The Estin Report: June and YTD 2015 Aspen Snowmass Monthly Market Snapshotwas posted 07/14/15 in Current Reports

The 1st Half 2015 State of the Aspen Market Report is in process. May and YTD 2015 Aspen Snowmass Real Estate Monthly Market Snapshot was released late Monday, 06/02/15 inCurrent Reports. The Snapshots are released on or near the 1st Monday of the month.

The Estin Report: The 4th Quarter and Year 2014 State of the Aspen Real Estate Market was released online Feb 7th inCurrent Reports.The print edition is available in racks around town and at Sotheby’s offices at 415 Hyman St Mall and 300 Spring Street (my office) opposite the new Aspen Art Museum.

See recent Before/After redevelopment‘flip job’ examplesin Miscellaneous Info. These are properties that have been recently or are currently being redeveloped for re-sale. This post is updated (last -05/07/15) as additional re-sale properties come on the market at significantly higher prices.

Last week’s Aspen and Snowmass sales activity appears below. Scroll down the page for 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 search the 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, the information should be here.

Market Activity Week 29, July 12 – 19, 2015

Aspen Snowmass real estate weekly sales and under contract activity appears below for all Aspen, Snowmass 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.

Closed (12):MLS #’s:137600,125729,135024,136332,136850,139236,140084,140107,140132,140133,140135,140136. This link is valid until 08/17/2015.

Under Contract/Pending (9):MLS#’s:137893,134537,139217,139480,139625,139794,139810,139966,140021. This link is valid until08/17/2015.

Aspen Snowmass Solds Last Week:

MLS #139236 – Record Downtown Aspen Price Per Sq Ft Sale; Brand Building, Central Core, 205 S Galena Street 13, Aspen, CO. Sold Price: $2,375,000/$3,321 sq ft; partial furnished. More details below photos.

MLS #139236 – Record Downtown Aspen Price Per Sq Ft Sale; Brand Building, Central Core, 205 S Galena Street 13, Aspen, CO: Sold Price: $2,375,000/$3,321 sq ft; partial furnished.Asking & Original Price: $2,500,000. (150 days on the market since 04/12/2012.) This is a 1888 built, 1 bedroom/1 bath, 715 sq ft condo. The word on the street is that this sold to a developer who plans to remodel and flip the unit. Broker comments are “Ideal, convenient location close to Aspen’s best shopping, yet there are no immediately adjacent nightclubs or restaurants to create nighttime noise. A fantastic corner unit facing both Hopkins and Galena, light and bright, with high ceilings. It has an amazing, huge rooftop deck with its own full kitchen for great summertime entertaining.” 2014 Taxes: $2,143; HOA Dues: TBD. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 05/22/2015; Sold Date: 07/14/2015. (Photos and broker comments courtesy of Douglas Elliman Real Estate-Hyman Ave)

MLS #140132 – Townsite of Aspen, Central Core, 623 E Hopkins Ave – The Penthouse, Aspen, CO: Sold Price: $8,301,500/$2,833 sq ft. More details below photo.

MLS #140132 – Townsite of Aspen, Central Core, 623 E Hopkins Ave – The Penthouse, Aspen, CO: Sold Price: $8,301,500/$2,833 sq ft.Asking & Original Price: $8,950,000. (226 days on the market since 11/11/2014.) This is a 2015 built, 4 bedroom/3 bath/1 half-bath, 2,930 sq ft single family home with 1 car garage on a 12,000 sq ft lot. Broker comments are “The Penthouse on Hopkins is the height of luxury living in the heart of Aspen.This three-level, new townhome, developed by Austin Lawrence Partners combines sophisticated design and high-end contemporary finishes. The courtyard leads to the entry and office level along with an oversized one-car garage. A logical floor plan features four bedrooms on the second level while the public space commands the dramatic views on the top floor. The living room has both a north terrace with views toward Red Mountain and a south terrace showcasing views of Aspen Mountain. The stunning rooftop deck is perfect for entertaining and offers breathtaking views in all directions. Sold before MLS.” 2015 Taxes: $24,905. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 04/03/2015; Sold Date: 06/25/2015. (Photos and broker comments courtesy of Coldwell Banker Mason Morse-Aspen)

MLS #140136 – Townsite of Aspen, Central Core, 623 E Hopkins Ave – Susie’s Cabin, Aspen, CO: Sold Price: $2,800,000/$1,615 sq ft. More details below photo.

MLS #140136 – Townsite of Aspen, Central Core, 623 E Hopkins Ave – Susie’s Cabin, Aspen, CO: Sold Price: $2,800,000/$1,615 sq ft.Asking & Original Price: $3,295,000. (155 days on the market since 11/11/2014.) This is a 1888 built, 1,733 sq ft commercial industrial on a 12,000 sq ft lot. This is the historic redeveloped portion of The Penthouse development project that closed above. Broker comments are “Complete exterior renovation only with unfinished interior. Sold before MLS.” 2015 Taxes: $8,400; HOA Dues: $1. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 11/29/2014; Sold Date: 04/15/2015. (Photos and broker comments courtesy of Coldwell Banker Mason Morse-Aspen)

MLS #140133 – Central Core, 623 E Hopkins Ave-Ph Commercial, Aspen, CO: Sold Price: $1,693,500/$1,500 sq ft. More details below photo.

MLS #140133 – Central Core, 623 E Hopkins Ave-Ph Commercial, Aspen, CO: Sold Price: $1,693,500/$1,500 sq ft.Asking & Original Price: $1,693,500. (226 days on the market since 11/11/2014.) This is a 2015 built, 1,129 sq ft commercial industria on a 12,000 sq ft lot. Broker comments are “Two office spaces sold together with residential penthouse MLS# 140132.” 2015 Taxes: $5,080; HOA Dues: $1. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 04/03/2015; Sold Date: 06/25/2015. (Photos and broker comments courtesy of Coldwell Banker Mason Morse-Aspen)

MLS #140135 – Townsite of Aspen, Central Core, 623 E Hopkins Ave – Susie’s Barn Commercial, Aspen, CO: Sold Price: $850,000/$1,848 sq ft. More details below photo.

MLS #140135 – Townsite of Aspen, Central Core, 623 E Hopkins Ave – Susie’s Barn Commercial, Aspen, CO: Sold Price: $850,000/$1,848 sq ft.Asking & Original Price: $995,000. (155 days on the market since 11/11/2014.) This is a 1888 built, 460 sq ft commercial industria on a 12,000 sq ft lot. Broker comments are “Complete exterior renovation only with unfinished interior. Sold before MLS.” 2015 Taxes: $2,550; HOA Dues: $1. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 11/29/2014; Sold Date: 04/15/2015. (Photos and broker comments courtesy of Coldwell Banker Mason Morse-Aspen)

MLS #125729 – Smuggler (Smuggler Mine Property), 0100 Smuggler Mountain Road, Aspen, CO. Vacant lot sale with 2 buildable lots. Sold Price: $7,500,000. More details below photos.

MLS #125729 – Smuggler (Smuggler Mine Property), 0100 Smuggler Mountain Road, Aspen, CO. Vacant lot sale with 2 buildable lots. Sold Price: $7,500,000.Asking Price: $7,500,000. (Original Price: $9,500,000 and 1,038 days on the market since 05/31/2012.) This is an approx. 30 acre or 1,294,516 sq ft vacant lot. Broker comments are “Extraordinary opportunity for residential development at the historic Smuggler Mine property. Consisting of 29.7 acres, a development plan subdividing the property into 3 parcels (the existing 9.7 acre mine site + 2 new home sites of approx 10 acres each. See Plat and topo survey maps) is available for buyer review prior to submission for final approval. While the location is within walking distance to downtown Aspen, the Pitkin County designation allows the possibility of building two 15,000 sq ft homes w/the use of TDR’s. The buyer may choose to preserve the mine as an integral part of Aspen’s history, or alternatively, the Seller has already bonded the money necessary to clean up the mine parcel as a provision of sale. Spectacular views of Aspen Mountain, the Elk Mountain Range & the Roaring Fork Valley.” 2012 Taxes: $7,041. Under Contract Date: 04/30/2015; Sold Date: 07/17/2015. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)

MLS #137600 – West Aspen, 1278 Snowbunny Lane, Aspen, CO: Half Duplex; Sold Price: $2,500,000/$1,070 sq ft; partial furnished. More details below photos.

MLS #137600 – West Aspen, 1278 Snowbunny Lane, Aspen, CO: Half Duplex; Sold Price: $2,500,000/$1,070 sq ft; partial furnished.Asking & Original Price: $2,500,000. (157 days on the market since 02/10/2015.) The property previously sold to this Seller, a builder/redeveloper, on 08/31/13 for $1.65M, a 52% return before costs. This is a 1981 built and 2015 remodeled, 4 bedroom/3 bath, 2,930 sq ft half duplex with 1 car garage on a 11,388 sq ft lot. Broker comments are “Fresh, crisp, clean and contemporary describes this newly renovated 2,333 square foot half a duplex located within the coveted Aspen School district and on a very quiet and charming street – Snowbunny Lane. High ceilings complement the expansive open kitchen, living and dining. Large windows and sliding doors capture surrounding views of Highlands, Aspen Mountain and Smuggler. Sunlight floods the four bedrooms, three baths and family rooms. Recently completed renovation include new windows: doors and door hardware; bath vanities, Caesarstone slabs and wall tiles; bath and kitchen plumbing fixtures; Kitchen Caesarstone slabs and appliances; electrical plates, outlets and lighting fixtures; smoke and CO detectors.” 2014 Taxes: $3,169. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 06/08/2015; Sold Date: 07/17/2015. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)

No photo in MLS for this Single Family Home in West Aspen.

MLS #140084 – Sold Pre-MLS. Red Butte Subdivision, West Aspen, 1300 Red Butte Drive, Aspen, CO. Sold Price: $6,500,000/$1,286 sq ft. Asking & Original Price: $7,000,000. (136 days on the market since 03/02/2015.) This is a 1993 built, 3 bedroom/3 bath/1 half-bath, 5,052 sq ft single family home with 1 car garage on a 37,026 sq ft lot, almost 1 acre riverfront lot. The home is contemporary design with floor to ceiling windows facing the river upstream. It’s beautiful. The property sold to a developer. For a redevelopment project, there is much to save with the existing home, and there was definite value to the structure. This is more than a riverfront vacant lot sale which would be in the $5M range at present in the Red Butte subdivision. No broker comment. 2014 Taxes: $24,905. No RETT Transfer Tax – Red Butte Subdivision is in Pitkin County not the City of Aspen (where the RETT would be approx. 1.5% of purchase price). Under Contract Date: 03/16/2015; Sold Date: 07/16/2015. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Spring Street)

No photo in MLS for this Single Family Vacant Lot in West Aspen.

MLS #140107 – Castle Creek, West Aspen, Tbd South Hayden Road, Aspen, CO. Vacant lot sale. Sold Price: $5,500,000. Asking & Original Price: $6,000,000. (490 days on the market since 06/25/2008.) This is a 435,600 sq ft vacant lot, Lot 12. Vacant Lot 11 sold on 03/06/15 for $5.75M (MLS 138073). It was put back on the market on 06/29/15 at $8.45M (MLS 139795) as a “celebrity level private estate” 10-acre lot. Another recent sale in this area, at 250 N Hayden Road – a different but similar subdivision just downstream of S. Hayden Rd, sold at foreclosure for $5.6M/$724 sq ft for a 5,161 sq ft, 5 bdrm Main House, 1,117 sq ft 2 bdrm Guest House and 739 sq ft Caretaker unit with a 3-car garage on 8.3 acres. (See 250 N Hayden Road sold entry in the June 21-28, 2015 blog). Broker comments are “Sold before MLS.” 2015 Taxes: $20,006. Under Contract Date: 04/24/2015; Sold Date: 07/13/2015. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)

MLS #136850 – Two Creeks, Snowmass Village, 849 Serviceberry Lane, Snowmass Village, CO: Sold Price: $7,200,000/$1,387 sq ft; partial-furnished. More details below photos.

MLS #136850 – Two Creeks, Snowmass Village, 849 Serviceberry Lane, Snowmass Village, CO: Sold Price: $7,200,000/$1,387 sq ft; partial-furnished.Asking & Original Price: $8,500,000. (624 days on the market since 10/22/2013.) This is a 1999 built and 2006 remodeled, 5 bedroom/5 bath/2 half-bath, 5,190 sq ft single family home with 2 car garage on a 54,319 sq ft lot. Broker comments are “Simply the best ski access. The home sits on Cascade ski trail! All day sun, master suite with office on the main living level, leather wrapped hand rails, custom leather & iron light fixtures, sunken bar, large double-sided wood-burning fireplace, air conditioning, I-pad stereo/TV technology, exterior sunken hot tub…the bunk room sleeps 9. Large built-out storage area on the ski slope side of the home.” 2015 Taxes: $24,898; HOA Dues: $1,000. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 05/08/2015; Sold Date: 07/08/2015. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)

MLS #135024 – Melton Ranch, Snowmass Village, 138 Martingale Place, Snowmass Village, CO: Sold Price: $1,050,000/$499 sq ft; furnished. More details below photos.

MLS #135024 – Melton Ranch, Snowmass Village, 138 Martingale Place, Snowmass Village, CO: Sold Price: $1,050,000/$499 sq ft; furnished.Asking Price: $1,275,000. (Original Price: $1,249,000 and 569 days on the market since 07/30/2013.) This is a 1971 built, 3 bedroom/3 bath, 2,101 sq ft single family home on a 21,004 sq ft lot. It is a teardown (vacant) lot sale. Broker comments are “Be part of the prestigious Aspen School District, In this newly upgraded Ranch-style home. Located on quiet cul-de-sac with open kitchen and living space. Live comfortably in it or build up to 3,150 square feet per Town of Snowmass Village. Enjoy skiing, biking and hiking. Easy access to free shuttle, within walking distance to shopping and restaurants. Buy today, move-in tomorrow.” 2014 Taxes: $3,294; HOA Dues: $120 per Year. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 06/04/2015; Sold Date: 07/17/2015. (Photos and broker comments courtesy of Douglas Elliman Real Estate-Hyman Ave)

MLS #136332 – Capitol Peak, Snowmass Village, 60 Carriage Way #3032, Snowmass Village, CO: Sold Price: $950,000/$729 sq ft; furnished. More details below photos.

MLS #136332 – Capitol Peak, Snowmass Village, 60 Carriage Way #3032, Snowmass Village, CO: Sold Price: $950,000/$729 sq ft; furnished. Asking Price: $1,050,000. (Original Price: $1,175,000 and 293 days on the market since 09/24/2014.) This is a 2008 built, 3 bedroom/2 bath, 1,303 sq ft condo. Broker comments are “Walk out the door to the gondola to ski some powder stashes or hop on your bike for a summertime downhill thrill. Fully furnished and ready for memories to be made, this nicely appointed Capitol Peak three bedroom condo will make a great home base in Snowmass Village. Round out the perfect mountain vacation getaway with onsite rental and property management, a fitness center, hot tubs and a stackable washer and dryer in the condo. Outdoor activities, shopping and dining are steps away.” 2013 Taxes: $6,825; HOA Dues: $4,672 per Qtr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 06/16/2015; Sold Date: 07/14/2015. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)

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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 2015 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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