Aspen Real Estate Market  Last Week’s Sales:  Jul 25 – Aug 1, 21 – Week 31

Closed (14) and  Under Contract / Pending (32).  [To view the new blog post, you may have to “Clear your Browser Settings”.  Go to: Chrome browser/more tools/clear browsing data.] (Photos above of 904 Willoughby Way courtesy of Compass Aspen.)

The July 2021 market report will be released by late Aug 3rd in the Aspen real estate market reports section.

The Estin Report: H1 2021 sf – Aspen Snowmass Real Estate Market Report is in process now, and I expect to post it online very soon. The print edition will be available in a few weeks.

Bottom Line Aug 2, 21 – excerpt from H121 report: 

We are more than half-way through the summer season and things remain hyper-active and busy. We are seeing new properties come on the market at speculative prices where recent sold comps are no longer necessarily determinative reference points. Today’s sold is not tomorrow’s comp…it’s 15-30% higher. Brokers are scratching their heads and saying “I guess we’ll see…” In a low inventory real estate market with surging demand, pricing and appraising is exceedingly difficult and is simply whatever the market will bear.

In H1 2021, there were 36 single family homes sold over $10M versus 15 same time last year, that’s up 140%; the median Aspen home sold at $9.7M, the avg price was $12.5M. Homes are regularly selling at almost $2,000 per sq ft, and for newer or remodeled like-new product, it’s now $3,000-4,000 sq ft. Six months ago it was $2,500-3,000 sq ft.

For perspective according to Elite Traveler, the most expensive world property markets are: Monaco $5,263 sq ft, Hong Kong $4,393 sq ft, New York a steal at $2,466 sq ft and London merely $1,891 sq ft. 

For Aspen condos, the median sold condo price is $1.8 and the average sold price is $2.475M. The average 2 bedroom/2 bath condo between 900-1,100 sq ft sells at $1.754M/$!,880 sq ft not updated.

An older unit requiring remodel is $1,700-$1,900 sq ft; a like-new remodeled condo in downtown Aspen will cost $2,400-$3,000+ sq ft.

From a 2009 peak (Great Recession) to H1 2021 (Pandemic Rocketship), inventory of Aspen condos for sale has fallen 66% overall, or 7.5% per year. Condo inventory is at its lowest point now since 2005. It’s slightly better in Snowmass Village where inventory is down 47% during the same period, or down about 5% per year.

A so-so lot in Aspen’s prized historic West End where the average lot size is 6,000 sq ft, will cost $6.5M+… The starting point for the least expensive lot in Aspen is high $2M: the highest priced lot sale in Aspen in H1 2021 was $12.25M. In 2019, the highest priced vacant Aspen lot sold at $24.5M for 5-8 acres at the base of Red Mountain, and there were 3 other sales at $22-24M in the same area. We’re talk’in dirt.

Inventory of Aspen homes for sale have fallen to their lowest level in 10 years. From (782) properties for sale in H1 12 to (443) in H1 21, down 5.5% per year or down 43% total.

In Snowmass Village, inventory of homes for sale has fallen even more: From (589) homes for sale in H112 to (304) in H121, down 6.4% per year or down 48% in total.

From 2009-2019, the typical Snowmass Village discount to Aspen home prices plummeted to 50-60%. Before then and historically, it was 25-30%. In the past 18 months, as Base Village comes closer to completion and build-out, the discount gap has been closing to now its approximately 30-40%.


(Click image to enlarge. June 2021 Summary. Pg 1 of 10.)          

The Estin Report 2021 ws was released online Jan 8, 21 in the Aspen real estate market section. It can be read online or downloaded as PDF.  The 32-Pg print edition is available now around town:  outside  Sotheby’s 300 S Spring St (my office across from the Aspen Art Museum), Sotheby’s 415 E Hyman on the Hyman Mall, at the Aspen Chamber Information Kiosk across from Paradise Bakery and the Pitkin County (ASE) airport. 
If you any issue downloading the report PDF, please contact me directly and I’d be happy to send it.

Blog Post: Jul 25 – Aug 1, 2021 Aspen CO real estate market activity, Week 31

Closed (13): MLS#s: 163063, 166579, 166639, 167428, 170323, 170463, 170519, 170669, 170701, 170831, 170835, 171061, 171310.  This link is valid until 8/31/2021.

Under Contract/Pending (19): MLS#s: 167701, 168246, 168537, 169073, 169083, 169305, 169651, 170113, 170159, 170559, 170714, 170967, 171199, 171207, 171240, 171242, 171249, 171282, 171303.  This link is valid until 8/31/2021.

Sold Properties Last Week:

MLS #166639 – Pitkin Green, Red Mountain, 904 Willoughby Way, Aspen, CO; Sold Price: $18,250,000/$2,342 sq ft; furnished. Sold Date: 07/29/2021. More details below photos.

MLS #166639 – Pitkin Green, Red Mountain, 904 Willoughby Way, Aspen, CO; Sold Price: $18,250,000/$2,342 sq ft; furnished. Sold Date: 07/29/2021. Ask Price: $19,900,000. (Original Price: $20,750,000 and 485 days on the market since 08/27/2019.) This is a 2001 built, 5 bedroom/4 bath/3 half-bath, 7,791 sq ft single family home with 2 car garage on a 1.09 acres lot. Broker comments are “Elegant mountain estate privately situated in a grove of evergreens and Aspens, this home is the ultimate in privacy, proximity to town, and all-encompassing views. Located on coveted Willoughby Way, the finely crafted 7,791 square foot home has pristine views of the Continental Divide, Ajax, Highlands, Pyramid Peak, Tiehack, and Snowmass. Filled with light, the home fluidly incorporates a chef’s kitchen, a study, a state-of-the-art home theater, and exercise rooms in its thoughtful floorplan. The outdoor living space echoes the beauty of the home with lush landscaped terraces for dining and lounging, an outdoor spa with direct access from the master bedroom, and private access to the Rio Grande trail.” 2020 taxes: $34,280; HOA Dues: $2,900. Under Contract Date: 06/29/2021; Sold Date: 07/29/2021. (Photos and broker comments courtesy of Compass Aspen)

MLS #166579 – Aspen East Condo, Central Core, 1015 E Hyman Avenue, Aspen, CO; Sold Price: $5,300,000/$1,684 sq ft; furnished. Sold Date: 07/27/2021. More details below photos.

MLS #166579 – Aspen East Condo, Central Core, 1015 E Hyman Avenue, Aspen, CO; Sold Price: $5,300,000/$1,684 sq ft; furnished. Sold Date: 07/27/2021. Ask Price: $5,650,000. (Original Price: $5,800,000 and 324 days on the market since 09/06/2020.) This is a 1982 built, 4 bedroom/5 bath, 3,146 sq ft townhome. Broker comments are “This four-bedroom downtown Aspen townhome is located on a quiet cul-de-sac adjacent to the Roaring Fork River and walking distance to the Silver Queen Gondola and all of Aspen’s best shops and restaurants. The great room with vaulted ceilings, an open floor plan, new oak flooring, and a wood burning fireplace enjoys sunny south facing Aspen Mountain views from the private patio. An office/library loft sits above the great room. The kitchen area features maple cabinets, solid slab granite counters, stainless appliances and bar seating area. A spacious south facing mater suite includes a private patio and double closets and steam shower in master bath. An en suite guest bedroom is located on the entry level. Two more bedrooms and two bathrooms are found on the lower level plus a family entertainment room with foosball table, pull out sofa and wet bar. New carpet, interior paint and furnishings. An entry mud room with built-ins has direct access to the 1-car garage with storage for bikes, skis and gear. This is perfect downtown Aspen living convenient to everything.” 2020 taxes: $21,394; HOA Dues: $11,780. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 06/04/2021; Sold Date: 07/27/2021. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)

MLS #167428 – Obermeyer Place, Central Core, 601 Rio Grande Place 102 & 104, Aspen, CO; Commercial Space for Sale; Sold Price: $2,200,000 sq ft. Sold Date: 07/30/2021. More details below photos.

MLS #167428 – Obermeyer Place, Central Core, 601 Rio Grande Place 102 & 104, Aspen, CO; Sold Price: $2,200,000 sq ft. Sold Date: 07/30/2021. Ask Price: $2,500,000. (Original Price: $2,500,000 and 273 days on the market since 10/30/2020.) This is a 2006 built, 2,750 sq ft commercial industria. Broker comments are “Coveted commercial location in downtown Aspen. Your business will thrive with this perfectly positioned store including a spacious showroom and private offices. A truly rare opportunity in Aspen that will not last. Offering includes 4 parking spaces. The business that currently occupies the real estate is not included in the sale.” 2019 taxes: $15,824; HOA Dues: $14,868. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 05/17/2021; Sold Date: 07/30/2021. (Photos and broker comments courtesy of Coldwell Banker Mason Morse-Aspen)

MLS #170463 – Hunter Creek, Condominium, Smuggler, 1315 Vine Street, Aspen, CO; Sold Price: $675,000/$1,080 sq ft; furnished. Sold Date: 07/29/2021. More details below photos.

MLS #170463 – Hunter Creek, Condominium, Smuggler, 1315 Vine Street, Aspen, CO; Sold Price: $675,000/$1,080 sq ft; furnished. Sold Date: 07/29/2021. Ask Price: $682,000. (Original Price: $682,000 and 50 days on the market since 06/09/2021.) This is a 1980 built and 2019 remodeled, 1 bedroom/1 bath, 625 sq ft condo. Broker comments are “Offered by the original owners! Enjoy this quiet, ground floor, east facing 1 bedroom corner unit at Hunter Creek. Remodeled in 2019 with new carpet, flooring, blinds, microwave, range and dishwasher. Conveniently located to the Hunter Creek trail system and free bus service to downtown Aspen. Hunter Creek amenities includes: pool access, tennis courts, built in BBQ and hot tub.” 2021 taxes: $1,360; HOA Dues: $5,544. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 06/19/2021; Sold Date: 07/29/2021. (Photos and broker comments courtesy of Coldwell Banker Mason Morse-Aspen)

MLS #170669 – Obermeyer Place, Central Core, 601 Rio Grande Place 105, Aspen, CO; Sold Price: $450,000 sq ft. Sold Date: 07/30/2021. More details below photos.

MLS #170669 – Obermeyer Place, Central Core, 601 Rio Grande Place 105, Aspen, CO; Sold Price: $450,000 sq ft. Sold Date: 07/30/2021. Ask Price: $450,000. (Original Price: $450,000 and 273 days on the market since 10/30/2020.) This is a 2006 built, 731 sq ft commercial industria. Broker comments are “Coveted commercial unit location in downtown Aspen.” 2020 taxes: $3,334; HOA Dues: $4,644. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 06/17/2021; Sold Date: 07/30/2021. (Photos and broker comments courtesy of Coldwell Banker Mason Morse-Aspen)

MLS #170835 – Horse Ranch, 1116 Horse Ranch Drive, Snowmass Village, CO; Sold Price: $5,600,000/$1,071 sq ft; furnished. Sold Date: 07/29/2021. More details below photos.

MLS #170835 – Horse Ranch, 1116 Horse Ranch Drive, Snowmass Village, CO; Sold Price: $5,600,000/$1,071 sq ft; furnished. Sold Date: 07/29/2021. Ask Price: $5,650,000. (Original Price: $5,650,000 and 62 days on the market since 05/28/2021.) This is a 1997 built, 6 bedroom/5 bath/1 half-bath, 5,225 sq ft single family home with 2 car garage on a 29,507 sq ft lot. Broker comments are “Located conveniently one-mile up Horse Ranch Drive from Brush Creek Rd. this 6-bedroom custom home, designed by Finholm Architects and built by Todd Haberman, is situated at the base of Snowmass Rim Trail. Enjoy panoramic south facing views from Independence Pass to Garrett’s Peak including all of Snowmass Ski Area. ” 2020 taxes: $12,091; HOA Dues: $450. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 06/10/2021; Sold Date: 07/29/2021. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)

MLS #163063 – Wood Run Place, Condominium, 425 Wood Road 16, Snowmass Village, CO; Sold Price: $3,400,000/$1,101 sq ft; furnished. Sold Date: 07/26/2021. More details below photos.

MLS #163063 – Wood Run Place, Condominium, 425 Wood Road 16, Snowmass Village, CO; Sold Price: $3,400,000/$1,101 sq ft; furnished. Sold Date: 07/26/2021. Ask Price: $3,690,000. (Original Price: $3,990,000 and 544 days on the market since 01/29/2020.) This is a 1983 built and 2003 remodeled, 4 bedroom/5 bath/1 loft/1 den, 3,088 sq ft condo. Broker comments are “4 Bed, 5 Bath, Beautifully Decorated, Unsurpassed Craftsmanship, Ski-in/Ski-out Mountain Retreat! This extraordinary and fully furnished Woodrun Place property is truly one-of-a-kind. Spacious gourmet kitchen that opens out to the dining and living areas – perfect for entertaining. Perfectly located on Fanny Hill, an easy walk, ski or ride to the Gondola and the wonderful restaurants and stores in Snowmass Village and Base Camp. If you have been longing for an amazing Colorado retreat, with turn-key ease, this mountainside home is for you!” 2020 taxes: $6,192; HOA Dues: $64,160. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 06/13/2021; Sold Date: 07/26/2021. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)

MLS #171310 – Wood Run V, 112 Village Bound 17, Snowmass Village, CO; Sold Price: $3,400,000/$1,142 sq ft; furnished. Sold Date: 07/13/2021. More details below photo.

MLS #171310 – Wood Run V, 112 Village Bound 17, Snowmass Village, CO; Sold Price: $3,400,000/$1,142 sq ft; furnished. Sold Date: 07/13/2021. Ask Price: $3,400,000. (Original Price: $3,400,000 and on the market since 07/13/2021.) This is a 1981 built, 3 bedroom/4 bath/1 half-bath, 2,975 sq ft townhome. Broker comments are “Sold prior to MLS.” 2020 taxes: $5,698; HOA Dues: $25,090. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 07/13/2021; Sold Date: 07/13/2021. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Snowmass Village)

MLS #171061 – Assay Hill Lodge, Condominium, 130 Wood Road 641, Snowmass Village, CO; Sold Price: $2,100,000/$1,427 sq ft; furnished. Sold Date: 07/27/2021. More details below photos.

MLS #171061 – Assay Hill Lodge, Condominium, 130 Wood Road 641, Snowmass Village, CO; Sold Price: $2,100,000/$1,427 sq ft; furnished. Sold Date: 07/27/2021. Ask Price: $1,995,000. (Original Price: $1,995,000 and 11 days on the market since 07/12/2021.) This is a 2010 built and 2018 remodeled, 3 bedroom/3 bath, 1,471 sq ft condo. Broker comments are “With vaulted ceilings and protected and stunning down-valley views, this 3-bedroom Viceroy is among the most sought after and sophisticated condominium in Snowmass’ Base Village. Owners and rental guests enjoy world-class dining, fitness facility, ski valet, drive-up valet, private driver service to Aspen, all with direct SKI-IN/SKI-OUT access to the The Snowmass Ski Area. Get spoiled with your own free-market penthouse property at the Viceroy.” 2020 taxes: $7,482; HOA Dues: $38,716. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 07/17/2021; Sold Date: 07/27/2021. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Snowmass Village)

MLS #170519 – Capitol Peak, Condominium, 110 Carriage Way 3309, Snowmass Village, CO; Sold Price: $692,000/$976 sq ft; furnished. Sold Date: 07/23/2021. More details below photos.

MLS #170519 – Capitol Peak, Condominium, 110 Carriage Way 3309, Snowmass Village, CO; Sold Price: $692,000/$976 sq ft; furnished. Sold Date: 07/23/2021. Ask Price: $695,000. (Original Price: $695,000 and 38 days on the market since 06/15/2021.) This is a 2008 built, 1 bedroom/1 bath, 709 sq ft condo. Broker comments are “Delightful property beautifully located in the ”A” building, the one closest to the Elk Camp Gondola and to the children’s Treehouse. Nicely accessorized and well-cared for, this condominium feels light and spacious. Gas fireplace, fully-stocked kitchen, and generous bath. Washer and dryer in unit. A/C. A great deck overlooking the lower Village and across to the Rim Trail captures afternoon sun. Located near elevator – a few floors down, grab your skis or boards from your private locker in the ski room and walk just a few yards to gondola or to the Village Express. Bike storage available in parking garage. Managed by EastWest’s Snowmass Mountain Lodging.” 2021 taxes: $4,001; HOA Dues: $12,677. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 06/29/2021; Sold Date: 07/23/2021. (Photos and broker comments courtesy of Compass SMV)

MLS #170831 – Lichenhearth, Condominium, 150 Carriage Way #35, Snowmass Village, CO; Sold Price: $650,000/$990 sq ft; furnished. Sold Date: 07/26/2021. More details below photos.

MLS #170831 – Lichenhearth, Condominium, 150 Carriage Way #35, Snowmass Village, CO; Sold Price: $650,000/$990 sq ft; furnished. Sold Date: 07/26/2021. Ask Price: $585,000. (Original Price: $585,000 and 35 days on the market since 06/21/2021.) This is a 1968 built and 2005 remodeled, 1 bedroom/1 bath, 656 sq ft condo. Broker comments are “Top floor, facing east and completely remodeled, this one bedroom enjoys vaulted ceilings, two walk-in closets, built-in cabinetry and a wood-burning fireplace. Impeccably cared for and only enjoyed by owners a few holidays a year, has never been rented. Amazing and coveted access to Snowmass Mountain, ski in/out, hike and bike in and out, walk to all the concerts and all that Base Village enjoys. Assigned, covered parking, elevator, pool, hot tub, plus extra owner storage for seasonal gear. A premier location and the ability to short-term at your own direction and choice of management company.” 2020 taxes: $1,240; HOA Dues: $10,000. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 07/03/2021; Sold Date: 07/26/2021. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Snowmass Village)

MLS #170701 – Assay Hill Lodge, Condominium, 130 Wood Road #505, Snowmass Village, CO; Sold Price: $410,000/$1,076 sq ft; furnished. Sold Date: 07/26/2021. More details below photos.

MLS #170701 – Assay Hill Lodge, Condominium, 130 Wood Road #505, Snowmass Village, CO; Sold Price: $410,000/$1,076 sq ft; furnished. Sold Date: 07/26/2021. Ask Price: $410,000. (Original Price: $410,000 and 33 days on the market since 06/23/2021.) This is a 2010 built, studio/1 bath, 381 sq ft condo. Broker comments are “This ski-in/ski-out modern luxury condo is at the Viceroy Snowmass. A $4 million dollar renovation was just completed. It was named the BEST SKI HOTEL by USA Today. It has unmatched amenities including 2 restaurants, a gourmet coffee/snack bar, a heated pool, hot tubs, full service luxury spa and fitness center, complimentary valet/transportation, concierge services, room service, owner storage, and ski valet. This sophisticated contemporary studio is complete with a kitchen, luxurious king size bed, seating area, and a fireplace. Excellent rental income through the onsite rental management company to cover your costs. Offered fully furnished and turn-key. You will enjoy this special location steps from the Base Village.” 2020 taxes: $1,609; HOA Dues: $10,136. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 06/24/2021; Sold Date: 07/26/2021. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)

MLS #170323 – Snowmass Creek, TBD Snowmass Creek Road, Snowmass, CO; Vacant land for sale; Sold Price: $1,300,000. Sold Date: 07/23/2021. More details below photos.

MLS #170323 – Snowmass Creek, TBD Snowmass Creek Road, Snowmass, CO; Sold Price: $1,300,000. Sold Date: 07/23/2021. Ask Price: $1,700,000. (Original Price: $1,700,000 and 56 days on the market since 05/28/2021. The seller paid $875,000 on 3/02/21.) This is a 23.95 acres single family vacant lot. Broker comments are “This beautiful 24 acre parcel is a true river paradise located in a magical setting. Snowmass Creek runs through the entire link of the property. Located above the confluence of the Roaring Fork River at the head of the Old Snowmass Canyon this beautiful piece of land is ready to create a special river front sanctuary.” 2020 taxes: $15,428. Under Contract Date: 06/23/2021; Sold Date: 07/23/2021. (Photos and broker comments courtesy of Compass Aspen)

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