Jan 29 – Feb 5, 2017 Estin Report: Last Week’s Aspen Snowmass Real Estate Sales & Stats: Closed (11) + Under Contract / Pending (10)

The Jan 2016 Aspen Snowmass Real Estate Monthly Market Snapshot has been postedinCurrent Reports. The Monthly Snapshots are usually posted on or near the 1st Monday of the month. My Q4 and Year 2016 report will be released soon.

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.

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.

Click 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 5, January 29 – February 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 (11):MLS#s 130921, 145208, 142426, 143749, 144582, 145072, 145354, 145397, 145730, 146209, 146659.This link is valid until 3/7/2017.

Under Contract/Pending (10):MLS#s 123936, 142401, 136612, 142846, 143224, 144754, 146813, 147156, 147215, 147220.This link is valid until 3/7/2017.

Aspen Snowmass Solds Last Week:

MLS #144582 – Starwood Subd. Vacant Lot, McLain Flats, Tbd Carroll Drive, Aspen, CO. Sold Price: $2,050,000. Asking Price: $2,750,000. (Original Price: $2,750,000 and 219 days on the market since 05/31/2016.) This is a 4.05 acres single family vacant lot. Broker comments are “Beautiful building site in the exclusive Starwood gated community. Encompassing over 4 total acres, with a 1.4 acre activity envelope, this wooded site borders its own nearly 3 acre pasture tract insuring view protection and privacy. Portion of pasture tract may be reserved for easement.” 2016 taxes: $26,748; HOA Dues: $362 per Yr. Under Contract Date: 01/17/2017; Sold Date: 01/31/2017. (Photos and broker comments courtesy of Coldwell Banker Mason Morse-Aspen)

MLS #146209 – Eastwood Sound. Vacant Lot, East Aspen, 310 Eastwood Drive, Aspen, CO. Sold Price: $1,635,000. Asking Price: $1,795,000. (Original Price: $1,795,000 and 621 days on the market since 06/27/2015.) This is a 15,142 sq ft single family vacant lot with constrained – or tight- access. Broker comments are “Fantastic Single family lot that you have been waiting for. Secluded in the woods, yet only a short walk to the core. The driveway installation is complete and all the power lines have been buried. Private access with wonderful views of Aspen Mountain and overlooking town. Renderings attached. Great development opportunity. FAR is 3185.” 2015 taxes: $13,642. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 01/09/2017; Sold Date: 01/31/2017. (Photos and broker comments courtesy of Compass)

MLS #145072 – Hy-West, Central Core, 835 E Hyman Avenue E, Aspen, CO. Sold Price: $1,304,000/$1,365 sq ft; furnished. Asking Price: $1,299,000. (Original Price: $1,299,000 and 372 days on the market since 01/21/2016.) This is a 1969 built and 2015 remodeled, 2 bedroom/2 bath, 955 sq ft condo. Broker comments are “Walk to everything from this ideally-located condominium. Only 3 blocks from the gondola, but on a quiet residential street. This light and bright 2BR is a second floor corner unit with eastern and northern exposures. Enjoy views of Smuggler and Red Mountains from the spacious deck.Great for a local owner or use as a rental property. Pets allowed! Recently remodeled, contemporary finishes, gourmet kitchen, in-unit washer and dryer. Great storage space – one ski closet on ground level, plus two secure storage closets. One assigned off-street parking space.” 2016 taxes: $2,663; HOA Dues: $1,489 per Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 12/22/2016; Sold Date: 01/31/2017. (Photos and broker comments courtesy of Douglas Elliman Real Estate-Hyman Ave)

MLS #146659 – Aspen Village, Woody Creek, 14 Aspen Village, Aspen, CO. Sold Price: $270,000/$251 sq ft; unfurnished. Asking Price: $275,000. (Original Price: $275,000 and 895 days on the market since 05/09/2014.) This is a 1965 built and 2016 remodeled, 2 bedroom/1 bath/1 half-bath, 1,072 sq ft single family residence on a 4,288 sq ft lot. Broker comments are “Almost totally remodeled in 2016. Desirable location close to Aspen. Open concept floor plan. Affordable 2 bedroom, 1 1/2 bathroom, 12×60, 1965 single wide mobile home plus +/- 10’x33′ addition with family room & an office that could be a 3rd bedroom if a closet were added on a 4,288 sq.ft. lot. Community pool & gym. No HOA dues. In the Aspen School District & close to RFTA bus stop. Aspen Pitkin County Housing Authority(APCHA)has Deed Restricted Aspen Village to Resident Occupied(RO)-Owner occupied only. Buyer must work a minimum of 1500 hrs./yr. in the valley. There is no sale price restriction. No dogs allowed. Go to www.aspenvillage.info for the most updated Covenants and Declarations. Property is Under Contract for sale but taking back up offers.” 2016 taxes: $2,591. Under Contract Date: 12/19/2016; Sold Date: 02/03/2017. (Photos and broker comments courtesy of Janet Mitchell & Co)

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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