The Estin Report Aspen Snowmass Weekly Real Estate Sales and Statistics: Closed (4) and Under Contract / Pending (15): Mar 10 – Mar 17, 2013

Last week’s sales activity and the weekly foreclosure list is published below. Scroll down page for photos and details of weekly solds and under contract /pending Aspen properties in the past 4 weeks. For earlier dates, use the down arrow to search the blog archives by year and date. Or use SearchEstinAspen to search by topic, address, subdivision or complex name, date etc. If it’s about Aspen real estate, information should be here.

The Estin Report: February 2013 Market Snapshot Aspen Snowmass Real Estate released Mon.03/04/13 v5

Click image to February 2013 Market Snapshot and Summary

*The Estin Report: Aspen Snowmass Real Estate Monthly Market Snapshot documents sales activity for the subject month in the upper Roaring Fork Valley – Aspen, Snowmass Village, Woody Creek and Old Snowmass. Included property types are single family homes, condos, townhomes, duplexes and residential vacant land at sold at prices over $250,000. Fractionals are not included. Aspen* includes Brush Cr Village, Woody Cr., and Old Snowmass.

Summary Comparison
Feb 2013 versus Feb 2012
(Now vs Then, Year over Year)

Total Aspen Snowmass Market
• Monthly Unit Sales: up 20%, 18 sales now vs 15 then
• Year-to-Date Unit Sales: up 14%, 49 sales now vs 43 then
• Monthly Dollar Volume: down -40%, $22M now vs $37M then
• Year-to-Date Dollar Volume: down -28%, $87M now vs $121M then
• Listing Inventory: down -8%, 1,107 properties for sale now vs 1,200 then

Aspen Market
• Monthly Unit Sales: up 27%, 14 sales now vs 11 then
• Year-to-Date Unit Sales: down -3%, 32 sales now vs 33 then
• Monthly Dollar Volume: down -20%, $21M now vs $26M then
• Year-to-Date Dollar Volume: down -28%, $71M now vs $98M then
• Listing Inventory: down -12%, 529 properties for sale now vs 600 then

Snowmass Village Market
• Monthly Unit Sales: even 0%, 4 sales now vs 4 then
• Year-to-Date Unit Sales: up 70%, 17 sales now vs 10 then
• Monthly Dollar Volume: down -90%, $1M now vs $11M then
• Year-to-Date Dollar Volume: down -29%, $16M now vs $23M then
• Listing Inventory: down -3%, 302 properties for sale now vs 312 then

Active links to sold Feb. 2013 property photos and details

Aspen Closings (11 solds) Feb. 1 – 28, 2013 This link is valid until 04/01/2013.

Snowmass Village Closings (2 solds) Feb. 1 – 28, 2013 This link is valid until 04/01/2013.

No vacant lot sales

Feb. 2013 Market Notes

– Sales in Jan and Feb of this year are off considerably from the torrid sales pace set in December 2012 due to a rush of tax motivated closings before the end of the year. Feb. 2013 was the slowest February of the past seven years since 2007.
– Low end sales dominate: in Feb. 2013, there (10) sales, 56% of total, under $1MM: (8) Aspen and (2) SMV – (8) of these sales were sized under 750 sq ft. versus Feb. 2012, there were (5) sales, 38% of total, under $1MM: (4) Aspen and (1) SMV.
– Older homes selling: (8) sales of properties built pre-1980 and remodeled in 2000 or later, 44% of total Feb.2013 sales, versus (3) in Feb. 2012, 23% of total Feb. 2012 sales. Older homes are selling at significant discounts, in many cases at or near land value. These are either last ditch opportunities for buyers to get into the crowding Aspen School District before real estate prices start to rise or developers finding re-development opportunities.
– There were no “big ticket” sales in Feb….The highest priced Feb. sale was a brand new downtown Aspen Penthouse which sold for $7.5M/$2,460 sq ft in Feb. 2013, a strong price reflecting the lack of new or newer built listing inventory in the Aspen Core. In Feb. 2012, the highest priced sale was a foreclosed downtown new built townhome for $6.5M/$1,483 sq ft.
– The market has little new built product and has demonstrated recently that premium prices can be attained for new or newer built properties. There will likely be a significant increase in construction activity in the next 12 months as developers jump into this void.
– Snowmass Village continues to offer the best property values in the market.
– Post-recession property flipping: There are some vivid examples of recession bought properties purchased at great discounts then being re-listed since Christmas 2012 at much higher ask prices. Here is a link to (9) ‘flip’ property examples (updated 3/8/13) and a spreadsheet documenting purchase prices then and ask prices now. Post recession ‘flip’ listings: new ask prices versus old recession sold prices: This link is valid until 4/7/2013.

Last Week’s Market Activity Aspen Snowmass real estate weekly sales and under contract activity appears below for all Aspen, Snowmass 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 to preserve an archive of sold market activity.

Weekly Foreclosure List 03/14/13 For photos and property descriptions, see links at the Deals and Bank Sales Section of this site.

Under Contract / Pending (16) MLS #:129014, 128979, 127090, 120163, 121570, 128981, 113949, 129013, 128035, 128723, 127998, 121563, 122528, 127956, 127147, 118977 . This link is valid for 30 days until 04/17/2013. Photos and descriptions of under contracts are not posted unless special circumstances or significance dictate.

Closed (4) MLS #:123926, 128653, 129006, 129007. This link is valid for 30 days until 04/17/2013.

Aspen Snowmass Solds Last Week

MLS #129006 – Aspen, McLain Flats, Starwood single family home, 770 Kessler Drive, Aspen, CO: Sold Price: $41,000,000/$775 sq ft; Asking Price: $41,000,000. (Original Price: $41,000,000.) Sold before MLS. No information is available at present. This is a 1991 built, 15 bedroom/16 bath/11 half bath, 52,897 sq ft single family home with 4+ garages on 90.01 acres. No broker comments. 2011 Taxes: $326,444. Under Contract Date: 06/01/2012; Sold Date: 06/01/2012.

MLS #129007 – Aspen, McLain Flats, Starwood single family home, 853 N. Starwood Drive, Aspen, CO: Sold Price: $8,000,000/$597 sq ft; Asking Price: $8,000,000. (Original Price: $8,000,000.) Sold before MLS. No information is available at present. This is a 1992 built, 3 bedroom/5 bath/4 half bath, 13,400 sq ft single family home with 4+ garages on 35.8 acres. No broker comments. 2011 Taxes: $65,647. Under Contract Date: 06/01/2012; Sold Date: 06/01/2012.

MLS #123926 – Snowmass Village, Snowmass Mountain condo complex, 55 Upper Woodbridge Road, C-4, Snowmass Village, CO: Sold Price: $525,000/$380 sq ft furnished. More details below photos.

MLS #123926 – Snowmass Village, Snowmass Mountain Condo complex, 55 Upper Woodbridge Road, C-4, Snowmass Village, CO: Sold Price: $525,000/$380 sq ft furnished; Asking Price: $549,000. (Original Price: $599,000 and 891 days on the market since 01/20/2010.) This is a 1973 built, 3 bedroom/2 bath, 1,378 sq ft condo. Broker comments are, “Fantastic price for a spacious top floor, corner location with 3 bedrooms and 2 baths. Open floor plan, vaulted ceilings and comfortable size bedrooms. Features include: wood burning fire place, balcony, washer/dryer, extra storage, 2 space car-port, pool and check in center. The exterior renovation is now complete with a snow melt driveway. Impeccably maintained and never has been in a rental pool. A true delight to show.” 2012 Taxes: $1,604; HOA Dues: $2,410 Qtr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 02/04/2013; Sold Date: 03/13/2013. (Photos and broker comments courtesy of Joshua & Co.)

MLS #128653 – Snowmass Village, Viceroy condo, 130 Wood Road 714, Snowmass Village, CO: Sold Price: $566,835/$829 sq ft furnished. More details below photos.

MLS #128653 – Snowmass Village, Viceroy condo, 130 Wood Road 714, Snowmass Village, CO: Sold Price: $566,835/$829 sq ft furnished; Asking Price: $609,947. (Original Price: $609,947 and 89 days on the market since 02/11/2013.) This is a 2010 built, 1 bedroom/1 bath, 683 sq ft condo. Broker comments are, “New Condominium units now available at the world-acclaimed Viceroy. Ski in-Ski-out in Snowmass Base Village, there is nothing else like in the Aspen/Snowmass market for wholly-owned condominiums. This one bedroom, one bath suite offers great views and an open floor-plan. Leed Gold Certified Property. One time Base Village Metro Fee paid by Buyer of $5,150.” 2012 Taxes: $4,624; HOA Dues: $16,796 Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 02/09/2013; Sold Date: 03/11/2013. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

Tim Estin welcomes your business, inquiries and comments. Email: tim@estinaspen.com or call 970.920.7387. Subscribe to The Estin Report and blog on twitter @EstinAspen by clicking “Join the conversation” button below or click one of the different subscription options in banner at the top of page:

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Aspen Snowmass Real Estate Weekly Market Update Report Closed and Under Contract