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The Estin Report Aspen Snowmass Real Estate Weekly Market Activity: (3) Closed and (5) Under Contracts Plus Aspen & Snowmass Single Family Inventory and Prices: March 22-29. 2009

In advance of The Estin Report 1st Quarter '09 results, the average sold price as % of list price from 01/01/09 -  3/13/09 was:  (source: Aspen/Glenwood MLS)

• Aspen Single Family Homes in Aspen and Woody Creek: (8) sold at an average of 78.32% of list price.There were no single family home sales during this period in Snowmass Village
• Aspen Condos: (5) solds at an average of 88.1% of list price.
• Snowmass Condos: (6) solds at an average of 78.4% of list price

From 10/01/09 - 03/25/09, starting at the beginning of the "economic crisis", the average sold price discount as % of ask is: (source: The Estin Report)

• A total of (10) sold single family homes in Aspen & Woody Cr sold – at an average 31% from original ask price and -18% from ask price with an average days on market of 380.
• (3) of these sales were newer homes over 7,000 sq ft that sold on average -35% from original ask price and -15% from ask price with an average days on market of 531 days. All three of these sales were distressed, highly motivated situations.

During the peak of the market, 2007 - 2008, properties sold at an average 2-4%  off ask price. (source: Aspen/Glenwood MLS)

Single Family Home Inventory - Aspen & Woody Creek, Snowmass Village - Present single family home inventory and prices in Aspen and Snowmass ( (The Estin Report 3/22/09))

Total SF listings Over $5M = 164
Total SF listings Over $6M = 124
Total SF listings Over $10M+ = 58

SF Hms active listings $5-10M  = 106
SF Hms active listings $10-15M = 30
SF Hms active listings $15-20M = 15
SF Hms active listings $20M+ = 13

Snowmass Village (SMV)

Total SF listings Over $5M = 32
Total SF listings Over $10M+ = 13

SF Hms active listings $5-10M  = 19
SF Hms active listings $10-15M = 7
SF Hms active listings $15-20M = 2
SF Hms active listings $20M+ = 4

Market Activity Last Week 3/22/09 -3/29/09:

Closed (3): 92719,108891,104196  (This link is valid until 4/28/09)

MLS # 92719 - The Monarch, Westside #3 Aspen Central Core condo across street from Wagner Park: Ask Price: $5.813M; Sold Price: $5.189M (-11% off ask). 4B/4Ba, 3,142 sq ft. New 2009 construction. Days on Market: 978, went under contract pre-construction.

MLS # 108891 - 117 N. Monarch #1 (Le Votaux II Condos): Ask Price: $2.495M; Sold Price: $2.05M/$1,79 sq. ft.  (-18% off ask price. The original list price was $3.995M). Beautifully remodeled 2008 3B/3Ba, 1,900 sq ft condo with wonderful outdoor courtyard space.The seller purchased the property approx. 2 yrs ago as a "remodel flip job" for $1.9M. This is an excellent deal! Days on market 82

MLS # 104196 - 437 Meadowood Dr/Lot 12, single family home in Meadowood Subdivision. Ask Price: $6.5M; Sold Price: $5.625M/$1,017 sq ft (-13% off ask). 4B/4Ba, 5,530 sq ft. On market 352 days.

Under Contract/Pendings (6):104196,109528,102206,102810,109650,109855 (Link is valid to 4/28/09)

MLS # 104196 - - 437 Meadowood Dr/Lot 12, single family home in Meadowood Subdivision. Ask Price: $6.5M/$1,175 sq ft,, 4B/4Ba, 5,530 sq ft. On market 352 days.

MLS # 109528 - 1423 Crystal Lake, Aspen Club #2C. Ask Price: $3.45M/$1,500 sq ft. 3B/3Ba, 2300 sq ft, well priced Aspen Club riverside condo remodeled and beautiful. 58 days on the market.

MLS # 102206 - 71 Slopeside Ln, (Pines Lot 48) Snowmass Village new 2008 single family home: Ask Price: $10.35M/$1,836 sq ft. 5B/5Ba, 5638 sq ft. On market 470 days.

MLS # 102810 - 220 W. Buttermilk Rd, ski-in/ski-out Buttermilk single family home. Ask Price: $14.999M, 7B/6Ba, 14000 sq ft. This is a distressed developer inventory sale, probable foreclosure or short sale.

MLS # 109650 - 473 Medicine Bow RD, Brush Creek Village, Aspen. Ask Price:$2.285M/$706 sq ft. Beautiful contemporary 4B/4Ba, 3236 sq ft home. On market 33 days.

MLS # 109885 - 885 S. Starwood Dr, in Starwood Subdivision, Aspen. Ask Price: $2.95M/$1,663 sq ft. Small home on Starwood view lot, 2B/2Ba, 1773 sq ft. On marlet 21 days.