The Oct 2016 YTD Aspen Snowmass Real Estate Market Snapshot was posted on Mon Nov 7th in Current Reports.The Monthly Snapshots are usually posted on or near the 1st Monday of the month.
Oct 2016 Market Snapshot excerpt:
“Oct ‘16 is down considerably compared to the same time last year – as was Sep ‘16. Demand (sales) is way off; supply (inventory of properties for sale) is increasing. Prices, with the exception of unique and like-new properties, are trending downward especially as sellers seasonally adjust downward to post-summer, pre-winter realities and greater motivation sets in. An average 5-10% discount to ask price is common, and in some cases more. Pages 7 and 9 of this Market Snapshot identify sales by Aspen and Snowmass Village location/neighborhood with average sales to ask and original price discounts.
The time of maximum uncertainty is often the best time to get into the market. There have been some great buys in the past two months, and buyers would do well to dig deep, find motivated sellers and pull the purchase trigger. This “down” year is not going to last indefinitely and many believe there will be a post-election turnaround sooner than later.”
The Estin Report:2nd Quarter and 1st Half 2016State of the Aspen Real Estate Market with narrative, charts, tables photos was posted inCurrent Reportsas PDF (v6.6) July 20. 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 (05/16/16) as additional re-sale properties come on the market at significantly higher prices.
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Market Activity Week 44, October 30 – November 6, 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 (7):MLS#s 142387, 139804, 142667, 143014, 144818, 145724, 146575.This link is valid until 12/06/2016.
Under Contract/Pending (12):MLS#s 131717, 138848, 139458, 138729, 140131, 142426, 142690, 143169, 143292, 144720, 145704, 146586.This link is valid until 12/06/2016.
Aspen Snowmass Solds Last Week:
MLS #146575 – West End, 602 N 4th Street, Aspen, CO. Sold Price: $4,250,000/$708 sq ft; unfurnished.
MLS #146575 – West End, 602 N 4th Street, Aspen, CO. Sold Price: $4,250,000/$708 sq ft; unfurnished. Asking Price: $4,395,000. (Original Price: $4,395,000.) This is a 1979 built, 4 bedroom/3 bath, 6,000 sq ft single family residence with a 2 car garage. Broker comments are “Sold before MLS.” 2015 taxes: $8,246. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 08/15/2016; Sold Date: 11/01/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #144818 – Mountain Valley, East Aspen, 18 Mountain Laurel Court, Aspen, CO. Sold Price: $3,590,000/$633 sq ft; unfurnished. More details below photos.
MLS #144818 – Mountain Valley, East Aspen, 18 Mountain Laurel Court, Aspen, CO. Sold Price: $3,590,000/$633 sq ft; unfurnished. Asking Price: $3,850,000. (Original Price: $5,495,000 and originaly listed on 03/08/14. On/Off market since then with price lowered to $4.495M on 06/12/15; then reduced again to $3.895M on 06/24/16.) This is a 1971 built and 1997 remodeled, 4 bedroom/5 bath, 5,670 sq ft single family residence with a 3 car garage on a 18,439 sq ft lot. Broker comments are “Priced to sell. 1 Mile to Core. Panoramic views of North Star Preserve & Independence Pass. One of best and unique view sites in Aspen. Suited for a primary home, 2nd home or investment property, Attractive creative financing options: Seller interest only up to $2M or attractive conventional options. Expansive floor to ceiling windows enhance the openess and and capture the wrap around panorama. Large well equipped kitchen. Each of 4 ensuite bedrooms has a comfortable amount of privacy. Lower level has flexibility to have a media area, office, workout & billiards area. 3 car garage with studio above. True Dimensions Sq. Ft: 5670 total sf total includes main house and 534sf studio/office above 3 car garage!” 2016 taxes: $6,777; HOA Dues: $225 per Yr. Under Contract Date: 07/15/2016; Sold Date: 11/01/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #139804 – Fasching Haus, Central Core, 747 S Galena Street 340/440, Aspen, CO. Sold Price: $1,375,000/$1,297 sq ft; furnished. More details below photos.
MLS #139804 – Fasching Haus, Central Core, 747 S Galena Street 340/440, Aspen, CO. Sold Price: $1,375,000/$1,297 sq ft; furnished. Asking Price: $1,495,000. (Original Price: $1,495,000 and 829 days on the market since 06/16/2014.) This is a 1969 built and 2014 remodeled, 2 bedroom/3 bath, 1,060 sq ft condo. Broker comments are “Top floor 2 bedroom plus den with a contemporary feel. The recently redone unit was designed by Barbara Mullen Interiors in 2014 and includes a new kitchen. Strong rental history. New washer/dryer. Could easily be changed back to a 3 bedroom.” 2015 taxes: $2,716; HOA Dues: $4,013 per Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 08/31/2016; Sold Date: 10/31/2016. (Photos and broker comments courtesy of Douglas Elliman Real Estate-Hyman Ave)
MLS #142387 – Little Elk Creek, 61 Davidson Lane, Snowmass, CO: Sold Price: $567,500/$414 sq ft; unfurnished. More details below photos.
MLS #142387 – Little Elk Creek, 61 Davidson Lane, Snowmass, CO: Sold Price: $567,500/$414 sq ft; unfurnished. Asking Price: $555,000. (Original Price: $599,000 and 1,320 days on the market since 12/18/2012.) This is a 1981 built, 3 bedroom/2 bath, 1,368 sq ft single family residence on a 1.92 acres lot. Broker comments are “Cozy ranch style home with updated kitchen and wood burning stove. Sunny south facing deck with hot tub. Large pond in front of house used for lawn sprinklers. Bring your horses for the fenced pastures or enjoy the mountain views with open space. Come home to Little Elk Creek.” 2015 Taxes: $3,861; HOA Dues: $750 per Qtr. Under Contract Date: 08/23/2016; Sold Date: 11/03/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #142667 – Capitol Peak, 110 Carriage Way 3407, Snowmass Village, CO: Sold Price: $900,000/$936 sq ft; furnished. More details below photos.
MLS #142667 – Capitol Peak, 110 Carriage Way 3407, Snowmass Village, CO: Sold Price: $900,000/$936 sq ft; furnished. Asking Price: $925,000. (Original Price: $925,000 and 2,108 days on the market since 12/17/2010.) This is a 2008 built, 2 bedroom/2 bath, 961 sq ft condo. Broker comments are “961 sq.ft.per assessor Penthouse corner 2 Bedroom, 2 bath with Central A/C. Sleeps 6 Adults. King in Master. Great large balcony with views of Mt.Daily and high vaulted ceilings. Unit offers the best of ski-in, ski-out location in Snowmass. Steps from the New Base Village Mall with restaurants, shopping,and right between the new Elk Camp Gondola and Snowmass 6 person high speed Chairlift. The unit is located in Capitol Peak 2A, which is the building that is right next to the Tree House. The unit comes new and furnished turnkey down to the silverware. Location and Location! Also, extra large storage locker downstairs, w/d in unit, parking space in gated section of garage, elevator right to unit, 2 Oversized hot tubs, pool table, and complete fitness area. Just 50 ft. from Elk Camp gondola.” 2016 Taxes: $5,214; HOA Dues: $3,538 per Qtr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 10/03/2016; Sold Date: 10/31/2016. (Photos and broker comments courtesy of Aspen Snowmass Real Estate, LLC)
MLS #145724 – Viceroy, 130 Wood Road 340, Snowmass Village, CO: Sold Price: $470,000/$860 sq ft; furnished. More details below photos.
MLS #145724 – Viceroy, 130 Wood Road 340, Snowmass Village, CO: Sold Price: $470,000/$860 sq ft; furnished. Asking Price: $499,000. (Original Price: $499,000 and 88 days on the market since 08/04/2016.) This is a 2010 built, 1 bedroom/1 bath, 546 sq ft condo. Broker comments are “Owner Resale! Enjoy amazing views of Assay Hill from the private balcony of this turn-key 1 bedroom residence conveniently located on the 3rd floor for easy access to the ski valet, Nest Restaurant and outdoor heated pool and spa. 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 restaurant; 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” 2016 Taxes: $3,106; HOA Dues: $3,681 per Qtr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 09/15/2016; Sold Date: 10/31/2016. (Photos and broker comments courtesy of Coldwell Banker Mason Morse-SMV)
MLS #143014 – Aspenwood, 600 Carriage Way K-16, Snowmass Village, CO: Sold Price: $265,000/$420 sq ft; furnished. More details below photos.
MLS #143014 – Aspenwood, 600 Carriage Way K-16, Snowmass Village, CO: Sold Price: $265,000/$420 sq ft; furnished. Asking Price: $299,000. (Original Price: $299,000 and 248 days on the market since 02/29/2016.) This is a 1967 built, 1 bath, 630 sq ft condo. Broker comments are “Absolutely happy, bright and handsome ”Studio + Loft”, top floor, corner location! Sliding separator to create privacy for sleeping area; remodeled throughout including kitchen, bath + washer/dryer. Loft has proper steps and great light, big enough for kids and sleeping.” 2015 Taxes: $974; HOA Dues: $8,300 per Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 09/19/2016; Sold Date: 11/03/2016. (Photos and broker comments courtesy of Berkshire Hathaway HomeServices | Aspen Snowmass Properties)
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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