The Estin Report:2nd Quarter and 1st Half 2016State of the Aspen Market with narrative, charts, tables photos was posted inCurrent Reportsas PDF (v6.6) late Wed. July 20. The print edition is available at kiosks around town, at Sothebys/415 E. Hyman Mall, at Sothebys/300 S. Spring St opposite the new Aspen Art Museum and at the airport.The June and July Market Snapshots are now posted.The Monthly Snapshots are posted on or near the 1st Monday of the month but June was late due to work on the half year report.
Click cover above for Exec. Summary and full 28-Pg Report PDF
Excerpt from 2nd Quarter and 1st Half 2016 Report Executive Summary: (The recently posted June and July 2016 YTD Market Snapshots continue the trend of poor performance heading into August.)
“In the 1st Half of 2016, the combined Aspen Snowmass real estate market turned down suddenly and sharply. The total dollar volume of sales fell 43% from $700M in H1 2015 to $396M in H1 2016. Units sales, the more reliable indicator of market activity, dropped 38% from (230) sales in H1 2015 to (143) sales in H1 2016.
The Aspen real estate market alone, typically accounting for 70-80% of the total combined Aspen Snowmass marketplace but 66% in H1 2016, experienced its worst first half year since H1 2010 in unit sales and its worst in dollars sales since H1 2009 – periods in the grip of the economic crisis and indeed the bleakest of the bleak.
The 1st Half 2016 market performance is a stunning reversal from the sizzling market of 2015 when sales in a number of categories and neighborhoods were the best of the past ten years. The past 6 month slowdown combined with the increase of active listings for sale is a recipe for prices to fall.
At present, the market has shifted to the favor of buyers…“
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 (05/16/16) as additional re-sale properties come on the market at significantly higher prices.
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Market Activity Week 31, July 31 – August 7, 2016
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 (12):MLS#s 137403, 143962, 139496, 143228, 141350, 139836, 141608, 145120, 134854, 139851, 133031, 139391.This link is valid until 9/6/2016.
Under Contract/Pending (11):MLS#s 135715, 137919, 140882, 136319, 140617, 142558, 143180, 144340, 144960, 145190, 145309.This link is valid until 9/6/2016.
Aspen Snowmass Solds Last Week:
MLS #137403 – Fifth Ave Condo, Central Core, 800 S Mill Street 304, Aspen, CO. Sold Price: $1,290,000/$1,104 sq ft; unfurnished. More details below photos.
MLS #137403 – Fifth Ave Condo, Central Core, 800 S Mill Street 304, Aspen, CO. Sold Price: $1,290,000/$1,104 sq ft; unfurnished. Asking Price: $1,347,000. (Original Price: $1,195,000 and 547 days on the market since 12/15/2014.) This is a 1965 built, 3 bedroom/2 bath/1 half-bath, 1,168 sq ft condo. It is dated and requires extreme remodel. Broker comments are “Panoramic views of downtown and Red Mountain from this top-floor residence at Fifth Avenue Condominiums, nestled into the slopes of Aspen Mountain with ski access + two blocks to shops and restaurants. Third bedroom listed is a lofted space with half bathroom.” 2016 taxes: $2,842; HOA Dues: $5,120 per Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 06/11/2016; Sold Date: 08/01/2016. (Photos and broker comments courtesy of BERKSHIRE HATHAWAY HomeServices | Aspen Snowmass Properties)
MLS #143962 – Concept 600, Central Core, 600 E Main Street #304, Aspen, CO. Sold Price: $1,235,750/$1,300 sq ft; furnished. More details below photos.
MLS #143962 – Concept 600, Central Core, 600 E Main Street #304, Aspen, CO. Sold Price: $1,235,750/$1,300 sq ft; furnished. Asking Price: $1,350,000. (Original Price: $1,350,000 and 103 days on the market since 04/23/2016.) This is a 1972 built and 2007 remodeled, 2 bedroom/2 bath, 950 sq ft condo with 1 car garage. Located on theNorth side of Main St facing Aspen Mtn. Broker comments are “Watch fireworks over Aspen Mtn or walk to the slopes, dining and shopping, this condo offers the perfect Aspen lifestyle. Hardwoods, granite, wood burning fireplace, garage, elevator and low HOA fees are just a few reasons this is the perfect Aspen getaway. In excellent condition, remodeled in 2007, this condo also makes a fantastic short or long term rental. Fully furnished with everything to make an owner or renter very happy. A garage and elevator are very hard to find in Aspen, offered in only a few buildings. This owner will consider Owner Financing for the right buyer with 30% down payment. This owner will be participating in a 1031 Exchange.” 2015 taxes: $3,133; HOA Dues: $2,300 per Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 06/24/2016; Sold Date: 08/04/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #139496 – Aspen Square, Central Core, 617 E Cooper Avenue Unit 201, Aspen, CO. Sold Price: $685,000/$1,381 sq ft; furnished. More details below photos.
MLS #139496 – Aspen Square, Central Core, 617 E Cooper Avenue Unit 201, Aspen, CO. Sold Price: $685,000/$1,381 sq ft; furnished. Asking Price: $715,000. (Original Price: $715,000 and 421 days on the market since 06/04/2015.) This is a 1969 built, 1 bath, 496 sq ft condo. Located in the dead center of downtown Aspen. Broker comments are “This Aspen Square fireside studio has been completely remodeled including new carpet. The convenient downtown core location is just one block to the new Aspen Art Museum and across the street from Aspen Mountain’s Silver Queen Gondola. Enjoy views of Red Mountain and Hunter Creek Valley from the private patio, which is also a great vantage point for the Fourth of July Parade. The kitchen features new stainless steel appliances and solid slab granite stone counter tops. A wood-burning fireplace provides the ideal après ski venue. The comfortable and efficient layout is thoughtfully appointed with newer furnishings and a king bed. Sold completely furnished! In-unit guest and an owner’s lock-off closets are available, as well as a full-length closet off of the bathroom. The bathroom includes a bathtub with a glass shower enclosure. Aspen Square amenities include: full time front desk, concierge services, new courtyard with pool, hot tubs and fire pit, free wireless service, daily maid service, and conference and fitness facilities. Strong rental history! Aspen’s Best location, walking distance to the finest restaurants and shopping.” 2014 taxes: $1,366; HOA Dues: $18,704 per Yr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 07/04/2016; Sold Date: 08/03/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #143228 – Aspen Airport Business Center, West Aspen, 209 Aspen Airport Business Center Unit: J, Aspen, CO. Sold Price: $675,000/$580 sq ft; unfurnished. Asking Price: $695,000. (Original Price: $695,000 and 129 days on the market since 03/25/2016.) This is a 1981 built and 2005 remodeled, 2 bedroom/2 bath, 1,162 sq ft townhouse. Broker comments are “Own your own free market piece of Aspen Updated, modern end unit townhome with great light and functional floor plan in the Airport Business Ctr. The Lofts at Deer Hill back up to open space with access to the Roaring Fork River and the Rio Grande Trail for hiking and biking. This is the largest unit in the complex and features upgrades such as a woodburning fireplace, granite counters in kitchen and baths, stainless appliances, and 16 ft vaulted ceilings in master bedroom. The master suite features large bathroom and walkthrough closet, private office and large deck off master bedroom. Exterior features a huge deck for outdoor entertaining and a large storage unit for all the toys. Great opportunity to be in the Aspen School District, housing for employees, or rental income property.” 2015 taxes: $1,438; HOA Dues: $1,375 per Qtr. Under Contract Date: 04/01/2016; Sold Date: 08/01/2016. (Photos and broker comments courtesy of ENGEL & VÖLKERS)
MLS #141350 – Chaparral, 2421 Discovery Way, Woody Creek, CO. Sold Price: $7,500,000/$7,560 sq ft; furnished. More details below photos.
MLS #141350 – Chaparral, 2421 Discovery Way, Woody Creek, CO. Sold Price: $7,500,000/$7,560 sq ft; furnished. Asking Price: $13,900,000. (Original Price: $13,900,000 and on/off on the market since 10/15/2015.) This is a 2002 built, 2 bedroom/1 bath, 992 sq ft cabin on 372 acres. Broker comments are “Life at a higher level. Unwind, unplug and enjoy. Rugged beauty removed from hustle and bustle, yet close enough to take it all in with panoramic views from Independence Pass to Sopris. Located 35 minutes away from Aspen above the winding canyons, rolling meadows and alpine forests, the Chaparral Cabins are where lasting memories are made with family and friends. The Chaparral Cabin and cabin sites offer an enchanting combination of wilderness and luxury; freedom with the reassurance of privacy and security. A place where you can get away from it all, but still feel at home. Ownership provides controlled access to the Colorado backcountry and your own personal haven in the wilds with limitless recreation. When your backyard is the backcountry, recreational pursuits are boundle cross-country ski, snowshoe, horseback ride, hike or mountain bike along endless trails of discovery. As an owner, nothing is off limits and your cabin can be used as a gateway to snowmobile, motorcycle or hunt your way back into Lenado, Triangle and Sloan Ridge above Ruedi. Stake your claim.” 2015 taxes: $5,408; HOA Dues: TBD per Month. Under Contract Date: 06/01/2016; Sold Date: 08/01/2016. (Photos and broker comments courtesy of Aspen Associates Realty)
MLS #139836 – Aspen River Valley, 2520 Lower River Road, Woody Creek, CO. Sold Price: $1,800,000/$297 sq ft; unfurnished. More details below photos.
MLS #139836 – Aspen River Valley, 2520 Lower River Road, Woody Creek, CO. Sold Price: $1,800,000/$297 sq ft; unfurnished. Asking Price: $2,300,000. (Original Price: $2,300,000 and on/off on the market since 05/11/2011.) This is a 1979 built and 1983 remodeled, 5 bedroom/4 bath/1 half-bath, 6,182 sq ft single family residence on a 1,684,465 sq ft lot. Broker comments are “Where else in Aspen you can buy a 4,030 sq ft main home and 869 sq ft guest home on 38 acres (approx. 13 acres riverside) and 600 ft of river frontage. The main home has 5 bedrooms and 4½ baths. The guest house is 1 bedroom with 1 bath. The property is on each side of Lower River Road. The grounds of this home are nothing short of spectacular, really a great buy!” 2015 taxes: $13,008. Under Contract Date: 07/15/2016; Sold Date: 07/29/2016. (Photos and broker comments courtesy of Compass)
MLS #141608 – Pines at Owl Creek, 163 Spruce Ridge, Snowmass Village, CO: Sold Price: $ 6,650,000/$1,090 sq ft; furnished. More details below photos.
MLS #141608 – Pines at Owl Creek, 163 Spruce Ridge, Snowmass Village, CO: Sold Price: $ 6,650,000/$1,090 sq ft; furnished. Asking Price: $6,998,000. (Original Price: $7,900,000 and 889 days on the market since 02/27/2014.) This is a 2001 built and 2006 remodeled, 6 bedroom/6 bath/1 half-bath, 6,099 sq ft single family residence with 4+ car garage on a 71,395 sq ft lot. Broker comments are “This remarkable luxury chateau just minutes from Aspen is private yet features ski-in/ski-out access to world class skiing in the Rocky Mountains. All above grade so each of the 6 bedrooms features great views and natural light. Additionally, enjoy cooking meals and entertaining outside alongside the waterfall in the great covered patio that can be used year round. This custom built home left no stone unturned. The detailed craftsmanship features European doors and fixtures, hand carved wood trim, custom iron stair railing, double sided stone fireplace, a wine cellar, media/billiards room and a spa. The luxury décor was professionally selected to complement the French country architecture and is included with the sale. Video at: https://youtu.be/h_sQagJA2Ec” 2015 Taxes: $22,061; HOA Dues: $5,700 per Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 07/12/2016; Sold Date: 08/05/2016. (Photos and broker comments courtesy of ENGEL & VÖLKERS)
MLS #145120 – Viceroy, 130 Wood Road 431, Snowmass Village, CO: Sold Price: $ 1,016,100/$1,004 sq ft; furnished. More details below photos.
MLS #145120 – Viceroy, 130 Wood Road 431, Snowmass Village, CO: Sold Price: $ 1,016,100/$1,004 sq ft; furnished. Asking Price: $1,129,000. (Original Price: $1,129,000 and 20 days on the market since 07/13/2016.) This is a 2010 built, 2 bedroom/2 bath, 1,012 sq ft condo. Broker comments are “Enjoy luxurious amenities and whole ownership at The Residences Viceroy Snowmass. This is resort living at its best! Located in Snowmass Base Village, Leed Gold certified Viceroy Snowmass offers it all: sophisticated and lavishly appointed residences; ski-in/ski-out access; award-winning Wellness Spa; highly-acclaimed Eight K and Nest restaurants; all-season, full-service outdoor pool and hot tub area; together with the refined level of service that the Viceroy is known for worldwide. Property awards include Travel + Leisure Top 50 Hotels for Families, Conde Nast Traveler Gold List 2015, Conde Nast Best Resorts 2014, and Travel + Leisure World’s Best Award 2014. Please contact the listing agent for information on our experienced preferred lenders.” 2015 Taxes: $5,757; HOA Dues: $2,274 per Month. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 07/19/2016; Sold Date: 08/02/2016. (Photos and broker comments courtesy of Coldwell Banker Mason Morse-SMV)
MLS #134854 – Crestwood, 400 Wood Road 1121, Snowmass Village, CO: Sold Price: $ 660,000/$721 sq ft; furnished. More details below photos.
MLS #134854 – Crestwood, 400 Wood Road 1121, Snowmass Village, CO: Sold Price: $ 660,000/$721 sq ft; furnished. Asking Price: $749,000. (Original Price: $795,000 and 775 days on the market since 06/18/2014.) This is a 1970 built and 2005 remodeled, 2 bedroom/2 bath, 915 sq ft condo. Broker comments are “There is not a better ski in/ski out location anywhere in Aspen or Snowmass. 1121 is a ground floor end unit with wrap around deck, windows on three sides and 20 steps to the ski back trail. A perfect location with access to the Elk Camp gondola, Six pack Village Express and the many shops & restaurants in Base Village. The views are terrific and there is a lawn for kids to enjoy the summer afternoons. A renovation in 2005 with hardwood floors, granite counter tops, stainless steel appliances, new kitchen cabinets & upgraded bathrooms, compliments the extensive $13,000,000 exterior upgrades and makes this look and feel new. The amenities include hot tubs, pool, exercise room, ski shop and more. All that & a fantastic location make this the most unique unit currently available.” 2015 Taxes: $1,993; HOA Dues: $19,459 per Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 06/26/2016; Sold Date: 08/01/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Snowmass Village)
MLS #139851 – Country Club Villas, 150 Snowmass Club Circle 1622, Snowmass Village, CO: Sold Price: $635,000/$574 sq ft; furnished. More details below photos.
MLS #139851 – Country Club Villas, 150 Snowmass Club Circle 1622, Snowmass Village, CO: Sold Price: $635,000/$574 sq ft; furnished. Asking Price: $655,000. (Original Price: $655,000 and 2,218 days on the market since 02/14/2010.) This is a 1987 built and 2006 remodeled, 2 bedroom/2 bath, 1,106 sq ft condo. Broker comments are “Mountain Country Club Living at it’s Best! Deluxe rated condominium with Perfect Location and Exceptional Views of Mt Daly and Snowmass Ski Area. Villa comes with a gold membership to the Snowmass Club which includes discounted golf, athletic club, tennis, 4 swimming pools, hot tubs, spa facilities & complimentary exercise classes for owners. Enjoy the spectacular views of Mt Daly from this warm and inviting extra large 2 bedroom, 2 bath villa. Fully furnished & beautifully remodeled inside & out,this gorgeous villa is waiting for you & your family to enjoy. Only minutes to the Two Creeks ski lift and right on the cross county trails. It does not get any better.” 2014 Taxes: $1,814; HOA Dues: $3,209 per Qtr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 06/13/2016; Sold Date: 08/01/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Snowmass Village)
MLS #133031 – Interlude, 70 Gallun Lane #101, Snowmass Village, CO: Sold Price: $430,000/$465 sq ft; furnished. More details below photos.
MLS #133031 – Interlude, 70 Gallun Lane #101, Snowmass Village, CO: Sold Price: $430,000/$465 sq ft; furnished. Asking Price: $477,000. (Original Price: $519,000 and 2,183 days on the market since 10/15/2009.) This is a 1972 built, 2 bedroom/2 bath, 924 sq ft condo. Broker comments are “Rarely available and competitively priced Interlude condominium. This property has only grown in popularity over the years due to it being one of the best located ski-in/out properties in Snowmass, right off of Dawdler ski trail. You will appreciate being able to ski right to your front door. Plus, you will enjoy the sound of the water feature in the adjacent open space during the non-winter months. This two bedroom corner unit has been freshly furnished and accessorized. In addition, the unit also has an assigned carport. New hot tub to be installed conveniently close to ”A” building. Owner’s benefit from the affordable association dues.” 2015 Taxes: $1,980; HOA Dues: $12,1298 per Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 07/04/2016; Sold Date: 08/05/2016. (Photos and broker comments courtesy of BERKSHIRE HATHAWAY HomeServices | Aspen Snowmass Properties)
MLS #139391 – Crestwood, 400 Wood Road 2311, Snowmass Village, CO: Sold Price: $400,000/$431 sq ft; furnished. More details below photos.
MLS #139391 – Crestwood, 400 Wood Road 2311, Snowmass Village, CO: Sold Price: $400,000/$431 sq ft; furnished. Asking Price: $420,500. (Original Price: $489,000 and 422 days on the market since 06/01/2015.) This is a 1970 built, 2 bedroom/2 bath, 928 sq ft condo. Broker comments are “This property is a top floor, deluxe rated, 2 bedroom, 2 bathroom unit in the Crestwood Complex. It is located directly in between the ski-in/ski-out access to Snowmass and the main building which houses all the amenities you or your guests could want. Just a few steps away are the slopes, the front desk management, pool, main hot tub, gym, shuttle stop, and common laundry facility. The kitchen has been upgraded with stone counter tops and appliances. The unit has a king bed in the master bedroom, queen and twin with a trundle bed in the 2nd bedroom, and a full size pull out couch for maximum rental income. This is a fabulous ski condo that is priced to sell quickly, with motivated Sellers ready to move on.” 2014 Taxes: $2,113; HOA Dues: $14,636 per Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 07/16/2016; Sold Date: 07/29/2016. (Photos and broker comments courtesy of Aspen Associates Realty)
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 2016 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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