May 3 – 10, 2020 Estin Report: Last Week’s Aspen CO Homes for Sale and Snowmass Real Estate Sales & Stats: Closed (4) + Under Contract / Pending (3). [To view the new blog post, you may have to “Clear your Browser Settings”. Go to: Chrome browser/more tools/clear browsing data.] For this past week’s sales activity, go mid-way down the page.
The Estin Report Aspen Snowmass real estate April 2020 market snapshot was posted Tue May 6th in Current Reports. Specific April 2020 Covid 19 Effect Aspen and Covid 19 Effect Snowmass Village addendum charts and tables are downloadable there as well.
05/06/20 “Bottom Line” comments are displayed here and at Current Reports Apr 2020 Snapshot
Released May 6, 2020 v1.5 Since the Covid 19 shutdowns, I’ve been writing “Bottom Line” comments/log most weeks and they appear below in chronological order.
There were (17) closings in Apr 2020 in Aspen, Brush Creek Village, Woody Creek, Snowmass Village and Old Snowmass – (15) of these went under contract prior to Mar 9th when Covid-19 related events changed reality in the US as we have known it.
- For the Total Aspen & SMV Combined Apr ’20 Market YTD, dollar sales are down 13% and unit sales are off 25%.
– Aspen solds in Apr ‘20 are off 56%, 14 now vs 32 last year.
– Snowmass Village (SMV) solds in Apr ‘20 are off 80%, 3 now vs 15 last year.
- Between Feb 1 — Apr 30, 20:
– About 50% of Aspen under contracts about have fallen out and 38% of SMV UC’s have fallen out.
The significant under contract and fall through of contracts – about 50% are failing – are not necessarily evidence that Aspen has slammed on the brakes anticipating some sort of crash.
There is a sense of cautious optimism that, at least for now, sale prices have held fairly steady. That means that while both buyers and sellers may be holding off because of health risks or economic uncertainty, there isn’t a panic-induced rush to offload property at a lower price point. But it simply may also be too soon to tell.
At least 25% of the Aspen market is Texas based and the oil and gas industry has been crushed. There are predictions we will see fall-out from this this summer. But it has not happened yet.
Right now, the sense is that we are dealing with something temporary, hitting the pause button and intend to resume as the economy recovers.
The question of course, becomes, whether the steady prices at the moment will hold.
Inventory levels, properties for sale, have been declining steadily for the past 2-3 years. We are presently at the lowest levels in over a decade. This puts pressure on prices to remain high or even perhaps go higher.
A Zillow analysis forecasts a 2 to 3 percent drop in home prices through the end of 2020 nationwide. Most Aspen buyers in the past year have been getting 3-10%, average 6-7%, off ask prices.
In Aspen/Snowmass, for properties presently under contract, there’s been anecdotal evidence that buyers are trying to negotiate incremental additional savings prior to their earnest money becoming non-negotiable, going hard.
Those involved in real estate in Aspen/Snowmass are holding out hope that this area’s relative remoteness, natural beauty, sophisticated infrastructure and amenities will create a new-found interest as a full-time residential alternative. In coastal areas, especially in NYC, rentals for 2nd homes and summer use have seen surging demand as have inquiries into homes for sale in vacation areas.
Buyers are still out there, they may just be waiting to see what homes will be listed in late May and June for the summer season while sellers hold off on listing houses until they are less nervous about having strangers in their home.
The new Estin Report: Aspen Snowmass Real Estate Market 2020 ws is available for PDF download in the Current Reports section. The print version is available at Aspen racks at Galena St/Aspen Chamber Info Booth, Snowmass Village Center, Clarks Market, at Sothebys at 415 E Hyman on the mall and Sothebys at 300 S. Spring St opposite the Art Museum and at the ASE/Pitkin County Airport.
Quarterly and Annual Charts just posted: Estin Report Q1 2008 – Q4 2019: Aspen & Snowmass Historic Real Estate Market Performance Charts by Property Types and Dollar & Unit Sales These charts are broken down by each market, Aspen and Snowmass, and by property types: single family homes, condos and vacant land and compare sales to prior years starting at 2008. They answer the question “Where are we now compared to prior periods?” and indicate market direction with trend lines.
Blog Post: May 3 – 10, 2020 Aspen CO real estate market activity, Week 19
Weekly Aspen and Snowmass Village, CO real estate sales activity appears below for sold and under contracts properties in the upper Roaring Fork Valley over $250,000 – for Aspen, Snowmass Village, Brush Cr Village, Woody Creek and Old Snowmass. Fractional sales are not included. Photos and written descriptions of sold properties are posted here as the MLS links below expire after 30 days. For earlier dates, see the Estin Report blog archives starting in 2008 at the bottom of the page. Or use SearchEstinAspen in the menu bar to search by topic, address, subdivision, complex, date, etc. If it’s about Aspen real estate, the information should be here.
Closed (4): Most of these properties went under contract pre-March Covid-19 restrictions. MLS#s: 162424, 158923, 152568, 162085. This link is valid until 6/9/2020.
Under Contract/Pending (3): MLS#s: 155407, 162520, 163559. This link is valid until 6/9/2020.
Sold Properties Last Week:
MLS #162424 – Wildridge, 104 Wildridge Lane, Snowmass Village, CO: Sold Price: $1,919,000/$782 sq ft; unfurnished. Sold Date: 05/06/2020. More details below photos.
MLS #162424 – Wildridge Subdivision, 104 Wildridge Lane, Snowmass Village, CO: Sold Price: $1,919,000/$782 sq ft; unfurnished. Sold Date: 05/06/2020. Snowmass Village homes for sale. Ask Price: $1,995,000. (Original Price: $2,150,000 and 132 days on the market since 12/10/2019. Seller paid $1.405M on 8/06/19. and then remodeled the home.) This is a 1978 built and 2019 remodeled, 3 bedroom/3 bath, 2,452 sq ft single family home with a 2 car garage on a 17,486 sq ft lot. Broker comments are “Recently completely remodeled and move-in ready, this sunny, south facing Snowmass Village home is your perfect mountain retreat. Enjoy forever unobstructed views of Snowmass Ski Area from the Continental Divide and Highlands Bowl to Garrett’s Peak. No detail was overlooked in this gorgeous remodel. New tile, carpet and white oak hardwood flooring, and new paint inside and out. Every bathroom was remodeled with new hardware, cabinetry, flooring, and fixtures. The kitchen features all new Whirlpool stainless steel appliances, hardware, hinges, and Caesarstone solid slab countertops. The master suite offers three closets plus walk-in and linen closet in the master bathroom. Dual vanities, soaking tub, and glass shower highlight the master bath. There is abundant storage throughout the home. End of the cul-de-sac privacy with Rim Trail access out your door. Located within the Aspen School District. Great Snowmass Village full-time residence, or second home getaway.” 2020 taxes: $5,967; HOA Dues: $90. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 04/02/2020; Sold Date: 05/06/2020. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #158923 – Twining Flats, Woody Creek, 432 Twining Flats Road, Aspen, CO: Sold Price: $1,900,000/$485 sq ft. Sold Date: 05/04/2020. More details below photos.
MLS #158923 – Twining Flats, Woody Creek, 432 Twining Flats Road, Aspen, CO: Sold Price: $1,900,000/$485 sq ft. Sold Date: 05/04/2020. Aspen homes for sale. Ask Price: $2,300,000. (Original Price: $2,650,000 and 376 days on the market since 04/24/2019.) This is a 1987 built and 1996 remodeled, 5 bedroom/4 bath, 3,917 sq ft single family home with a car garage on a 3 acres lot. Broker comments are “Smartly designed 3 house compound on 3 acres with 305 running ft along the Roaring Fork River, yet only 15 minutes to Aspen or Snowmass, never before listed for sale. The main house is cool & contemporary with 3 bedrooms, 2.5 bathrooms, and 2 levels. The artist studio is the middle building and has 2 separate large spaces for artistic work, which could also be bedrooms. Staircasing down the hill you come to the charming caretaker cottage with 1 bedroom, full kitchen and an oversized 1 car garage. Each building has spectacular views of the river, as they were built before the 100 foot stream margin review. There are so many options and opportunities to utilize and reshape the existing compound or build anew. Located in Aspen School District.” 2019 taxes: $3,567. Under Contract Date: 02/03/2020; Sold Date: 05/04/2020. (Photos and broker comments courtesy of Douglas Elliman Real Estate-Hyman Ave)
MLS #152568 – Assay Hill Lodge, 130 Wood Road 633, Snowmass Village, CO: Sold Price: $895,000/$1,005 sq ft; furnished. Sold Date: 05/01/2020. More details below photos.
MLS #152568 – Assay Hill Lodge, 130 Wood Road 633, Snowmass Village, CO: Sold Price: $895,000/$1,005 sq ft; furnished. Sold Date: 05/01/2020. Aspen condos for sale. Ask Price: $965,000. (Original Price: $1,045,000 and 764 days on the market since 02/08/2018.) This is a 2009 built, 2 bedroom/2 bath, 890 sq ft condo. Broker comments are “Ski-In/Ski-Out Whole Ownership Residences 95% SOLD OUT Aspen/Snowmass’ most cost efficient, effortless vacation homes Two-and three-bedroom homes can be customized to reflect your personal tastes and style New $5 million in inspired hotel enhancements completed New contemporary refresh of all residences Pampering Viceroy resort amenities and services including elegant spa, extraordinary food and beverage venues, ski valet, concierge plus fitness center Viceroy rental program Part of the $600 million transformation of Snowmass Base Village” 2009 taxes: $5,781; HOA Dues: $23,331 per Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 02/04/2020; Sold Date: 05/01/2020. (Photos and broker comments courtesy of SV Real Estate)
MLS #162085 – Assay Hill Lodge, 130 Wood Road 621, Snowmass Village, CO: Sold Price: $800,000/$829 sq ft; furnished. Sold Date: 05/01/2020. More details below photos.
MLS #162085 – Assay Hill Lodge, 130 Wood Road 621, Snowmass Village, CO: Sold Price: $800,000/$829 sq ft; furnished. Sold Date: 05/01/2020. Aspen condos for sale. Ask Price: $930,000. (Original Price: $930,000 and 168 days on the market since 11/15/2019.) This is a 2010 built and 2019 remodeled, 2 bedroom/2 bath, 965 sq ft condo. Broker comments are “Beautifully refurbished two bedroom residence located in Assay Hill Lodge Condominiums. Enjoy the high alpine views of Snowmass Mountain from this luxurious residence inside of Snowmass Village’s only five star hotel. Assay Hill Lodge features unparalleled amenities including ski in/out access, ski concierge, pool area with two outdoor spas and 360 degree bar, award winning spa, yoga studio, state of the art mountainside fitness center, concierge services, transportation services and Toro Restaurant. The residence not only serves as a luxury lifestyle choice for owners and their families, but a wonderful investment property. After paying all expenses, HOA fees and taxes, in 2018 the owner netted approximately $38,000 in income.” 2018 taxes: $6,725; HOA Dues: $22,186. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 02/05/2020; Sold Date: 05/01/2020. (Photos and broker comments courtesy of Coldwell Banker Mason Morse-SMV)