The Feb 2017 Aspen Snowmass Real Estate Monthly Market Snapshot was postedinCurrent Reportsthis morning, Mar 6th. The Monthly Snapshots are usually posted on or near the 1st Monday of the month. The Q4 and Year 2016 report will be released soon.

Anarticleappeared in the Denver Post Sunday Feb 26th on Colorado Mountain resort real estate including Aspen and Pitkin County.

Bottom Line Feb 2017 Excerpt:

“For year-to-date (YTD), Jan 1 through Feb 28, 2017, the total combined Aspen Snowmass Village market is up 19% in dollar sales to $139M from $117M same time last year and no change in unit sales with (43) in 2017 versus (43) last year.

The number of under contract properties for the combined Aspen Snowmass Village market is up 52% to (35) in Feb 2017 versus (23) same time last year.

Under Contracts are used as an indicator of future activity when compared to the prior year.”

New Charts: Historic Pace of Aspen and Snowmass Village Homes, Condos and Vacant Land / Lots by Dollar Sales and Unit Sales

These new charts were posted inCurrent Reportson 02/15/17.They are: the historic pace of dollar and unit sales since 2006 with trend lines for Aspen and Snowmass Village (SMV) separately by: 1) all properties combined; 2) single family homes; 3) condos; 4) vacant land / lots. (Fractionals, with the exception of extreme sales, are not included.)

Sales velocity, or pace, whether by dollar volume or unit sales is extremely useful to consider ss the unit sales drop-off in the 2nd Half 2007 so foreshadowed the Great Recession.

While many real estate professionals use dollar volume sales as the single metric for sales performance (it often looks ‘better’), unit sales are a more reliable measure of market activity. Dollar sales can be skewed disproportionately by extreme high or low end priced sales.

Clients often ask, “Where are we now compared to the Great Recession…?”. These charts offer a solid reference for that conversation. In this instance, the starting point for the trend line is 2006, but, of course, where the trend line commences will affect its outcome…If the charts had started at 2009, the trend would be more upwards at present than is shown here.

As this is written, post-election Nov 2016 through Feb 15, 2017, sales have picked up considerably and are decidedly on an upward trajectory.

021517 Estin Report Aspen Real Estate Historic All Properties Unit Sales 590w96res

Click chart to see additional breakdown chartsfor Aspen and SMV by property types.

“Flip Job” Examples: See recent Before/After redevelopmentin the new Flip Jobs Sectionnear 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 (01/04/17) as additional re-sale properties come on the market at significantly higher prices.

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Market Activity Week 10, March 5 – 12, 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 (7):MLS#s 145302, 140715, 142691, 144491, 144890, 145188, 147323.This link is valid until 4/11/2017.

Under Contract/Pending (15):MLS#s 137729, 133798, 141196, 143520, 143563, 144130, 144283, 144516, 145357, 145358, 145372, 145756, 146782, 146813, 147757.This link is valid until 4/11/2017.

Aspen Snowmass Solds Last Week:


MLS #144491 – Fox Crossing, Smuggler, 552 Walnut Street, Aspen, CO. Sold Price: $6,250,000/$1,350 sq ft; furnished. More details below photos.
Aspen real estate 031217 144491 552 Walnut Street 1 590WAspen real estate 031217 144491 552 Walnut Street 2 590WAspen real estate 031217 144491 552 Walnut Street 3 190HAspen real estate 031217 144491 552 Walnut Street 4 190HAspen real estate 031217 144491 552 Walnut Street 5 190HAspen real estate 031217 144491 552 Walnut Street 6 190H
MLS #144491 – Fox Crossing, Smuggler, 552 Walnut Street, Aspen, CO. Sold Price: $6,250,000/$1,350 sq ft; furnished. Aspen home for sale Ask Price: $6,845,000. (Original Price: $6,995,000 and 270 days on the market since 06/09/2016.) This is a 2006 built, 5 bedroom/5 bath/2 half-bath, 4,627 sq ft single family residence with 2 car garage on a 6,607 sq ft lot. Broker comments are “Set at the entrance to the Fox Crossing neighborhood of 18 luxury residences lies a classic mountain contemporary home, strategically located within easy walking distance to downtown Aspen and boasting unobstructed views of Aspen Mountain and Shadow Mountain. The upper level living areas with vaulted ceilings and fine finishes of dry stacked stone, expansive ceiling trusses, marble, granite and manufactured wood floors consist of an open great room, large dining area with room for ten and gourmet kitchen – all positioned to take in the views while relaxing and entertaining. In the warmer months, step outside to the covered deck for all day enjoyment. The entry level with large master suite, south-facing patio, and private covered area with water feature and gas fireplace create a welcome oasis enjoyable in any season. The lower level with its warm gathering areas offer options to relax and unwind in front of the large flat screen television, or entertain in the bar and billiards area while watching the big game. The four adjacent guest suites, including a large bunkroom, allow the fun to continue well into the night.” 2016 taxes: $10,971; HOA Dues: $1,592 per Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 01/12/2017; Sold Date: 03/06/2017. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #140715 – Townsite of Aspen, West End, 533 W Hallam Street, Aspen, CO. Sold Price: $4,375,000/$1,941 sq ft; unfurnished. More details below photos.
Aspen real estate 031217 140715 533 W Hallam Street 1 590WAspen real estate 031217 140715 533 W Hallam Street 2 590Aspen real estate 031217 140715 533 W Hallam Street 3 590WAspen real estate 031217 140715 533 W Hallam Street 4 190HAspen real estate 031217 140715 533 W Hallam Street 5 190HAspen real estate 031217 140715 533 W Hallam Street 6 190H
MLS #140715 – Townsite of Aspen, West End, 533 W Hallam Street, Aspen, CO. Sold Price: $4,375,000/$1,941 sq ft; unfurnished. Aspen home for sale Ask Price: $4,600,000. (Original Price: $4,995,000 and 548 days on the market since 08/20/2015. See Flip Jobs: Before/After Section for this 530 W Hallam property redevelopment.) This is a 1886 built and 1995 remodeled, 4 bedroom/3 bath/1 half-bath, 2,253 sq ft single family residence with 1 car garage on a 6,000 sq ft lot. Broker comments are “In the heart of the West End…533 W. Hallam is an authentic Victorian home built in the 1800’s and situated on a 6,000 sq ft corner lot. Its location is perfect: just out of the chaotic downtown core, but still within walking distance. The home can be lived in as-is or remodeled to your taste. With approval from the Historic Preservation Commission, the lot allows for up to 3,740 sq ft above grade + garage and below grade space. A true jewel in Aspen’s best neighborhood.” 2015 taxes: $8,692. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 01/18/2017; Sold Date: 03/06/2017. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #145302 – Riverside, East Aspen, 490 S Riverside Avenue, Aspen, CO. Sold Price: $2,670,000/$2,436 sq ft; unfurnished. More details below photos.
Aspen real estate 031217 145302 490 S Riverside Avenue 1 590WAspen real estate 031217 145302 490 S Riverside Avenue 2 590WAspen real estate 031217 145302 490 S Riverside Avenue 3 190HAspen real estate 031217 145302 490 S Riverside Avenue 4 190H
MLS #145302 – Riverside, East Aspen, 490 S Riverside Avenue, Aspen, CO. Sold Price: $2,670,000/$2,436 sq ft; unfurnished. Aspen home for sale Ask Price: $2,995,000. (Original Price: $2,995,000 and 234 days on the market since 07/18/2016.) This is a 1952 built, 2 bedroom/1 bath, 1,096 sq ft single family residence on a 5,133 sq ft lot. Broker comments are “As acquaintances of Herbert Bayer and Lazo Moholy – Nagy and at the urging of Walter Paepcke, the Richard family acquired this property in the early 50’s. Enjoy straight-on, unobstructed views of Aspen Mountain looking over city owned Anderson Park. You also see Red Mtn , Shadow Mtn, Traynor Ridge and Ute Rock from the property. The view is unique and unlike the cross-valley vistas from Red Mountain. Adjacent to historic Anderson Park and the Roaring Fork River, the property is located on a quiet street away from the fray yet walking distance to the Aspen core. The lot is perfect for a medium sized home in an excellent location with an incredible view.” 2016 taxes: $4,311. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 09/23/2016; Sold Date: 03/09/2017. (Photos and broker comments courtesy of Berkshire Hathaway HomeServices | Aspen Snowmass Properties)
MLS #144890 – Ridge, 800 Ridge Road Unit 14, Snowmass Village, CO: Sold Price: $1,411,500/$884 sq ft; furnished. More details below photos.
Aspen real estate 031217 144890 800 Ridge Road Unit 14 1 590WAspen real estate 031217 144890 800 Ridge Road Unit 14 2 590WAspen real estate 031217 144890 800 Ridge Road Unit 14 3 190HAspen real estate 031217 144890 800 Ridge Road Unit 14 4 190HAspen real estate 031217 144890 800 Ridge Road Unit 14 5 190HAspen real estate 031217 144890 800 Ridge Road Unit 14 6 190H
MLS #144890 – Ridge Condominiums, 800 Ridge Road Unit 14, Snowmass Village, CO: Sold Price: $1,411,500/$884 sq ft; furnished. Aspen condo for sale Ask Price: $1,575,000. (Original Price: $1,575,000 and 254 days on the market since 06/29/2016.) This is a 1982 built, 3 bedroom/1 den/2 bath, 1,596 sq ft condo. Broker comments are “Enjoy this spectacular top floor, three bedroom plus den condominium with designer furniture, fixtures and finishes. Thoughtfully and beautifully designed to maximize the use of interior space while incorporating the mountain views and setting. The extra windows and vaulted ceilings in this corner location create a light, bright and spacious home for you and your family to enjoy any time of year. The private ski access trail is just steps away from your front door as is the pool and hot tub. After a spectacular day of skiing the Green to Double Black Diamond slopes, come home to a warm fire with views of the surrounding mountains. The Ridge condominiums have an added benefit of assigned covered parking with a large storage closet. Snowmass free local bus service is available.” 2016 Taxes: $4,163; HOA Dues: $2,396 per Qtr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 01/23/2017; Sold Date: 03/10/2017. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Snowmass Village)
MLS #142691 – Enclave, 360 Wood Road 303, Snowmass Village, CO: Sold Price: $780,000/$706 sq ft; furnished. More details below photos.
Aspen real estate 031217 142691 360 Wood Road 303 1 590WAspen real estate 031217 142691 360 Wood Road 303 2 590WAspen real estate 031217 142691 360 Wood Road 303 3 190HAspen real estate 031217 142691 360 Wood Road 303 4 190H Aspen real estate 031217 142691 360 Wood Road 303 5 190HAspen real estate 031217 142691 360 Wood Road 303 6 190H
MLS #142691 – Enclave, 360 Wood Road 303, Snowmass Village, CO: Sold Price: $780,000/$706 sq ft; furnished. Aspen condo for sale Ask Price: $825,000. (Original Price: $825,000 and 384 days on the market since 02/12/2016.) This is a 1977 built, 2 bedroom/2 bath, 1,104 sq ft condo. Broker comments are “Enjoy the beautiful views from this 2 bedroom/2 bath, top floor Enclave property. Located on the sunny side of Assay Hill, this property has incredible ski-in/ski-out access in one of Snowmass’ most sought after property, The Enclave.” 2016 Taxes: $3,754; HOA Dues: $21,521 per Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 01/06/2017; Sold Date: 03/02/2017. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Snowmass Village)
MLS #147323 – Aspenwood, 600 Carriage Way J-10, Snowmass Village, CO: Sold Price: $273,778/$434 sq ft; furnished. More details below photos.
Aspen real estate 031217 147323 600 Carriage Way J 10 1 590WAspen real estate 031217 147323 600 Carriage Way J 10 2 590WAspen real estate 031217 147323 600 Carriage Way J 10 3 190HAspen real estate 031217 147323 600 Carriage Way J 10 4 190HAspen real estate 031217 147323 600 Carriage Way J 10 5 190HAspen real estate 031217 147323 600 Carriage Way J 10 6 190H
MLS #147323 – Aspenwood, 600 Carriage Way J-10, Snowmass Village, CO: Sold Price: $273,778/$434 sq ft; furnished. Aspen condo for sale Ask Price: $297,000. (Original Price: $297,000 and 52 days on the market since 01/13/2017.) This is a 1967 built, 1 loft/1 bath, 630 sq ft condo. Broker comments are “Top-floor-Corner, Studio/Loft, facing east & totally south, location doesn’t get any better… You can update the interior, but you can’t change this fabulous location! Just steps to the White River National Forest for skiing, biking & hiking! Owner storage, easy and happy…” 2016 Taxes: $941; HOA Dues: $8,576 per Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 02/07/2017; Sold Date: 03/06/2017. (Photos and broker comments courtesy of Berkshire Hathaway HomeServices | Aspen Snowmass Properties)
MLS #145188 – Aspenwood, 600 Carriage Way K-7, Snowmass Village, CO: Sold Price: $265,000/$582 sq ft; furnished. More details below photos.
Aspen real estate 031217 145188 600 Carriage Way K 7 1 590WAspen real estate 031217 145188 600 Carriage Way K 7 2 590WAspen real estate 031217 145188 600 Carriage Way K 7 3 190HAspen real estate 031217 145188 600 Carriage Way K 7 4 190HAspen real estate 031217 145188 600 Carriage Way K 7 5 285WAspen real estate 031217 145188 600 Carriage Way K 7 6 285W
MLS #145188 – Aspenwood, 600 Carriage Way K-7, Snowmass Village, CO: Sold Price: $265,000/$582 sq ft; furnished. Aspen condo for sale Ask Price: $299,000. (Original Price: $299,000 and 240 days on the market since 07/11/2016.) This is a 1967 built and 2016 remodeled, 1 bath, 455 sq ft condo. Broker comments are “It doesn’t get better than this! The perfect vacation get-away, or remarkable rental income property, this studio has been completely remodeled with a stunning contemporary palette highlighted with barn wood, natural chiseled stone and well-placed accent lighting. Turn-key and move-in ready. Ski slope just 300 yards from the front door. No need to spend time and extra money; fully stocked kitchen with Whirlpool and Haier appliances, beautifully decorated and furnished to sleep 4 with queen bedroom plus sofa sleeper. Reasonable HOA dues for the inclusions that attract strong rental income: beautiful grounds, exceptional management, complex pool, hot tub, work-out room and laundry area. This is an extraordinary remodel – a breath of fresh air!” 2015 Taxes: $642; HOA Dues: $7,625 per Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 02/07/2017; Sold Date: 03/08/2017. (Photos and broker comments courtesy of Coldwell Banker Mason Morse-SMV)

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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