Apr 12 – 19, 2020 Estin Report: Last Week’s Aspen CO Homes for Sale and Snowmass Real Estate Sales & Stats: Closed (6) + Under Contract / Pending (2). [To view the new blog post, you may have to “Clear your Browser Settings”. Go to: Chrome browser/more tools/clear browsing data.]
The Estin Report Aspen Snowmass real estate Mar 2020 market snapshot was posted Tue April 7th in Current Reports.
Bottom Line: April 13, 20. Aspen and Snowmass real estate market activity has declined dramatically in the past 4 weeks. The Estin Report has created a downloadable Aspen and Snowmass Village chart series documenting fall throughs (deals that didn’t close), under contracts and solds in Feb and Mar 2020 vs same period 2019. Links to these are on Top Page 1 of the snapshot.
On average, sales through March are fairly even with last year – but these were mostly sales that went under contract in Feb and earlier in March. We’ve yet to see the slowdown’s effect on actual sales as there is generally a 30-60 day lag time from under contract to closing.
A big winner has been properties sold at $10M and over where there were (5) sales in Mar ’20 versus (0) last March. Sales of this high-end class are up 50% through March ’20 YTD, (9) now vs (6) last year.
But the big hit due to Covid-19 is unfolding now where Fall Throughs and Under Contracts are present and future indicators.
Here are some key metrics for Aspen only:
- Mar + Feb 2020 Fall Through’s* (16) vs Mar + Feb 2019 Fall Throughs (2), up 700%.
- Mar + Feb 2020 UC’s (23) vs Mar + Feb 2019 UC’s (52) 52, down 56% YOY.
- Mar + Feb 2020 Solds (16) vs Mar + Feb 2019 Solds (31), down 48% YOY.*Fall Through is defined as when a property under contract falls through and the deal does not successfully close.
Snowmass Village only key metrics:
- Mar + Feb 2020 Fall Through’s (9); Mar + Feb 2019 Fall Throughs (1), up 800%
- Mar + Feb 2020 UC’s (19); Mar + Feb 2019 UC’s = (37), down 49% YOY.
- Mar + Feb 2020 Solds (26); Mar + Feb 2019 Solds = (23), up 13% YOY.*Fall Through is defined as when a property falls through and the deal does not successfully close.
•As of March 23, 2020, anecdotally there were about 30 properties under contract in Aspen. Approximately 30-35% of those have terminated over the past two weeks as a direct result of the economy and coronavirus concerns. There have been (3) properties put under contract since March 9th. (I will be releasing the March 2020 Market Snapshot in the next few days and some adjustments to these figures may result.) Since then, there have been very limited property showings. Like everywhere else, Aspen is closed for non-essential business and the ski mountains have been shut down a month early. At the same time, there are buyers starting to look for “deals” which may only be fully realized with actual written offers put in front of sellers.
•March 9, 2020: Things were fine until they weren’t. Today, as this is written, we face great uncertainty with the coronavirus and financial market upheavals. Markets have changed dramatically almost overnight and the Aspen real estate market is obviously in this mix. We are in uncharted moment(s), and one’s circumstances may or may not be uniquely different. Here are some lessons culled from the financial crisis a decade ago.
•As over 60-70% of Aspen real estate transactions are cash, historic record low mortgage rates may have little impact on sales. But with money so cheap, perhaps this will incentivise buyers to step up.
•Price reductions may offset a slowing market and smart, maybe prescient, motivated sellers may want to get ahead of global financial disruptions with pre-emptive price reductions or be prepared to wait out the crisis.
•Buyers may want to step up with aggressive offers. The only way to know the motivated level of a seller is to put an offer in front of them. All else is talk and speculation.
•One thing is sure: when uncertainty prevails, opportunities arise.
•But it’ll take time for prices to come down, if at all. The market is still where its been. We don’t have recent sales to indicate the market has changed yet.
•Sellers who had the fortitude to get ahead of the falling knife of the 2007-2009 financial crisis faced far less loss than those who clung on and followed the market down.
• Buyers who had the cash and fortitude to step up and make purchases in the heart of darkness when risk was greatest were well rewarded over time.
The March & YTD 2020 Market Snapshot has been posted in Current Reports Mon Apr 6th.
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: Apr 12 – 19, 2020 Aspen CO real estate market activity, Week 16
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 (6): Most of these properties went under contract pre-March Covid-19 restrictions. MLS#s: 153323, 159621, 161847, 161975, 162360, 163408. This link is valid until 5/19/2020.
Under Contract/Pending (2): MLS#s: 163168, 158671. This link is valid until 5/19/2020.
Sold Properties Last Week:
MLS #162360 – Historic West End, 610 W Hallam Street, Aspen, CO: Sold Price: $12,537,500/$2,626 sq ft; furnished. Sold Date: 04/17/2020. More details below photos.
MLS #162360 – Townsite of Aspen, West End, 610 W Hallam Street, Aspen, CO: Sold Price: $12,537,500/$2,626 sq ft; furnished. Sold Date: 04/17/2020. Aspen homes for sale. Ask Price: $12,995,000. (Original Price: $12,995,000 and 129 days on the market since 12/10/2019.) This is a 2012 remodeled, 5 bedroom/5 bath/1 half-bath, 4,773 sq ft single family home with 2 car garage on a 5,250 sq ft lot. Broker comments are “Freshly updated with an air of uncomplicated sophistication, the elements of the past have been transformed to create gracious streamlined spaces that are totally today. Wood trusses and vaulted ceilings painted white are complemented by white oak plank floors and impeccable décor. This 5 bedroom is thoughtfully designed for easy living and entertaining inside and out with an open main living area, main floor master suite, two guest master suites, and front deck with Shadow Mountain Views. Natural light fills every bedroom, each with walkouts to patios or the private courtyard. The gleaming kitchen with crisp white quartz stone, refreshing master suite with French doors, and downstairs living area with direct access to the outdoor firepit, offer a home poised to create year-round memories. Everyone can be in the kitchen (almost) thanks to an inviting adjacent sitting area. The refreshing master suite with French doors to the front patio includes a tranquil, spa-like bath with His and Her vanities, a free-standing tub, and large steam shower. Gather in the downstairs living area to watch the big game. A gas-log fireplace, wet bar, Sub-Zero wine cooler, and access to the courtyard with a firepit set the tone. A windowed breezeway connects a wing with a guest master suite, as well as a spacious office with full bath, walk-in closet, and balcony. An exterior rooted in Aspen’s historic past and a recently updated interior make this home an exceptional find. And, the location couldn’t be better. Walk across the street to the Aspen Historical Museum, stroll three blocks to the Music Tent, catch the cross-town shuttle to the gondola, or follow the pedestrian bikeway in front of the home that connects into biking and walking paths. With 5 bedrooms and an office that could become the 6th, 5 ½ baths, two living areas, a courtyard, and front patio, this home is poised for creating year-round memories.” 2018 taxes: $19,581. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 02/24/2020; Sold Date: 04/17/2020. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #161847 – East Aspen, 108 Midland Avenue, Aspen, CO: Sold Price: $4,700,000/$1,163 sq ft. Sold Date: 04/17/2020. More details below photos.
MLS #161847 – East Aspen, 108 Midland Avenue, Aspen, CO: Sold Price: $4,700,000/$1,163 sq ft. Sold Date: 04/17/2020. Aspen homes for sale. Ask Price: $4,900,000. (Original Price: $4,900,000 and 191 days on the market since 10/09/2019.) This is a 1982 built, 5 bedroom/5 bath, 4,040 sq ft single family home with 2 car garage on a 15,018 sq ft lot. Tim’s notes: This is a re-development opportunity for a raised, view lot (of Aspen Mtn) and reasonable privacy just outside the Aspen core. Easily walkable into town and next to a City bus shuttle. Broker comments are “This single-family home on an elevated 15,018 square foot lot with a shared pond is prime for upgrades or create a new single-family home with 4,130 of FAR or a duplex with 4,550 square feet of FAR. All subgrade square footage and 250 square feet of garage space is exempt from the current land use code. Uniquely located just 7 blocks east of the gondola with views of Ajax ski area and Smuggler Mountain, this home has access to numerous hiking and biking trails yet close to all the amenities of downtown living.” 2019 taxes: $10,421. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 01/21/2020; Sold Date: 04/17/2020. (Photos and broker comments courtesy of Compass Aspen)
MLS #163408 – Mill Building Condominium, Central Core, 201 N Mill Street PH-A, Aspen, CO: Sold Price: $8,600,000/$4,232 sq ft; furnished. Sold Date: 04/17/2020. More details below photos.
MLS #163408 – Mill Building Condo, Central Core, 201 N Mill Street PH-A, Aspen, CO: Sold Price: $8,600,000/$4,232 sq ft; furnished. Sold Date: 04/17/2020. Aspen condos for sale. Ask Price: $8,999,000. (Original Price: $8,999,000 and 43 days on the market since 03/05/2020. The seller paid $7.4M on 8/8/17.) This is a 2016 built, 3 bedroom/3 bath/1 half-bath, 2,032 sq ft condo. Broker comments are “Aspen’s premier three bedroom penthouse with views, ample decks, parking and a full list of services available from the neighboring Hotel Jerome staff at your fingertips. The Mill building is incredibly unique, and this is only one of two penthouses with great indoor/outdoor living that opens up to a large deck, and an even more spectacular rooftop deck with 360 degree views of Aspen Mountain, Independence Pass and Red Mountain. Secure garage parking, elevator access directly to the penthouse and modern finishes. This is the only property in Aspen with a direct affiliation to the Hotel Jerome, allowing for concierge-level services, housekeeping, dining and amenities. Owners also have the opportunity to rent out the penthouse through the Hotel Jerome and its Auberge affiliation.” 2019 taxes: $20,655. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 03/08/2020; Sold Date: 04/17/2020. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #153323 – Chateau Aspen, Central Core, 630 E Cooper Avenue Unit 1, Aspen, CO: Sold Price: $1,965,000/$1,965 sq ft; furnished. Sold Date: 04/13/2020. More details below photos.
MLS #153323 – Chateau Aspen, Central Core, 630 E Cooper Avenue Unit 1, Aspen, CO: Sold Price: $1,965,000/$1,965 sq ft; furnished. Sold Date: 04/13/2020. Aspen condos for sale. Ask Price: $2,095,000. (Original Price: $2,295,000 and 742 days on the market since 04/02/2018.) This is a 1966 built and 2007 remodeled, 2 bedroom/2 bath/1 half-bath, 1,000 sq ft condo. Broker comments are “Amazing downtown Aspen location only two blocks from the Gondola and ski slopes! Fully-renovated, with granite countertops and cherry wood floors. This 2 bedroom, 2.5 bath, south-facing ground floor unit comes fully-furnished with central heating and A/C along with ample storage. The complex offers off-street parking and a patio with a fire pit and grill. Located next to Mezzaluna, this is a superb opportunity to own an Aspen pied-a-terre close to shopping, art museum, nightlife, restaurants, skiing, parks, malls and so much more.” 2019 taxes: $3,247. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 02/27/2020; Sold Date: 04/13/2020. (Photos and broker comments courtesy of Setterfield & Bright)
MLS #161975 – Sunrise Aspen, Central Core, 1007 E Hyman Avenue #1, Aspen, CO: Sold Price: $1,445,000/$1,813 sq ft; furnished. Sold Date: 04/15/2020. More details below photos.
MLS #161975 – Sunrise Aspen, Central Core, 1007 E Hyman Avenue #1, Aspen, CO: Sold Price: $1,445,000/$1,813 sq ft; furnished. Sold Date: 04/15/2020. Aspen condos for sale. Ask Price: $1,499,000. (Original Price: $1,499,000 and 162 days on the market since 11/05/2019.) This is a 1977 built and 2017 remodeled, 1 bedroom/1 bath, 797 sq ft condo. Broker comments are “Walk to all the Aspen has to offer from this fabulous Core location! Beautifully remodeled in fantastic condition and just six blocks from the gondola, this ground floor corner unit has a large private patio with Aspen Mountain Views and an assigned parking space. Per HOA there is one dog allowed for owners.” 2018 taxes: $2,062. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 02/22/2020; Sold Date: 04/15/2020. (Photos and broker comments courtesy of McKinley Sales)
MLS #159621 – Little Elk Creek, 116 Katydid Lane, Snowmass, CO: Sold Price: $1,125,000/$419 sq ft; unfurnished. Sold Date: 04/17/2020. More details below photos.
MLS #159621 – Little Elk Creek, 116 Katydid Lane, Snowmass, CO: Sold Price: $1,125,000/$419 sq ft; unfurnished. Sold Date: 04/17/2020. Old Snowmass homes for sale. Ask Price: $1,150,000. (Original Price: $1,150,000 and 145 days on the market since 06/03/2019.) This is a 1992 built, 3 bedroom/2 bath, 2,684 sq ft single family home with 2 car garage on a 1.1 acres lot. Broker comments are “This is probably the best lot In Little Elk Creek. Great all day sun and amazing views of the surrounding mountains. Flat lot with perfectly manicured yard and great irrigation. Lots of big Aspen and Spruce trees plus a million flowers. 3 bedroom home plus office with 2,648 square feet in excellent condition. Beautiful 2 story living room that opens onto back deck with private yard bordering neighboring ranch. Sold before MLS.” 2018 taxes: $4,876. Under Contract Date: 01/20/2020; Sold Date: 04/17/2020. (Photos and broker comments courtesy of Engel & Volkers Roaring Fork)