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.
This past week,local media reported that the city of Aspen real estate transfer tax (RETT) collections for August were almost even with last year.
The RETT tax of 1.5% is payable by the buyer at the closing of a property within the City of Aspen. The tax is apportioned for two beneficiaries: 1) The affordable housing fund gets 1.0% andgenerated -2% less this Aug 2016 with $703,321 versus $719,624 in Aug 2015; 2) The Wheeler Opera House portion gets almost .5% and drew $378,135 in collections for August this year, almost the same as the $378,596 collected last year.
2016 year to date through August, the housing fund has collected -42% and the Wheeler -43% less than the same time last year.
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) late Wed. July 20. The print edition is available at kiosks around town, at Sothebys/415 E. Hyman Mall, at Sothebys/300 S. Spring St opposite the new Aspen Art Museum and at the airport.
Click cover above for Exec. Summary and full 28-Pg Report PDF
Excerpt from 2nd Qtr and 1st Half 2016 Report Executive Summary: (The recently posted June and July 2016 YTD Market Snapshots continue the trend of poor performance heading into August.)
“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 36, September 4 – 11, 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 (12):MLS#s 141974, 141013, 144292 ,140882, 142985, 142526, 142558, 143952, 144186, 144490, 144677, 145007.This link is valid until 10/11/2016.
Under Contract/Pending (7):MLS#s 142060, 139293, 136013, 138831, 144706, 145705, 145966.This link is valid until 10/11/2016.
Aspen Snowmass Solds Last Week:
MLS #141013 – Skyview, West Aspen, 1520 Tiehack Road, Aspen, CO. Sold Price: $7,850,000/$836 sq ft; furnished. More details below photos.
MLS #141013 – Skyview, West Aspen, 1520 Tiehack Road, Aspen, CO. Sold Price: $7,850,000/$836 sq ft; furnished. Asking Price: $8,890,000. (Original Price: $11,900,000 and 1,431 days on the market since 12/01/2010. The seller paid $8,250,000/$879 sq ft furnished for the property on 11/25/09.) This is a 2002 built, 6 bedroom/6 bath/5 half-bath, 9,385 sq ft single family residence with a 3 car garage on a 3.7 acre lot. Broker comments are “Located near the Tiehack ski lift at Buttermilk Mountain, this luxurious estate is situated on over 3 acres with breathtaking views of the Maroon Creek Valley & Aspen Highlands, & it is one of only five homes in the gated neighborhood of Pyramid Point. The spectacular landscaped yard includes terraces & patios with multiple fire pits, outdoor kitchen, spa area & water feature. The interior is all above grade & features a private guest wing (or caretaker’s quarters), chef’s kitchen, theater, recreation room w/bar, family room w/billiards, office, gym, sauna, wine room, vaulted ceilings w/exposed wood beams, hardwood floors, multiple fireplaces, elevator, A/C, radiant heat, & 3 car garage. Enjoy golf at the adjacent Maroon Creek Club & the amenities of downtown Aspen just minutes away.” 2015 taxes: $17,738. Under Contract Date: 07/20/2016; Sold Date: 09/09/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #144292 – Smuggler, 800 Gibson Avenue, Aspen, CO. Sold Price: $4,500,000/$1,318 sq ft; furnished. More details below photos.
MLS #144292 – Smuggler, 800 Gibson Avenue, Aspen, CO. Sold Price: $4,500,000/$1,318 sq ft; furnished. Asking Price: $4,995,000. (Original Price: $4,995,000 and 107 days on the market since 05/25/2016. The seller paid $2,900,000 /$849 sq ft unfurnished on 4/26/11.) This is a 2007 built, 4 bedroom/4 bath/2 half-bath, 3,414 sq ft single family residence with a 2 car garage on a 12,151 sq ft lot. Broker comments are “No need to settle for anything with this soft, contemporary, free standing home located within easy walking distance to the core. Start out with a Zone 4 designed, Jack Wilke built, 4 bedroom, 4 bath, 2 car heated garage and 2 powder room floor plan on 3 levels. Add all the comforts and conveniences required by todays discriminating buyer including: central A/C, elevator, gracious master, media room, wine storage, large deck, southern exposure with views of Ajax and a true chef’s kitchen. Finish with ”turn key” furnishings down to the Audi Q7 in the garage, and low HOA fees and you have one exceptional offering!” 2015 taxes: $8,667; HOA Dues: TBD. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 07/26/2016; Sold Date: 09/09/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #142526 – Central Core, 1016 E Hyman Avenue #2, Aspen, CO. Sold Price: $4,200,000/$1,731 sq ft; furnished. More details below photos.
MLS #142526 – Central Core, 1016 E Hyman Avenue #2, Aspen, CO. Sold Price: $4,200,000/$1,731 sq ft; furnished. Asking Price: $4,350,000. (Original Price: $4,595,000 and 228 days on the market since 01/25/2016. The seller paid $3,344,500/$1,379 sq ft unfurnished on 4/11/13.) This is a 1979 built and 2014 remodeled, 4 bedroom/4 bath/1 half-bath, 2,426 sq ft duplex/half duplex with a 2 car garage. Broker comments are “Enjoy the convenience of living in the downtown core of Aspen in this south-facing half duplex located on a quiet cul-de-sac. Soak in the views of Aspen Mountain and Smuggler Mountain from the private rooftop deck with new hot tub and grill and sounds of the river. Well appointed and fully furnished, features include 4 bedrooms, 4.5 baths, 2,426 square feet, spacious master bedroom with fireplace, rich finishes, sandstone counters, cherry hardwood floors, gourmet kitchen that opens to the great room with stone fireplace & walkout deck, mud room connects to covered Zen garden, and a two car heated garage. One off-street parking space is also included. The property is landscaped, and there are no HOA dues. Walk everywhere!” 2016 taxes: $8,919. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 08/10/2016; Sold Date: 09/09/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #142985 – Clarendon, Central Core, 625 S West End Street #4, Aspen, CO. Sold Price: $3,030,000/$1,525 sq ft; furnished. More details below photos.
MLS #142985 – Clarendon, Central Core, 625 S West End Street #4, Aspen, CO. Sold Price: $3,030,000/$1,525 sq ft; furnished. Asking Price: $3,200,000. (Original Price: $3,200,000 and 190 days on the market since 03/03/2016. The seller paid $2,800,000/$1,410 sq ft furnished on 12/17/15. ) This is a 1976 built and 2000 remodeled, 3 bedroom/3 bath, 1,986 sq ft townhouse. Broker comments are “Here is your opportunity to own a townhome just one block from the Aspen Mountain Gondola! You simply cannot find a better summer or winter location. This is one of the best complexes in town offering ample parking, great views, an on-site manager, and pool/hot-tub area; all adjacent to a beautiful park and just steps from downtown Aspen. The townhome features vaulted ceilings, a large living room with wood burning fireplace, a large air-conditioned master suite, and a private patio. Short-term rentals are permitted. Great investment property or second home.” 2015 taxes: $3,615; HOA Dues: $17,994 per Yr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 07/08/2016; Sold Date: 09/09/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #145007 – Riverside, East Aspen, 1300 Riverside Drive, Aspen, CO. Sold Price: $3,000,000/$1,177 sq ft; unfurnished. More details below photos.
MLS #145007 – Riverside, East Aspen, 1300 Riverside Drive, Aspen, CO. Sold Price: $3,000,000/$1,177 sq ft; unfurnished. Asking Price: $3,535,000. (Original Price: $3,535,000 and 72 days on the market since 06/29/2016.) This is a 1973 built and 2004 remodeled, 3 bedroom/2 bath/1 3/4-bath, 2,548 sq ft single family residence with 2 car garage on a 12,090 sq ft lot. Broker comments are “Private single-family home with 2 car garage on a large 12,000 sq ft lot within walking distance to town. Super charming with peaceful porches & decks, storage ski tuning room, hardwood floors, wood-burning fireplace in the dining room, vaulted ceilings in the living room, master & guest master, and office with views towards Aspen Mountain. This is the classic Aspen house … beautiful as is or potential to redevelop (build approximately 4,300 sq ft above grade + 500 sq ft garage + below grade).” 2015 taxes: $5,843. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 08/19/2016; Sold Date: 09/09/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #142558 – South Point, Central Core, 205 E Durant (Aka 205 E Dean St) Avenue 3-A, Aspen, CO. Sold Price: $1,560,000/$1,690 sq ft; furnished. More details below photos.
MLS #142558 – South Point, Central Core, 205 E Durant (Aka 205 E Dean St) Avenue 3-A, Aspen, CO. Sold Price: $1,560,000/$1,690 sq ft; furnished. Asking Price: $1,575,000. (Original Price: $1,700,000 and 245 days on the market since 01/05/2016.) This is a 1967 built and 2008 remodeled, 2 bedroom/2 bath, 923 sq ft condo. Broker comments are “Top floor corner unit in the heart of Aspen. Fully renovated. Views of Aspen Mountain from this 2 bedroom, 2 bathroom South Point condominium. Located a few short blocks from Aspen’s finest restaurants and shopping. 3 blocks to the Gondola. Lobby entrance, garage parking, ski locker, storage room. Building exterior has been completely renovated including new sliding glass doors, windows, decks, railings, siding, copper mansard roof, snowmelt sidewalks, garage door, security system/cameras and landscaping. Building interior common areas were completely renovated this spring. Special assessment has been paid by Seller. Low HOA dues.” 2015 taxes: $3,108; HOA Dues: $493 per Month. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 07/27/2016; Sold Date: 09/06/2016. (Photos and broker comments courtesy of Setterfield & Bright)
MLS #143952 – Aspen Townhouse Central, Central Core, 124 E Durant Avenue 7, Aspen, CO. Sold Price: $1,225,000/$1,079 sq ft; unfurnished. More details below photos.
MLS #143952 – Aspen Townhouse Central, Central Core, 124 E Durant Avenue 7, Aspen, CO. Sold Price: $1,225,000/$1,079 sq ft; unfurnished. Asking Price: $1,325,000. (Original Price: $1,190,000 and 95 days on the market since 04/14/2016.) This is a 1968 built, 4 bedroom/2 bath/1 3/4-bath, 1,135 sq ft condo. Broker comments are “Great location. Across Garmish is Koch Park.Volley Ball courts. Walk to lift 1 A. Perfect location for your kids. Perfect for renovation. Two parking spaces assigned. Owner’s allowed dogs. Cannot short term. Being Sold ”AS IS”. Low assessments. 3 levels. Corner unit. Seller lives on sailboat sproradic contact by email and more sporadic by phone.” 2015 taxes: $3,657; HOA Dues: TBD. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 06/30/2016; Sold Date: 08/19/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #140882 – Wood Run, 719 Edgewood Lane, Snowmass Village, CO: Sold Price: $6,750,000/$1,305 sq ft; furnished. More details below photos.
MLS #140882 – Wood Run, 719 Edgewood Lane, Snowmass Village, CO: Sold Price: $6,750,000/$1,305 sq ft; furnished. Asking Price: $6,950,000. (Original Price: $6,950,000 and 421 days on the market since 12/15/2014. This is a spec built home: the vacant land was purchased on 11/13/14 at $1.6M.) This is a 2016 built, 5 bedroom/5 bath/2 half-bath, 5,170 sq ft single family residence with 3 car garage on a 35,283 sq ft lot. Broker comments are “Brand new and magnificent mountain-modern design. Exceptional ski access. Panoramic mountain views. This new estate residence is located at Snowmass’ premier ski address, Edgewood lane. With five bedrooms, seven baths (5 full and 2 half), family room and office, there is nothing on the market currently that can compete. Water rights are included in the purchase, and there is a pond on property. Three-car garage, expansive decks and patios fit for outdoor dining and entertaining.” 2015 Taxes: $21,172; HOA Dues: $90 per Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 07/26/2016; Sold Date: 09/08/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Snowmass Village)
MLS #144677 – Ridge Run, 415 Ridge Road, Snowmass Village, CO: Sold Price: $5,600,000/$1,064 sq ft; furnished. More details below photos.
MLS #144677 – Ridge Run, 415 Ridge Road, Snowmass Village, CO: Sold Price: $5,600,000/$1,064 sq ft; furnished. Asking Price: $5,750,000. (Original Price: $5,750,000 and 90 days on the market since 06/01/2016.) This is a 1999 built, 5 bedroom/6 bath/1 half-bath, 5,262 sq ft single family residence with 3 car garage on a 1.09 acre lot. Broker comments are “Over 1 acre at the bottom of Ridgerun; built in 1999; only 1 owner; big open floorplan, amazing century old timbers brought in from the great north east. 2 master suites; lives all on one level for master; Huge view of Mt. Daly & the ski area; private, secluded, yet steps to ski in/out just above the Deerbrook Townhomes; incredible gardens, pond, tree house…really special.” 2015 Taxes: $19,281; HOA Dues: $90 per Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 07/24/2016; Sold Date: 09/07/2016. (Photos and broker comments courtesy of BERKSHIRE HATHAWAY HomeServices | Aspen Snowmass Properties)
MLS #144186 – Wildridge, 300 Oak Ridge Road, Snowmass Village, CO: Sold Price: $2,650,000/$600 sq ft; partial-furnished. More details below photos.
MLS #144186 – Wildridge, 300 Oak Ridge Road, Snowmass Village, CO: Sold Price: $2,650,000/$600 sq ft; partial-furnished. Asking Price: $2,650,000. (Original Price: $2,695,000 and 330 days on the market since 10/13/2015.) This is a 1977 built and 1995 remodeled, 6 bedroom/4 bath/1 half-bath, 4,412 sq ft single family residence with 2 car garage on a 1.02 acre lot. Broker comments are “Gorgeous views across the valley, sunny location, and a spacious yard to relax in. Comfortable home that has room for family & friends, updated kitchen & baths, large exterior hot tub, and decks galore. Warm and welcoming home … TIMBERS CLUB Social Membership available separately – Slope side parking, Ski Locker, Full Concierge, Airport pick up etc. See listing agent for more details.” 2015 Taxes: $7,709; HOA Dues: $270 per Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 07/22/2016; Sold Date: 09/07/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #141974 – Country Club, 113 Fairway Drive, Snowmass Village, CO: Sold Price: $2,590,000/$863 sq ft; partial-furnished. More details below photos.
MLS #141974 – Country Club, 113 Fairway Drive, Snowmass Village, CO: Sold Price: $2,590,000/$863 sq ft; partial-furnished. Asking Price: $2,635,000. (Original Price: $2,975,000 and _ days on the market since _.) This is a 1983 built and 2015 remodeled, 4 bedroom/3 bath/1 half-bath, 3,000 sq ft single family residence with 2 car garage on a 11,070 sq ft lot. Broker comments are “DESIGNER FURNITURE PACKAGE AVAILABLE. Another brilliant remodel by Charles Kennedy in the perfect location – bus stop, walk to Snowmass Club or Two Creeks lift, and minutes to Aspen. No expense spared. Entering this split level home, you are drawn to the open living/dining/kitchen with Cesar stone counter tops. Chef’s kitchen with seated bay window, Dacor gas stove, indoor grill/oven, & dishwasher, Sub Zero refrigerator and Purified/Instant-Hot water tap. Dining seats 8. The open living room with wood burning fireplace and flat screen TV with surround sound makes this a warm and inviting area to enjoy quality time with family and friends. Window seating provides a lovely way to take in the outdoors and spectacular views. Expansive outdoor deck for lounging and dining with two electric” 2015 Taxes: $6,497; HOA Dues: $90 per Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 07/29/2016; Sold Date: 09/07/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Snowmass Village)
MLS #144490 – Woodbridge, 35 Upper Woodbridge Road 16-Ab, Snowmass Village, CO: Sold Price: $535,000/$580 sq ft; unfurnished. More details below photos.
MLS #144490 – Woodbridge, 35 Upper Woodbridge Road 16-Ab, Snowmass Village, CO: Sold Price: $535,000/$580 sq ft; unfurnished. Asking Price: $539,500. (Original Price: $539,500 and 83 days on the market since 06/09/2016.) This is a 1973 built, 2 bedroom/2 bath, 921 sq ft condo. Broker comments are “Arguably the best unit for sale in Woodbridge. Beautifully renovated, hardwood floors, custom kitchen, all-new appliances. Close to pool, hot tub and public shuttle. Pets allowed for owners. Located in Aspen School District. Remodeled in 2014. Washer/Dryer. Assay Hill Ski lift across the street- ski in. Free Aspen-Snowmass shuttle. Bike paths outside your door. Great property for residence or rental. Custom Window Treatments” 2015 Taxes: $1,400; HOA Dues: $2,700 per Qtr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 06/24/2016; Sold Date: 08/31/2016. (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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