Aspen single family home for sale. Ask Price: $4,500,000. (Original Price: $4,500,000 and 152 days on the market since 08/24/2017.) This is a 1959 built, 4 bedroom/2 bath, 2,366 sq ft single family home on a 16,802 sq ft lot. This is a re-development lot purchase. The location is at the very western edge of the West End. Broker comments are “This is an incredible opportunity to create your dream home in Aspen’s desirable West End. Walk, bike or take the bus to downtown Aspen. The Aspen Institute and the Benedict Music Tent are just a few blocks away. Mature pine, fir, cottonwood and aspen trees provide a cool and private setting. Shadow Mountain overlooks the expansive back yard lawn. Enjoy spectacular sunsets and views of Tiehack from the east-facing deck, and hear the sounds of the Roaring Fork River below. The 16,802 square foot lot has the opportunity to be developed as a single family home or a duplex, or two detached single family residences. There is also the option to subdivide the property into 6,000 square foot and 9,000 square foot front and rear lots. There is currently an existing four bedroom, two bath improvement on the property built in 1959 that is not designated as a historic resource.” 2017 taxes: $7,048. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 01/12/2018; Sold Date: 01/23/2018. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)

MLS #150952 – Gant, Central Core, 610 S West End Street G305, Aspen, CO: Sold Price: $2,275,000/$1,686 sq ft; furnished. More details below photos.

MLS #150952 – Gant, Central Core, 610 S West End Street G305, Aspen, CO: Sold Price: $2,275,000/$1,686 sq ft; furnished. Aspen condo for sale. Ask Price: $2,495,000. (Original Price: $2,750,000 and 134 days on the market since 09/11/2017.) This is a 1972 built, 3 bedroom/3 bath, 1,349 sq ft condo. Broker comments are “One of the absolute best locations at The Gant. This is a top floor corner unit with great views of Smuggler and Independence Pass. Vaulted ceilings and corner unit floor plan create a large living area with abundant natural light. The property was remodeled in 2008. There are 4 decks; a deck off each bedroom and a back deck that overlooks the quiet back pool and lounge area. Great location just a short walk to the Aspen Club, local trails and the Gondola. The Gant is one of two full-amenity complexes in Aspen (the other is the Aspen Alps) with two pools, hot tubs, gym, and hard/clay tennis courts. Convenient shuttle service to the airport and around town.” 2016 taxes: $4,001; HOA Dues: $34,736. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 12/22/2017; Sold Date: 01/23/2018. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)

MLS #151665 – Winfield Arms, Central Core, 119 E Cooper Avenue Unit #1, Aspen, CO: Sold Price: $515,000/$1,763 sq ft; unfurnished. More details below photos.

MLS #151665 – Winfield Arms, Central Core, 119 E Cooper Avenue Unit #1, Aspen, CO: Sold Price: $515,000/$1,763 sq ft; unfurnished. Aspen condo for sale. Ask Price: $549,000. (Original Price: $549,000 and 129 days on the market since 09/15/2017.) This is a 1969 built and 2012 remodeled, studio/1 bath, 292 sq ft condo. Broker comments are “The perfect pied-a-terre, super convenient. Cute ground floor studio was remodeled in 2012 and comes with a garage parking spot! Wood floors and stainless steel appliances. Attractive building in a great location just 2 1/2 blocks to the pedestrian mall. Has storage, laundry and hot tub. Low HOA dues include heat. Owner pet okay.” 2016 taxes: $923; HOA Dues: $984 per Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 12/07/2017; Sold Date: 01/22/2018. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty – Durant)

MLS #152126 – Inn At Aspen, West Aspen, 38750 Highway 82 1102, Aspen, CO: Sold Price: $275,000/$792 sq ft; furnished. More details below photos.

MLS #152126 – Inn At Aspen, West Aspen, 38750 Highway 82 1102, Aspen, CO: Sold Price: $275,000/$792 sq ft; furnished. Aspen condo for sale. Ask Price: $275,000. (Original Price: $275,000 and 19 days on the market since 12/29/2017.) This is a 1969 built and 2015 remodeled, studio/1 bath, 347 sq ft condo. The Inn at Aspen is located on the Aspen side (east) of Buttermilk Ski Area, halfway between town and the airport. Broker comments are “Remodeled 1st floor south facing king.” 2016 taxes: $264; HOA Dues: $596 per Month. Under Contract Date: 01/01/2018; Sold Date: 01/17/2018. (Photos and broker comments courtesy of Berkshire Hathaway HomeServices | Aspen Snowmass Properties)

MLS #152129 – Inn At Aspen, West Aspen, 38750 Highway 82 1162, Aspen, CO: Sold Price: $259,000/$746 sq ft; furnished. More details below photos.

MLS #152129 – Inn At Aspen, West Aspen, 38750 Highway 82 1162, Aspen, CO: Sold Price: $259,000/$746 sq ft; furnished. Aspen condo for sale. Ask Price: $259,000. (Original Price: $259,000 and 20 days on the market since 12/29/2017.) This is a 1969 built and 2015 remodeled, studio/1 bath, 347 sq ft condo. The Inn at Aspen is located on the Aspen side (east) of Buttermilk Ski Area, halfway between town and the airport. Broker comments are “1st floor West Facing King.” 2016 taxes: $264; HOA Dues: $596 per Month. Under Contract Date: 01/02/2018; Sold Date: 01/18/2018. (Photos and broker comments courtesy of Berkshire Hathaway HomeServices | Aspen Snowmass Properties)

MLS #149456 – Old Snowmass, 800 Snowmass Creek Road, Snowmass, CO: Sold Price: $1,150,000/$263 sq ft; unfurnished. More details below photos.

MLS #149456 – Old Snowmass, 800 Snowmass Creek Road, Snowmass, CO: Sold Price: $1,150,000/$263 sq ft; unfurnished. Snowmass single family home for sale. Ask Price: $1,225,000. (Original Price: $1,325,000 and 230 days on the market since 06/08/2017.) This is a 1991 built, 5 bedroom/3 bath/1 half-bath, 4,358 sq ft single family home with 4+ car garage on a 5 acres lot. Broker comments are “Gorgeous 5 acre property on Snowmass Creek Road. This property is just .7 miles off Hwy 82 and a short drive to both aspen and basalt and some of Colorado’s most sought after fishing holes and hunting grounds. This well maintained 3 story, 4,358 sqft home consists of 5 bedrooms, 3.5 baths and 4+ car garage with plenty of storage. The views look south up Snowmass Creek and the home is positioned to take advantage of the sun in both the summer and winter months.” 2017 Taxes: $7,512. Under Contract Date: 11/12/2017; Sold Date: 01/24/2018. (Photos and broker comments courtesy of Aspen Associates Realty)

MLS #149428 – Ridge Run, 732 Faraway Road, Snowmass Village, CO: Sold Price: $2,960,000/$792 sq ft; furnished. More details below photos.

MLS #149428 – Ridge Run, 732 Faraway Road, Snowmass Village, CO: Sold Price: $2,960,000/$792 sq ft; furnished. Snowmass Village single family home for sale. Ask Price: $2,950,000. (Original Price: $2,950,000 and 455 days on the market since 06/09/2017.) This is a 1969 built and 1998 remodeled, 5 bedroom/4 bath/1 den, 3,736 sq ft single family home on a 32,916 sq ft lot. Broker comments are “This Snowmass Village home offers a rare combination of idyllic seclusion and spectacular views while being conveniently located close to the center of SMV – only 7/10 mile up Faraway Road. Remodeled with a contemporary flair and an open floor plan, it takes full advantage of the abundance of natural light. Several decks allow enjoyment of the expansive beauty of this tucked away but convenient retreat. An updated kitchen with high end appliances, sauna, hot tub, security system, and 2 fireplaces are some of the attractive features. The master bedroom suite includes a gas fireplace and steam shower. The 5th bedroom is currently an office / library. Furnished with some exceptions. 2016 Taxes: $8,967; HOA Dues: $90 per Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 10/23/2017; Sold Date: 01/22/2018. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)

MLS #136969 – Ridge Run, 462 Maple Ridge Lane, Snowmass Village, CO: Sold Price: $2,212,677/$541 sq ft; partial-furnished. More details below photos.

MLS #136969 – Ridge Run, 462 Maple Ridge Lane, Snowmass Village, CO: Sold Price: $2,212,677/$541 sq ft; partial-furnished. Snowmass Village single family home for sale. Ask Price: $2,350,000. (Original Price: $2,795,000 and 2,167 days on the market since 06/24/2010.) This is a 1976 built and 2000 remodeled, 3 bedroom/4 bath/2 den/1 bonus room, 4,088 sq ft single family home with 3 car garage on a 31,736 sq ft lot. Broker comments are “Luxurious spaces abound in this 4,088 square-foot home located in Snowmass Village. Features include hardwood floors throughout the main level, granite countertops, top-grade appliances, gorgeous master and guest master suite, and wonderful ski locker room adjacent to third garage bay and laundry area. French doors open to the spacious back patio from the dining area and master suite. Easy access to the gym/office above the 2-car detached garage which could easily be converted to a caretaker studio. Amazing home beautifully landscaped during the summer with the Snowmass Homeowner’s Common Space bordering two sides of the lot and naturally bright during the winter. Dial-a-ride access for you and your guests to the mall, Base Village, and skiing during the winter.” 2016 Taxes: $8,501; HOA Dues: $90 per Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 12/06/2017; Sold Date: 01/25/2018. (Photos and broker comments courtesy of Douglas Elliman Real Estate-SMV)

MLS #152401 – Assay Hill Lodge, 130 Wood Road 809, Snowmass Village, CO: Sold Price: $265,000/$586 sq ft; furnished. More details below photos.

MLS #152401 – Assay Hill Lodge, 130 Wood Road 809, Snowmass Village, CO: Sold Price: $265,000/$586 sq ft; furnished. Snowmass Village condo for sale. Ask Price: $265,000. (Original Price: $265,000 and 48 days on the market since 12/06/2017.) This is a 2009 built, studio/1 bath, 452 sq ft condo. No broker comments. 2018 Taxes: $2,783; HOA Dues: $11,851 per Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 12/08/2017; Sold Date: 01/23/2018. (Photos and broker comments courtesy of SV Real Estate)

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