The Estin Report and blog: Feb. 2013 Market Snapshot and Feb 24 – Mar 03, 2013 Aspen Snowmass Weekly Real Estate Sales and Stats: Closed (5) & Under Contract (13)

Last week’s sales activity and the weekly foreclosure list is published below. Scroll down page for photos and details of weekly solds and under contract /pending Aspen properties in the past 4 weeks. For earlier dates, use the down arrow to search the blog archives by year and date. Or use SearchEstinAspen to search by topic, address, subdivision or complex name, date etc. If it’s about Aspen real estate, information should be here.

The Estin Report: February 2013 Market Snapshot Aspen Snowmass Real Estate released Mon.03/04/13 v5

Click image to February 2013 Market Snapshot and Summary

*The Estin Report: Aspen Snowmass Real Estate Monthly Market Snapshot documents sales activity for the subject month in the upper Roaring Fork Valley – Aspen, Snowmass Village, Woody Creek and Old Snowmass. Included property types are single family homes, condos, townhomes, duplexes and residential vacant land at sold at prices over $250,000. Fractionals are not included. Aspen* includes Brush Cr Village, Woody Cr., and Old Snowmass.

Summary Comparison
Feb 2013 versus Feb 2012
(Now vs Then, Year over Year)

Total Aspen Snowmass Market
• Monthly Unit Sales: up 20%, 18 sales now vs 15 then
• Year-to-Date Unit Sales: up 14%, 49 sales now vs 43 then
• Monthly Dollar Volume: down -40%, $22M now vs $37M then
• Year-to-Date Dollar Volume: down -28%, $87M now vs $121M then
• Listing Inventory: down -8%, 1,107 properties for sale now vs 1,200 then

Aspen Market
• Monthly Unit Sales: up 27%, 14 sales now vs 11 then
• Year-to-Date Unit Sales: down -3%, 32 sales now vs 33 then
• Monthly Dollar Volume: down -20%, $21M now vs $26M then
• Year-to-Date Dollar Volume: down -28%, $71M now vs $98M then
• Listing Inventory: down -12%, 529 properties for sale now vs 600 then

Snowmass Village Market
• Monthly Unit Sales: even 0%, 4 sales now vs 4 then
• Year-to-Date Unit Sales: up 70%, 17 sales now vs 10 then
• Monthly Dollar Volume: down -90%, $1M now vs $11M then
• Year-to-Date Dollar Volume: down -29%, $16M now vs $23M then
• Listing Inventory: down -3%, 302 properties for sale now vs 312 then

Active links to sold Feb. 2013 property photos and details

Aspen Closings (11 solds) Feb. 1 – 28, 2013 This link is valid until 04/01/2013.

Snowmass Village Closings (2 solds) Feb. 1 – 28, 2013 This link is valid until 04/01/2013.

No vacant lot sales

Feb. 2013 Market Notes

– Sales in Jan and Feb of this year are off considerably from the torrid sales pace set in December 2012 due to a rush of tax motivated closings before the end of the year. Feb. 2013 was the slowest February of the past seven years since 2007.
– Low end sales dominate: in Feb. 2013, there (10) sales, 56% of total, under $1MM: (8) Aspen and (2) SMV – (8) of these sales were sized under 750 sq ft. versus Feb. 2012, there were (5) sales, 38% of total, under $1MM: (4) Aspen and (1) SMV.
– Older homes selling: (8) sales of properties built pre-1980 and remodeled in 2000 or later, 44% of total Feb.2013 sales, versus (3) in Feb. 2012, 23% of total Feb. 2012 sales. Older homes are selling at significant discounts, in many cases at or near land value. These are either last ditch opportunities for buyers to get into the crowding Aspen School District before real estate prices start to rise or developers finding re-development opportunities.
– There were no “big ticket” sales in Feb….The highest priced Feb. sale was a brand new downtown Aspen Penthouse which sold for $7.5M/$2,460 sq ft in Feb. 2013, a strong price reflecting the lack of new or newer built listing inventory in the Aspen Core. In Feb. 2012, the highest priced sale was a foreclosed downtown new built townhome for $6.5M/$1,483 sq ft.
– The market has little new built product and has demonstrated recently that premium prices can be attained for new or newer built properties. There will likely be a significant increase in construction activity in the next 12 months as developers jump into this void.
– Snowmass Village continues to offer the best property values in the market.
– Post-recession property flipping: There are some vivid examples of recession bought properties purchased at great discounts then being re-listed since Christmas 2012 at much higher ask prices. Here is a link to (9) ‘flip’ property examples (updated 3/8/13) and a spreadsheet documenting purchase prices then and ask prices now. Post recession ‘flip’ listings: new ask prices versus old recession sold prices: This link is valid until 4/7/2013.

Last Week’s Market Activity Aspen Snowmass real estate weekly sales and under contract activity appears below for all Aspen, Snowmass 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 to preserve an archive of sold market activity.

Weekly Foreclosure List 03/01/13 For photos and property descriptions, see links at the Deals and Bank Sales Section of this site.

Under Contract / Pending (13) MLS #: 126113, 128812, 124431, 128811, 124856, 128826, 114066, 128853, 127407, 121972, 122699, 128884, 128881. This link is valid for 30 days until 04/03/2013. Photos and descriptions of under contracts are not posted unless special circumstances or significance dictate.

Closed (5) MLS #: 126218, 121811, 127949, 127754, 127482. This link is valid for 30 days until 04/03/2013.

Aspen Snowmass Solds Last Week

MLS #126218 – Aspen, East Aspen, Mountain Valley single family home, 602 Mountain Laurel Drive, Aspen, CO: Sold Price: $3,025,000/$777 sq ft unfurnished. More details below photos.

MLS #126218 – Aspen, East Aspen, Mountain Valley single family home, 602 Mountain Laurel Drive, Aspen, CO: Sold Price: $3,025,000/$777 sq ft unfurnished; Asking Price: $3,195,000. (Original Price: $3,195,000 and 244 days on the market since 06/29/2012.) This is a 1972 built/2012 remodeled, 4 bedroom/4 bath/3 half bath, 3,890 sq ft single family home with 1 car garage on 0.43 acres. Broker comments are, “Freshly remodeled contemporary home in quiet Mtn Valley. Abundant floor to ceiling windows and glass doors, with automated shades, bring in the light and views toward Walsh’s and Ajax. The gourmet kitchen has thick caesarstone countertops, vertical grain white oak cabinetry, 6 burner+griddle 48” stove, the living room has soaring vaulted ceilings, and the master has huge glorious windows, roomy closet and steam shower. Media room features Crestron A/V system with 8’ screen, built-in speakers throughout the home, lighting control system and there’s a private, tucked away 350 sq ft office. 6 person hot tub, 536 sq.ft. wraparound deck w/ custom cable rail, spacious garage, fully landscaped and irrigated yard with mature trees and landscape lighting. Home has an evaporative cooling system.” 2011 Taxes: $4,687; HOA Dues: $350 Yr. Under Contract Date: 09/21/2012; Sold Date: 02/28/2013. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

MLS #121811 – Aspen, West End, Snow Bunny half duplex, 980 Cemetery Lane, Aspen, CO: Sold Price: $1,510,000/$718 sq ft unfurnished. More details below photos.

MLS #121811 – Aspen, West End, Snow Bunny half duplex, 980 Cemetery Lane, Aspen, CO: Sold Price: $1,510,000/$718 sq ft unfurnished; Asking Price: $1,595,000. (Original Price: $1,995,000 and 829 days on the market since 08/19/2010.) This is a 1964 built/2005 remodeled, 3 bedroom/2 bath, 2,101 sq ft half duplex with 2 car garage on 0.19 acres. Broker comments are, “This half duplex is the perfect family home. Located in one of Aspen’s favorite neighborhoods, just minutes to downtown Aspen. This three bedroom, two bath ranch style home is designed to provide great indoor-outdoor living. Windows and skylights provide great light throughout the home. Enjoy the recently remodeled kitchen, complimenting wide planked pine floors and handsome exposed beams. Brand new roof and carpet.” 2011 Taxes: $4,133. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 10/18/2012; Sold Date: 02/28/2013. (Photos and broker comments courtesy of Shane Aspen R.E.)

MLS #127949 – Aspen, Bank Owned Sale, Smuggler, Smuggler Mobile Park home, 212 Cottonwood Lane, Aspen, CO: Sold Price: $682,599/$276 sq ft. More details below photos.

MLS #127949 – Aspen, Bank Owned Sale, Smuggler, Smuggler Mobile Park home, 212 Cottonwood Lane, Aspen, CO: Sold Price: $682,599/$276 sq ft; Asking Price: $650,000. (Original Price: $879,000 and 732 days on the market since 11/04/2010.) This is a 1996 built, 5 bedroom/4 bath, 2,472 sq ft home (mobile home dimensions) with 1 car garage on 0.07 acres. Broker comments are, “Single family home in Smuggler Park with 5 bedrooms, 4 bathrooms, and 2,472 square feet. This is a stick built home constructed in 1996 and recently updated. This property features a deck with South facing views of Aspen Mountain, a fully finished basement with family room, 1-car attached garage and small yard. Purchaser must be an owner occupant and meet the criteria in the attached document – Smuggler Park Sub Resale Agreement. Property sold As-Is.” 2011 Taxes: $2,049; HOA Dues: 323 Mo. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 01/04/2013; Sold Date: 03/01/2013. (Photos and broker comments courtesy of Merritt Group.)

MLS #127754 – Aspen, West End commercial space, 605 W. Main Street, 103/104, Aspen, CO: Sold Price: $485,465/$457 sq ft. More details below photos.

MLS #127754 – Aspen, West End commercial space, 605 W. Main Street, 103/104, Aspen, CO: Sold Price: $485,465/$457 sq ft; Asking Price: $485,465. (Original Price: $485,465 and 111 days on the market since 11/14/2012.) This is a 1985 built, 1,060 sq ft commercial office space. Broker comments are, “High visibility and traffic are the key features of this commercial office space. Easy access and street parking. Beautifully appointed office – 7 private offices with reception. 2 designated parking spaces in rear. Currently used as a professional doctor’s office. Also available for lease at $4,203 per month.” 2011 Taxes: $6,006. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 01/25/2013; Sold Date: 02/25/2013. (Photos and broker comments courtesy of Kruger and Co.)

MLS #127482 – Old Snowmass, Little Elk Creek single family home, 110 Katydid Lane, Snowmass, CO: Sold Price $830,000/$358 sq ft unfurnished. More details below photos.

MLS #127482 – Old Snowmass, Little Elk Creek single family home, 110 Katydid Lane, Snowmass, CO: Sold Price $830,000/$358 sq ft unfurnished; Asking Price: $899,000. (Original Price: $899,000 and 138 days on the market since 10/12/2012.) This is a 1978 built/2011 remodeled, 3 bedroom/2 bath, 2,317 sq ft single family home with 3 car garage on 1 acre. Broker comments are, “A charming 1-acre ranchette that embraces Colorado’s western character with wide open spaces, log fencing and cows grazing in the distance. The home has been comfortably remodeled, and the land has been cultivated for outdoor living… barbecues on the stone patio with food picked fresh from the garden, reading in the hammock by the pond, and campfire stories by the firepit.” 2012 Taxes: $4,008; HOA Dues: $545 Qtr. Under Contract Date: 01/02/2013; Sold Date: 02/27/2013. (Photos and broker comments courtesy of B.J. Adams & Co.)

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Aspen Snowmass Real Estate Weekly Market Update Report Closed and Under Contract