The Estin Report Aspen Snowmass Weekly Real Estate Sales and Statistics: Land Sales Surging Up 100% over 2011 total Year: (4) Lots Closed Last Week: Closed (6) and Under Contract (5): June 03 – 10, 2012

Scroll down page past May Monthly Snapshot for last week’s market activity

Tim Estin is an active Aspen real estate broker with Coldwell Banker Mason Morse located in the center of Aspen. This blog, www.AspenRealEstateBlog.com or Tim Estin’s blog, is released Monday mornings and sometimes in-between. The Estin Reports are released quarterly or semi-annually and also special reports. For blog archives, scroll to bottom of this page and search by date or topic. Or search this site in SearchEstinAspen.com on the menu bar. If it’s about Aspen real estate, chances are there’s something about it here.

Last Week’s Market Highlights – Aspen Snowmass real estate weekly sales statistics and under contract activity appears below for all Aspen, Snowmass Village, Woody Creek and Old Snowmass properties over $250,000 in the upper Roaring Fork Valley excluding fractionals. Because the MLS links below expire after 30 days, photos and written descriptions of closed properties with excellent photography are posted here to preserve a public archive of sold market activity. For past sales, scroll to page bottom and search by time period.

Market Commentary:

In reviewing the numbers this evening (6/11/12 at 7:15PM) , this is a correction: the vacant land sales in Aspen Snowmass year-to-date are soaring upwards…+100% over 2011 total land sales, 18 sales this year versus 9 in all of last year. When vacant land sales start to turn, it typically is a marker for a market bottom and a significant market change.

There were (4) lot sales last week to be added to the (2) lots sold the week before – (6) lots sold in the past two weeks is the most vacant land sold in such a short period in the past 2-3 years.

Vacant Land Sales Jan 1 – June 10, 12 (18 solds): 120861,113457,119761,123937,124567,124303, 124301,122064,114962,125158,125269,121840,113441,104791,121943,122592,117043,116880. Links are valid for 30 days until July 11, 12.

Lot Value Sales of Older Homes (2): 121341,124040. This link is valid until 7/11/2012.

In the last two years, the Estin Report has consistently written that the best values are in land and that, in many circumstances, optimum value can be achieved through purchasing land and building new as land values, generally, have dropped sharply from pre-recession peaks and construction costs came down considerably, at least for a period. But building activity is increasing and costs are rising. Add to the pressure on land sales now is the fact that newer built developer inventory from 2007-2012 is largely sold-out, with only a few new-built properties remaining.

See The Estin Report: Q1 2012 State of the Aspen Market: Vacant Lots – Aspen & Snowmass Chart and Table on Pg 25.

Excerpt from Q1 2012 Report Summary (released April 22 12):

“Buyers may be slowly recognizing the incredible values in vacant land. In all of 2011, there were (9) total vacant lot sales – the lowest number of annual lot sales going back to 2004. But in Q1 2012, there were (7) lot sales, or 78% of last year’s total sales have already occurred in first quarter 2012.

Why the upturn in vacant lot sales?

Land is cheap, there is little new built product on the market, there’s intense competitive bidding between contractors so construction costs have been lower than in the boom days, so why the heck not build to suit…? It’s a wonder and a curiosity more buyers aren’t stepping up.

As mentioned in reports last year, in many cases, it should be less expensive now to buy land and build than to purchase an existing home. This is typically a tipping point when land sales should start to pick up, and, as evidenced by Q1 2012 sales, they are starting to.”

The Estin Report: May 2012 Aspen Snowmass Monthly Snapshot (link to Charts and Tables). Monthly snapshots are published the first Monday of each month. Scroll down page for last week’s sales activity.

Click image for 2012 YTD Monthly Comparison Chart and Tables

Summary Comparison
May 2012 vs May 2011
(Now vs Then, Year over Year)

Total Aspen* Snowmass Market

• Unit Sales: up 4%%, 24 sales now vs 23 sales then
• Year-to-Date Unit Sales: -12%, 151 sales now vs 172 then
• Dollar Volume: down -28%, $72M now vs $101M then
• Year-to-Date Dollar Volume: down -25%, $338M now vs $449M then
• Listing Inventory: fell –5%, 1,073 properties for sale now vs 1,135 then

Aspen* Market

• Unit Sales: up –11%, 21 sales now vs 19 sales then
• Year-to-Date Unit Sales: -9%, 86 sales now vs 95 then
• Dollar Volume: down –30%, $68M now vs $98M then
• Year-to-Date Dollar Volume: -27%, $277M now vs $379M then
• Listing Inventory: down –12%, 536 properties for sale now, 607 then

Snowmass Market

• Unit Sales: down –25%, 3 sales now vs 4 sales then
• Year-to-Date Unit Sales: -13%, 34 sales now vs 39 then
• Dollar Volume: up 40%, $3.9M now vs $2.8M then
• Year-to-Date Dollar Volume: down -13%, $61M now vs $70M then
• Listing Inventory: up 3%, 283 properties for sale now, 276 then

* Aspen includes Aspen, Woody Creek and Old Snowmass.

Comments

Although the May 2012 numbers continue to be off for the year, the differences year over year YTD in total unit sales (-10%) and total dollar volume (-25%) is narrowing especially most recently.

In early June 2012, there have been two noteworthy sales events: 1) The Prince Bandar Starwood estate closed at $49MM; 2) A 2008 built Maroon Creek riverfront estate, on the market since June 2007 at ask price $29.95M went under contract last week and is scheduled to close end of July.

These two sales should bring the year’s total sales dollar volume closer to last year. The deficiency in total dollar sales for 2012 is largely due to the lack of ‘big ticket’, $10M + sales, in the first 5 months of this year. From 1/1/12 – 5/31/12, there were a total of (4) single family home sales over $10M of which three of the four were built newer than 2005; from 1/1/11 – 5/31/11, there were (12) sales over $10M of which eight of the twelve were built newer than 2005. Proof of new built developer inventory being depleted. New, at the new normal, sells.

List of Charts and Tables in May 2012 Snapshot

• The Estin Report: Total Aspen* Snowmass Market May 2012 YTD $ Sales Yearly Comparison Chart – Page 3
• The Estin Report: Total Aspen* Snowmass Market May 2012 YTD $ Sales Yearly Comparison Table – Page 3
• The Estin Report: Total Aspen* Snowmass Market May 2012 YTD Unit Sales Yearly Comparison Table – Page 3
• The Estin Report: Total Aspen* Snowmass Market Monthly Sales May 2012 – Page 4
• The Estin Report: Aspen* Monthly Sales May 2012 – Page 5
• The Estin Report: Snowmass Village Monthly Sales May 2012 – Page 6

* Aspen includes Aspen, Woody Creek and Old Snowmass.

May 2012 Sold Properties Links (Links to property details and photos are valid for 30 days until July 3, 2012)

• Aspen Residential Solds May 1-31, 2012: (over $250,000) – 20 solds
• Aspen Lot Sale (Woody Creek) May 1-31, 2012 – (over $250,000) – 1 lot sold
• Snowmass Village Residential Solds May 1-31, 2012: (over $250,000) – 3 solds

Last Week’s Activity

Under Contract / Pending (5): MLS #: 123666, 122592, 125368, 116547, 118695. This link is valid for 30 days until 07/010/2012. Photos and descriptions of under contracts are not posted unless special circumstances or significance dictate.

Closed (6): MLS #: 121943, 122592, 117043, 125008, 123103, 116880. This link is valid for 30 days until 07/10/2012.

Aspen Snowmass Solds Last Week

MLS #121943 – Aspen, McLain Flats, White Horse Springs vacant land, TBD Wood Creek Road, Aspen, CO: Sold Price: $6,750,000. More details below photos.

MLS #121943 – Aspen, McLain Flats, White Horse vacant land, TBD Wood Creek Road, Aspen, CO: Sold Price: $6,750,000; Asking Price: $8,500,000. (Original Price: $7,500,000 and 1,063 days on the market since 05/12/2009.) This is an 83 acre ranch located north west of Aspen. Broker comments are, “Known as Paradise Mesa, this ranch is located on the northwest end of McClain Flats and is currently accessed from Woody Creek Road. The ranch boarders 7 different White Star Ranch homesites. Almost all acreage is useable, rolling, irrigated ranch land. Parcel 7 features 83 acres overlooking the Elk Mountain Range, Woody Creek and the four ski areas. The Property has an expired 1041 approved building envelope overlooking Little Woody Creek. A substantial amount of water rights are included from the salvation ditch. The views are unbelievable from both sides. The property is perfect for horses, or any type of ranch setting one would desire.” 2011 Taxes: $17; HOA Dues: TBD. Under Contract Date: 06/07/2012; Sold Date: 06/08/2012. (Photos and broker comments courtesy of Mason Morse Coldwell Banker.)

MLS #122592 – Aspen, Red Mountain, Red Mountain Ranch single family lot, 734 Hunter Creek Road, Aspen, CO: Sold Price: $5,166,666. More details below photos.

MLS #122592 – Aspen, Red Mountain, Red Mountain Ranch single family lot, 734 Hunter Creek Road, Aspen, CO: Sold Price: $5,166,666; Asking Price: $5,500,000. (Original Price: $5,500,000 and 526 days on the market since 08/31/2011.) This is a 0.74 acre single family lot located in Red Mountain Ranch subdivision on Red Mountain. Broker comments are, “Perched high above Aspen is this 3/4 acre homesite. The existing 4 bedroom, 4 bath home was built in 1971. Under todays building code the site is ideal for a home over 8,100 square feet with an attached 750 square foot garage. 180 degree views from Sunshine Peak to Sopris Mountain with even a glimpse of Maroon Bells. Exquisite.” 2011 Taxes: $8,526. HOA Dues: $500 Yr. Under Contract Date: 03/29/2012; Sold Date: 05/10/2012. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

MLS #117043 – Aspen, Red Mountain, Mocklin single family lot, 135 Miners Trail Road, Aspen, CO: Sold Price: $4,400,000. More details below photos.

MLS #117043 – Aspen, Red Mountain, Mocklin single family lot, 135 Miners Trail Road, Aspen, CO: Sold Price: $4,400,000; Asking Price: $10,851,063. (Original Price: $6,250,000 and 719 days on the market since 06/23/2010.) This is a 0.47 acre single family lot located in the Mocklin subdivsion on Red Mountain. Broker comments are, “The best, remaining level building site in Aspen, awaits your custom designed residence. Walking distance to downtown, or take the free shuttle. Southern exposure, with crystal clear views of Aspen Mountain in any season, and all day sun. This vacant lot includes a 1,600 s.f. 3 bedroom employee condominium unit at the Mocklin Condominium for rental.” 2011 Taxes: $33,045; HOA Dues: $11,195 Yr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 03/02/2012; Sold Date: 06/05/2012. (Photos and broker comments courtesy of Coldwell Banker Mason Morse.)

MLS #125008 – Aspen, Smuggler, Sunny Park duplex, 501 Park Circle, Aspen, CO: Sold Price: $1,450,000/$537 sq ft unfurnished. More details below photos.

MLS #125008 – Aspen, Smuggler, Sunny Park duplex, 501 Park Circle, Aspen, CO: Sold Price: $1,450,000/$537 sq ft unfurnished; Asking Price: $1,599,000. (Original Price: $4,200,000 and 1,203 days on the market since 02/17/2009.) This is a 1977 built, 3 bedroom/2 bath, 2,699 sq ft duplex. Broker comments are, “Enjoy all day sun & gorgeous sunsets from this oversized 15,186 square foot lot which is located at the base of Smuggler Mountain with views overlooking downtown Aspen & towards Mt. Sopris. Build a brand new single family home or duplex with over 4,500 square feet of available FAR, or remodel the existing duplex which features 3 bedrooms, 2 baths, 2699 square feet, hardwood floors, stainless appliances, and wonderful deck space. A plethora of outdoor activities can be found just steps away – hiking, biking, skiing, tennis and more.” 2011 Taxes: $7,105. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 04/30/2012; Sold Date: 06/01/2012. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

MLS #123103 – Snowmass Village, Melton Ranch single family home, 383 Sinclair, Snowmass Village, CO: Sold Price: $2,800,000/$670 sq ft furnished. More details below photos.

MLS #123103 – Snowmass Village, Melton Ranch single family home, 383 Sinclair, Snowmass Village, CO: Sold Price: $2,800,000/$670 sq ft furnished; Asking Price: $2,995,000. (Original Price: $3,895,000 and 813 days on the market since 03/15/2010.) This is a 2010 built, 5 bedroom/4 bath/1 half bath, 4,174 sq ft single family home with 2 car garage. Broker comments are, “This is your chance to own a newly constructed home in Melton Ranch that is located on the Shuttle Route, minutes from world class-skiing, shopping and the new Base Village. This 5 bedroom, 4.5 bathroom home with an additional office has been completely re-built inside and out and is situated on a very private lot surrounded by hundreds of BLM acres for hiking and biking. The views from this home are simply amazing, looking out over the Snowmass Golf Course with Aspen Mountain and the Continental Divide as a backdrop. You will not find a home of this quality, with the conveniences and privacy it offers, anywhere near this price range. Call the listing broker for more details.” 2011 Taxes: $4,486; HOA Dues: $90 Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 04/18/2012; Sold Date: 06/04/2012. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

MLS #116880 – Woody Creek, Woody Creek single family lot, 7572 Upper River Road, Woody Creek, CO: Sold Price: $600,000. More details below photos.

MLS #116880 – Woody Creek, Woody Creek single family lot, 7572 Upper River Road, Woody Creek, CO: Sold Price: $600,000; Asking Price: $795,000. (Original Price: $1,495,000 and 718 days on the market since 06/16/2010.) This is a 2 acre single family lot located in Woody Creek. Broker comments are, “Located just northwest of the famous Woody Creek Tavern on Upper River Road. This 2-acre, easily accessible Woody Creek river-front property is surrounded by trees and natural vegetation. The property has a small cabin on site or build your dream home up to 5,750 square feet once an activity envelope is established.” 2011 Taxes: $2,470. Under Contract Date: 03/12/2012; Sold Date: 06/01/2012. (Photos and broker comments courtesy of Coldwell Banker Mason Morse.)

Tim Estin welcomes your business, inquiries and comments. Email: tim@estinaspen.com or call 970.920.7387. Subscribe to The Estin Report and Tim Estin’s AspenRealEstateBlog.com 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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