The August 2016 YTD and Summer 2016 Aspen Snowmass Real Estate Market Snapshots were posted on Fri Sep 10th in Current Reports.The Monthly Snapshots are usually posted on or near the 1st Monday of the month.
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
Excerpt from Executive Summary:
“In the 1st Half of 2016, the combined Aspen Snowmass real estate market turned down suddenly and sharply. The total dollar volume of sales fell 43% from $700M in H1 2015 to $396M in H1 2016. Units sales, the more reliable indicator of market activity, dropped 38% from (230) sales in H1 2015 to (143) sales in H1 2016.
The Aspen real estate market alone, typically accounting for 70-80% of the total combined Aspen Snowmass marketplace but 66% in H1 2016, experienced its worst first half year since H1 2010 in unit sales and its worst in dollars sales since H1 2009 – periods in the grip of the economic crisis and indeed the bleakest of the bleak.
The 1st Half 2016 market performance is a stunning reversal from the sizzling market of 2015 when sales in a number of categories and neighborhoods were the best of the past ten years. The past 6 month slowdown combined with the increase of active listings for sale is a recipe for prices to fall.
At present, the market has shifted to the favor of buyers…“
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 37, September 11 – 18, 2016
‘Tis the season: it is typical to see a big seasonal spike in sales activity in later Aug. and Sep. as summer winds down and buyers step up to secure properties to be ready for the winter. This activity happens again at the end of the winter ski season with a big uptick in activity in Mar. and Apr.
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 134636, 141260, 139985, 142420, 143785, 144929, 144960.This link is valid until 10/18/2016.
Under Contract/Pending (9):MLS#s 142349, 132382, 140139, 141786, 142574, 143853, 145634, 145637, 145724.This link is valid until 10/18/2016.
Aspen Snowmass Solds Last Week:
MLS #141260 – Knollwood, East Aspen, 42474 Hwy 82, Aspen, CO. Sold Price: $9,625,000/$1,837 sq ft; furnished. More details below photos.
MLS #141260 – Knollwood, East Aspen, 42474 Hwy 82, Aspen, CO. Sold Price: $9,625,000/$1,837 sq ft; furnished. Asking Price: $9,750,000. (Original Price: $16,550,000 and 677 days on the market since 11/26/2014.) This is a 1968 built and 1998 remodeled, 5 bedroom/5 bath/1 half-bath, 5,237 sq ft single family residence with a 2 car garage on a 40,510 sq ft lot. Broker comments are “ASPEN WATERFALL HOUSE. You don’t have to drive out of town to be worlds away… Step out onto the double-level 2,266 SF veranda, and you are on the Roaring Fork River. With abundant trees providing privacy, approximately 370 ft of river-frontage, a real backyard, and boasting its very own waterfall, you may forget that you are walking-distance from the center of Aspen. This home has coveted views of Aspen Mountain and Independence Pass. Fantastic high ceilings, a fabulous airy great room, and views of the river greet you upon entering the house. All this provides a wonderful backdrop for entertaining or for a night in front of the fire with the sound of water as ambience. The house is both open and cozy, offering limitless possibilities for your own personal aesthetics. Includes a 723 SF, two level, one bedroom Caretaker Dwelling Unit with a separate entrance.” 2015 taxes: $21,279; HOA Dues: $150 per Yr. Under Contract Date: 08/16/2016; Sold Date: 09/15/2016. (Photos and broker comments courtesy of Setterfield & Bright)
MLS #142420 – Mountain Valley, East Aspen, 250 Mountain Laurel Drive A, Aspen, CO. Sold Price: $2,995,000/$1,125 sq ft; furnished. More details below photos.
MLS #142420 – Mountain Valley, East Aspen, 250 Mountain Laurel Drive A, Aspen, CO. Sold Price: $2,995,000/$1,125 sq ft; furnished. Asking Price: $3,495,000. (Original Price: $3,495,000 and 106 days on the market since 01/21/2016.) This is a 2000 built and 2015 remodeled, 3 bedroom/4 bath/1 half-bath, 2,661 sq ft townhouse with 2 car garage. Broker comments are “This light and bright townhome has contemporary finishes, substantial outdoor entertaining space and expansive views of Independence Pass and Aspen Mountain. Additional amenities include air conditioning, an elevator and oversized two-car garage. Located on the quiet east side of town, just a short ride away via the bike bath or one block from the bus stop with Dial-A-Ride available to your doorstep. Recently added updates include new paint, wall coverings, carpet and kitchen upgrades.” 2015 taxes: $5,669; HOA Dues: $2,000 per Yr. Under Contract Date: 07/10/2016; Sold Date: 09/15/2016. (Photos and broker comments courtesy of Douglas Elliman Real Estate-Durant)
MLS #134636 – Chateau Roaring Fork, Central Core, 1039 E Cooper Avenue #21-A, Aspen, CO. Sold Price: $1,750,000/$1,206 sq ft; furnished. More details below photos.
MLS #134636 – Chateau Roaring Fork, Central Core, 1039 E Cooper Avenue #21-A, Aspen, CO. Sold Price: $1,750,000/$1,206 sq ft; furnished. Asking Price: $1,900,000. (Original Price: $2,200,000 and 948 days on the market since 06/07/2013.) This is a 1969 built and 2013 remodeled, 3 bedroom/3 bath, 1,450 sq ft condo. Broker comments are “Enjoy sitting on your deck listening to the sounds of the Roaring Fork River. The unit was remodeled in 2013. A must see unit with excellent rental history.” 2015 taxes: $4,267; HOA Dues: $3,605 per Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 07/25/2016; Sold Date: 09/08/2016. (Photos and broker comments courtesy of Raczak Real Estate CO Inc.)
MLS #139985 – Hunter Creek, Smuggler, 326 Vine Street, Aspen, CO. Sold Price: $640,000/$728 sq ft; furnished. More details below photos.
MLS #139985 – Hunter Creek, Smuggler, 326 Vine Street, Aspen, CO. Sold Price: $640,000/$728 sq ft; furnished. Asking Price: $669,000. (Original Price: $750,000 and 433 days on the market since 06/26/2015.) This is a 1980 built, 2 bedroom/2 bath, 878 sq ft condo. Broker comments are “Enjoy a cool drink while sitting on your deck listening to the sounds of Hunter Creek from this fabulous place. This 2B/2B Hunter Creek condominium has a steam shower in the master bath and a jetted tub in the guest bath. Enjoy playing tennis at one of the two tennis courts on site, swimming in the fabulous pool, or just relaxing in one of the two hot tubs available. Currently, this is the only two bedroom on the market, so don’t miss your chance at this private place with a feel of ”living in the country”.” 2015 taxes: $1,634; HOA Dues: $325 per Month. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 08/16/2016; Sold Date: 09/15/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Spring Street)
MLS #143785 – Hunter Creek, Smuggler, 237 Vine, Aspen, CO. Sold Price: $535,000/$899 sq ft; unfurnished. More details below photos.
MLS #143785 – Hunter Creek, Smuggler, 237 Vine, Aspen, CO. Sold Price: $535,000/$899 sq ft; unfurnished. Asking Price: $599,000. (Original Price: $615,000 and 134 days on the market since 05/01/2016.) This is a 1982 built and 2008 remodeled, 1 bedroom/1 bath, 595 sq ft condo. Broker comments are “Enjoy this bright, south facing, one bedroom, top floor unit with Aspen Mountain views from the living room and bedroom. The unit features wide plank, red oak flooring in kitchen and living room. Kitchen has granite tile counter tops with updated stove and dishwasher. Bathroom has Colorado gold granite tile and Italian marble floor. Relax after skiing with the ambiance of an electric fireplace or enjoy morning coffee or afternoon cocktails on the balcony. Hunter Creek amenities include a pool, two hot tubs and two tennis courts. Complex is on city bus route or just a short walk to town.” 2015 taxes: $1,221; HOA Dues: $200 per Month. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 07/14/2016; Sold Date: 09/12/2016. (Photos and broker comments courtesy of Hunter Creek Properties)
MLS #144960 – Winfield Arms, Central Core, 119 E Cooper Avenue 10, Aspen, CO. Sold Price: $476,000/$1,525 sq ft; furnished. More details below photos.
MLS #144960 – Winfield Arms, Central Core, 119 E Cooper Avenue 10, Aspen, CO. Sold Price: $476,000/$1,525 sq ft; furnished. Asking Price: $479,000. (Original Price: $479,000 and 66 days on the market since 06/30/2016.) This is a 1969 built and 2014 remodeled, 1 bath, 312 sq ft condo. Broker comments are “Don’t let this premier studio pass you by. First floor, south facing condo includes privately fenced deck area with personal parking space. Tenant in place at $2,350/month on year lease with 60 day move out clause. Fully furnished with wood. LVT flooring, fresh paint, new vanity, and lighting. Low dues include all utilities, as well as WiFi, and cable. Dog friendly.” 2015 taxes: $975; HOA Dues: $340 per Month. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 07/28/2016; Sold Date: 09/12/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #144929 – Wood Run V, 590 Wood Road 44, Snowmass Village, CO: Sold Price: $1,537,500/$787 sq ft; furnished. More details below photos.
MLS #144929 – Wood Run V, 590 Wood Road 44, Snowmass Village, CO: Sold Price: $1,537,500/$787 sq ft; furnished. Asking Price: $1,665,000. (Original Price: $1,665,000 and 874 days on the market since 02/18/2014.) This is a 1981 built and 2013 remodeled, 3 bedroom/3 bath, 1,952 sq ft townhouse. Broker comments are “Stunning remodl…This residence faces south capturing all day sunshine with beautiful views to the top of Snowmass ski area. 3 bedroom, 3 bathroom townhouse is complimented by vaulted ceilings and further enhanced with beautiful natural light. Ski straight from your back door to the Funnel ski trail with an easy walk back through the Woodrun V ski access. Residence #44 is located in the private Phase III of Woodrun V townhouses, with their own carports conveniently located adjacent to the townhome building. This neighborhood of Woodrun V has a hot tub and is adjacent to the Elk Camp Gondola mid-station.” 2015 Taxes: $5,308; HOA Dues: $16,816 per Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 08/13/2016; Sold Date: 09/12/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Snowmass Village)
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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