The Estin Report Aspen Snowmass Real Estate Weekly Market Update Closed (8) and Under Contract (5): Nov. 13 – Nov. 20, 2011

Tim Estin is an active Aspen real estate broker with Coldwell Banker Mason Morse located in the center of Aspen. This blog, www.AspenRealEstateBlog.com or Tim Estin’s blog, is released Monday mornings and sometimes in-between. The Estin Reports are released quarterly or semi-annually, annually and also special reports. For blog archives, scroll to bottom of this page and search by date or topic. Or search this site in SearchEstinAspen.com on the menu bar. If it’s about Aspen real estate, chances are there’s something about it here. Follow @EstinAspen on twitter for Aspen Snowmass real estate news, market updates, statistics, commentary and reports or subscribe to RSS feeds with the button on the left.

The Estin Report: 3rd Quarter 2011 (July 1 – Sept. 30, 2011)
State of the Aspen Real Estate Market

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Click image for executive summary and complete report pdf. Released Oct. 6, 2011

Last Week’s Market Highlights – Aspen Snowmass real estate weekly sales statistics and under contract activity appears below for all Aspen, Snowmass Village, Woody Creek and Old Snowmass properties over $250,000 in the upper Roaring Fork Valley excluding fractionals. Because the MLS links below expire after 30 days, photos and written descriptions of closed properties with excellent photography are posted here to preserve a public archive of sold market activity. For past sales, scroll to page bottom and search by time period.

Market Commentary

Lest there be any uncertainty that high end Aspen property sales are falling off amidst sovereign and debt crisis fears, last week there were (2) significant sales at $15M and $16.050M for large 2010 built spec homes (details below). From Jan 1st – Nov 20th this year, Aspen single family home sales above $15MM are well ahead of 2010 (+300%), 8 sales versus 2, and 2009 (+100%) levels, 8 versus 4. In total sales above $7.5M, Aspen single family home sales are +100% over 2010, 32 this year versus 16 last year, and +129% above 2009 sales, 32 versus 14 solds. In addition, there are currently two more Aspen properties under contract at ask prices $8.9M and $10.75M (link is valid for 30 days until 12/20/11). For a supporting article on luxury sales, see today’s Bloomberg article on ” Luxury Manhattan Apartment Inventory Shrinking”

Of particular note, the inventory of newer built spec homes built from 2007 to the present, is fast depleting and there is very little new-built inventory coming on line. Condos and homes that are well located and in newer or new condition are definitively selling and commanding premium pricing compared to the averages.

Possible reasons for this high end performance? In a world of few safe harbors at present, dinner table talk has focused on the fact that in a soon-to-be inflationary world, “nothing could be so secure as buying Aspen property now…With prices in Aspen off 25-50% in the past 3 years, there’s little doubt that Aspen is not the ‘safe harbor’ once thought of, but on the other hand, relative to everything else including the recent haircut, Aspen may be perceived as safer habour than most, especially in such a topsy-turvy world with inflation fears. Also, in buying a newer home, the buyer is hedging that his downside is protected given that there are so few newly- built listings and the scarcity of future new construction prospects.

Source: The Estin Report: State of the Aspen Market 2011 ©

Under Contract / Pending (5):MLS #s 120825, 119280, 122814,119972,120286. This link is valid for 30 days until 12/20/2011. Photos and descriptions of under contracts are not posted unless special circumstances or significance dictate.

Closed (8): MLS #’s 117001, 114243, 117735, 114620, 122556, 114966, 119937, 113416. This link is valid for 30 days until 12/20/2011.

Select Aspen Snowmass Sold Properties Last Week:

MLS #117001 – Aspen, Central Core 2010 new single-family home, 24 Little Cloud Trail, Aspen, CO: Sold Price: $16,050,000/$1,570 sq ft furnished. More details below photos.

MLS #117001 – Aspen, Central Core single-family home, 24 Little Cloud Trail, Aspen, CO: Sold Price: $16,050,000/$1,570 sq ft furnished, -27% off original price; Ask Price: $18,850,000. (Original Price: $22,000,000 and 509 days on the market since 06/22/2010.) This is a 2010 spec built, 6 bedroom/6bath/3 half bath, 10,221 sq ft single family home with 2 car garage. Broker comments are, “Magnificent brand new home offering sweeping views, privacy and impeccable detail and interior design by Donna Guerra. This in-town estate in a small gated enclave is a true legacy property with unbelievable custom details for the most discerning buyer. Extras include library, media room, breakfast room, recreation room, two foyers, elevator, wine/dining room, outdoor sky lounge, 700 additional square feet of storage, terraces, and more.” 2010 Taxes: $13,189. Under Contract Date: 10/08/2011; Sold Date: 11/16/2011. (Photos and broker comments courtesy of SDS Real Estate, Inc.)

MLS #114243 – Aspen, new 2010 Red Mountain single-family home, 151 Nighthawk Drive, Aspen, CO: Sold Price: $15,000,000 /$1,401 sq ft furnished. More details below photos.

MLS #114243 – Aspen, new Red Mountain single-family home, 151 Nighthawk Drive, Aspen, CO: Sold Price: $15,000,000 /$1,401 sq ft furnished, -37% off original price; Ask Price: $17,500,000. (Original Price: $23,900,000 and 687 days on the market since 12/29/2009.) This is a 2010 spec built, 5 bedroom/7 bath, 10,702 sq ft single family home with 3 car garage. Broker comments are, “This stunning new residence blends cutting edge design and technology. Massive windows bring views from Independence Pass to Mt. Sopris into every room. The open floor plan is equally suited to intimate dinner parties and large formal gatherings. The home includes a family/media room, wine room, gym with juice bar, and a spa. This home was featured in Architectural Digest.” 2010 Taxes: $14,248. Under Contract Date: 10/11/2011; Sold Date: 11/16/2011. (Photos and broker comments courtesy of Frias Properties of Aspen.)

MLS #117735 – Aspen, West Aspen single-family home, 1180 Black Birch Drive, Aspen, CO: Sold Price: $3,800,000/$867 sq ft unfurnished. More details below photos.

MLS #117735 – Aspen, West Aspen single-family home, 1180 Black Birch Drive, Aspen, CO: Sold Price: $3,800,000/$867 sq ft unfurnished, -15% off original price; Ask Price: $3,995,000. (Original Price: $4,475,000 and 467 days on the market since 08/04/2010.) This is a 1990 built/2009 remodeled, 5 bedroom/5 bath/1 half bath, open floor plan, 4,382 sq ft single family home with 2 car garage. Broker comments are, “Located in West Aspen in the premier Black Birch subdivision, this updated mountain home connects the indoors to the outdoors with fantastic entertaining spaces and a beautifully landscaped yard, complete with flagstone & custom playgound. Features include 5 above-grade bedrooms, 5.5 baths, 4,382 square feet, open floor plan, vaulted ceilings, Wolf range & stainless appliances, 3 gas fireplaces, private top floor master suite, and a two car garage. Privately situated on almost an acre, within earshot of the Roaring Fork River and with easy access to skiing, biking, the Rio Grande Trail, and Cemetery Ln shuttle bus into town. Addendum: Interior update in 2006, garden & landscaping remodel in 2008, and exterior remodel in 2009.” 2010 Taxes: $10,286; HOA Dues: $300 Yr. Under Contract Date: 09/14/2011; Sold Date: 11/14/2011. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. (Photos and broker comments courtesy of Morris & Fyrwald, Sotheby’s Intl Realty.)

MLS #114620 – Woody Creek, contemporary single-family home, 8389 Upper River Road, Woody Creek, CO: Sold Price: $3,200,000/$775 sq ft furnished. More details below photos.

MLS #114620 – Woody Creek, beautiful contemporary single-family home, 8389 Upper River Road, Woody Creek, CO: Sold Price: $3,200,000/$775 sq ft furnished, -40% off original price; Ask Price: $3,595,000. (Original Price: $5,295,000 and 658 days on the market since 01/26/2010.) This is a 2003 built/2008 contemporary remodeled, 4 bedroom/4 bath/1 half bath, 4,125 sq ft single family home with 2 car garage. Broker comments are, “Architectural masterpiece by Rowland and Broughton. New, contemporary, energy-efficient home that sits on 1.5 acres in Woody Creek. With open space surrounding all sides, this home is private but only ten minutes from Aspen. The 4,125 square-foot home lives more like a 5,500 square-foot home because of the heated alfresco kitchen and outdoor living spaces. The home includes a master suite, three additional bedrooms, dining room, living room, kitchen, den, wine room, his and her offices, exercise room, locker room and an alfresco kitchen and dining area. Each room was carefully designed to take advantage of the views and accessibility to the outdoors, especially the master bedroom whose windows frame Highlands Bowl. Open living spaces, custom alfresco kitchen/living area, top-of-the-line finishes, stainless steel appliances, custom built-in cabinets, a custom two-sided fireplace, hybrid lighting system, solar hot water panels & recycled materials.” 2010 Taxes: $7,875. Under Contract Date: 09/21/2011; Sold Date: 11/15/2011. (Photos and broker comments courtesy of Aspen Associates Realty Group LLC.)

MLS #122556 – Aspen, West Aspen half duplex, 808 Bonita Drive, Aspen, CO: Sold Price: $1,675,000/$672 sq ft furnished. More details below photos.

MLS #122556 – Aspen, West Aspen half duplex, 808 Bonita Drive, Aspen, CO: Sold Price: $1,675,000/$672 sq ft furnished, -19% off Original/Ask price; Original and Ask Price: $2,075,000. and 89 days on the market since 08/17/2011. This is a 1996 built/2000 remodeled, 4 bedroom/2 bath/1 half bath, 2,490 sq ft half duplex with 2 car garage. Broker comments are, “Light and bright 1996 built half duplex with southern views of the mountains. Four bedrooms and two and a half baths with two steam showers. Great extra large master bedroom suite, gas log fireplace, Jacuzzi tub and steam shower with a big walk-in closet. Large 2 car garage and hot tub in a peaceful backyard setting with seasonal stream. Beautiful flower garden and nice deck in the front yard. This half duplex has a surprisingly good feel to it.” 2010 Taxes: $3,605. Under Contract Date: 10/12/2011; Sold Date: 11/14/2011. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. (Photos and broker comments courtesy of Morris & Fyrwald, Sotheby’s Intl Realty.)

MLS #114966 – Aspen, Central Core condo, 610 S. West End Street #C105, Aspen, CO: Sold Price: $975,000/$1,000 sq ft furnished. More details below photos.

MLS #114966 – Aspen, Central Core condo, 610 S. West End Street #C105, Aspen, CO: Sold Price: $975,000/$1,000 sq ft furnished, -30% off original price; Ask Price: $1,275,000. (Original Price: $1,399,000 and 631 days on the market since 02/17/2010.) This is a 1972 built, 2 bedroom/2 bath, 975 sq ft Gant condo. 2010 Taxes: $4,039. Under Contract Date: 10/17/2011; Sold Date: 11/10/2011. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. (Photos courtesy of Joshua & Co of Aspen, Inc.)

MLS #113416 – Aspen, Central Core condo, 434 E. Main Street, #203, Aspen, CO: Sold Price: $540,000/$909 sq ft furnished. More details below photos.

MLS #113416 – Aspen, Central Core condo, 434 E. Main Street, #203, Aspen, CO: Sold Price: $540,000/$909 sq ft furnished, -36% off original price; Ask Price: $625,000. (Original Price: $845,000 and 764 days on the market since 10/12/2009.) This is a 2003 built, 1 bedroom/1 bath, 594 sq ft Galena Loft condo. Broker comments are, “Smart and chic one bedroom, one bath air-conditioned downtown condo. High 9 ft. ceilings, honed granite countertops with maple cabinets, 2 vessel sinks, Jacuzzi tub/steam shower, washer/dryer, and gas log fireplace. Nice corner, outside deck.” 2010 Taxes: $2,232; HOA Dues: $461 Mo. Under Contract Date: 10/12/2011; Sold Date: 11/15/2011. City of Aspen Transfer Tax of approx. 1.5% payable by buyer. (Photos and broker comments courtesy of Morris & Fyrwald, Sotheby’s Intl Realty.)

Recent market articles and report:

“Sales of Colorado Mountain Resort Homes in July Lowest in Years”, 09/09/11 Business Section, Denver Post
“Mega-mansion Deals Spur Rebound in Aspen Market”, 07/17/11 Sunday Business, Grand Junction Sentinel
The Estin Report: 1st Half 2011 State of the Aspen Market (released 07/14/11)

Tim Estin welcomes your business, inquiries and comments. Email him or call 970.920.7387. Subscribe to The Estin Report and Tim Estin’s AspenRealEstateBlog.com on twitter @EstinAspen by clicking “Join the conversation” button below or click subscribe button in the menu bar on left:

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