Apr 5 – 12, 2020 Estin Report: Last Week’s Aspen CO Homes for Sale and Snowmass Real Estate Sales & Stats: Closed (3) + Under Contract / Pending (1). [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: 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 Mar 23rd, 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 Feb YTD 2020 Market Snapshot has been posted in Current Reports. March 2020 YTD will be posted later today, 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 5 – 12, 2020 Aspen CO real estate market activity, Week 15
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 (3): Most of these properties went under contract pre-March Covid-19 restrictions. MLS#s: 162401, 161581, 163448 . This link is valid until 5/12/2020.
Under Contract/Pending (1): MLS#s: 162524. This link is valid until 5/12/2020.
Sold Properties Last Week:
MLS #161581 – Spruce Street, 705 S Spruce Street, Aspen, CO: Sold Price: $12,200,000/$1,527 SF Furnished. Sold Date: 04/10/2020. More details below photos.
MLS #161581 – Spruce Street, 705 S Spruce Street, Aspen, CO: Sold Price: $12,200,000/$1,527 sq ft furnished. Sold Date: 04/10/2020. Aspen homes for sale. Ask Price: $12,950,000. (Original Price: $12,950,000 and 189 days on the market since 10/04/2019.) This is a 2004 built and 2015 remodeled, 8 bedroom/6 bath/2 half-bath, 7,988 sq ft single family home with 2 car garage on a 39,204 sq ft lot. Broker comments are “Views, privacy and a close-to-town location define this mountain-modern style residence elegantly sited at the base of Smuggler Mountain. The open floor plan has been designed to accommodate contemporary family living and entertaining, yet still convey a sense of comfort. Elevated finishes and exquisite craftsmanship are showcased in details such as exposed wood beams, stone fireplaces, vaulted ceilings and dark walnut flooring. Large outdoor decks inspire outdoor entertaining in every season. Follow the private path to the fire pit with views from Aspen Mountain to Mt. Sopris. Seven bedrooms, including a separate guesthouse and a private luxurious master suite, make it an ideal legacy property. All lower level bedrooms walk out to patios, enhancing the indoor/outdoor flow of the home. A two-car garage and a snowmelt system are among the many thoughtful touches that grace the home. Best of all: a desirable location on a quiet, private drive gives you the feeling of seclusion, yet you’re still only just a 10-minute walk to downtown Aspen. Bonus: the Hunter Creek trail system is right outside your door.” 2019 taxes: $26,304. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 02/18/2020; Sold Date: 04/10/2020. (Photos and broker comments courtesy of Coldwell Banker Mason Morse-Aspen)
MLS #163448 – Ridge Run, 240 Stellar Lane, Snowmass Village, CO: Sold Price: $4,025,000/$816 sq ft; partially furnished. Sold Date: 04/08/2020. More details below photos.
MLS #163448 – Ridge Run, 240 Stellar Lane, Snowmass Village, CO: Sold Price: $4,025,000/$816 sq ft; partially furnished. Sold Date: 04/08/2020. Snowmass Village homes for sale. Ask Price: $4,000,000. (Original Price: $4,000,000 and 34 days on the market since 03/05/2020.) This is a 2007 built and 2018 remodeled, 4 bedroom/4 bath/2 half-bath/1 den/1 bonusroom, 4,932 sq ft single family home with 2 car garage on a 32,234 sq ft lot. Broker comments are “Don’t miss this amazing opportunity to own a gorgeous home with ski access. Built in 2007 and meticulously maintained, this 4,932 square-foot home offers 4 bedrooms plus office on two levels. It has an ideal floor plan for a primary residence or a vacation rental. Air conditioning is on the upper level with master suite and newly remodeled kitchen. Plus, there is a wine room and media room on the first level which is all above grade. Located in the upper Ridge Run area, this home has views in the winter and beautiful landscaping in the summer. Dial-a-ride shuttle service is available throughout the ski season, too.” 2019 taxes: $16,086. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 03/09/2020; Sold Date: 04/08/2020. (Photos and broker comments courtesy of Douglas Elliman Real Estate-SMV)
MLS #162401 – Timberline Condominiums, 690 Carriage Way C1D, Snowmass Village, CO: Sold Price: $622,500/$647 sq ft; furnished. Sold Date: 04/08/2020. More details below photos.
MLS #162401 – Timberline, 690 Carriage Way C1D, Snowmass Village, CO: Sold Price: $622,500/$647 sq ft; furnished. Sold Date: 04/08/2020. Snowmass Village condos for sale. Ask Price: $645,000. (Original Price: $645,000 and 118 days on the market since 12/12/2019.) This is a 1972 built and 2006 remodeled, 1 bedroom/2 bath, 961 sq ft condo. Broker comments are “This is THE premier Timberline Condominium. Beautifully remodeled and completely renovated, this 2-bedroom condominium was converted into a super large one-bedroom suite with large living and dining room spaces. It can easily be converted back to a 2-bedroom condominium with roughly $20K in expense. It is a top-rated rental property, so it’s perfect for the second homeowner that wants a turn-key property that also offers rental income when you’re not skiing. Timberline has one of the best management teams in Snowmass Village as well as the lowest dues on a per sq. ft. basis on the ski run. You have to see this one to appreciate its style, sophistication and great location.” 2019 taxes: $1,969; HOA Dues: $14,016. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 02/28/2020; Sold Date: 04/08/2020. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Snowmass Village)