The Sept 2016 YTD Aspen Snowmass Real Estate Market Snapshot was posted on Mon Oct 3rd in Current Reports. The Monthly Snapshots are usually posted on or near the 1st Monday of the month.
Sep 2016 Real Estate Transfer Tax (RETT) receipts:
These taxes are paid by real estate buyers at closing on properties within the City of Aspen and account for approximately 1.5% of the purchase price. The Affordable Housing RETT accounted for collections of $905,000 in September, down -44% from $1.63M in Sep 2015. The Wheeler Opera House RETT portion drew $485,000, down -43% from $846,276 in Sep 2015.
Bottom Line Estin Report: Sept 2016 Market Snapshot Excerpt:
"Aspen real estate sales continued their downward fall in Sept 2016, continuing the year's major slide, despite the fact that Sept is typically the biggest sales month of the year.
Everyone is asking why? What's going on? ...It isn't just Aspen. The high-end luxury market is pretty much getting decimated everywhere: the Hamptons are reportedly off by 50% this year, Miami is way off, NYC high end has crashed (developer inventory surplus cited).
There is a prevalent sense of uncertainty over any number of things: first and foremost, the US election - fear of either outcome; disarray in the oil markets effecting (or not?) Aspen's significant Texas market; a slowing global economy linked especially to China's slower growth and trade imbalances; Aspen's largest foreign buyer segment from Brazil and Australia deraileddue to, respectively, a weakened economy and a plunge in commodity prices; Brexit; Mosquitoes; Terrorism...Ambient fear - the looking over of one's shoulder - what are we missing that's going to blow up, 2008 crisis-like, all over again?...Who knows ..?
All of which have combined to take many buyers out of the market. Yet the time of maximum uncertainty is very often the best time to get into the market."
The Estin Report: 2nd Quarter and 1st Half 2016 State of the Aspen Real Estate Market with narrative, charts, tables photos was posted in Current Reports as PDF (v6.6) July 20. The print edition is available at kiosks around town, at Sothebys/415 E. Hyman Mall, Sothebys/300 S. Spring St and at the airport.
Click cover above for Exec. Summary and full 28-Pg Report PDF
Excerpt from 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 40, October 2 - 9, 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 140406, 137800, 139293, 142718, 143623, 144498. This link is valid until 11/8/2016.
Under Contract/Pending (14): MLS#s 145811, 120210, 135793, 134311, 140408, 140416, 141789, 142839, 143235, 143906, 144023, 145479, 145636, 146108. This link is valid until 11/8/2016.
Aspen Snowmass Solds Last Week:
MLS #143623 - West Aspen, 1560 Silver King Drive, Aspen, CO. Sold Price: $5,625,000/$1,079 sq ft; furnished. More details below photos.
MLS #143623 - West Aspen, 1560 Silver King Drive, Aspen, CO. Sold Price: $5,625,000/$1,079 sq ft; furnished. Asking Price: $5,850,000. (Original Price: $5,850,000 and 179 days on the market since 04/19/16. The seller bought the property for $5.1M/$979 sq ft on 1/14/11.) This is a 2007 built, 4 bedroom/5 bath/1 half-bath, 5,209 sq ft duplex/half-duplex with a 2 car garage on a 16,117 sq ft lot. Broker comments are "Enjoy spectacular unobstructed views of 14,018 ft. Pyramid Peak from the living room, dining room and master suite. Floor to ceiling Weiland doors walk out to a private south facing front patio with views of Ajax, Highlands, and Tiehack. The mountain contemporary design by Zone 4 Architects boasts high ceilings, abundant light and an open floor plan. An oversized two-car garage with built-ins, sink and bike rack provide plenty of storage. Located in a desirable West Aspen neighborhood on a quiet street, below Red Butte open space, convenient to downtown, and close to the Aspen golf course and Nordic Center." 2016 taxes: $17,700. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 08/20/2016; Sold Date: 10/04/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby's International Realty-Hyman Mall)
MLS #140406 - Aspen Village, Woody Creek, 17 Aspen Village, Aspen, CO. Sold Price: $535,000/$246 sq ft; unfurnished. More details below photos.
MLS #140406 - Aspen Village, Woody Creek, 17 Aspen Village, Aspen, CO. Sold Price: $535,000/$246 sq ft; unfurnished. Asking Price: $575,000. (Original Price: $625,000 and 440 days on the market since 06/26/2015.) This is a 2008 built, 4 bedroom/3 bath/1 half-bath, 2,173 sq ft single family residence on a 3,995 sq ft lot. Broker comments are "Quaint, comfortable home located on the edge of Aspen Village. Fabulous yard in front and views out the back, this home is a ''must see''. Wonderful pool for family and friends, along with a Club House area are just 2 of the amenities. Plenty of storage." 2016 taxes: $3,339. Under Contract Date: 07/20/2016; Sold Date: 10/05/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby's International Realty-Spring Street)
MLS #137800 - Country Club Homes, 124 Harleston Green 45, Snowmass Village, CO: Sold Price: $1,562,500/$667 sq ft; furnished. More details below photos.
MLS #137800 - Country Club Homes, 124 Harleston Green 45, Snowmass Village, CO: Sold Price: $1,562,500/$667 sq ft; furnished. Asking Price: $1,695,000. (Original Price: $1,895,000 and 590 days on the market since 02/23/2015.) This is a 1982 built and 2011 remodeled, 4 bedroom/3 bath/1 half-bath, 2,340 sq ft townhouse with 1 car garage. Broker comments are "This Country Club Home is well located, and has four bedrooms plus a loft. Newly remodeled, with a floor plan to handle the entire family comfortably. Open kitchen, dining and living room includes everyone in the days adventure telling. Close to skiing, golf and all the other outdoor activities that Snowmass has to offer. The Snowmass Club is just a short stroll away for true country club living. Great views outside of the whole ski area and the 12th hole. A great four season home that the whole family can enjoy." 2015 Taxes: $4,931; HOA Dues: $3,675 per Qtr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 08/23/2016; Sold Date: 10/06/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby's International Realty-Snowmass Village)
MLS #142718 - Capitol Peak, 110 Carriage Way 3404, Snowmass Village, CO: Sold Price: $1,525,000/$1,030 sq ft; furnished. More details below photos.
MLS #142718 - Capitol Peak, 110 Carriage Way 3404, Snowmass Village, CO: Sold Price: $1,525,000/$1,030 sq ft; furnished. Asking Price: $1,799,000. (Original Price: $1,850,000 and 235 days on the market since 02/11/2016.) This is a 2008 built, 3 bedroom/3 bath, 1,480 sq ft condo on a 1,480 sq ft lot. Broker comments are "Prime Base Village Location! Great views of Snowmass and the entire Base Village from Elk Camp to Fanny Hill from this gorgeous top floor 3 bed/ 3 bath condo with a deck. Expert or beginner skiers can enjoy this turn-key ski in/ski out property and the convenience of your own ski locker at the front door of the building. Vaulted ceilings throughout, and washer and dryer in unit. Full amenity package with restaurants, entertainment, and shopping at your leisure. Begin enjoying the good life today!" 2015 Taxes: $8,834; HOA Dues: $5,471 per Qtr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 08/23/2016; Sold Date: 10/03/2016. (Photos and broker comments courtesy of Douglas Elliman Real Estate-SMV)
MLS #144498 - Country Club Villas, 150 Snowmass Club Circle Unit #1616, Snowmass Village, CO: Sold Price: $717,500/$589 sq ft; furnished. More details below photos.
MLS #144498 - Country Club Villas, 150 Snowmass Club Circle Unit #1616, Snowmass Village, CO: Sold Price: $717,500/$589 sq ft; furnished. Asking Price: $785,000. (Original Price: $785,000 and 2,126 days on the market since 07/28/2010.) This is a 1987 built and 2015 remodeled, 3 bedroom/3 bath, 1,218 sq ft condo. Broker comments are "A spacious 3 bedroom that has all the amenities for year-round enjoyment. Enjoy the sought after direct views of Mt. Daly and the ski area. Located on the golf course with easy access to four ski areas, including cross country skiing right out the door. A membership to the Snowmass Club is included, which has lap and rec pools, a 20,000 sf indoor gym, indoor and outdoor tennis, spa, classes and kid's programs. Golf is only a $35 cart fee. New carpet, paint, appliances and upgraded electronics." 2015 Taxes: $1,968; HOA Dues: $3,365 per Qtr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 08/18/2016; Sold Date: 10/05/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby's International Realty-Snowmass Village)
MLS #139293 - Country Club Villas, 240 Snowmass Club Circle #1420 1420, Snowmass Village, CO: Sold Price: $625,000/$554 sq ft; furnished. More details below photos.
MLS #139293 - Country Club Villas, 240 Snowmass Club Circle #1420 1420, Snowmass Village, CO: Sold Price: $625,000/$554 sq ft; furnished. Asking Price: $649,000. (Original Price: $675,000 and 2,147 days on the market since 09/13/2009.) This is a 1984 built and 2010 remodeled, 2 bedroom/2 bath, 1,128 sq ft condo. Broker comments are "Relax and enjoy your time in Snowmass while owning a delightful property. Club Villa 1420 is located on the end of the coveted 1400 building with an extra window offering more natural light than the other 2-bedrooms. The expansive deck can be accessed from the main living area and the master bedroom. The second bathroom has an added entrance so it can easily be used as a powder room or private access from the guest bedroom. On-site management handles all of the details for you and your rental guests. All of the Snowmass Club's amenities including the pool, fitness center and the Jim Engh golf course, is available through the Villa Gold membership. This unit has a great rental history and has a designation as ''Premier''. When you buy this Villa, you will never waste another vacation." 2015 Taxes: $2,179. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 09/05/2016; Sold Date: 10/03/2016. (Photos and broker comments courtesy of Douglas Elliman Real Estate-SMV)
Recent Estin Report tweets on Aspen Real Estate
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."