The Estin Report - Aspen, Colorado
The Estin Report - Aspen, Colorado The Estin Report - Aspen, Colorado The Estin Report - Aspen, Colorado

  The Estin Report
 
Aspen real estate intelligence ©

  

Be informed, be educated, be advised by one the town's best real estate brokers according to local media. Aspen Sotheby's Int'l broker agent Tim Estin MBA, GRI authors the primary market guide for Aspen Snowmass real estate, homes for sale and property info - the #1 trusted Aspen real estate market resource.  Original reports and over 14,000 pages of current and archived content. Call Tim for expert guidance and counsel.

   The Estin Report
      
Aspen real estate intelligence ©

 

Be informed, be educated, be advised by one the town's best real estate brokers according to local media. Aspen Sotheby's Int'l broker agent Tim Estin MBA, GRI authors the primary market guide for Aspen Snowmass real estate, homes for sale and property info - the #1 trusted Aspen real estate market resource. Original reports and over 14,000 pages of current and archived content. For expert guidance and counsel, please call or txt 970.309.6163.

Tim Estin

Tim Estin MBA, GRI
970.309.6163 cell + text

 



Broker Associate
Aspen Snowmass Sotheby's
International Real Estate
300 S.Spring St #100
Aspen, CO 81611

 

Aspen, CO
Mountain Standard Time 
(MST)

 

Mar 2017
Low-Down

Heading into peak
season: Mar-Apr.
Sales activity rising
significantly...
think Trump trade:
Financial markets up.
Rates rising.
Inventory declining in
most desirable areas.
Market favors sellers
in West End and
Downtown Core,
but favors buyers
outside these areas
where greater 
opportunities exist.
Two tiered
pricing levels:
1) New-built
contemporary =
> greater demand
> premium prices;
2) Everything else =
 > more days on
market

< less demand 
> more negotiable
> better possible
discounts

> more seller

motivation.

During Recession,
there was little
new construction
creating a 4-5 yr
void in new product.
New product sales

now are raising 
the comparable avgs.
whch masks realtiy
for older home

for sale where

it's tougher.

 

See 4/13/17 WSJ, 
recent article

"High End Homes for Sale...
for Years..." 

 

And 2/23/17 WSJ
on 
luxury home sales,
"High-end home sellers

across the country are

offering discounts as

luxury market softens...

Buyers are very price

sensitive...If it’s not

priced right it’s going to
sit until the cows come
home...expensive

trophy estates have

generally become

challenging to sell

to today’s ...millennial

buyers....these behemoth

trophy properties… have

become very hard to sell

to the people who can

afford them.”

 

 

(See Interest Rate Historical Chart

since 1790 and

Consumer Price Calculator)

 

 

The Estin Report - Aspen, Colorado
The Estin Report - Aspen, Colorado
The Estin Report - Aspen, Colorado


The Estin Report: March 2016 Aspen Snowmass Real Estate Market Snapshot was released April 10, 2016 in Current Reports.  The Monthly Snapshots are posted on or near the 1st Monday of the month.

Excerpt from the Mar 16 Aspen Snowmass Real Estate Market Snapshot: 

"Bottom line: The market continued to tank in March. Aspen, which accounts for approximately 70% of total Aspen Snowmass combined sales, was down particularly hard... Buyer demand is off sharply contrasting with a rising inventory of properties for sale at ever-higher ask prices. A disconnect to be sure. Luxury sales of properties over $10M (approx. 30% of all sales dollars in 2015) plummeted -86% from (7) in Q1 2015 to (1) in Q1 2016. The single over $10M sale in the quarter was for a 4 bdrm penthouse condo at Monarch on the Park in downtown Aspen selling for $15M at an all-time record setting $4,275 sq ft. Buyers are seeing greater negotiating spread, and, for those sitting on the sidelines, this may be an opportune entry period. In Q1 2016, the total market is off just –3% from same time in 2014 which turned out to be the best in the 5 preceding years as well as the conclusive recession turnaround year."

See recent Before/After redevelopment 'flip job' examples in Miscellaneous Info at the bottom of the Menu Bar on the left. These are properties that have been recently or are currently being redeveloped for re-sale. This post is updated (02/16/16) as additional re-sale properties come on the market at significantly higher prices.

Last week's Aspen and Snowmass sales activity appears below. Scroll down the page for photos and details of weekly sales and under contract / pending Aspen properties in the past 4 weeks. For earlier dates, use the down arrow to search the blog archives by year and date to 2008. 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.

_______________________


Market Activity Week 15, April 10 - 17, 2016

Aspen Snowmass real estate weekly sales and under contract activity appears below for all Aspen, Snowmass Village, Woody Creek and Old Snowmass properties over $250,000 excluding fractionals in the upper Roaring Fork Valley. As the MLS links below expire after 30 days, photos and written descriptions of select closed properties (those with excellent photography) are posted here to preserve an archive of sold market activity.


Closed (6)MLS#'s: 135358, 140730, 137093, 143035, 135677, 137234. This link is valid until 5/17/2016.


Under Contract/Pending (7)MLS#'s: 141910, 142177, 137444, 138221, 142814, 143224, 143522. This link is valid until 5/17/2016.


Aspen Snowmass Solds Last Week: 

MLS #137234 - Central Core, 400 W Hopkins Avenue Penthouse Units 3, 4 and 8 combined, Aspen, CO. Sold Price: $8,300,000/$1,708 sq ft; unfurnished. More details below photos.

04172016 137234 400 W Hopkins Avenue Penthouse 1 590W  04172016 137234 400 W Hopkins Avenue Penthouse 2 590W  04172016 137234 400 W Hopkins Avenue Penthouse 3 190H 04172016 137234 400 W Hopkins Avenue Penthouse 4 190H  04172016 137234 400 W Hopkins Avenue Penthouse 5 190H 04172016 137234 400 W Hopkins Avenue Penthouse 6 190H

MLS #137234 - Central Core, 400 W Hopkins Avenue Penthouse Units 3, 4 and 8, Aspen, CO. Sold Price: $8,300,000/$1,708 sq ft; unfurnished. Asking Price: $8,995,000. (Original Price: $11,350,000 and 458 days on the market since 01/12/2015.) This is a 1973 built and 2014 remodeled, 4 bedroom/4 bath/1 half-bath, 4,857 sq ft townhouse with 2 car garage. Units 3 and 4 - 4,857 square feet of the property-  were redeveloped into a penthouse. Unit 8 is a 283-square-foot studio. The seller paid $4.4 million for the three units in July 2013, according to Pitkin County Assessor records. Broker comments are "The most fabulous penthouse in Aspen! 4,857 sq. ft. on basically one level. 4 bedrooms, 4 1/2 bathrooms. Art walls for the true collector. Incredible views & privacy on the top floor of a small building. The exquisite master suite has an attached office/den. Any cook will go nuts in this kitchen. Truly an entertainment masterpiece! Sound system installed by Audio Edge. Studio available for $425,000! Artwork may be purchased separately. The building was designed by Ted Mularz (info in docs) & part of the Modernism movement in Aspen 1945-1975 in the Frank Lloyd Wright style. Other famous Aspen buildings designed by this group include Paepke Auditorium & the Prince of Peace Chapel. Architect: William Campbell; Interior space planner: Noelle Hernandez/NCH Design; Custom rugs by Cather." 2015 Taxes: $20,443; HOA Dues: $6,584 per Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 03/18/2016; Sold Date: 04/14/2016. (Photos and broker comments courtesy of Lorrie B Aspen)

MLS #135677 - Central Core, 315 E Hyman Avenue, Aspen, CO. Sold Price: $3,100,000 sq ft. More details below photo. 

04172016 135677 315 E Hyman Avenue 1 590W 

MLS #135677 - Central Core, 315 E Hyman Avenue, Aspen, CO. Sold Price: $3,100,000 sq ft. Asking Price: $3,495,000. (Original Price: $3,950,000 and 1,001 days on the market since 08/04/2014.) This is a 1976 built, 1-5 units, 2,674 sq ft commercial industrial on a 2,674 sq ft lot. This is The Hub Bicycle Shop space across the street from the Wheeler Opera House I. Downtown Aspen.  Broker comments are "Rarely available commercial property in the heart of Aspen's downtown core. Ground level retail space is 2,073 sq ft with two separate storage units of 205 and 396 sq ft. Business is not part of the sale, inquire with listing broker regarding the business." 2013 Taxes: $26,917. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 01/25/2016; Sold Date: 04/08/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby's International Realty-Hyman Mall) 

MLS #143035 - Riverview, Central Core, 1024 E Hopkins #13, Aspen, CO. Sold Price: $1,465,000/$1,395 sq ft; furnished. More details below photos.

04172016 143035 1024 E Hopkins 13 1 590W  04172016 143035 1024 E Hopkins 13 2 590W  04172016 143035 1024 E Hopkins 13 3 190H 04172016 143035 1024 E Hopkins 13 4 190H  04172016 143035 1024 E Hopkins 13 5 285W 04172016 143035 1024 E Hopkins 13 6 285W

MLS #143035 - Riverview, Central Core, 1024 E Hopkins #13, Aspen, CO. Sold Price: $1,465,000/$1,395 sq ft; furnished. Asking Price: $1,495,000. (Original Price: $1,495,000 and 32 days on the market since 03/10/2016.) This is a 1973 built and 2010 remodeled, 2 bedroom/2 bath, 1,050 sq ft condo. Broker comments are "THE RIVERVIEW CONDOS HAVE IT ALL. Beautifully remodeled 2 bedroom / 2 bath condo with cherry cabinets, hardwood floors, custom granite countertops with matching dining table and wood fireplace. The Riverview boasts of both Aspen Mtn. and Roaring Fork River views and an outdoor pool area to enjoy year-round. Lots of storage. Two Decks. One assigned off-street parking space. Handicapped lift access to upper floors. Low HOA dues. This is one condominium you can truly call home. Listing Agent to accompany all showings." 2012 Taxes: $2,588; HOA Dues: $1,744 per Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 03/19/2016; Sold Date: 04/11/2016. (Photos and broker comments courtesy of Lightfoot Real Estate)

MLS #137093 - Gant, Central Core, 610 S West End Street A-202, Aspen, CO. Sold Price: $1,350,000/$1,384 sq ft; furnished. More details below photos.

04172016 137093 610 S West End Street A 202 1 590W  04172016 137093 610 S West End Street A 202 2 590W  04172016 137093 610 S West End Street A 202 3 190H 04172016 137093 610 S West End Street A 202 4 190H  04172016 137093 610 S West End Street A 202 5 190H 04172016 137093 610 S West End Street A 202 6 190H  04172016 137093 610 S West End Street A 202 7 190H 04172016 137093 610 S West End Street A 202 8 190H

MLS #137093 - Gant, Central Core, 610 S West End Street A-202, Aspen, CO. Sold Price: $1,350,000/$1,384 sq ft; furnished. Asking Price: $1,395,000. (Original Price: $1,395,000 and 481 days on the market since 12/17/2014.) This is a 1972 built and 2012 remodeled, 2 bedroom/2 bath, 975 sq ft condo. Broker comments are "Stunning, deluxe-rated unit recently renovated with exquisite finishes, fixtures and furnishings. Outstanding amenities including brand new conference center with rooftop deck, café with full-service bar and fitness center; two heated pools; 3 outdoor hot tubs; 5 tennis courts; concierge; shuttle service; barbeque areas; high speed internet; daily housekeeping and exceptional on-site rental management. The Gant has it all! Financing available through Wells Fargo and Everbank. Fully furnished except for photographs on walls and other personal items. Balance due for Conference Center special assessment as of 12.1.14 is $19,866." 2014 Taxes: $3,348; HOA Dues: $12,145 per semi-annual. City of Aspen RETT Transfer Tax of approx.1.5% payable by buyer. Under Contract Date: 11/20/2015; Sold Date: 04/11/2016. (Photos and broker comments courtesy of Frias Properties of Aspen)

MLS #140730 - Meadow Ranch, Snowmass Village, 384 Meadow Ranch F4d, Snowmass Village, CO: Sold Price: $670,000/$566 sq ft; furnished. More details below photos.

04172016 140730 384 Meadow Ranch F4d 1 590W  04172016 140730 384 Meadow Ranch F4d 2 190H 04172016 140730 384 Meadow Ranch F4d 3 190H  04172016 140730 384 Meadow Ranch F4d 4 190H 04172016 140730 384 Meadow Ranch F4d 5 190H

MLS #140730 - Meadow Ranch, Snowmass Village, 384 Meadow Ranch F4d, Snowmass Village, CO: Sold Price: $670,000/$566 sq ft; furnished. Asking Price: $695,000. (Original Price: $695,000 and 232 days on the market since 08/24/2015.) This is a 1976 built and 2006 remodeled, 2 bedroom/2 bath/1 half-bath, 1,182 sq ft townhouse. Broker comments are "One of the best locations in the neighborhood. Corner unit with extra large deck and an outdoor spa/hot tub. Very private surrounded by mature Aspen trees and pines. Extremely well maintained, remodeled in 2006, this is a spacious 2 bedroom, 2.5 bathroom with great natural light and nice views of the mountains." 2015 Taxes: $2,345; HOA Dues: $1,565 per Qtr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 11/01/2015; Sold Date: 04/12/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby's International Realty-Snowmass Village)

MLS #135358 - Snowmass Mountain, 55 Upper Woodbridge Road L2, Snowmass Village, CO: Sold Price: $362,000/$422 sq ft; furnished. More details below photos.

04172016 135358 55 Upper Woodbridge Road L2 1 590W  04172016 135358 55 Upper Woodbridge Road L2 2 590W  04172016 135358 55 Upper Woodbridge Road L2 3 190H 04172016 135358 55 Upper Woodbridge Road L2 4 190H  04172016 135358 55 Upper Woodbridge Road L2 7 190H 04172016 135358 55 Upper Woodbridge Road L2 8 190H

MLS #135358 - Snowmass Mountain, 55 Upper Woodbridge Road L2, Snowmass Village, CO: Sold Price: $362,000/$422 sq ft; furnished. Asking Price: $387,000. (Original Price: $399,000 and 604 days on the market since 07/18/2014.) This is a 1973 built, 1 bedroom/1 bath, 856 sq ft condo. Broker comments are "Enjoy endless views upvalley and of Snowmass Ski area instead of views of roads or neighbors. Quiet, clean corner unit with one spacious bedroom and 856 square feet. Enjoy fabulous sunsets while sipping beverages after a full day of activities. BBQ year round on the large walk-out patio. South and east facing, in-unit washer/dryer, recently new kitchen appliances. Even the assigned parking space has a view! (Plus newly installed snow melted surface.) Low HOA dues but full amenities with heated pool, outdoor hot tub, fitness center with views, sauna, locker rooms, and Party/meeting room. Furnished. Owner pet allowed. Snowmass Shuttle out your door.:" 2014 Taxes: $850; HOA Dues: $1,625 per Qtr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 02/29/2016; Sold Date: 04/11/2016. (Photos and broker comments courtesy of Coldwell Banker Mason Morse-Aspen)

 

 

Tim Estin welcomes your business, inquiries and comments. Call him at 970.309.6163 or email him from the Contact Page. Subscribe to The Estin Report and blog on twitter @EstinAspen by clicking "Join the conversation" button below or click one of the different subscription options in banner at the top of page:


Recent Estin Report tweets on Aspen Real Estate

 

EstinAspen Apr 16 - 23, 17 #EstinReport: Last Week's #AspenRealEstate Sales & Stats: Sold (9) + Pending (8) https://t.co/QyfPwre6SL
EstinAspen April 9 - 16, 2017 #EstinReport: Last Week's #AspenRealEstate Sales & Stats: Closed (8) + Under Contract (12) https://t.co/Rih6rSDaUl
EstinAspen Apr 2 - 9, 2017 #EstinReport: Last Week's #AspenRealEstate Sales & Stats: Closed (14) + Under Contract (6) https://t.co/Xsunmpkcdc
EstinAspen Mar 26 - Apr 2, 2017 #EstinReport: Last Week's #AspenRealEstate Sales & Stats: Closed (13) + Under Contract (10) https://t.co/YJXwbsLZJr
EstinAspen March 19 - 26, 2017 #EstinReport: Last Week's #AspenRealEstate Sales & Stats: Closed (10) + Under Contract (13) https://t.co/SBJOs9nSAT
EstinAspen Mar 12 - 19, 2017 #EstinReport: Last Week's #AspenRealEstate Sales & Stats: Closed (5) + Under Contract (27) https://t.co/lWyx0P4xuO
EstinAspen Mar 5 - 12, 2017 #EstinReport: Last Week's #AspenRealEstate Sales & Stats: Closed (7) + Under Contract (15) https://t.co/5TEYy2PeZG

 

Disclaimer: The statements made in The Estin Report and on Aspen broker Tim Estin's blog represent the opinions of the author and should not be relied upon exclusively to make real estate decisions. A potential buyer and/or seller is advised to make an independent investigation of the market and of each property before deciding to purchase or to sell. To the extent the statements made herein report facts or conclusions taken from other sources, the information is believed by the author to be reliable, however, the author makes no guarantee concerning the accuracy of the facts and conclusions reported herein. Information concerning particular real estate opportunities can be requested from Tim Estin at 970.309.6163 or by emailThe Estin Report is copyrighted 2016 and all rights reserved. Use is permitted subject to the following attribution with a live link to the source: "The Estin Report on Aspen Real Estate."

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Tim Estin | www.EstinAspen.com | 970.309.6163 | 300 S.Spring St | Opposite the Aspen Art Museum

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