This past week was characterized by a significant uptick in 'paper writing' activity much like the prior week of April 5 -12th. There was notable action in the Snowmass single family home market under $2M, and in general, in the low end itself. Until last week, there had been no home sales in Snowmass Village for 2009.

Locals are recognizing values and taking advantage of entry level prices unseen in 4-5 years.

Aspen and Woody Creek Single Family Homes Sales:
- (9) sf homes sold 1Q09 in Aspen & WC versus (19) in 1Q08, -53% in units closed, -55% in dollar volume.
- The average single family home price decreased -9% and the median price fell -17%.
- The median sold price as % of ask price decreased to 76% of ask in 1Q09 versus 95% in 1Q08.

Aspen Condos
- (8) Aspen condos sold in 1Q09 versus (13) in 1Q08, a -38% change in units sold.
- The median condo price is off -9%.
- The median sold price as a % of ask price was 88% in 1Q09 versus 96% in 1Q08.

Aspen Townhomes & Duplexes
- There were (6) closings in 1Q09 versus (7) in 1Q08.
- The median sold price as % of ask was 84% in 1Q09 versus 93% in 1Q08.
- The average price of an Aspen Townhome/Duplex fell -24% in 1Q09 from 1Q08.
- The median price fell -31% from 1Q08.

Snowmass Single Family Homes
- There were zero (0) home sales in Snowmass in 1Q09 versus (2) sales in 1Q08. As of early April, there are (2) Snowmass sf homes under contract. To view these properties, click link.

Snowmass Condos
- There were (7) sales in 1Q09  versus (13) sales in 1Q08,  -54% in total units sold and -54% in total condo dollar volume.
- The median sold price as % of ask price was 83% of ask in 1Q09 versus 97% in 1Q08.

(Source Data: Aspen/Glenwood MLS)

The Estin Report is copyrighted 2009 and all rights reserved. Use is permitted subject to the following attribution:

   "The Estin Report: State of the Aspen Market, By Tim Estin, mba, gri,   www.EstinAspen.com  "

____________________

The Estin Report 1Q09: State of the Aspen Snowmass Real Estate Market  will be published in the next few days with a narrative accompanying the 1Q2009 chart summary.  In the interest of expediency, however, I am posting the 1Q2009 versus 1Q2008 Chart now (source data from: Aspen/Glenwood MLS), and the reader will have to draw their own conclusions for the time being. As this Blog (launched in Dec. 2008) and my market reporting evolves, there is a learning curve involved in developing posting styles and technology. Please bear with me as I adapt to the best and most expedient ways to get the information posted in a timely manner, the goal being quickly and precisely, but within a schedule that allows me to perform my main brokerage responsibilities for clients.

In general, the First Quarter 2009 -1Q09 - was characterized by:
          >  A huge drop-off in Aspen and Snowmass Village market activity,
          >  Little buyer urgency to step up and make offers
          >  Seller reluctance to lower prices to below pre-peak levels of 2007-2008.

This past week posted the strongest market activity showing since the "economic crisis" began Sept. 15, 2008.  There were (6) closings and (10) properties went under contract, two-to-almost-three times  the activity of any other single week this winter 2008/2009.

A number were notable closings: in particular (3) single family home closings of properties listed above the $10M mark, and, for the first time in at least 6 months, residential Aspen land parcels went under contract!  Three parcels - (2) vacant land parcels and (1) eventual tear down/Aspen "Starter and School District home" -  went under contract last week. There have been virtually no land sales for comparable valuation purposes in 2009 and for most of 2008, and these lot closing prices will be important price markers.

Links to the listings:

Closed (6): 104949, 107207, 102810, 106387, 108491, 108376:  This link will expire on 5/13/2009

Under Contract/Pending(10):

The Estin Report: 1Q09 State of Aspen Real Estate Market; will be posted sometime this week.

Last week, (3) properties went under contract and there were just (2) closings. But anecdotally, there has been a noticeable increase in deal-making. Paper may not be "flying" as the saying was two years ago, but it is moving, a lot of back and forth. In general, a trading range of 15-30% off ask price seems to be the settling area for a deal to be reached. That's a big range, although the most motivated sale I've seen this past winter was at -41% off ask. This was a unique and highly distressed sale, far from the norm.

Early this week, there will be (3) single family home closings over $10M that will be closely watched.Here is the link to those listings: MLS # 108491,106387 and either 102810 or 103524 This link is valid until 5/5/2009.

Under Contracts (3): 107875,110251,105523 This link is valid until 5/5/2009.

• MLS # 107875: 075 Steeplechase, Aspen Highlands single family home . Ask Price: $9.2M/$1,054 sq ft (Originally in Nov '08, priced at $12M) 5B/5Ba, 8723 sq ft, Built 2004, Days on Market 164. This has been on/off under contract for the past 4 weeks. It is a probable short sale. Seller paid $9.5M furnished for it in Oct 2005.
• MLS # 110251:1230 Mountain View Drive, Unit A. Ask Price: $4.4M; Sold Price: $4.4M/$1,043 sq ft. 5B/5Ba, 4218 sq ft duplex.1 Day on Market
• MLS # 105523:1362 Snowbunny off Cemetery Ln. Ask Price: $2.25M/$955 sq ft. 3B/2Ba duplex, 2356 sq ft. 299 Days on Market.

Closed (2): 110210, 109614 This link is valid until 5/5/2009.

• MLS # 110210:Vacant land sale - (4) Little Annie mining claims at 10 acres each claim for total 40 acres on the backside of Aspen Mountain. Ask Price: $1.95M; Sold Price: $1.95M, 28 days on market
• MLS # 109614: 1423 Crystal Lake,Aspen Club condo. Ask Price: $3.45M; Sold Price: $2.7M/$1,174 sq ft (-22% off ask). 3B/3Ba, beautifully '08 remodeled, 2300 sq ft, with great Roaring Fork River frontage next to the Aspen Club. 91 days on the market.