Aspen Real Estate Market Last Week’s Sales: June 12 – 19 , 22 – Week 24
Closed (5) & Pending (4)
The May 2022 Aspen Market Snapshot was posted on 6/03/22 in the Estin Reports section.
Q1 2022 (Jan 1 – Mar 31) Aspen Real Estate Market Historic Charts Q1 2011 – Q1 2022 were posted in Estin Reports Charts Section
Bottom Line 06.20.22:
The market remains super tight even though there are a number of new listings hitting the Aspen MLS for the start of the summer selling season.
Sellers continue to feel robust and confident in this record low inventory market. There are many buyers chasing after the few properties available.
Yet, the economic backdrop is one of increasing uncertainty. A deteriorating stock market off 23% so far in 2022 is not a good news for Aspen.
“It’s the worst start of the year since 1932” according to the WSJ this morning and “stocks historically don’t bottom out until the Fed eases. If history is any guide, the stock market selloff might still be in its early stages.”
In the past 1-2 weeks, more and more buyers are questioning how long these “crazy” prices can continue and asking if I’ve started to see prices come down. No, not yet…Last week, a 1991 built 4,248 sq ft single family home on Ute Avenue came on the market at $34M/$8,000 sq ft!! Remarkable.
Some will say insanity. Is it a crypto / NFT world or not? Or was it a crypto / NFT world?
I wrote in the blog last week: In the high, high end, crazy seems to be becoming normalized. But the eye-popping transactions of the past month are real and they trickle down to the mere mortal Aspen real estate deals, however one might be inclined to define those at present.
The well respected local real estate appraiser, Randy Gold of Aspen Appraisal Group, once said at a prior high point in our market in 2015, “There’s nothing like a billionaire coming into a neighborhood and upsetting the comps – or a neighbor pining for an adjoining property and willing to pay practically any price to secure it.” Although these are market anomalies, these events influence perception even though they may have little to do with establishing actual value … until they do.
The Ute Ave home cited above is evidence of the trickle down. Its marketing material reads, “The only 5-bedroom single family home currently available in Aspen’s downtown core. This prime location is just a short, 2 1/2 block walk to the Aspen Mountain Gondola, is located on a dead end street, and neighboring homes have sold in the $60 million range.” That ‘neighboring sale’ on 05/26/22 was for a home 4x larger and 20 years newer at 1011 Ute Ave which sold for $60M/$3,587 sq ft furnished – a 2011 built, 6 bedroom/7 bath/3 half-bath, 16,726 sq ft single family home with 5+ car garage with a lazy Susan type, rotating floor. Near Ute Avenue, a slopeside ski in/ski out Aspen Mountain home on the Little Nell ski trail sold in March ’22 at an unsolicited price of $50M/$6,999 SF, the highest price per sq ft record for an Aspen single family home.
In 2008-2009, post Lehman Brothers collapse, Aspen real estate prices incredulously continued to rise almost to the end of 2009 even as unit sales were dropping precipitously. Sellers who had priced super aggressively in 2008 and held on, refusing to come off those prices throughout 2009, were left exposed to a terrible local real estate decline between 2010-2013 when prices fell 30-50+%. Finally, in early 2014 with stronger and, importantly, more consistent sales (see chart 2004-2021) , the market looked like it had legs and we were cautiously out of the woods.
History lesson: When the music stopped …seller’s ‘greed’ was a very expensive and precious time-wasting mistake.
In the present environment of increasingly severe uncertainty wrought by a host of concerns where any one of which would be deeply troubling – high inflation worries, spiking interest rates, record gas prices, Ukraine war, continued supply chain and labor disruptions, looming recession concerns – many ask if we may be at a similar tipping point again.
Closed (5): MLS#s: 165550, 171236, 173268, 174682, 174771. This link is valid until 7/19/2022.
Under Contract/Pending (4): MLS#s: 173975, 175307, 175308, 172028. This link is valid until 7/19/2022.
Sold Properties Last Week:
MLS # 165550 – Wood Run, Snowmass Village, 1061 Wood Road, Snowmass Village, CO; Sold Price: $7,500,000/$1,470 sq ft; furnished. Sold Date: 06/15/2022. More details below photos.
MLS # 165550 – Wood Run, Snowmass Village, 1061 Wood Road, Snowmass Village, CO; Sold Price: $7,500,000/$1,470 sq ft; furnished. Sold Date: 06/15/2022. Ask Price: $7,995,000. (Original Price: $7,995,000 and on the market since 07/25/2020.) This is a 1986 built, 4 bedroom/5 bath/2 half-bath, 5,100 sq ft single family home with 2 car garage on a 35,480 sq ft lot, or 0.81 acre. Tim’s comments: Beautifully crafted ski in / ski out home with luxury finishes that is ready for an ambitious remodel. The property sits perfectly slope side on Snowmass Ski Mountain in a private woodsy setting. Floorplans exist to create a ground floor primary bedroom suite and the addition of two more bedrooms that would make this the ultimate charming alpine estate. 2020 taxes: $32,786; HOA Dues: $105. Under Contract Date: 02/23/2021; Sold Date: 06/15/2022. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty)
MLS # 171236- Townsite of Aspen, Central Core, 1195 Black Birch Drive, Aspen, CO; Vacant land for sale; Sold Price: $6,850,000. Sold Date: 06/16/2022. More details below photos.
MLS # 171236- Townsite of Aspen, Central Core, 1195 Black Birch Drive, Aspen, CO; Vacant land for sale; Sold Price: $6,850,000. Sold Date: 06/16/2022. Ask Price: $6,950,000. (Original Price: $5,950,000 and on the market since 07/22/2021) This is a 1 acre, or 44,568 sq ft. Tim’s comments: Oversized vacant lot in the quiet and private Black Burch neighborhood at the end of the Red Butte Subdivision. Plans have been submitted to the City of Aspen for permitting for a 5 bdrm/5 ½ ba , 5,799 sq ft home with all interior spaces above grade. Also included on the 1-acre plus lot is a large swimming pool, and in ground hot tub and an outdoor kitchen. These plans and the permit set are included in the sale of the property. 2020 taxes: $6,361; HOA Dues: $1,200. Under Contract Date: 08/30/2021; Sold Date: 06/16/2022. (Photos and broker comments courtesy of Aspen Development Realty, LLC)
MLS # 173268 – Ajax Condos, Central Core, 107 Aspen Mountain Road 8, Aspen, CO; Sold Price: $2,195,000/$2,757 sq ft; furnished. Sold Date: 06/10/2022. More details below photos.
MLS # 173268 – Ajax Condos, Central Core, 107 Aspen Mountain Road 8, Aspen, CO; Sold Price: $2,195,000/$2,757 sq ft; furnished. Sold Date: 06/10/2022. Ask Price: $2,195,000. (Original Price: $2,295,000 and on the market since 01/06/2022.) This is a 1965 built and 2004 remodeled, 2 bedroom/2 bath, 796 sq ft condo. Tim’s comments: This is a rare top floor 2 bedroom Aspen condo with ski-in access from the Little Nell ski trail at the base of Aspen Mountain. Vaulted ceiling and skylights, two gas fireplaces and one car assigned parking space. Ajax Condominiums is a small 9-unit complex with a new roof and new plumbing installed through the entire building – both with 25 year warranties. The property is an easy walk to the Gondola and just one block to Aspen restaurants and shops. 2020 taxes: $2,822; HOA Dues: $9,315. Under Contract Date: 04/01/2022; Sold Date: 06/10/2022. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty)
MLS # 174682 – Ridge Run, Snowmass Village, 61 Baby Doe Lane, Snowmass Village, CO; Sold Price: $7,450,000/$1,648 sq ft; partial furnished. Sold Date: 06/13/2022. More details below photos.
MLS # 174682 – Ridge Run, Snowmass Village, 61 Baby Doe Lane, Snowmass Village, CO; Sold Price: $7,450,000/$1,648 sq ft; partial furnished. Sold Date: 06/13/2022. Ask Price: $7,000,000. (Original Price: $7,000,000 and on the market since 04/25/2022.) This is a 1983 built and 2003 remodeled, 6 bedroom/6 bath/1 half-bath, 4,519 sq ft single family home with 2 car garage on a 43,560 sq ft lot, or 1 acre. Tim’s comments: This property has some of the most beautiful alpine views looking out at Mt Daly and Capitol Peak with the lights of Snowmass Village below. The home is designed with an open floor plan and striking views from every room in the house, The primary bedroom sits above the living room, and there are 4 en-suite bedrooms on the main level and one additional bedroom on the lower level with outdoor access to a hot tub area and the Eddy Out ski trail. The home has been a premier rental for Snowmass ski vacations. 2021 taxes: $15,847; HOA Dues: $105. Under Contract Date: 05/14/2022; Sold Date: 06/13/2022. (Photos and broker comments courtesy of Douglas Elliman Real Estate)
MLS # 174771 – Crestwood, Snowmass Village, 400 WOOD Road 2104B, Snowmass Village, CO; Sold Price: $626,000/$1,043 sq ft; furnished. Sold Date: 06/13/2022. More details below photos.
MLS # 174771 – Crestwood, Snowmass Village, 400 WOOD Road 2104B, Snowmass Village, CO; Sold Price: $626,000/$1,043 sq ft; furnished. Sold Date: 06/13/2022. Ask Price: $625,000. (Original Price: $625,000 and on the market since 04/29/2022.) This is a 1970 built, 1 bedroom/1 bath, 600 sq ft condo. Tim’s comments: Ground floor one bedroom condo unit in one of Snowmass Village’s most popular condo complexes, The Crestwood Condominiums with full time on-site management. Direct ski in and ski out access to Fanny Hill or Assay Hill ski trails and to the Base Village. Excellent rental income generator. 2021 taxes: $1,233; HOA Dues: $14,609. Under Contract Date: 05/01/2022; Sold Date: 06/13/2022. (Photos and broker comments courtesy of John Nathaniel Crowder, Jr.)
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