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: May and YTD 2016 Aspen Snowmass Real Estate Market Snapshot was released June 7, 2016 in Current Reports.  The Monthly Snapshots are posted on or near the 1st Monday of the month. The June Market Snapshot will be posted by July 9th or 10th. The Estin Report: Q2 and 1st Half 2016 State of the Aspen Market is in process Stay tuned...The executive summary was posted un Current Reports July 9, 2016. The full report with narrative, charts, tables photos shoild be posted around July 15-17th.

Excerpt from May Snapshot:

"Depending on the metrics one looks at, the Aspen market is off by about 50% year-to-date through May 31, 2016 over last year...Aspen's most desirable locations, the West End and Red Mountain, have experienced little or no sales, and luxury sales of properties $10M and over, typically accounting for roughly 25-30% of total dollar sales, were 15% of the total market sales dollars in May 2016 YTD versus 27% in May 2015 YTD: $10M and over sales are down -64% in unit sales to (4) this year versus (11) last year and -71% in dollar sales to $48M in from $166M same time last 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 in the process of redevelopment for re-sale. This post is updated (05/16/16) as additional re-sale properties come on the market at significantly higher prices.

_______________________


Market Activity Week 26, June 26 - July 3, 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.  Scroll down the page for home 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 quickly find 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.


Closed (9): MLS#s 142908, 135562, 141021, 138922, 144193, 140146, 142813, 141910, 142814 This link is valid until 8/2/2016.

Under Contract/Pending (8)MLS#'s: 132273, 134854, 138805, 139694, 141222, 141395, 143199, 144490. This link is valid until 8/2/2016.


Aspen Snowmass Solds Last Week: 

MLS #142908 - East Meadow, East Aspen, 63 Smuggler Grove Road, Aspen, CO. Sold Price: $7,800,000/$1,272 sq ft; furnished. More details below photos.
Aspen real estate 070316 142908 63 Smuggler Grove Road 1 590W  Aspen real estate 070316 142908 63 Smuggler Grove Road 2 590W  Aspen real estate 070316 142908 63 Smuggler Grove Road 3 190H Aspen real estate 070316 142908 63 Smuggler Grove Road 4 190H  Aspen real estate 070316 142908 63 Smuggler Grove Road 5 190H Aspen real estate 070316 142908 63 Smuggler Grove Road 6 190H
MLS #142908 - East Meadow, East Aspen, 63 Smuggler Grove Road, Aspen, CO. Sold Price: $7,800,000/$1,272 sq ft; furnished. Asking Price: $7,975,000. (Original Price: $7,975,000 and 754 days on the market since 06/04/2014.) This is a 2007 built and 2012 remodeled, 5 bedroom/5 bath/1 half-bath, 6,131 sq ft single family residence with 2 car garage on a 7,669 sq ft lot. Broker comments are "A remarkable five bedroom home nestled at the end of a private and quiet street. Yes you can have that perfect home with views of Aspen Mountain, impeccable finishes and great sun exposure all within an easy stroll of downtown Aspen. The design details and contemporary feel are sure to impress. Loaded with features inside and out: rooftop deck with hot tub and fire pit, private wine room, fitness area with adjoining steam room, the perfect home theater, sound wired throughout the home, plaster walls, main level air conditioning, snowmelt driveway and decks, a kitchen designed by a restauranteur and countless additional comforts that hit the mark in every regard. The home is offered turnkey with all furnishings included." 2015 taxes: $17,563. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 05/16/2016; Sold Date: 06/27/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby's International Realty-Hyman Mall)
MLS #135562 - West End, 500 W Main St., Aspen, CO. Sold Price: $3,940,000 sq ft. More details below photos.
Aspen real estate 070316 135562 500 W Main St 1 590W  Aspen real estate 070316 135562 500 W Main St 2 190H Aspen real estate 070316 135562 500 W Main St 3 190H
MLS #135562 - West End, 500 W Main St., Aspen, CO. Sold Price: $3,940,000 sq ft. Asking Price: $4,600,000. (Original Price: $4,600,000 and 2,703 days on the market since 10/06/2008.) This is a 1888 built, 5,400 sq ft commercial industria on a 6,000 sq ft lot. This has been the location for O2 Aspen Yoga Studio. Broker comments are "One of the most visible and beautifully restored commercial buildings in Aspen. This historic building has been renovated with contemporary interiors. The O2 business is not for sale, just the building. Contact the listing broker regarding the additional development potential and about the current leases in the building." 2015 taxes: $26,789. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 06/02/2016; Sold Date: 06/30/2016. (Photos and broker comments courtesy of Coldwell Banker Mason Morse-Aspen)
MLS #141021 - Mountain Valley, East Aspen, 42701 Hwy 82 A, Aspen, CO. Sold Price: $3,725,000/$927 sq ft; furnished. More details below photos.
Aspen real estate 070316 141021 42701 Hwy 82 A 1 590W  Aspen real estate 070316 141021 42701 Hwy 82 A 2 190H Aspen real estate 070316 141021 42701 Hwy 82 A 3 190H  Aspen real estate 070316 141021 42701 Hwy 82 A 4 190H Aspen real estate 070316 141021 42701 Hwy 82 A 5 190H
MLS #141021 - Mountain Valley, East Aspen, 42701 Hwy 82 A, Aspen, CO. Sold Price: $3,725,000/$927 sq ft; furnished. Asking Price: $4,200,000. (Original Price: $4,200,000 and 268 days on the market since 09/04/2015.) This is a 2006 built, 4 bedroom/4 bath/1 half-bath, 4,016 sq ft duplex/half duplex with 2 car garage. Broker comments are "This like new duplex is both elegant and functional. Each bedroom is ensuite. Two huge walk-in master closets with Martin Custom Closet systems. Gorgeous Onyx kitchen counter-tops, opens to dining and living room. Great decks and master bedroom patio includes hot tub and fireplace! Sexy rooftop deck. Separate family room with wet bar. Snow melt driveway. A/C on upper level only. Humidification throughout the home." 2015 taxes: $9,917; HOA Dues: $324 per Yr. Under Contract Date: 05/25/2016; Sold Date: 06/28/2016. (Photos and broker comments courtesy of Lorrie B Aspen)
MLS #138922 - Pyramid View, West Aspen, Vacant lot sale, 10 Maroon Drive, Aspen, CO. Sold Price: $3,250,000. More details below photos.
Aspen real estate 070316 138922 10 Maroon Drive 1 590W  Aspen real estate 070316 138922 10 Maroon Drive 2 590W  Aspen real estate 070316 138922 10 Maroon Drive 3 190H Aspen real estate 070316 138922 10 Maroon Drive 4 190H  Aspen real estate 070316 138922 10 Maroon Drive 5 190H Aspen real estate 070316 138922 10 Maroon Drive 6 190H
MLS #138922 - Pyramid View, West Aspen, Vacant Lot Sale, 10 Maroon Drive, Aspen, CO. Sold Price: $3,250,000. Asking Price: $3,600,000. (Original Price: $4,400,000 and 424 days on the market since 04/30/2015.) This is a 44,867 sq ft vacant lot. Broker comments are "Scarce one-acre single family lot in Pyramid View Subdivision with beautiful views up the Maroon Creek Valley, Aspen Highlands, and Buttermilk resorts. Five minutes to downtown Aspen and connectivity to bike paths and trails. Property overlooks the Maroon Creek Club golf course and the 7th hole. Property features privacy, mature trees along the north and south sides which screen the neighbors out, flat yard and lawn. Includes Rowland+Broughton architectural plans for 8,300 square foot home (See renderings in the Photos Tab, courtesy of Rowland+Broughton). Two Pitkin County TDR's at $400,000 are also available for purchase" 2014 taxes: $6,653; HOA Dues: TBD. Under Contract Date: 04/23/2016; Sold Date: 06/27/2016. (Photos and broker comments courtesy of Coldwell Banker Mason Morse-Aspen)
MLS #144193 - Hunter Creek, Smuggler, 1337 Vine Street, Aspen, CO. Sold Price: $640,000/$1,101 sq ft. More details below photos.
Aspen real estate 070316 144193 1337 Vine Street 1 590W  Aspen real estate 070316 144193 1337 Vine Street 2 590W  Aspen real estate 070316 144193 1337 Vine Street 3 190H Aspen real estate 070316 144193 1337 Vine Street 4 190H  Aspen real estate 070316 144193 1337 Vine Street 5 290W Aspen real estate 070316 144193 1337 Vine Street 6 290W
MLS #144193 - Hunter Creek, Smuggler, 1337 Vine Street, Aspen, CO. Sold Price: $640,000/$1,101 sq ft. Asking Price: $510,000. (Original Price: $510,000 and 42 days on the market since 05/20/2016.) This is a 1982 built, 1 bedroom/1 bath, 581 sq ft condo. Broker comments are "Attractive third floor unit with views. This solid investment property has a great rental history. It is located adjacent to the Hunter Creek pool, tennis courts and hot tubs. Easy living close to Aspen." 2015 taxes: $1,054; HOA Dues: $246 per Month. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 06/06/2016; Sold Date: 07/01/2016. (Photos and broker comments courtesy of Hunter Creek Properties)
MLS #140146 - Aspen Village, Woody Creek, Mobile Home Sale, 16 Aspen Village, Aspen, CO. Sold Price: $334,450/$232 sq ft. More details below photos.
Aspen real estate 070316 140146 16 Aspen Village 1 590W  Aspen real estate 070316 140146 16 Aspen Village 2 590W  Aspen real estate 070316 140146 16 Aspen Village 3 190H Aspen real estate 070316 140146 16 Aspen Village 4 190H  Aspen real estate 070316 140146 16 Aspen Village 5 190H Aspen real estate 070316 140146 16 Aspen Village 6 190H
MLS #140146 - Aspen Village, Woody Creek, Mobile Home Sale, 16 Aspen Village, Aspen, CO. Sold Price: $334,450/$232 sq ft. Asking Price: $339,900. (Original Price: $345,000 and 297 days on the market since 07/17/2015.) This is a 2006 built, 3 bedroom/2 bath, 1,440 sq ft single family residence on a 3,797 sq ft lot. Broker comments are "Affordable 3 Bdrm/2Ba, 24x60, 2006 mobile home (HUD),3,797 sf. lot. 8/15-Interior repainted.Open concept large living room & dining room. Vaulted ceilings. Covered front porch. No dogs allowed. Community pool, club house& gym. No HOA dues-Aspen Village has it's own Metro District. Property taxes include water, sewer, trash, common area maintenance, road maintenance, snow removal & management. Aspen School District & close to RFTA bus stop. Aspen Pitkin County Housing Authority (APCHA) has Deed Restricted Aspen Village to Resident Occupied(RO).Owner occupied only. Buyer must have worked a min. of 1 yr. prior to purchase in Roaring Fork Valley for a min. of 1,500 hrs/yr.There is no sale price restriction. All interior walls and ceilings painted throughout-2015. Check out Documents Tab for more information. Go to www.apcha.org, then to HOA Documents, then to Aspen Village, to check out Deed Restriction, etc. The it Aspen Pitkin County Housing authority's web site who controls the Deed Restriction." 2015 taxes: $2,843. Under Contract Date: 04/29/2016; Sold Date: 06/30/2016. (Photos and broker comments courtesy of Janet Mitchell & Co)
MLS #142813 - Wood Run, 1668 Wood Road, Snowmass Village, CO: Sold Price: $3,875,000/$1,017 sq ft; partial-furnished. More details below photos.
Aspen real estate 070316 142813 1668 Wood Road 1 590W  Aspen real estate 070316 142813 1668 Wood Road 2 590W  Aspen real estate 070316 142813 1668 Wood Road 3 190H Aspen real estate 070316 142813 1668 Wood Road 4 190H
MLS #142813 - Wood Run, 1668 Wood Road, Snowmass Village, CO: Sold Price: $3,875,000/$1,017 sq ft; partial-furnished. Asking Price: $4,195,000. (Original Price: $4,195,000 and 126 days on the market since 03/11/2016.) This is a 1981 built and 2011 remodeled, 4 bedroom/4 bath/1 half-bath, 3,810 sq ft single family residence with 2 car garage on a 27,396 sq ft lot. Broker comments are "The alpenglow should not be missed from this amazing ski home atop Wood Run. Remodeled in 2011, this 4 bedroom/4.5 bath home has a contemporary finish while keeping the comfortable mountain feel. Walk from the snowmelted entry into the first level with views of Snowmass Valley below. The kitchen/dining/great room offer spacious living for everyone. Master wing has private sitting and office areas. Lower level has 3 bedrooms, separate living room area, sauna and outdoor hot tub. Ski right into house from private homeowner's ski run and use Guggenheim Trail to ski out. Dial-a-ride is available during ski season, too!" 2015 Taxes: $9,466; HOA Dues: $90 per Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 03/11/2016; Sold Date: 06/30/2016. (Photos and broker comments courtesy of Douglas Elliman Real Estate-SMV)
MLS #141910 - Country Club Homes, 408 Snowmass Club Circle 8, Snowmass Village, CO: Sold Price: $2,887,500/$936 sq ft; furnished. More details below photos.
Aspen real estate 070316 141910 408 Snowmass Club Circle 8 1 590W  Aspen real estate 070316 141910 408 Snowmass Club Circle 8 2 590W  Aspen real estate 070316 141910 408 Snowmass Club Circle 8 3 190H Aspen real estate 070316 141910 408 Snowmass Club Circle 8 4 190H  Aspen real estate 070316 141910 408 Snowmass Club Circle 8 5 190H Aspen real estate 070316 141910 408 Snowmass Club Circle 8 6 190H
MLS #141910 - Country Club Homes, 408 Snowmass Club Circle 8, Snowmass Village, CO: Sold Price: $2,887,500/$936 sq ft; furnished. Asking Price: $2,999,999. (Original Price: $3,175,000 and 209 days on the market since 12/04/2015.) This is a 1981 built and 2012 remodeled, 3 bedroom/3 bath/1 half-bath, 3,083 sq ft townhouse with 2 car garage. Broker comments are "Beautifully remodeled three bedroom townhome with fantastic location in the Country Club neighborhood. Private end location with oversized deck overlooking the 11th hole of the Snowmass Golf Course with pretty views toward Burnt Mountain. Remodeled in 2012, the living areas are gracious and welcoming - perfect for your Colorado gatherings! The master bedroom and bath are conveniently located on the main level, also with direct access to deck and outdoor jacuzzi. Upstairs you will find two large guest bedrooms, each their own bath, a den and loft with office. Terrific location to the Snowmass Club, golf and cross country skiing. Also located directly on the shuttle route for easy access to skiing and around the Village. This one is really special - don't miss it!" 2015 Taxes: $6,934; HOA Dues: $19,604 per Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 04/09/2016; Sold Date: 06/30/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby's International Realty-Snowmass Village)
MLS #142814 - Melton Ranch, Vacant Lot Sale, 355 Terrace Drive, Snowmass Village, CO: Sold Price: $1,037,500. More details below photos.
Aspen real estate 070316 142814 355 Terrace Drive 1 590W  Aspen real estate 070316 142814 355 Terrace Drive 2 590W  Aspen real estate 070316 142814 355 Terrace Drive 3 190H Aspen real estate 070316 142814 355 Terrace Drive 4 190H  Aspen real estate 070316 142814 355 Terrace Drive 5 190H Aspen real estate 070316 142814 355 Terrace Drive 6 190H
MLS #142814 - Melton Ranch, Vacant Lot Sale, 355 Terrace Drive, Snowmass Village, CO: Sold Price: $1,037,500. Asking Price: $1,150,000. (Original Price: $1,150,000 and 129 days on the market since 02/16/2016.) This is a 32,547 sq ft vacant lot. Broker comments are "Exceptional 32,547 sq. foot building site located in the Melton Ranch subdivision of Snowmass Village. This lot has commanding views from Sam’s Knob to Independence Pass. Surrounded on three sides by open space, this sunny lot offers privacy and is the perfect place to build your dream home. Hurry -- since this is one of the last affordable private home sites in Snowmass Village." 2015 Taxes: $5,453; HOA Dues: $150 per Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 04/09/2016; Sold Date: 06/24/2016. (Photos and broker comments courtesy of Douglas Elliman Real Estate-SMV)

 

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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