Jan. 28 – Feb. 4, 2018 Estin Report: Last Week’s Aspen Snowmass Real Estate Sales & Stats: Closed (7) + Under Contract / Pending (14)

The Dec 2017 Market Snapshot was released 01/13/17 in Current Reports.  Jan 2018 will be released early this week.

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 5, Jan. 28 – Feb. 4, 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 (7):  MLS#s: 151514, 147163, 147458, 151428, 151443, 151736, 152012. This link is valid until 3/6/2018.

Under Contract/Pending (14): MLS#s: 146366, 146961, 149244, 149829, 150452, 151842, 151895, 151954, 152150, 152157, 152250, 152255, 152377, 152450. This link is valid until 3/6/2018.

Sold Properties Last Week:

MLS #151428 – White Horse Springs, McLain Flats, 1759 McLain Flats Road, Aspen, CO: Sold Price: $9,025,000/$1,189 sq ft; furnished. More details below photos.

MLS #151428 – White Horse Springs, McLain Flats, 1759 McLain Flats Road, Aspen, CO: Sold Price: $9,025,000/$1,189 sq ft; furnished. Aspen single family home for sale. Ask Price: $9,995,000. (Original Price: $9,995,000 and 894 days on the market since 06/18/2015.) This is a 2015 built, 5 bedroom/5 bath/2 half-bath, 7,587 sq ft single family home with a 2 car garage on a 7.91 acres lot. Broker comments are “This brand new custom masterpiece takes its enviable position above McLain Flats (just below Starwood) and embodies the very best of Aspen living. Awe-inspiring ski mountain views provide a rich canvas to admire. A sense of serenity and privacy permeates the 7,587 square foot contemporary residence, despite being just moments from downtown Aspen. Inside, the home is a study in mountain chic. A balanced palette of refined finishes and materials, ranging from rich stones and warm woods to glamorous high-gloss fixtures, lend a touch of drama to each space. Designed to maximize the connection to the outdoors with large windows, the house has been built with no sub-grade space. On the main level, the floor plan flows effortlessly from large living and dining rooms separated by a shared fireplace to the open chef’s kitchen, study, a spectacular master suite and guest master suite. On the lower level, there are three walk-out guest suites and entertaining spaces such as a wine room, family room, theater and exercise room.” 2017 taxes: $17,558. Under Contract Date: 12/12/2017; Sold Date: 01/30/2018. (Photos and broker comments courtesy of Coldwell Banker Mason Morse-Aspen)

MLS #147458 – Le Chamonix, West Aspen, 1501 Maroon Creek Road 12, Aspen, CO: Sold Price: $2,750,000/$1,138 sq ft; furnished. More details below photos.

MLS #147458 – Le Chamonix, West Aspen, 1501 Maroon Creek Road 12, Aspen, CO: Sold Price: $2,750,000/$1,138 sq ft; furnished. Aspen condo for sale. Ask Price: $2,999,000. (Original Price: $2,999,000 and 678 days on the market since 02/03/2016.) This is a 1965 built and 2016 remodeled, 3 bedroom/4 bath, 2,416 sq ft condo with 1 car garage. The condo is located directly across from Aspen Highlands Ski Area. Broker comments are “Beautifully remodeled Le Chamonix unit. This completely redone contemporary corner unit features stunning views of Highlands, while having the relaxing sounds of Maroon Creek below three private decks. Upgrades throughout, including smart home technology, media room and a private one car garage. Just steps to Aspen Highlands lifts.” 2017 taxes: $3,087; HOA Dues: $3,583 per Qtr. Under Contract Date: 11/25/2017; Sold Date: 01/31/2018. (Photos and broker comments courtesy of Coldwell Banker Mason Morse-Aspen)

MLS #147163 – Chateau Roaring Fork, Central Core, 1039 Cooper Ave., Unit 19a, Aspen, CO: Sold Price: $770,000/$1,040 sq ft; furnished. More details below photos.

MLS #147163 – Chateau Roaring Fork, Central Core, 1039 Cooper Ave., Unit 19a, Aspen, CO: Sold Price: $770,000/$1,040 sq ft; furnished. Aspen condo for sale. Ask Price: $945,000. (Original Price: $945,000 and 395 days on the market since 01/02/2017.) This is a 1969 built, 1 bedroom/1 bath, 740 sq ft condo. Broker comments are “HOA is currently renovating building which will be substantially completed by mid-December. Project includes new trash enclosure, ski lockers, exterior siding – Tru Grain Resysta and Equitone Concrete Panel, landscaping, doors, carpeting halls, lighting, paint, stain, and rails. Great one bedroom condominium in Aspen core on the river. Ground floor features living room with sliding glass doors facing river and deck right on the Roaring Fork River! Off-street parking and conveniently located within short walking distance to City Market, gondola and parks. Complex features large pool, three hot tubs and conference facility. Make this your mountain get-away or use for investment/rental income.” 2016 taxes: $2,035; HOA Dues: $1,988 per Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 12/28/2017; Sold Date: 02/01/2018. (Photos and broker comments courtesy of Berkshire Hathaway HomeServices|Aspen Snowmass Properties)

MLS #152012 – Aspen Airport Business Center, West Aspen, 309 AABC Avenue 2, Aspen, CO: Sold Price: $380,000 sq ft. More details below photos.

MLS #152012 – Aspen Airport Business Center, West Aspen, 309 AABC Avenue 2, Aspen, CO: Sold Price: $380,000 sq ft. Aspen commerial industria for sale. Ask Price: $395,000. (Original Price: $395,000 and 40 days on the market since 12/22/2017.) This is a 1970 built, 715 sq ft commercial office space. Broker comments are “Fantastic opportunity to own this beautifully finished office space in the Aspen Airport Business Center (AABC). Walking distance to Roxy’s, Alpine Bank, Aspen Airport and the gas station. Private bathroom with shower. Attractive built-in finishes and cabinets, natural light front and back, secure entrance, kitchen with Sub-Zero refrigerator/freezer, dishwasher, sink, and microwave. Two assigned parking spaces. New roof was installed in 2008. Provides an inviting reception area, kitchen/conference room or office, and large private office.” 2017 taxes: $2,022; HOA Dues: $1,020 per Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 12/28/2017; Sold Date: 01/31/2018. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)

MLS #151736 – Meadow Ranch, 70 Meadow Ranch Road, Snowmass Village, CO: Sold Price: $1,225,000/$531 sq ft. More details below photos.

MLS #151736 – Meadow Ranch, 70 Meadow Ranch Road, Snowmass Village, CO: Sold Price: $1,225,000/$531 sq ft. Snowmass Village single family home for sale. Ask Price: $1,270,000. (Original Price: $1,270,000 and 528 days on the market since 08/31/2016.) This is a 1979 built and 2014 remodeled, 4 bedroom/3 bath/1 half-bath, 2,306 sq ft single family home. This is the only free standing SF home in a complex made up of townhomes. Broker comments are “Completely remodeled 4 bedroom 3.5 bathroom 2300+ square foot SF home located within Aspen School District. Home is within walking distance to Two Creeks Lift, Base Village, local grocery store, and only 15 minute drive to Aspen. This home features a private driveway, new private walkway, an open floor plan with spacious rooms, & windows throughout. It is nestled within the open yard space surrounded by Aspen and Colorado Blue Spruce trees and steps from the trail system for hiking and bike paths. The upper floor enjoys the living room with fireplace, an expansive dining room that easily fits a table for 10, kitchen with updated appliances & half bath. The upper deck also features two private decks on opposite sides of the house to enjoy deer grazing through the yard in the summer.” 2016 Taxes: $4,275; HOA Dues: $1,610 per Qtr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 12/06/2017; Sold Date: 01/30/2018. (Photos and broker comments courtesy of Engel & Völkers)

MLS #151514 – Stonebridge, 30 Anderson Lane 813, Snowmass Village, CO: Sold Price: $425,000/$593 sq ft. More details below photos.

MLS #151514 – Stonebridge, 30 Anderson Lane 813, Snowmass Village, CO: Sold Price: $425,000/$593 sq ft. Snowmass Village condo for sale. Ask Price: $439,000. (Original Price: $439,000 and 113 days on the market since 10/08/2017.) This is a 1969 built, 1 bedroom/1 bath, 716 sq ft condo. Broker comments are “The one bedroom, one bathroom condo is located just off of Fanny Hill. It’s conveniently located next to the slopes and close to the fitness center and pool. The Stonebridge is well maintained by wonderful staff. Other amenities include: business office, full time receptionist, owner storage, bus/shuttle service.” 2016 Taxes: $2,251. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 12/29/2017; Sold Date: 01/29/2018. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Snowmass Village)

MLS #151443 – Seasons 4, 35 Lower Woodbridge Road Unit 123, Snowmass Village, CO: Sold Price: $360,000/$524 sq ft; unfurnished. More details below photos.

MLS #151443 – Seasons 4, 35 Lower Woodbridge Road Unit 123, Snowmass Village, CO: Sold Price: $360,000/$524 sq ft; unfurnished. Snowmass Village condo for sale. Ask Price: $395,000. (Original Price: $395,000 and 94 days on the market since 10/27/2017.) This is a 1971 built and 1991 remodeled, 1 bedroom/1 bath, 687 sq ft condo. Broker comments are “Easy living at Seasons Four. Well-located within the complex, no steps to the condominium and lovely morning light. The owner had updated the kitchen and bathroom, washer & dryer and fireplace. Currently rented for $1,800 per month, lease expires March 31st, 2018.” 2017 Taxes: $1,098; HOA Dues: $1,523 per Qtr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 11/28/2017; Sold Date: 01/29/2018. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)

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