I continue to refer readers to my blog post of July 11 - 18, 2010 for my present thinking on the market. But here are some immediate comments: it is end of the season, sellers are motivated, many do not not want to hang onto properties going into the winter, rates are the lowest in years but lending standards onerous, buyers are empowered, there are unheard of deals being consummated, and general uncertainty abounds with a lack of confidence and great anxiety framing the macro picture. Yes, there is only one Aspen - and NYC/Manhattan, a market not without Aspen similarities, is doing fairly well in fact - but most of us have never seen or experienced the economic clouds surrounding us. Of note, read last weekend's NYT Joe Nocera's especially frank and poignant assessment of where the market is at this moment,,, The general mood makes my quiet nature even more so. Reflective, contemplative, where is all this going ? Like most of us, I do not know what is next...and the news changes daily. But they say, "Focus on your breathing not the noise" and "It is always darkest before the dawn." If one is contrarian and has the courage and liquidity to dig deep, there appear to be great opportunities at present. No spin, no hustle here but a belief that 'if thou shalt venture forth; though shalt be rewarded' in due time.

Last Week's Aspen and Snowmass Market Activity:  Last week's real estate sales activity appears below for the upper Roaring Fork Valley for all property types over $250,000 excluding fractionals in Aspen, Snowmass Village, Woody Creek and Old Snowmass (although Residences at Little Nell and Dancing Bear are included due to their higher fractional price points). Because the MLS link(s) to photos and property details expire after 30 days, photos and descriptions of the closed properties are posted to preserve an archive of sold market activity.

For a spreadsheet summary of the past week's activity, see The Estin Report: Aspen Snowmass Weekly Sales Statistics August 22 - August 29, 2010.
Sold:
(2) Aspen single family homes in Historic West End
(2) Aspen condos
Under Contract:
(4) Aspen condos
(2) Aspen single family homes
No activity in Snowmass Village

As reminder, there are a number of significant properties not shown here that are under contract. Photos and descriptions were posted in prior weeks.
1) New Beautiful custom Maroon Creek estate listed at $29.5M is under contract
2) East Aspen/Northstar Preserve estate listed at $19.5M is under contract reputedly to close soon.
3) Shady Lane/Roaring Fork River acreage with old 1950's home (behind the Aspen Post Office along Rio Grand Trail) listed at $15M is under contract.

Closed (4): MLS#'s 112119, 108062, 117019, 118018. This link is valid 30 days until 9/21/10.

MLS # 112119 - 711 S Galena Street 17, Alpenblick, Aspen, CO:  Sold Price: $435,000./$799 sq ft; Ask Price: $495,000: Original Price: $649,000 and 413 days on the market. This is a 1 bdrm/ 1 bath, 544 sq ft condo. Listing broker comments, "Great locals unit on the ''right side of town'' located between Lift 1A and gondola and less than two blocks to bus, shops, restaurants and nightlife.'' 2009 Taxes: $1,351.; HOA Dues: $1486 per quarter (Photos and description courtesy of BJ Adams and Company-Aspen)

MLS # 108062 - 814 W Bleeker D-2, Aspen Villas, Aspen, CO:  Sold Price: $750,000./$534 sq ft; Ask Price: $829,000: Original Price: $1,375,000 and 661 days on the market. This is a 3 bdrm/ 2 bath, 1,405 sq ft condo. Listing broker comments, "Wonderful for a local or investor. Tremendous rental history. Designated parking. Just off Hopkins Avenue bike/ped path. Easy bus access for all ski areas. About 10 blocks to center of town. HOA is currently working on a landscaping plan that would limit the impact of the road.'' 2009 Taxes: $2,096.; HOA Dues: $1,425 per quarter (Photos and description courtesy of Lorrie B Aspen)

MLS # 117019 - 211 S First Street Aspen, CO:  Sold Price: $1,750,000./$469 sq ft; Ask Price: $1,850,000: Original Price: $1,800,000 and 65 days on the market. This is a 2 bdrm/ 2 bath, 1,512 sq ft condo. Listing broker comments, "Charming 2 bedroom, 2 bath, 1512 square foot home with a beautiful interior, hardwood floors, granite counters, vaulted ceilings, two wood-burning fireplaces, wonderful entertainment spaces, one car garage, and off-street parking for two cars. Located in the quiet West End and within walking distance to downtown Aspen.'' 2009 Taxes: $3,110.; HOA Dues: $0 (Photos and description courtesy of Morris & Fyrwald, Sotheby's Intl Realty)

MLS # 118018 - 329 W Francis Street Aspen, CO:  Sold Price: $6,600,000./$1,237 sq ft; Ask Price: $6,895,000: Original Price: $6,895,000 and 49 days on the market. This is a 6 bdrm/ 6 bath, 1 half bath, 1,256 sq ft condo. Listing broker comments, "Brand new construction in the heart of the West End. All day sun, private backyard with protected views of Aspen Mountain. Designed and built for private homeownership.'' 2009 Taxes: $10,776.; HOA Dues: $0 (Photos and description courtesy of Mason & Morse Real Estate - Aspen)

Pending (6): MLS#'s 110539, 109536, 112907, 109190, 112318, 117774. This link is valid 30 days until 9/21/10. Photos of under contract listings are not posted unless special circumstances dictate.

Tim Estin is an active Aspen Snowmass real estate broker and he welcomes your business, comments and inquiries.  This e-mail address is being protected from spambots. You need JavaScript enabled to view it or call 970.920.7387. Find tweets and/or subscribe to RSS feeds for The Estin Report and blog on twitter @EstinAspen or click "Join the conversation" below:

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For comments on  the market at present, please see my July 11 - 18, 2010  blog post which remains relevant if not even more so today

The Estin Report Chart: 2Q2010 versus 2Q2009 - Aspen Single Family Home Sales by Price Segments

                                             (Click on link above or image below to view full size chart and summary.)
                                       
Summary of Chart:

• Most single family home sales in Aspen occurred above $4M in Q210, suggesting a stronger luxury single family home market than may have been thought. The number of sales of single family homes remained relatively strong through $15M, dropping off at $15M and above.
• Notably, in Q209, 41% of all single family and condo sales in Aspen and Snowmass Village in dollar volume occurred above $4M, while in Q210, 81% occurred above $4M.
• In Q209, 17% of Aspen single family home sales in dollar volume occurred above 10M. In Q210, 40% of Aspen single family home sales in dollar volume occurred above $10M.
• In Q209, sales above $10M represented 8% of total single family home transactions in Aspen. In Q210, sales above $10M represented 19% of total single family home transactions in Aspen.
• In Q210, all Aspen homes below $10M sold at a lower price per square foot than Q209, excepting the $6M-8M range which increased only 2%. In conclusion, Aspen homes saw more unit sales in Q210, but at a lower price per square foot.
  

Last Week's Aspen and Snowmass Market Activity:  Last week's real estate sales activity appears below for the upper Roaring Fork Valley for all property types over $250,000 excluding fractionals in Aspen, Snowmass Village, Woody Creek and Old Snowmass (although Residences at Little Nell and Dancing Bear are included due to their higher fractional price points). Because the MLS link(s) to photos and property details expire after 30 days, photos and descriptions of the closed properties are posted to preserve an archive of sold market activity.

For a spreadsheet summary of the past week's activity, see The Estin Report: Aspen Snowmass Weekly Sales Statistics August 16 - August 22, 2010.

Sold (Closed) Summary (4):
(2) Aspen Condos
(1) Aspen single family home
(1) Snowmass Village Condo

Closed (4): 117166, 111356, 112512, 109084. This link is valid 30 days until 9/21/10.

MLS # 117166- 42791 Highway 82,  Aspen, CO:  Sold Price: $2,100,000./$803 sq ft; Ask Price: $2,500,000: Original Price: $2,995,000 and 410 days on the market. This is a 4 bdrm/ 3 bath, 2,615 sq ft single family home. Listing broker comments, "This charming 4 bedroom and 3 bath home, minutes from town, overlooks Stillwater Wildlife Preserve. Large decks are surrounded by extensive mature landscaping. An additional 900 square feet may be added to the existing house.'' 2009 Taxes: $5,298.; HOA Dues: $200 per year (Photos and description courtesy of Joshua & CO of Aspen, Inc.)

MLS # 111356- 35 Lowerbridge Road Unit 196, Seasons 4, Building Z Snowmass Village, CO:  Sold Price: $590,000./$469 sq ft; Ask Price: $630,000: Original Price: $765,000 and 443 days on the market. This is a 3 bdrm/ 2 bath, 1,256 sq ft condo. Listing broker comments, "This great 3br/2ba which includes a large LOFT could be an office, exercise, playroom or the 3rd bedroom, is priced to sell. This top 2 floor corner, newly remodeled unit features high ceilings with skylights in living room, wood floors, granite counter tops, fireplace, new stainless appliances, new cabinetry, remodeled bathrooms, new carpet and new washer/dryer. Easy to show'' 2007 Taxes: $1,791.; HOA Dues: $1,719 per quarter (Photos and description courtesy of Weaver & Briscoe)

MLS # 112512- 814 W Bleeker Place B-2, Aspen Villas Condo/Townhome, Aspen, CO:  Sold Price: $700,000./$498. sq ft; Ask Price: $825,000: Original Price: $980,000. This is a 3 bdrm/ 2 bath, 1,405 sq ft condo.Listing broker comments "Excellent Value in the Aspen Villas townhome complex. Very quiet location with stream off the dining room and master bedroom and a cozy outdoor sitting area overlooking beautifully landscaped grounds. This three-story townhome allows for lots privacy for any family or rental situation. A must see opportunity in Aspen.'' 2010 Taxes: $2,217.; HOA Dues: $1400 per quarter (Photos and description courtesy of Lightfoot Real Estate)

MLS # 109084- 747 S Galena St. #210, Fasching Haus Condominiums , Aspen, CO:  Sold Price: $1,250,000./$1,140 sq ft; Ask Price: $1,490,000: Original Price: $1,795,000 and 581 days on the market. This is one of the best condo deals recently in the Aspen Core - brand new , beautiful remodel, at Aspen Mtn base. Great rental income potential as a total new 3 bdrm remodel close to front desk, pool and parking. Great ski property and superconvenient. One perceived negative - no mountain views, on the ground floor....This is a 3 bdrm/ 3 bath, 1,096 sq ft condo. Listing broker comments, "Mountain Interiors Remodel! Need we say more? Spectacular 3 bed/3 bath all on one level.'' 2009 Taxes: $3,961.; HOA Dues: $3898 per quarter (Photos and description courtesy of BJ Adams and Company-Aspen)

Pending (4): 117542, 109043, 116989, 114351. This link is valid 30 days until 9/21/10. Photos of under contract listings are not posted unless special circumstances dictate.

Tim Estin is an active Aspen Snowmass real estate broker and he welcomes your business, comments and inquiries.  This e-mail address is being protected from spambots. You need JavaScript enabled to view it This e-mail address is being protected from spambots. You need JavaScript enabled to view it or call 970.920.7387. Find tweets and/or subscribe to RSS feeds for The Estin Report and blog on twitter @EstinAspen.

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The new chart below is an add-in to The Estin Report: 2Q2010 Aspen Snowmass Residential Report, page 10 chart,  "2004 - 2010 Sales in Dollar Volume" and shows the actual annual dollar amounts. It highlights the percent change between 1st Half 2007 (peak total sales year)  vs 1st Half 2010  Aspen Snowmass real estate sales in the upper Roaring Fork Valley.

Chart Legend
ASE SFH: Aspen single family home;  ASE CTD: Aspen condo, townhome and duplex
SMV SFH: Snowmass Village single family home; SMV CDT: Snowmass Village condo, townhome, duplex

Last Week's Aspen and Snowmass Market Activity: Last week's real estate sales activity appears below for the upper Roaring Fork Valley for all property types over $250,000 excluding fractionals in Aspen, Snowmass Village, Woody Creek and Old Snowmass (although Residences at Little Nell and Dancing Bear are included due to their higher fractional price points). Because the MLS link(s) to photos and property details expire after 30 days, photos and descriptions of the closed properties are posted to preserve an archive of sold market activity.

For a spreadsheet summary of the past week's activity, see The Estin Report: Aspen Snowmass Weekly Sales Statistics August 9 - August 16, 2010.

Closed (7): MLS#'s 112515, 116823, 114206, 112129, 106962, 109633, 114786. This link is valid 30 days until 9/15/10.

MLS # 112515 - 1034 E Cooper Avenue #10, Chateau Eau Claire, Aspen, CO:  Sold Price: $1,000,000./$1,036 sq ft; Ask Price: $1,150,000, Original Price: $1,450,000 and 373 days on the market. This is a 1971 built, 2006 remodeled, 2 bdrm/ 2 bath, 965 sq ft condominium. Listing broker comments, "A warm and charming property perched amidst the trees and overlooking the Roaring Fork River. The deck is a lovely sanctuary, cool and breezy under the shade of nearby aspens and cottonwoods. The interiors feature a renovated kitchen with wood floor, new cabinetry and appliances, as well as a delightful furniture and accessories package. Woodburning fireplace. Owners love the management of the building.'' 2009 Taxes: $3,883.; HOA Dues: $2,810 per quarter (Photos and description courtesy of  BJ Adams and Company-Aspen)


MLS # 116823 - 115 Harleston Green 59, Country Club Homes, Snowmass Village, CO:  Sold Price: $905,000./$555 sq ft; Ask Price: $925,000 and 55 days on the market. This is a 1982 built, 3 bdrm/ 2 bath, 1 half baths, 1,630 sq ft condominium. Listing broker comments, "Fantastic chance to own in the prestigious Snowmass Club. This three-bedroom, two and one-half bath townhome is the least expensive townhome available, creating a great opportunity for a buyer. Ideal location for full-time resident or second homeowner and is ready for your finishing touches. Snowmass Village shuttle to skiing and all of Snowmass Village is just steps away.'' 2009 Taxes: $970.; HOA Dues: $1,402 per quarter (Photos and description courtesy of Joshua & Co, Snowmass Village)


MLS # 114206 - 345 Eastwood Road, Aspen, CO: Sold Price: $7,250,000./$974. sq ft; Ask Price: $7,500,000. Original Price: $11,800,000 and 528 days on the market. This is a 2008 built, 6 bdrm/ 7 bath, 3 half baths, 7,440 sq ft home. Listing broker comments, "Spectacular new mountain contemporary home in Aspen's quiet Eastwood neighborhood. Lots of sun, close views of Aspen Mountain, & minutes from downtown & gondola. Once listed for $11,800,000, the value at $7,500,000 is now unmistakable. No detail has been overlooked. Finishes are extraordinary. Perfect for entertaining large groups inside & out. High ceilings, formal dining room, multiple family areas, gourmet kitchen, wired for home theater, potential for 2000 bottle wine room, gym w/ steam shower, onyx stone bars, several custom fireplaces, vaulted ceilings, elevator, air conditioning, Lutron lighting system, two car garage. Designed for outdoor entertaining with a 16x30 outdoor pool, hot tub, patio, wrap-around decks, landscaped backyard and lawn, & mature trees on a private lot.'' 2009 Taxes: $4,961.(Photos and description courtesy of Morris & Fyrwald, Sotheby's Intl Realty)


MLS # 112129 - 1945 E Cooper Avenue, Aspen, CO:  Sold Price: $3,450,000./$1,062 sq ft; Ask Price: $3,595,000: Original Price: $4,945,000 and 398 days on the market. This is a 2002 built, 2007 remodeled, 4 bdrm/ 4 bath, 3,248 sq ft home. Listing broker comments, "Best buy in the core! Completed in 2002 and renovated in 2007-09. This 4+ bdrm, 4 bth, single family home is absolutely perfect. The Aspen core location has close proximity to restaurants, grocery, shopping & gondola and located in a private enclave. If you are expecting views, this house has views in all directions with all day sun. The upper level features an open floor plan, kitchen, dining room and living room with fireplace, separate office/library with extra bed and full bath.There is a sunny terrace with gas barbecue. The main level has a master bedroom and bath with whirlpool and steam shower. The lower level has 3 comfortable bedrooms and 2 full baths (1 w/steam shower), a laundry large enough for 2 high capacity washers and gas dryers, wet bar and media room w/ surround sound.'' 2009 Taxes: $8,643.; HOA Dues: $333 per quarter (Photos and description courtesy of Aspen Snowmass Partners, LLC)


MLS # 106962 - 610 S West End Street K-304, Gant Condominium Complex, Aspen, CO:  Sold Price: $1,500,000./$1,417 sq ft; Ask Price: $1,595,000 and 726 days on the market. This is the second Gant Condo closing in 6 months, after an approx 1 1/2 yr drought of sales. The unit is 1972 built, oversized 3 bdrm/ 2 bath, 1,058 sq ft condominium. Listing broker comments, " Dramatic, fun interior differentiates this top-floor unit as do the over-sized living, extra livin  room window, fully enclosed bath in the 2nd bedroom, corner location, 3 decks and proximity to the pool and Ute Ave. Recently remodeled.'' 2009 Taxes: $5,129.; HOA Dues: $20,633 per year (Photos and description courtesy of Mason & Morse Real Estate - Aspen)


MLS # 109633 - 405 S Monarch Street Unit 107, Limelight Condominium, Aspen, CO: Sold Price: $5,000,000./$1,379 sq ft; Ask Price: $5,900,000: Original Price: $6,600,000 and 546 days on the market. The Limelight/Monarch on the Park complex was completed in '08 with 13 total units. It is located in the center of downtown on Wagner Park and faces Aspen Mountain. This is a 4 bdrm/ 4.5 bath, 3,626 sq ft condo. Listing broker comments, "Last developer residence for sale, Views of Aspen Mountain, Wagner Park, and downtown Aspen, this spacious first floor residence offers a covered patio for outdoor living space. The open floor plan features 4 bedrooms, 4.5 baths, magnificent great room, state of the art gourmet kitchen, expansive windows, hardwood doors & cabinetry, zone-controlled air conditioning, separate storage space, and underground parking for 2 cars. Walk to the gondola, restaurants, shops, parks, and bike paths. Brand new construction just completed!'' 2009 Taxes: $13,271.; HOA Dues: $2,122 per month (Photos and description courtesy of Morris & Fyrwald, Sotheby's Intl Realty)


MLS # 114786 - 27 Nighthawk Drive, Aspen, CO: Sold Price: $5,900,000./$1,145 sq ft; Ask Price: $6,450,000 and 181 days on the market. This is a 1972 built, 2009 remodeled, 4 bdrm/ 4 bath, 2 half baths, 5,150 sq ft home. Listing broker comments, "Nestled on an easily accessible lot on the coveted Ridge of Red Mountain, this beautifully furnished 5,150 square foot, four-bedroom, four-full and two-half bath home has everything the most discerning family could want. Built in 2002, the home features an oversized master suite separated from the living area, a spacious guest master suite, an open kitchen with adjacent breakfast nook and dining area, second family area complete with a bar and walk-in wine room, a media room with stadium seating, and an oversized two-car garage with extra storage room. Outdoor areas include expansive patio terraces with grill, fire pit, and hot tub making this the perfect retreat in winter or summer. Mature landscaped lawn and trees with south facing 180 degree views. Addendum: The home is also wired with smart AMX audio control system.'' 2009 Taxes: $11,557.; HOA Dues: $761 per year. (Photos and description courtesy of The Aspen Brokers, LTD).

Pending / Under Contract (5): MLS#'s 112908, 116997, 114285, 116985, 114395. This link is valid 30 days until 9/15./10. Photos of under contract listings are not posted unless special circumstances dictate.

Tim Estin is an active Aspen Snowmass real estate broker and he welcomes your business, comments and inquiries.  This e-mail address is being protected from spambots. You need JavaScript enabled to view it This e-mail address is being protected from spambots. You need JavaScript enabled to view it or call 970.920.7387. Find tweets and/or subscribe to RSS feeds for The Estin Report and blog on twitter @EstinAspen.

                    ____________________________________________________

Last Week's Aspen and Snowmass Market Activity: Last week's real estate sales activity appears below for the upper Roaring Fork Valley for all property types over $250,000 excluding fractionals in Aspen, Snowmass Village, Woody Creek and Old Snowmass (although Residences at Little Nell and Dancing Bear are included due to their higher fractional price points). Because the MLS link(s) to photos and property details expire after 30 days, photos and descriptions of the closed properties are posted to preserve an archive of sold market activity.

For a spreadsheet summary of the past week's activity, see The Estin Report: Aspen Snowmass Weekly Sales Statistics August 1 - August 8, 2010.

Closed (1): 117238. This link is valid 30 days until 9/07/10.

MLS # 117238 - 100 N Eighth St. Unit 25, Villas of Aspen, Aspen, CO: Sold Price: $1,150,000./$670 sq ft; Ask Price: $1,150,000 and 34 days on the market. This is a 1972 built, 2009 remodeled, 3 bdrm/ 2 bath, 2 half baths, 1,716 sq ft condominium. Listing broker comments, "Priced to sell immediately. Asking price is far less then all other units listed in the complex. One of the lowest priced 3 bedroom units in Aspen. Seller believes that there is approval to add add'l interior sq.footage as well as additional decks but buyer must verify to buyer's satisfaction. No road impact now or ever. Seller has paid the approx. $120,000 special assessment for exterior renovation. Tenants are month to month.'' 2009 Taxes: $3,136.; HOA Dues: $1,695 per quarter (Photos and description courtesy of Setterfield and Bright)

Under Contract / Pending (1): 117495. This link is valid 30 days until 9/07/10. Photos of under contract listings are not posted unless special circumstances dictate.

Tim Estin is an active Aspen Snowmass real estate broker and he welcomes your business, comments and inquiries.  This e-mail address is being protected from spambots. You need JavaScript enabled to view it This e-mail address is being protected from spambots. You need JavaScript enabled to view it or call 970.920.7387. Find tweets and/or subscribe to RSS feeds for The Estin Report and blog on twitter @EstinAspen.