Aspen Real Estate Market Last Week’s Sales: May 22 – 29, 22 – Week 21
The April 2022 Snapshot was recently posted. The May 2022 snapshot will be posted this week. The Q1 2022 & March 2022 Aspen Market Snapshot was posted 4/4/22 in the Estin Reports section.
Bottom line: Last week there were (3) Aspen luxury real estate closings over $40M and (1) over $30M including the highest priced ever paid for an Aspen residence (property details and photos below):
- 124 W. Hallam-sold at $32,500,000/$4662 SF furn
- 1011 Ute Ave sold at $60,000,000/$3587 SF furn – record highest priced residential sale ever
- 439 Pearl Court sold at $42.925M. The sale included a 6,000 sq ft undeveloped vacant lot next door valued at approximately $10.5M. So: $42.295M minus $10.5M = $32.425M/6,248 sf home size =$5,199 SF furn for the residence alone.
- 45081 & 45101 Hwy 82 sold at $51,000,000/$3,400 SF furn
Emboldened by sales like these – even though they represent the highest of the high end – and record low inventory of properties for sale, sellers are super confident they can ask almost anything for their property. “What’s my price?” they say, “It’s a ‘make me move’ price.” Any seller who wants to remain in the Aspen area will have to search for a replacement property which will cost plenty and be difficult to find.
This year through May 31, 22, there have been (39) Aspen home and condo sales over $10M. This is 50% more than the same time last year of (26) properties. In April 2022, the average single family with a selling price over $10M sold at an average $3,013 sq ft versus $2,037 in April 2021. The range of selling price per sq ft of these properties has been $1,100 – $7,000 sq ft. The highest sold price per sq ft this year for a single family home has been 550 Aspen Alps Rd with an unsolicited offer of $50M/$6,993 SF furnished. This was for Aspen’s premier ski in/out home located slope side on the Little Nell Ski Trail close to the base of the Aspen Mountain Gondola. The property had been purchased just four months earlier by fashion designer Tommy Hilfiger in early Dec 2021 at $31.9M/$4,461 SF.
In April 2022, median sold prices are as follows (Pg 4 April 2022 Market Snapshot):
– Aspen single family homes: $12.34M/$2,577 sq ft
– Aspen condominium: $2.95M/$2,833 sq ft
– Snowmass Village (SMV) single family home: $6M/$1,695 sq ft
– Snowmass Village (SMV) condominium: $1.65M/$1,322 sq ft
The market is super tight, challenging to price properties and extremely competitive with many chasing after the few.
Crazy is being normalized.
Blog Posted May 30, 2022 – Aspen CO real estate market activity, Week 21
Closed (9): MLS#s: 175199, 170632, 175175, 175151, 175197, 171469, 173604, 174144, 174087. This link is valid until 6/28/2022.
Under Contract/Pending (6): MLS#s: 173734, 175143, 174944, 173842, 174820, 175102. This link is valid until 6/28/2022.
Sold Properties Last Week:
MLS #175199 – 1001 Ute Avenue Subdivision, Central Core, 1011 Ute Avenue, Aspen, CO; Sold Price: $60,000,000/$3,587 sq ft; partial furnished. Sold Date: 05/26/2022. More details below photos.
MLS #175199 – 1001 Ute Avenue Subdivision, Central Core, 1011 Ute Avenue, Aspen, CO; Sold Price: $60,000,000/$3,587 sq ft; partial furnished. Sold Date: 05/26/2022. Ask Price: $60,000,000. (Original Price: $60,000,000 and on the market since 05/26/2022. ) This is a 2011 built, 6 bedroom/7 bath/3 half-bath, 16,726 sq ft single family home with 4+ car garage on a 28,286 sq ft lot. Tim’s comments: This was an off-market sale of the largest sized single family home within the Aspen City limits and just a short walk to the Aspen Mountain Gondola. In 2007-2009, the original developer donated approximately 1-2 acres of land along Ute Ave (east of The Gant on south side where the tennis courts are) to the City in exchange for rights to build an unprecedented large home exceeding the Pitkin County maximum limit of 15,000 sq ft. Additionally the house sits above the 8,200’ elevation development limit within the City and was given a variance. Originally listed at $39.75M on 8/23/13 then raised to $45M, the property sat on the market as the developer’s situation progressively deteriorated. It finally closing at $27.7M on 2/5/20 to Texas wildcatter family who is the seller now. Unique features are: a 30-foot water wall feature and a 40-foot-high entrance foyer; a bowling alley that doubles as a target range; a 5-car garage that rotates cars on a turnstile; indoor pool and spa and tennis courts with clubhouse that serves as an ice staking rink in the winter; a 2-bedroom fully equipped guest apartment and additional amenities such as tennis courts with a private clubhouse. The location, home size and quality cannot be replicated. 2021 taxes: $78,562. Under Contract Date: 03/29/2022; Sold Date: 05/26/2022. (Photos comments courtesy of Slifer Smith & Frampton RFV)
MLS # 170632- Aspen Park, East Aspen, 45081 & 45101 CO-82, Aspen, CO; Sold Price: $51,000,000/$3,400 sq ft; furnished. Sold Date: 05/27/2022. More details below photos.
MLS # 170632- Aspen Park, East Aspen, 45081 & 45101 CO-82, Aspen, CO; Sold Price: $51,000,000/$3,400 sq ft; furnished. Sold Date: 05/27/2022. Ask Price: $51,000,000. (Original Price: $51,000,000 and on the market since 06/21/2021.) This is a 2015 built, 5 bedroom/6 bath/4 half-bath, 15,000 sq ft single family home with 4+ car garage. Tim’s comments: This is an extraordinarily beautiful custom home set on 5.6 acres in a wooded setting flanked on two sides by US National Forest and from its perch on a gentle hillside, with views east towards Independence Pass and west to Aspen Mountain. The property is just 5 minutes east of downtown Aspen and sets a new Aspen high bar for convenience to town, privacy, beauty and luxury. The owner dictated three must haves to the design team: 1. That no detail be overlooked; 2. That it be state of the art construction – a LEED Silver residence; 3. That no expense be spared. The finished product is a perfectly executed, environmentally friendly, contemporary mountain design. 2020 taxes: $62,652. Under Contract Date: 04/08/2022; Sold Date: 05/27/2022. (Photos and broker comments courtesy of Coldwell Banker Mason Morse)
MLS # 175175- West End, 439 Pearl Court, Aspen, CO; Sold Price: $42,925,000/$6,870 sq ft; furnished. Sold Date: 05/25/2022. More details below photos.
MLS # 175175- West End, 439 Pearl Court, Aspen, CO; Sold Price: $42,925,000/$6,870 sq ft; furnished. Sold Date: 05/25/2022. Ask Price: $46,000,000. (Original Price: $46,000,000 and on the market since 05/25/2022.) This is a 2017 built, 7 bedroom/7 bath/2 half-bath, 6,248 sq ft single family home with 2 car garage on a 8,120 sq ft lot. Tim’s comments: This is an off-market sale. Sold with an adjacent 6,000 square foot undeveloped lot. If one values the vacant lot at $10.5M, the home sale was for $32.425M/6,248 sf = $5,199 SF furnished. 2022 taxes: $50,922. Under Contract Date: 04/25/2022; Sold Date: 05/25/2022. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty)
MLS # 175151- West End, 124 W Hallam Street, Aspen, CO; Sold Price: $32,250,000/$4,662 sq ft. Sold Date: 05/24/2022. More details below photos.
MLS # 175151- West End, 124 W Hallam Street, Aspen, CO; Sold Price: $32,250,000/$4,662 sq ft. Sold Date: 05/24/2022. Ask Price: $32,250,000. (Original Price: $32,250,000 and on the market since 05/24/2022.) This is a 1890 built and 2020 remodeled, 7 bedroom/7 bath/2 half-bath, 6,917 sq ft single family home with 2 car garage on a 6,011 sq ft lot. Tim’s comments: This is an off-market sale for a like-new beautifully restored Victorian home on a 6,000 sq ft lot in Aspen’s historic West End. [The adjacent corner lot at 308 N 1st, at the NE corner of North 1st/W Hallam, MLS 158137, sold for $10.78M on 10/19/20]. The restoration includes beautiful clean lines and vaulted ceilings throughout with a private courtyard in the back for entertaining. From the primary bedroom upstairs, rare Aspen Mountain views prevail looking over the rooftop of the block long Yellow Brick School house. The property is only 2-3 blocks to the downtown Aspen core. 2021 taxes: $41,954. Under Contract Date: 05/24/2022; Sold Date: 05/24/2022. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty)
MLS #175197 – Pitkin Row, Central Core, 708 E Hopkins Avenue, Aspen, CO; Sold Price: $13,750,000/$4,937 sq ft. Sold Date: 05/26/2022. More details below photos.
MLS #175197 – Pitkin Row, Central Core, 708 E Hopkins Avenue, Aspen, CO; Sold Price: $13,750,000/$4,937 sq ft. Sold Date: 05/26/2022. Ask Price: $13,750,000. (Original Price: $13,750,000 and on the market since 05/26/2022.) This is a 1989 built/remodeled 2021, 3 bedroom/3 bath/1 half-bath, 2,785 sq ft townhome with a 2 car garage. Tim’s comments: This is a centrally located downtown Aspen townhome recently remodeled with contemporary, luxurious finishes. It is just one block north of the Aspen Art Museum and 3-4 blocks to the Aspen Mt Gondola. The Pitkin Rowhouse Townhomes are renowned for their generous street setback directly facing Aspen Mountain and in the summer for their beautifully exquisite flower gardens along the northside sidewalk. 2021 taxes: $18,456; HOA Dues: $24,995. Under Contract Date: 05/05/2022; Sold Date: 05/26/2022. (Photos and broker comments courtesy of Compass)
MLS # 171469- Melton Ranch, Snowmass Village, 500 Sinclair Road, Snowmass Village, CO; Sold Price: $6,272,500/$1,351 sq ft; partial furnished. Sold Date: 05/25/2022. More details below photos.
MLS # 171469- Melton Ranch, Snowmass Village, 500 Sinclair Road, Snowmass Village, CO; Sold Price: $6,272,500/$1,351 sq ft; partial furnished. Sold Date: 05/25/2022. Ask Price: $5,495,000. (Original Price: $4,997,000 and on the market since 08/07/2021.) This is a 1993 built and 2020 remodeled, 6 bedroom/5 bath/1 half-bath, 4,641 sq ft single family home with 2 car garage on a 4,792 sq ft lot. Tim’s comments: This is off market sale. The home has big Snowmass Mountain views from almost every room, open floor plan living with the primary bedroom on the living level. Large decks and a beautiful garden and yard complete the picture. 2020 taxes: $11,764. HOA Dues: $90. Under Contract Date: 05/25/2022; Sold Date: 05/25/2022. (Photos and broker comments courtesy of Engel & Volkers Snowmass)
MLS #173604- Lazy O Ranch, Old Snowmass, TBD Lazy O Road, Snowmass, CO; Vacant land for sale; Sold Price: $2,850,000. Sold Date: 05/26/2022. More details below photos.
MLS #173604- Lazy O Ranch, Old Snowmass, TBD Lazy O Road, Snowmass, CO; Vacant land for sale; Sold Price: $2,850,000. Sold Date: 05/26/2022. Ask Price: $3,250,000. (Original Price: $3,250,000 and on the market since 02/09/2022.) This is a 4.12 acre single-family vacant lot. Tim’s comments: Lazy O Ranch in Old Snowmass is a 1,500 acre private community of 22 lots located at the base of the Elk Mountain Range and Mt Sopris. This lot, #11, is considered one of the most desirable for it 360 degree ranch views of horse pastures, Mt Sopris and the Snowmass Creek Valley. The ranch amenities include a fulltime ranch manager, tennis and pickleball courts, stocked fish ponds, equestrian facilities with access to miles of horse trails, hiking, biking, x-country skiing trails and more. Snowmass, CO (known locally as Old Snowmass as it has existed prior to the Snowmass Village ski resort) is located 20-25 minutes to Aspen and Snowmass Village, 10 minutes to downtown Basalt and 15 minutes to Willits Town Center and Whole Foods and City Market for groceries. 2021 taxes: $4.88. Under Contract Date: 04/11/2022; Sold Date: 05/26/2022. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty)
MLS # 174144- Old Snowmass, 4070 Lower River Road #9, Snowmass, CO; Sold Price: $725,000/$1,435 sq ft; furnished. Sold Date: 05/27/2022. More details below photos.
MLS # 174144- River’s Bend Condominiums, 4070 Lower River Road #9, Snowmass, CO; Sold Price: $725,000/$1,435 sq ft; furnished. Sold Date: 05/27/2022. Ask Price: $749,000. (Original Price: $749,000 and on the market since 03/22/2022.) This is a 1964 built and 2021 remodeled, 1 bedroom/1 bath, 505 sq ft condo. Tim’s comments: The River’s Bend condos are tucked away in the valley floor with the Roaring Fork River running alongside the complex. The Rio Grande Trail passes on the other side of the complex providing hiking, walking, x-country skiing access to the Woody Creek Tavern. 2021 taxes: $718. HOA Dues: $4,152. Under Contract Date: 03/27/2022; Sold Date: 05/27/2022. (Photos and broker comments courtesy of Slifer Smith & Frampton RFV)
MLS # 174087- Assay Hill Lodge, Snowmass Village, 130 Wood Road 526, Snowmass Village, CO; Sold Price: $710,000/$1,844 sq ft; furnished. Sold Date: 05/25/2022. More details below photos.
MLS # 174087- Assay Hill Lodge, Snowmass Village, 130 Wood Road 526, Snowmass Village, CO; Sold Price: $710,000/$1,844 sq ft; furnished. Sold Date: 05/25/2022. Ask and Original Price: $789,000 and on the market since 03/17/2022.) This is a 2010 built, 1 bath, 385 sq ft condos with common car garage. Tim’s comments: Assay Hill Lodge is the ownership name of the Viceroy managed Hotel Condos. Condos here are located slope side on Assay Hill ski trail on Snowmass Ski Mountain and the Viceroy is within easy walking distance to the Snowmass Base Village. This is a perfect ski-in/ski-out studio condominium. 2021 taxes: $2,128. Under Contract Date: 04/02/2022; Sold Date: 05/25/2022. (Photos and broker comments courtesy of Christie’s International Real Estate Aspen Snowmass)
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