The Estin Report: 2nd Quarter and 1st Half 2016 State of the Aspen Market with narrative, charts, tables photos was posted in Current Reports as PDF (v6.6) late Wed. July 20. The print edition is available at kiosks around town, at Sothebys/415 E. Hyman Mall, at Sothebys/300 S. Spring St opposite the new Aspen Art Museum and at the airport. The June Market Snapshot will be posted this week. The Monthly Snapshots are posted on or near the 1st Monday of the month but June is late due to work on the big half year report.
Click cover above for Exec. Summary and full 28-Pg Report PDF
Excerpt from 2nd Quarter and 1st Half 2016 Report Executive Summary :
"In the 1st Half of 2016, the combined Aspen Snowmass real estate market turned down suddenly and sharply. The total dollar volume of sales fell 43% from $700M in H1 2015 to $396M in H1 2016. Units sales, the more reliable indicator of market activity, dropped 38% from (230) sales in H1 2015 to (143) sales in H1 2016.
The Aspen real estate market alone, typically accounting for 70-80% of the total combined Aspen Snowmass marketplace but 66% in H1 2016, experienced its worst first half year since H1 2010 in unit sales and its worst in dollars sales since H1 2009 - periods in the grip of the economic crisis and indeed the bleakest of the bleak.
The 1st Half 2016 market performance is a stunning reversal from the sizzling market of 2015 when sales in a number of categories and neighborhoods were the best of the past ten years. The past 6 month slowdown combined with the increase of active listings for sale is a recipe for prices to fall.
At present, the market has shifted to the favor of buyers..."
See recent Before/After redevelopment 'flip job' examples in Miscellaneous Info Section 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 29, July 17 - 24, 2016
Aspen Snowmass real estate weekly sales and under contract activity appears below for all Aspen, Snowmass Village, Brush Cr 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 (6): MLS#s 134931, 144480, 145191, 141222, 142139, 144537. This link is valid until 8/24/2016.
Under Contract/Pending (11): MLS#'s: 141938, 140973, 139196, 139836, 142985, 142426, 143962, 144818, 144879, 144972, 145120. This link is valid until 8/24/2016.
Aspen Snowmass Solds Last Week:
MLS #134931 - Red Mountain vacant lot, 34 Placer, Aspen, CO. Sold Price: $6,200,000. More details below photos.
MLS #134931 - Red Mountain vacant lot, 34 Placer, Aspen, CO. Sold Price: $6,200,000. Asking Price: $7,350,000. (Original Price: $7,350,000 and 3,175 days on the market since 08/13/2007.) This is a .93 acre, 40,511 sq ft, single family vacant lot. Located on the first Red Mountain bench on the east side of the road. Broker comments are "This Red Mountain lot is situated on the desirable Placer Lane, just minutes from downtown Aspen. Nearly an acre in size with amazing views of Aspen Mountain and the twinkling lights of town. It already has approval to build up to a 9,550 square foot home. Includes water rights to the Duroux Ditch, which entitle the homeowner to develop a pond or stream on the property." 2015 taxes: $49,467. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 06/25/2016; Sold Date: 07/19/2016. (Photos and broker comments courtesy of Coldwell Banker Mason Morse-Aspen)
MLS #144480 - Durant Condos, Central Core, 738 S Galena Street 2C, Aspen, CO. Sold Price: $ 2,650,000/$2,133 sq ft; furnished. More details below photos.
MLS #144480 - Durant Condos, Central Core, 738 S Galena Street 2C, Aspen, CO. Sold Price: $ 2,650,000/$2,133 sq ft; furnished. Asking Price: $2,750,000. (Original Price: $2,750,000 and 45 days on the market since 06/07/2016.) This is a 1969 built and 2008 remodeled, 3 bedroom/2 bath, 1,242 sq ft condo. Broker comments are "There is no finer location than this 3 bedroom 2 bath Durant Condominium. Ski in and ski out from this beautifully remodeled condo. A complete and extensive remodel of the exterior is done. You will find a subtle mountain modern makeover as the platform for extraordinary mountain views. Add a swimming pool and hot tub to the convenience of walking to all that Aspen has to offer and you have something very special. Other amenities include off street parking, only one level up so very few stairs, excellent rental possibilities, locker ski storage, onsite management, wood burning fireplace and pets allowed owners. Remodled in 2008 and refurbished in 2016." 2015 taxes: $3,716; HOA Dues: $3,962 per Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 06/18/2016; Sold Date: 07/22/2016. (Photos and broker comments courtesy of Aspen Associates Realty)
MLS #145191 - Alpine Grove AABC, West Aspen, 420 Pacific Avenue Unit D, Aspen, CO. Sold Price: $ 510,000/$742 sq ft; unfurnished. More details below photo.
MLS #145191 - Alpine Grove AABC, West Aspen, 420 Pacific Avenue Unit D, Aspen, CO. Sold Price: $ 510,000/$742 sq ft; unfurnished. Asking Price: $510,000. (Original Price: $510,000 and 64 days on the market since 04/28/2016.) Condo unit is located at the Aspen Business Center. This is a 1973 built and 2003 remodeled, 2 bedroom/1 bath/1 half-bath, 687 sq ft condo. Broker comments are "Sold before MLS" 2015 taxes: $767; HOA Dues: $1,275 per Qtr. Under Contract Date: 07/01/2016; Sold Date: 07/01/2016. (Photos and broker comments courtesy of FSBO)
MLS #141222 - Old Snowmass, 805 Snowmass Creek Road, Snowmass, CO: Sold Price: $ 2,405,000/$435 sq ft; partial-furnished. More details below photos.
MLS #141222 - Old Snowmass, 805 Snowmass Creek Road, Snowmass, CO: Sold Price: $ 2,405,000/$435 sq ft; partial-furnished. Asking Price: $2,650,000. (Original Price: $2,650,000 and 875 days on the market since 10/09/2014.) This is a 1977 built and 2005 remodeled, 5 bedroom/4 bath/1 half-bath, 5,519 sq ft single family residence with 2 car garage on a 174,240 sq ft lot. This is the former home of The Eagles founding member, Glen Frey. Broker comments are "Enjoy the serenity of Snowmass Creek from this inviting 4 acre parcel. Bordering BLM land, this beautiful creekside setting offers solitude and privacy from the classic log home that features 4 bedrooms, 3.5 baths, 5,026 square feet, inviting Ralph Lauren furnishings, walnut floors, gourmet kitchen, gracious entertaining areas, 2 wood-burning fireplaces, office/workout room, 720 square foot two car garage, detached caretaker’s studio cabin with 1 bedroom, 1 bath & 493 sq ft, tennis court, expansive lawn, and old growth trees for a coveted getaway. Additional parcels for sale. Refer to MLS #136466 & #141221 and to MLS #141223 for all parcels combined." 2015 Taxes: $16,177. Under Contract Date: 06/19/2016; Sold Date: 07/22/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby's International Realty-Hyman Mall)
MLS #142139 - Old Snowmass Vacant Lot / Land, 354 Snowmass Creek Rd., Snowmass, CO: Sold Price: $515,000. More details below photos.
MLS #142139 - Old Snowmass Vacant lot / Land, 354 Snowmass Creek Rd., Snowmass, CO: Sold Price: $515,000. Asking Price: $550,000. (Original Price: $550,000 and 1,290 days on the market since 04/17/2013.) This is a 5.86 acre, or 255,479 sq ft, single family vacant lot. Broker comments are "Come see this gorgeous property on Snowmass Creek Road. The property is 58.65 acres overlooking Snowmass Creek with views South looking towards Old Snowmass and West looking up the Roaring Fork Valley. This is a great development opportunity, with 5,750 SF of FAR. The property shares a driveway with Lot 2, a 1 acre lot with an additional 5,750 SF FAR, which is also on the market and could be purchased together to create a family compound, See MLS #142137. This property is 14 miles from Aspen and a short drive to some of the best hunting and fly fishing in the country. It also stands at a very short distance from the Roaring Fork Club, an incredible Private Club and Golf Course." 2014 Taxes: $5,025. Under Contract Date: 04/27/2016; Sold Date: 07/15/2016. (Photos and broker comments courtesy of Aspen Associates Realty)
MLS #144537 - Wild Oak, 478 Oak Ridge Road, Snowmass Village, CO: Sold Price: $ 2,195,000/$551 sq ft; unfurnished. More detals below photos.
MLS #144537 - Wild Oak, 478 Oak Ridge Road, Snowmass Village, CO: Sold Price: $ 2,195,000/$551 sq ft; unfurnished. Asking Price: $2,195,000. (Original Price: $2,195,000 and 37 days on the market since 06/11/2016.) This is a 1975 built and 1998 remodeled, 5 bedroom/4 bath, 3,978 sq ft single family residence with 2 car garage on a 178,596 sq ft lot. Broker comments are "Tremendous views and great value in Snowmass Village. Located on a private 4.1 acre lot and overlooking the Snowmass Golf Course, this sunny home enjoys 360 degree views including the Snowmass Ski Slopes, Aspen Mountain and the Continental Divide. The open floor plan has vaulted ceilings with floor to ceiling windows throughout the home. The home consists of 5 bedrooms, 3 baths, an office, TV room PLUS a one bedroom/one bath ADU with private entrance. The outdoor living spaces are just as great with large decks and a nice flat yard area for kids and dogs. PLUS this is one of the few areas in Snowmass that is also a horse property! Located just minutes from the slopes, this property has been priced to sell!" 2015 Taxes: $10,292; HOA Dues:$90 per Yr. Under Contract Date: 06/17/2016; Sold Date: 07/18/2016. (Photos and broker comments courtesy of Coldwell Banker Mason Morse-Aspen)
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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 email. The 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."