The Sept 2016 YTD Aspen Snowmass Real Estate Market Snapshot was posted on Mon Oct 3rd in Current Reports.The Monthly Snapshots are usually posted on or near the 1st Monday of the month.
Bottom Line Sept 2016 Snapshot Excerpt:
“Aspen real estate sales continued their downward fall in Sept 2016, continuing the year’s major slide, despite the fact that Sept is typically the biggest sales month of the year.
Everyone is asking why? What’s going on? …It isn’t just Aspen. The high-end luxury market is pretty much getting decimated everywhere: the Hamptons are reportedly off by 50% this year, Miami is way off, NYC high end has crashed (developer inventory surplus cited).
There is a prevalent sense of uncertainty over any number of things: first and foremost, the US election – fear of either outcome; disarray in the oil markets effecting (or not?) Aspen’s significant Texas market; a slowing global economy linked especially to China’s slower growth and trade imbalances; Aspen’s largest foreign buyer segment from Brazil and Australia deraileddue to, respectively, a weakened economy and a plunge in commodity prices; Brexit; Mosquitoes; Terrorism…Ambient fear – the looking over of one’s shoulder – what are we missing that’s going to blow up, 2008 crisis-like, all over again?…Who knows ..?
All of which have combined to take many buyers out of the market. Yet the time of maximum uncertainty is very often the best time to get into the market.”
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 39, September 25 – October 2, 2016
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 (9):MLS#s 129453, 137919, 138750, 143180, 143712, 143853, 144463, 145655, 146185.This link is valid until 11/1/2016.
Under Contract/Pending (9):MLS#s 142103, 145302, 140533, 137958, 138848, 145323, 145636, 145764, 146090.This link is valid until 11/1/2016.
Aspen Snowmass Solds Last Week:
MLS #143853 – EnclaveTownhomes at Aspen, Central Core, 821 E Cooper Street, Aspen, CO. Sold Price: $7,300,000/$1,901 sq ft; furnished. More details below photos.
MLS #143853 – Enclave Townhomes at Aspen, Central Core, 821 E Cooper Street, Aspen, CO. Sold Price: $7,300,000/$1,901 sq ft; furnished. Asking Price: $7,650,000. (Original Price: $7,650,000 and 232 days on the market since 02/01/2016.) This is a 1994 built and 2013 remodeled, 4 bedroom/4 bath/1 half-bath, 3,840 sq ft townhouse with a 2 car garage on a 3,933 sq ft lot. Broker comments are “Luxurious and chic, stand-alone townhome located in the central core of Aspen. Enjoy views of Aspen Mountain and Red Mountain and easy downtown convenience. Remodeled in 2013 this stylish home features an open and elegant top floor great room with vaulted ceilings, fireplace, hard wood floors, formal dining area and kitchen with breakfast nook, bar area and dumb waiter. Two master suites both with fireplaces, built-ins, flat panel TV’s, jetted tubs, marble counters and steam showers. The garden level includes two additional en-suite bedrooms (one with separate entrance), media/family room, mudroom closets, laundry room & two car garage with lock off storage plus two additional off-street parking spaces, A/C and radiant heat.” 2015 taxes: $15,550; HOA Dues: $4,425 per Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 08/27/2016; Sold Date: 09/27/2016. (Photos and broker comments courtesy of Compass)
MLS #146185 – Central Core Commercial, 408 S Mill Street Units 103,203,305,306, Aspen, CO. Sold Price: $3,286,000. More details below photo.
MLS #146185 – Central Core Commercial, 408 S Mill Street Units 103,203,305,306, Aspen, CO. Sold Price: $3,286,000. Asking Price: $3,286,000. (Original Price: $3,286,000 and on the market since 09/26/2016.) This is a 1980 built, 1-5 units, 4,740 sq ft commercial industria. This is the former McDonalds building. The bldg.has four units — 938-square-foot basement, 1,553 square feet at ground level, separate units of 1,001 and 602 square feet on the 2nd fl. No broker comment. 2015 taxes: $34,208. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 09/26/2016; Sold Date: 09/26/2016. (Photos and broker comments courtesy of Aspen Associates Realty)
MLS #129453 – Townsite of Aspen, West End, 611 W Main Street, Aspen, CO. Sold Price: $2,500,000/$925 sq ft. More details below photos.
MLS #129453 – Townsite of Aspen, West End, 611 W Main Street, Aspen, CO. Sold Price: $2,500,000/$925 sq ft. Asking Price: $2,950,000. (Original Price: $3,300,000 and 1,228 days on the market since 03/01/13.) This is a 1886 built, 2 bedroom/2 bath, 2,700 sq ft single family residence on a 9,148 sq ft lot. Broker comments are “This historic building that sits on a 9,000 square foot lot is wonderful as is currently (office on the main level, residential above) or redeveloped. See attached development analysis, note currently there is a moritorium on Mixed Used development in this area. Tons of parking.” 2015 taxes: $17,178. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 09/02/2016; Sold Date: 09/28/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #143180 – Villas of Aspen, West End, 100 N Eighth Street #20, Aspen, CO. Sold Price: $2,150,000/$1,050 sq ft; unfurnished. More details below photos.
MLS #143180 – Villas of Aspen, West End, 100 N Eighth Street #20, Aspen, CO. Sold Price: $2,150,000/$1,050 sq ft; unfurnished. Asking Price: $2,250,000. (Original Price: $2,450,000 and 205 days on the market since 03/09/2016.) This is a 1972 built and 2006 remodeled, 3 bedroom/3 bath/1 half-bath, 2,046 sq ft townhouse. Broker comments are “Beautiful unit in Villas of Aspen! Spacious, quiet, beautifully remodeled 2,046 square foot three bedroom, three and one-half bath townhome located in the desirable Villas of Aspen. This unit offers a quiet relaxing setting with south facing windows, private deck and easy access to downtown Aspen. Viking range, Sub-Zero refrigerator, granite countertops, cherry wood cabinets, cherry wood floors, Hunter Douglas Silhouette blinds, stone/gas fireplace, Toto toilets, travertine tile floor, shower and slab countertops in the bathrooms. The all natural, non-toxic American Clay wall plaster helps keep this home warm in the winter and cool in the summer. Major upgrade to the exterior of the complex, including a new roof, completed in 2009/2010.” 2015 taxes: $3,812; HOA Dues: $1,780 per Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 08/04/2016; Sold Date: 09/30/2016. (Photos and broker comments courtesy of Setterfield & Bright)
MLS #137919 – Chateau Roaring Fork, Central Core, 1039 E Cooper Ave. Unit 1-A, Aspen, CO. Sold Price: $1,540,000/$1,629 sq ft; furnished. More details below photos.
MLS #137919 – Chateau Roaring Fork, Central Core, 1039 E Cooper Ave. Unit 1-A, Aspen, CO. Sold Price: $1,540,000/$1,629 sq ft; furnished. Asking Price: $1,598,000. (Original Price: $1,795,000 and571 days on the market since 08/12/14. The re-developer/sellersbought this ‘gut job’ in 03/12/14 for $845,000.) This is a 1969 built/2014 remodeled, 2 bedroom/2 bath, 945 sq ft condo. Broker comments are “Currently priced at $1,691/sq. ft., this stunning remodeled two bedroom condo is located right on the banks of the Roaring Fork River. Every detail was thoughtfully designed. Excellent space planning with good storage, open living area and European appliances. An abundance of light and a nice view of the river from the kitchen, dining and living area. The complex also includes the largest condo complex swimming pool in Aspen, hot tub, and shuttle service.” 2015 taxes: $2,694; HOA Dues: $2,605 per Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 06/17/2016; Sold Date: 09/26/2016. (Photos and broker comments courtesy of Coldwell Banker Mason Morse-Aspen)
MLS #144463 – Silver Glo, Central Core, 940 Waters 205, Aspen, CO. Sold Price: $730,000/$1,028 sq ft; furnished. More details below photos.
MLS #144463 – Silver Glo, Central Core, 940 Waters 205, Aspen, CO. Sold Price: $730,000/$1,028 sq ft; furnished. Asking Price: $730,000. (Original Price: $730,000 and 112 days on the market since 06/07/2016.) This is a 1977 built and 2007 built, 2 bedroom/2 bath, 710 sq ft condo. Broker comments are “Fabulous 2 bedroom, 2 bath condo located in downtown Aspen. Remodeled and ready to enjoy! The complex offers options for front desk services, housekeeping, rental management, shuttle and pool along with one of the lowest HOA dues in town. Located on the 2nd floor with ”peek” views of the ski hill. Sold as-is.” 2016 taxes: $1,732; HOA Dues: $2,125 per Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 06/17/2016; Sold Date: 09/27/2016. (Photos and broker comments courtesy of McKinley Sales)
MLS #145655 – Aspen West End Condo, West End, 790 W Hallam Street 9, Aspen, CO. Sold Price: $515,000/$936 sq ft; unfurnished. More details below photos.
MLS #145655 – Aspen West End Condo, West End, 790 W Hallam Street 9, Aspen, CO. Sold Price: $515,000/$936 sq ft; unfurnished. Asking Price: $535,000. (Original Price: $535,000 and 99 days on the market since 12/18/2015.) This is a 1971 built, 1 bath, 550 sq ft condo. Broker comments are “Enjoy your coffee in the morning sun on your private deck of this beautiful, partly upgraded, spacious studio (or make 1-bedroom) in Aspen’s Historic West End. Large windows with lots of light and Red Mountain views. Wood floors in entrance/kitchen. Wood burning fireplace. Large storage closet in unit and additional storage in common storage room. Off street parking. Building has recently been painted inside and out with new carpets in the hallways and new hardware and deadbolts on all unit front doors. Short walk to the music tent and river. Half a block to bus to all four ski areas. HOA includes unit heat/hot water. Pets welcome for owners and tenants with HOA approval. Perfect full time or seasonal home, or income opportunity. A rare opportunity for a condo in this wonderful complex.” 2015 taxes: $1,054; HOA Dues: $350 per Month. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 08/15/2016; Sold Date: 09/27/2016. (Photos and broker comments courtesy of Shanta Heath Properties)
MLS #138750 – Country Club Homes, 65 Harleston Green #52, Snowmass Village, CO: Sold Price: $1,295,000/$745 sq ft; furnished. More details below photos.
MLS #138750 – Country Club Homes, 65 Harleston Green #52, Snowmass Village, CO: Sold Price: $1,295,000/$745 sq ft; furnished. Asking Price: $1,575,000. (Original Price: $1,750,000 and 524 days on the market since 04/21/2015.) This is a 1982 built and 2007 remodeled, 2 bedroom/2 bath/1 half-bath, 1,738 sq ft duplex/half duplex with 1 car garage. Broker comments are “This beautifully upgraded & decorated townhome features a warm contemporary style with all of the amenities needed for a perfect mountain retreat: a fully equipped gourmet kitchen, great views throughout the house, a private outdoor hot tub, located on the free Snowmass Shuttle route, with easy access to the Snowmass Club and everything Snowmass has to offer.” 2014 Taxes: $3,164; HOA Dues: $10,972 per Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 04/19/2016; Sold Date: 09/26/2016. (Photos and broker comments courtesy of Alpine Real Estate, Inc)
MLS #143712 – Timberline, 690 Carriage Way B-2g, Snowmass Village, CO: Sold Price: $335,000/$489 sq ft; furnished. More details below photos.
MLS #143712 – Timberline, 690 Carriage Way B-2g, Snowmass Village, CO: Sold Price: $335,000/$489 sq ft; furnished. Asking Price: $339,000. (Original Price: $339,000 and 167 days on the market since 04/16/2016.) This is a 1972 built and 2014 remodeled, 1 bedroom/1 bath, 685 sq ft condo. Broker comments are “This large 1-bedroom condominium was updated in 2014with custom cherry cabinets, slab granite counter tops, and decorative lighting. The kitchen area has seating for four and stainless steel appliances. There is a second bathroom sink and a comfortable, pull out memory foam in the couch, both great amenities that aren’t found in other Timberline units. This ground floor unit is located in the B Building with easy access to the pool area, restaurant, fitness center, and skiing via Fanny Hill. Rated as a “9” for rental purposes, this unit’s rental history and gross income is hard to beat for its size. Offered furnished and has been impeccably maintained, including new water heater. HOA allows washer/dryers to be installed into large owners closet.” 2015 Taxes: $1,106; HOA Dues: $9,677 per Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 08/05/2016; Sold Date: 09/30/2016. (Photos and broker comments courtesy of Douglas Elliman Real Estate-SMV)
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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