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 38, September 18 – 25, 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 (10):MLS#s 142050, 139443, 138119, 144165, 144214, 144545, 144943, 145309, 146102, 146161.This link is valid until 10/25/2016.
Under Contract/Pending (12):MLS#s 142313, 141912, 141287, 140890, 129453, 140151, 143014, 143066, 143846, 144539, 145001, 145729.This link is valid until 10/25/2016.
Aspen Snowmass Solds Last Week:
MLS #146161 – West End, 601 W Hallam Street, Aspen, CO. Sold Price: $15,000,000/$2,748 sq ft; furnished. More details below photo.
MLS #146161 – West End, 601 W Hallam Street, Aspen, CO. Sold Price: $15,000,000/$2,748 sq ft; furnished. Asking Price: $15,000,000. (Original Price: $15,000,000 and 1 day on the market since 09/19/2016. The lot sold for $3.88M on 4/1/2014.) This is a brand new 2016 built, 5 bedroom/5 bath/2 half-bath, 5,457 sq ft single family residence with a 2 car garage on a corner 6,000 sq ft lot. With the exception of this lot, this entire city block is Aspen Historical Society property. Sold before MLS by developer. 2012 taxes: $8,047. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 09/19/2016; Sold Date: 09/20/2016. (Photos and broker comments courtesy of Whipple & Brewster Real Estate)
MLS #144214 – West End, 529 W Francis, Aspen, CO. Sold Price: $9,750,000/$2,035 sq ft. More details below photos.
MLS #144214 – West End, 529 W Francis, Aspen, CO. Sold Price: $9,750,000/$2,035 sq ft. Asking Price: $10,950,000. (Original Price: $10,950,000 and 126 days on the market (DOM) since 05/16/2016. This seller paid $7.3M/$1,524 on 8/20/13 after 353 DOM from the original 2008 owner end-user.) This is a 2008 built, 5 bedroom/6 bath/1 half-bath, 4,789 sq ft “jewel box like” single family residence with a 2 car garage on a 4,800 sq ft lot. Broker comments are “Gorgeous one-of-a-kind home in the heart of the West End. Interior design by Linda Bedell reveals attention to detail that is absolutely unmatched. At 4,789 square feet, this spectacular Victorian home features 5 bedrooms, 6.5 baths, truly impeccable finishes, imported hardwood floors, custom furniture, and impressive vaulted ceilings. Built in 2008, this property has every amenity imaginable for the owner with supreme taste. Complete with radiant heat, central air conditioning, humidification system, gas fireplace in the great room, office with private deck, family room with oxygen bar, mud room, wet bar, a second private deck off of the master bedroom with views of Aspen Mountain, his and hers master bath, charming patio with fire pit, covered front porch, and a spacious two car garage with plenty of storage. The location could not be better – with access to several parks within walking distance, three blocks from the music tent, and a short Crosstown Shuttle Bus ride to the hustle and bustle of downtown Aspen. House comes fully furnished for an easy turnkey experience. Ideal in every way!.” 2016 taxes: $8,463. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 08/16/2016; Sold Date: 09/19/2016. (Photos and broker comments courtesy of Aspen Associates Realty)
MLS #146102 – Williams, Smuggler, 512 Spruce Street, Aspen, CO. Sold Price: $5,125,000/$1,331 sq ft; unfurnished. More details below photos.
MLS #146102 – Williams, Smuggler, 512 Spruce Street, Aspen, CO. Sold Price: $5,125,000/$1,331 sq ft; unfurnished. Asking Price: $5,125,000. (Original Price: $5,100,000 and 66 days on the market since 07/12/2016. The property sold on 2/2/14 for $2.825M/$664 sq ft.) This is a 1995 built and 2016 remodeled, 4 bedroom/4 bath, 3,850 sq ft single family residence with a 2 car garage on a 11,000 sq ft lot. No broker comments. 2015 taxes: $5,403. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 07/14/2016; Sold Date: 09/16/2016. (Photos courtesy of the prior listing sale in 2014 from Aspen Snowmass Sothebys International Real Estate.)
MLS #144165 – Townsite of Aspen, West End, 403 W Hallam Street, Aspen, CO. Sold Price: $4,195,000/$1,587 sq ft; unfurnished. More details below photos.
MLS #144165 – Townsite of Aspen, West End, 403 W Hallam Street, Aspen, CO. Sold Price: $4,195,000/$1,587 sq ft; unfurnished. Asking Price: $4,295,000. (Original Price: $4,595,000 and 124 days on the market since 05/20/2016.) This is a 1888 built and 2005 remodeled, 3 bedroom/3 bath, 2,643 sq ft single family residence with a 1 car garage on a smaller sized 4,500 sq ft lot (The average West End lot size is 6,000 sq ft.). It is a smaller, entirely livable home.Broker comments are “This lovely Victorian style house is measured at 2,643 sq ft and the garage is 462 sq ft. The home sits on a 4,500 sq ft lot on a desirable corner in the prestigious West End. The house is an original 1888 Victorian, remodeled in 2005, with all modern amenities and offers high ceilings & excellent natural light. On the main floor are 2 separate living areas, a dining room with a wall of windows, remodeled custom kitchen, mudroom and guest bedroom with attached bath. Upstairs is the master floor…with master bedroom, 2 closets, and renovated bathroom. Lower level you have over 800 sq ft and it includes a bedroom and bathroom as well as a large open media room. Spacious yard and detached oversized 1-car garage built from reclaimed wood lends even more character to this Victorian Gem.” 2015 taxes: $10,908. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 08/17/2016; Sold Date: 09/21/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #145309 – Townsite of Aspen, West End, 503 N 4th Street, Aspen, CO. Sold Price: $3,500,000/$1,162 sq ft; unfurnished. More details below photos.
MLS #145309 – Townsite of Aspen, West End, 503 N 4th Street, Aspen, CO. Sold Price: $3,500,000/$1,162 sq ft; unfurnished. Asking Price: $3,495,000. (Original Price: $3,495,000 and 80 days on the market since 07/05/2016. It went under contract within 24-48 hrs of listing.) This is a 1970 built and 1999 remodeled, 5 bedroom/3 bath, 3,012 sq ft 1/2 duplex residence – there is a shared wall with the other unit. Broker comments are “This fantastic West End duplex in Aspen’s most desired neighborhood sits on a sunny south-facing 9,000 sq. ft. corner lot, just two blocks to the Benedict Music Tent and the Aspen Institute Campus. A beautifully landscaped yard with mature trees surrounds the home with a large fenced back yard. The light and bright open great room with new maple flooring throughout and vaulted ceilings walks out to a patio with a BBQ that enjoys views of Shadow Mountain. A stone wood-burning fireplace is centered in the great room. Stylish contemporary furnishings accent the living room. Maple cabinetry and solid stone countertops with matching backsplash highlight the kitchen. A private master suite complete with walkout patio, vaulted ceilings and a stackable washer dryer occupies the upper level. Two more guest bedroom are found on the main level. The lower level features a two-bedroom suite with family room, large laundry and storage area, and separate entrance – perfect for guests or short-term summer rentals. A 311 sq. ft. garage provides room for your car and cruiser bikes. Interior just painted, the roof was recently replaced, and new tile is on the way. Stroll or ride to town or catch the free Crosstown Shuttle Bus. Great redevelopment potential!” 2015 taxes: $5,565; HOA Dues: TBD. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 07/27/2016; Sold Date: 09/23/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #144545 – Christiana Aspen, West End, 501 W Main Street B202, Aspen, CO. Sold Price: $2,140,000/$1,406 sq ft. More details below photos.
MLS #144545 – Christiana Aspen, West End, 501 W Main Street B202, Aspen, CO. Sold Price: $2,140,000/$1,406 sq ft. Asking Price: $2,250,000. (Original Price: $2,250,000 and 98 days on the market since 6/13/16.) This is a 2003 built and 2015 remodeled, 3 bedroom/2 bath/1 half-bath, 1,522 sq ft condo. Broker comments are “Looking for a three bedroom with some breathing room in close proximity to downtown Aspen. This condo is what you have been looking for! No below grade space, views toward Aspen Mountain and overlooking the pool. Great floor plan with an open kitchen, dining area and living room to convene with your loved ones. Three bedrooms and two baths are located on the entry level. Amenities include a gas fireplace; multiple balconies; steam shower; hardwood floors; high-end appliances; fresh paint; new furnishings; air conditioning and downtown location- look no further!” 2015 taxes: $5,059; HOA Dues: $1,181 per Month. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 08/04/2016; Sold Date: 09/19/2016. (Photos and broker comments courtesy of Compass)
MLS #139443 – Smuggler Park, Smuggler, 324 Oak, Aspen, CO. Sold Price: $960,000/$750 sq ft; Mobile home sale, partial-furnished. More details below photos.
MLS #139443 – Smuggler Park, Smuggler, 324 Oak, Aspen, CO. Sold Price: $960,000/$750 sq ft; partial-furnished. Asking Price: $1,095,000. (Original Price: $1,189,000 and 469 days on the market since 06/08/2015.) This is a 2012 built, 3 bedroom/2 bath, 1,280 sq ft free-standing, mobile home sized residence in Smuggler Mobile Home Park with 2 car garage on a 3,042 sq ft lot. The location is just outside of the Aspen Core with easy walking through Rio Grand Park into town and full-time 24/7 shuttle bus service. Broker comments are “This is a 3 bedroom 2012 factory built/wood framed (not modular) home in Smuggler Park. 2 car garage with 2 additional parking spaces. This home’s close proximity to town makes it a great investment for a family (Aspen school district) or as an investment. Bring your pets to enjoy the fenced in yard with deck and views of Aspen Mountain and Smuggler. Located on the free Hunter Creek bus route that runs every 20 minutes. Finished 5 foot tall waterproof concrete storage space runs the length of the property and provides HUGE amount of storage. Low dues that cover cable, trash and snow removal add to this home’s great value. 2 brand new washer /dryer sets. You can’t build this home for this price !!!” 2013 taxes: $1,757; HOA Dues: $175 per Month. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 05/31/2016; Sold Date: 09/19/2016. (Photos and broker comments courtesy of Weaver & Briscoe)
MLS #138119 – Foxtrot, 167 Grange Way Lot 2, Woody Creek, CO. Vacant lot. Sold Price: $1,100,000. More details below photos.
MLS #138119 – Foxtrot, 167 Grange Way Lot 2, Woody Creek, CO. Vacant lot. Sold Price: $1,100,000. Asking Price: $1,350,000. (Original Price: $1,250,000 and 931 days on the market since 03/05/2015.) This is a 90,169 sq ft single family vacant lot. Broker comments are “Single family riverfront lot. Really must walk the property to completely appreciate the beauty, value and potential. This is a great deal! Currently has an income producing duplex. Water Rights: Spring-fed ponds, irrigation ditch rights and installed well. Per the Pitkin County subdivision exemption approval: Existing residential structures on site may be moved or joined together or attached to new residential structures on site, subject to building department approval. Floor areas of the resulting structures shall not exceed 5,750 sq. ft. of floor area.” 2014 taxes: $2,178. Under Contract Date: 08/01/2016; Sold Date: 09/21/2016. (Photos and broker comments courtesy of Compass)
MLS #144943 – Assay Hill Lodge, 130 Wood Road Unit 233, Snowmass Village, CO: Sold Price: $723,000/$805 sq ft; furnished. More details below photos.
MLS #144943 – Assay Hill Lodge, 130 Wood Road Unit 233, Snowmass Village, CO: Sold Price: $723,000/$805 sq ft; furnished. Asking Price: $749,000. (Original Price: $749,000 and 87 days on the market since 06/28/2016.) This is a 2010 built, 2 bedroom/2 bath, 898 sq ft condo. Broker comments are “Assay Hill Lodge 233 is the best value in the highest quality condos in Snowmass. The complex features Four Star hotel amenities including two restaurants, room service, a world class spa, concierge, complimentary car service to Aspen for owners, pool and hot tubs, an exercise area and most importantly a ski in/out location with your own ski shop. 233 is priced $200,000 less than any other two bedroom in the complex, yet the rental returns are better than those priced hundreds of thousand more. There are views of the ski back trail in winter and the Brush Creek open space in summer, plus a convenient second floor location. You will not find a better value in Aspen or Snowmass Village.” 2015 Taxes: $5,108; HOA Dues: $2,017 per Month. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 07/25/2016; Sold Date: 09/23/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Snowmass Village)
MLS #142050 – Snowmass Mountain, 55 Upper Woodbridge Road Unit C-1, Snowmass Village, CO: Sold Price: $565,000/$582 sq ft; furnished. More details below photos.
MLS #142050 – Snowmass Mountain, 55 Upper Woodbridge Road Unit C-1, Snowmass Village, CO: Sold Price: $565,000/$582 sq ft; furnished. Asking Price: $575,000. (Original Price: $575,000 and 328 days on the market since 10/28/2015.) This is a 1973 built, 2 bedroom/2 bath, 970 sq ft condo. Broker comments are “This fully remodeled, 2 bedroom, 2 full baths Snowmass Mountain Condo offers the perfect getaway for a ski vacation or a full time user. Every inch of this 970 sq. ft. turnkey unit has been updated with improvements such as porcelain tile kitchen floors, granite counter tops, pinewood cabinetry and stainless appliances in the kitchen. The wood burning fireplace in the living area offers a cozy escape after a long day on the slopes. With a stacked washer/dryer set and ample closet space throughout, the unit is equipped with spaces for all of your needs. The unit offers two covered parking spaces and an extra-large corner storage unit for all of your winter and summer gear. The bathrooms have also been fully updated with tile floors and showers, new toilets, vanities, sinks and fixtures creating a clean and contemporary feel. Located at the far end of the complex, the two bedrooms of this unit open to a sloping hillside full of lupine flowers in the summer and a large back patio to enjoy them. The front patio offers a place to BBQ with views of the Snowmass Valley. The complimentary Snowmass Shuttle comes by the unit every 20 minutes providing rides to the village, and free airport shuttles are included as an added benefit and premier convenience.” 2015 Taxes: $1,405; HOA Dues: $659 per Month. Under Contract Date: 07/14/2016; Sold Date: 09/20/2016. (Photos and broker comments courtesy of Stirling Peak Properties, LLC)
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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