The Estin Report Aspen Snowmass Weekly Real Estate Sales and Statistics: Closed (8) and Under Contract / Pending (7): Jan 27 – Feb 3, 2013

Last weeks sales activity 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.

Released Wed. Jan 16, 2013. Click image for summary and full report pdf in Current Reports

The Estin Report: January 2013 Market Snapshot Aspen Snowmass Real Estate

released mid-day Wed.. 02/06/13 v3

Click image to January 2013 Market Snapshot and Summary

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

Total Aspen Snowmass Market
Monthly Unit Sales*: up 7%, 30 sales now vs 28 then
Year-to-Date Unit Sales: up 7%, 30 sales now vs 28 then
Monthly Dollar Volume: down -23%, $84M now vs $84M then
Year-to-Date Dollar Volume: down -23%, $84M now vs $84M then
Listing Inventory: down -6%, 1,133 properties for sale now vs 1,209 then

Aspen Market
Monthly Unit Sales: down -18%, 18 sales now vs 22 then
Year-to-Date Unit Sales: down -18%, 18 sales now vs 22 then
Monthly Dollar Volume: down -31%, $50M now vs $72M then
Year-to-Date Dollar Volume: down -31%, $50M now vs $72M then
Listing Inventory: down -11%, 553 properties for sale now vs 622 then

Snowmass Village Market
Monthly Unit Sales: up 100%, 12 sales now vs 6 then
Year-to-Date Unit Sales: up 100%, 12 sales now vs 6 then
Monthly Dollar Volume: up 26%, $14M now vs $12M then
Year-to-Date Dollar Volume: up 26%, $14M now vs $12M then
Listing Inventory: down -1%, 304 properties for sale now vs 306 then

* As it is the beginning of the year, monthly and YTD sales will be the same.

Comments

It would be inappropriate to infer much from the Jan. numbers. We are coming off the strongest December 2012 sales figures since late 2006/2007. For a clear view of where the market is at present, refer to both the Dec. 2012 Market Snapshot and the Q4 2012 full year report.

Excerpt from Dec. 2012 Snapshot: “December 2012 was the best performing December in total dollar sales for Aspen and Snowmass Village combined since Dec. 2006; it was also the best single performing month in total dollar and unit sales for Aspen and Snowmass Village combined since Oct. 2007. Capital gains, gift and estate tax changes planned for 2013 likely fueled a number of these transactions before the end of the year and trumped the uncertainty caused by the fiscal cliff debate.”

It is interesting to note that Jan. 2013 sales in Snowmass Village are up 100% over the same time last year but this performance is coming off such a low SMV sales base that not much should be noted other than the definitive positive direction.

Overall, Snowmass continues to struggle … But most importantly, the best value opportunities for Aspen area ski-in/out and in-Aspen-School-District properties are in Snowmass Village.

SMV sold example (see Jan 27 – Feb 3, 13 blog for photos): Brand new 2012 SMV home sold on 01/28/2013 at $2,200,000/$916 sq ft furnished; Ask: $2,325,000. (Orig. $2,200,000 and 682 days on market since 03/18/2011.) This is a 4 bdrm/3 bath/1 3/4 bath, 2,400 sq ft with 2 car garage on .31 acres. It is the newest single family home product on the SMV market today – the Sinclair Meadows subdivision development. Call me for more info.

Active links to sold Jan. 2013 property photos and details:

Aspen Closings (15 solds) Jan 1-31, 2013 This link is valid until 3/7/2013.

Snowmass Closings (12 solds) Jan 1-31, 2013: This link is valid until 3/7/2013.

Vacant lot Closings (3 solds) Jan 1-31, 2013: This link is valid until 3/7/2013.

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.

Under Contract / Pending (7) MLS #: 123553, 122035, 120436, 127780, 127138, 127754, 126407. This link is valid for 30 days until 03/03/2013. Photos and descriptions of under contracts are not posted unless special circumstances or significance dictate.

Closed (8) MLS #: 124604, 124605, 124606, 123119, 121750, 127860, 120193, 128146.This link is valid for 30 days until 03/03/2013.

Select Aspen Snowmass Solds Last Week

MLS #123119 – Aspen, Central Core, 914 Waters condo, 914 E. Waters Avenue, Unit 19, Aspen, CO: Sold Price: $705,000/$905 sq ft furnished. More details below photos.

MLS #123119 – Aspen, Central Core, 914 Waters condo, 914 E. Waters Avenue, Unit 19, Aspen, CO: Sold Price: $705,000/$905 sq ft furnished; Asking Price: $765,000. (Original Price: $745,000 and 465 days on the market since 10/25/2011.) This is a 1998 built/2008 remodeled, 2 bedroom/1 bath/1 half bath, 779 sq ft condo. Broker comments are: “Just around the bend on Waters Avenue and within walking distance to your favorite restaurants and Gondola! Lovely two bedroom 1.5 bath condo remodeled with high end finishes and lovely furnishings on two levels. Wood burning fireplace enhances the atmosphere. Quiet street. This unit comes with a valuable deeded one car parking space (additional street parking available), storage and a ski locker. Easy to show.” 2011 Taxes: $1,606; HOA Dues: $373 Mo. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 11/29/2012; Sold Date: 01/28/2013. (Photos and broker comments courtesy of Shane Aspen R.E.)

MLS #121750 – Aspen, Bank Owned Sale of Residence Occupied (RO) home*, West Aspen, North 40 PUD single family home, 0090 Totterdown Road 0090/0092, Aspen, CO: Sold Price: $856,800/$248 sq ft unfurnished. More details below photos.

MLS #121750 – Aspen, Bank Owned Sale, West Aspen, North 40 PUD single family home, 0090 Totterdown Road 0090/0092, Aspen, CO: Sold Price: $856,800/$248 sq ft unfurnished; Asking Price: $879,000. (Original Price: $879,000 and 584 days on the market since 06/28/2011.) This is a 2003 built, 3 bedroom/3 bath, 3,453 sq ft single family home with 2 car garage on 0.15 acres. The property is categorized as RO* – Resident Occupied – by the Pitkin County Housing Authority – it is deed restricted and sale is subject to buyer compliance with Housing Authority rules and regulations. Broker comments are, ” $75.00 doc fee to be paid by Buyer at closing. Buyer to pay 1% of sales price to Aspen/Pitkin County Housing Authority at closing. All contracts/offers are subject to OneWest Sr. Management approval & any offers by OneWest are not binding unless entire agreement is ratified by all parties.” 2012 Taxes: $1,336; HOA Dues: $245 Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 07/01/2011; Sold Date: 01/13/2013. (Photos and broker comments courtesy of McKinley Sales.)

*The home is categorized by the Aspen/Pitkin County Housing Authority (APCHA) as a resident-occupied (RO) unit, which are the most expensive kind of worker housing. The property is located in the North 40 subdivision.APCHA guidelines require homeowners in the program to work in Pitkin County for a minimum of 1,500 hours a year, not own other property in the valley and maintain that the unit is his or her sole residence. They don’t allow homeowners to rent out units for more than two years.

MLS #127860 – Aspen, Banked Owned Sale, East Aspen, Mountain Valley duplex, 114 Mountain Laurel Drive, Unit B, Aspen, CO: Sold Price: $1,480,150/$630 sq ft unfurnished. More details below photos.

MLS #127860 – Aspen, Banked Owned Sale, East Aspen, Mountain Valley duplex, 114 Mountain Laurel Drive, Unit B, Aspen, CO: Sold Price: $1,480,150/$630 sq ft unfurnished; Asking Price: $1,530,150. (Original Price: $3,375,000 and 1,798 days on the market since 02/28/2008.) This is a 1970 built, 3 bedroom/2 bath/1 half bath, 2,347 sq ft duplex. Broker comments are, “Incredible views of Ajax to Independence Pass. High soaring windows and ceilings, granite counters, walnut cabinets, woodwork and floors. Viking stove and Subzero. Office/media room. All rooms above grade, large yard.” 2011 Taxes: $5,064; HOA Dues: $200 Yr. Under Contract Date: 12/11/2012; Sold Date: 01/29/2013. (Photos and broker comments courtesy of McKinley Sales.)

MLS #124604 – Aspen, Central Core commercial, 630 E. Hyman Avenue #203, Aspen, CO: Sold Price: $478,601/$1,016 sq ft. More details below photos.

MLS #124604 – Aspen, Central Core commercial, 630 E. Hyman Avenue #203, Aspen, CO: Sold Price: $478,601/$1,016 sq ft; Asking Price: $706,500. (Original Price: $706,500 and 331 days on the market since 03/08/2012.) This is a 1969 built, 471 sq ft commercial space. Broker comments are, “Office Condos For Sale. Unique opportunity to own your office space in a desirable and convenient downtown location. Blocks form the gondola at the high visisbility NWC of Hyman Ave. and Spring St. Complete renovation of the Crandall Building includes a new elevator and encloses the interior courtyard.” 2011 Taxes: $1,529. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 09/13/2012; Sold Date: 01/24/2013. (Photos and broker comments courtesy of Joshua & Co.)

MLS #124605 – Aspen, Central Core commercial, 630 E. Hyman Avenue #205, Aspen, CO: Sold Price: $664,555/$1,016 sq ft; Asking Price: $981,000. (Original Price: $981,000 and 331 days on the market since 03/08/2012.) This is a 1969 built, 654 sq ft commercial space. Broker comments are, “Office Condos For Sale. Unique opportunity to own your office space in a desirable and convenient downtown location. Blocks form the gondola at the high visisbility NWC of Hyman Ave. and Spring St. Complete renovation of the Crandall Building includes a new elevator and encloses the interior courtyard.” 2011 Taxes: $2,561. Cith of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 09/13/2012; Sold Date: 01/24/2013.

MLS #124606 – Aspen, Central Core commercial, 630 E. Hyman Avenue #206, Aspen, CO: Sold Price: $556,844/$1,016 sq ft; Asking Price: $739,800. (Original Price: $739,800 and 331 days on the market since 03/08/2012.) This is a 1969 built; 548 sq ft commercial space. Broker comments are, “Office Condos For Sale. Unique opportunity to own your office space in a desirable and convenient downtown location. Blocks form the gondola at the high visisbility NWC of Hyman Ave. and Spring St. Complete renovation of the Crandall Building includes a new elevator and encloses the interior courtyard.” 2011 Taxes: $2,142. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 09/13/2012; Sold Date: 01/24/2013.

MLS #120193 – Snowmass Village, Sinclair Meadows single family home, 137 Gambel Way, Snowmass Village, CO: Sold Price: $2,200,000/$916 sq ft furnished. More details below photos.

MLS #120193 – Snowmass Village, Sinclair Meadows single family home, 137 Gambel Way, Snowmass Village, CO: Sold Price: $2,200,000/$916 sq ft furnished; Asking Price: $2,325,000. (Original Price: $2,200,000 and 682 days on the market since 03/18/2011.) This is a 2012 built, 4 bedroom/3 bath/1 3/4 bath, 2,400 sq ft single family home with 2 car garage on 0.31 acres. This is the newest Snowmass Village single family home product on the market today – the Sinclair Meadows subdivision development. Broker comments are, ” Brand new 2,400 square foot home located in the heart of Snowmass Village. Enjoy the mesmerizing views of Mt. Daly and the distant mountains beyond. This home has been designed with a Mountain Contemporary style focused on light, views & outdoor living spaces the generously sized master suite is privately located on its own level. Every last detail has been thoughtfully designed to accommodate the active mountain lifestyle including large windows and french doors which spill out from the Great Room to the patio, leading to entertaining areas. This new home is offered complete with hot tub spa and BBQ grill. With an additional 700 sq. ft. garage, you’ll have the space for all your vehicles, bikes, ski gear and other toys” 2012 Taxes: $4,190; HOA Dues: $2,700 Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 01/05/2013; Sold Date: 01/28/2013. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.) Based on public records, it appears this was a trade,whereby the seller takes the buyer’s property (see sold condo below) as part of the exchange:

Trade
Grantor: Sinclair Meadows Lot 11 LLC
Grantee: Renee Linnell Trust, New York, N.Y.
Property: Sinclair Meadows, lot 11
Cost: $2.2 million (See property above)

Grantor: Renee Linnell, Renee Linnell Trustee and Renee Linnell Trust
Grantee: Sinclair Meadows Lot 11 LLC, Basalt
Property: Top of the Village, unit 302, Aspen Trails
Cost: $775,000 (See property below)

MLS #128146 – Snowmass Village, Top of Village condo, 302 Snowmass Village, CO: Sold Price: $775,000/$717 sq ft furnished. More details below photos.

MLS #128146 – Snowmass Village, Top of Village condo, 302 Snowmass Village, CO: Sold Price: $775,000/$717 sq ft furnished; Asking Price: $975,000. (Original Price: $975,000 and 38 days on the market since 12/25/2012.) This is a 1974 built/2008 remodeled, 2 bedroom/2 bath, 1,080 sq ft condo. Broker comments are, ” Sold Notes: Property was partial consideration for seller’s acquistion of another property. Sold Price reflects that accommodation. Also, no commission was paid on the transaction. Beautifully located on the top floor, one off the ”point”, with perfect views of Fanny Hill skiers and the Continental Divide beyond. Upgraded kitchen and baths, vaulted ceilings, woodburning fireplace. A balcony set in the aspens captures morning sun. One assigned carport space. Elevator takes you right to the slopes. Sale contingent upon Seller successfully negotiating for replacement property already selected. Photos coming soon.” 2012 Taxes: $2,901; HOA Dues: $11,994 Yr; Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 01/05/2013; Sold Date: 01/28/2013. (Photos and broker comments courtesy of B.J. Adams & Co.)

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