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.
Be informed, be educated, be advised by one the town's best real estate brokers reports the 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.
Broker Associate Aspen Snowmass Sotheby's International Real Estate 300 S.Spring St #100 Aspen, CO 81611
Aspen Mountain Standard Time (MST)
Feb 2017 Low-Down
Heading into peak season: Feb-Apr. Sales activity rising significantly... 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 = > demand > premium prices; 2) Everything else = > days on market < demand > negotiable > discounts.
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 sellers.
The Jan 2017 Aspen Snowmass Real Estate Monthly Market Snapshot has been posted inCurrent Reports. The Monthly Snapshots are usually posted on or near the 1st Monday of the month. The Q4 and Year 2016 report will be released soon.
The Jan 2017 Aspen real estate market* is up 33% in unit sales and 117% in dollar volume over Jan 2016. But in Jan ‘16, the stock market was plummeting and the local real estate market went deep south. The year-to-year comparison is from a low base. Current sales are approximately 50% better than Jan 2016 and 50% less than a sizzling Jan 2015 - we’re in the middle of the past two years of performance.
Post Nov.‘16 election sales finally started picking up relative to the dismal 1st Half of 2016 caused by paralyzing political uncertainty. Sales continue to be on the rise now.
Of particular note, in Jan 2017 the number of under contracts (UC's)/Pendings exceeded Jan 2016 by 142%, (29) now versus (12) then. UC's - properties that are have gone under contract but not yet closed (and may not) - are viewed as an indicator of future activity.
*In Jan 2017, Aspen unit and dollar sales represent 67% of total Aspen and SMV combined sales.Typically, they represent 70-80% of total combined sales.
New Charts: Historic Pace of Aspen and Snowmass Village Homes, Condos and Vacant Land / Lots by Dollar Sales and Unit Sales
While many real estate professionals use dollar sales as the single metric for sales performance (it often looks 'better'), unit sales are a more accurate measure of market activity. Dollar sales can be skewed disproportionately by extreme high or low end sales.
We have learned lessons from the Great Recession: as the sales drop-off in the 2nd Half 2007 so foreshadowed the recession, sales velocity or pace, whether by dollar or unit sales, is extremely useful to consider.
Here are new charts I've recently completed: the historic pace of dollar and unit sales since 2006 with trend line for both Aspen and Snowmass Village (SMV) by all properties combined, by single family homes, by condos. and by vacant land / lots. (Fractionals, with the exception of extreme sales, are not included.) Of course, the starting point for the trend line affects its outcome....the purpose of these charts is to highlight activity since the 2006 market peak as clients often ask, "Where are we now compared to...?"
Click chart to see additional breakdown charts for Aspen and SMV by property types.
"Flip Job" Examples: See recent Before/After redevelopmentin the new Flip Jobs Section near 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 (12/28/16) as additional re-sale properties come on the market at significantly higher prices.
Market Activity Week 6, February 5 - 12, 2017
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 (5):MLS#s 146719, 143256, 143237, 144716, 142846. This link is valid until 3/14/2017.
Under Contract/Pending (16): MLS#s 140094, 140993, 139281, 142745, 141837, 142816, 144612, 145188, 146047, 146626, 146646, 147050, 147141, 147323, 147357, 147541. This link is valid until 3/14/2017.
Aspen Snowmass Solds Last Week:
MLS #144716 - East Aspen, 1235 E Cooper Avenue Units #1-8, Aspen, CO. Sold Price: $5,000,000. More details below photos.
MLS #144716 - East Aspen, 1235 E Cooper Avenue Units #1-8, Aspen, CO. Sold Price: $5,000,000. Asking Price: $5,500,000. (Original Price: $6,80,000 and on the market since 03/17/15.) This is a 22,656 sq ft multi-family vacant lot. Broker comments are "Unique development opportunity located just a few blocks east of Aspen's commercial core. This 22,656 square foot lot is zoned R-6, which will allow for up to four (4) detached homes. See Development Analysis done by Alan Richman Planning Services. There is an existing/occupied 8 unit condominiumized multi family building with 8 separate owners. There exists the potential to rezone this property to Residential Multi Family (RMF) or Affordable Housing (AH) and increase the developable Floor Area Ratio to 1.5:1. The property is being sold ''as is''. While the existing units are all occupied and could generate significant rental income to a new owner, the assumption is that the building will be torn down and the land redeveloped." 2016 taxes: $10,255; HOA Dues:$12,168 per Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 11/09/2016; Sold Date: 02/02/2017. (Photos and broker comments courtesy of Aspen Snowmass Sotheby's International Realty-Hyman Mall)
MLS #142846 - Mountain Valley, East Aspen, 100 Mountain Laurel Court, Aspen, CO. Sold Price: $2,300,000/$1,060 sq ft. More details below photos.
MLS #142846 - Mountain Valley, East Aspen, 100 Mountain Laurel Court, Aspen, CO. Sold Price: $2,300,000/$1,060 sq ft. Asking Price: $2,495,000. (Original Price: $2,795,000 and 345 days on the market since 02/29/2016.) This is a 1967 built and 2014 remodeled, 4 bedroom/3 bath, 2,169 sq ft single family residence with 1 car garage on a 19,301 sq ft lot. Broker comments are "Located at the end of a cul-de-sac on Mountain Laurel Ct., this private 19,301 sq. foot lot backs up to US Forest Service land and has water rights in a seasonal ditch adjacent to the secluded back deck. The 4-bedroom home was remodeled in 2014 creating a balance of contemporary and rustic interiors. The open living, dining and kitchen areas have vaulted ceilings, wood-burning fireplace and views towards the ridgeline of Aspen Mountain. The master suite has access to both the front and back decks, a walk-in closet and the hot tub area. Public transportation and Dial-a-ride allows for easy access to town along with the trail systems. One of the lowest priced single family homes in the Aspen area." 2015 taxes: $4,693; HOA Dues: $200 per Yr. Under Contract Date: 02/01/2017; Sold Date: 02/08/2017. (Photos and broker comments courtesy of Coldwell Banker Mason Morse-Aspen)
MLS #143237 - Chateau Chaumont, Central Core, 731 E Durant Avenue #6, Aspen, CO. Sold Price: $950,000/$1,139 sq ft; furnished. More details below photos.
MLS #143237 - Chateau Chaumont, Central Core, 731 E Durant Avenue #6, Aspen, CO. Sold Price: $950,000/$1,139 sq ft; furnished. Asking Price: $999,000. (Original Price: $1,495,000 and on the market since 02/19/08.) This is a 1968 built and 2006 remodeled, 2 bedroom/2 bath, 834 sq ft condo. It is located on the ground floor inside corner of the complex and gets indirect sun light with no views. On the plus side, it is less than 1/2 block to the Gondola and once Sky Hotel is redeveloped as a W Hotel (constructions starts spring/summer 2017) the location will be even more desirable. Broker comments are "This beautifully remodeled two bedroom, two bath Chateau Chaumont condo enjoys one of the best locations in town. Granite countertops, custom kitchen cabinets, updated bathrooms, and a wood burning fireplace are just some of the upgrades. This entry level condo opens to the spacious courtyard with hot tub and is just steps to the gondola, shopping, and restaurants. A fantastic condo to enjoy Aspen, as well as a great rental property! Actual furnishings may vary from photos." 2015 taxes: $2,237; HOA Dues: $2,250 per Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 12/01/2016; Sold Date: 02/03/2017. (Photos and broker comments courtesy of Whitman Fine Properties)
MLS #143256 - Sagewood Townhomes, West End, 910 W Hallam Street #3, Aspen, CO. Sold Price: $730,000/$834 sq ft; partial-furnished. More details below photos.
MLS #143256 - Sagewood Townhomes, West End, 910 W Hallam Street #3, Aspen, CO. Sold Price: $730,000/$834 sq ft; partial-furnished. Asking Price: $765,000. (Original Price: $825,000 and 297 days on the market since 03/28/2016.) This is a 1970 built and 2010 remodeled, 2 bedroom/1 bath, 875 sq ft condo. The complex is located on the north side of Hwy 82/ at the entry of the S-Turn coming into town from the airport. It is on the main Aspen bus line and convenient to all points. Broker comments are "Charming south facing two bedroom condo located in Aspen’s West End. Walk to the music tent, the Aspen Meadows & Institute, the golf course, and numerous hiking and biking trails. Bike or walk to town. Grab a We-Cycle across the street. Catch free buses everywhere, including all ski areas, mere steps from your front door. Open floor plan, hard wood floors, sun porch, wood burning fireplace, stainless appliances, remodeled bath with Jacuzzi tub and separate shower, washer & dryer, storage, onsite parking, and low HOA fees including everything but electric. Relax on your deck while grilling or enjoying your own private garden. Dogs allowed for owners and renters. This is the best kept secret in Aspen. Summer rental was $4,500 per month." 2015 taxes: $1,623; HOA Dues: $15,60 per Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 12/13/2016; Sold Date: 02/03/2017. (Photos and broker comments courtesy of Aspen Snowmass Sotheby's International Realty-Hyman Mall)
MLS #146719 - BANK REO SALE, Melton Ranch, 365 Sinclair Road, Snowmass Village, CO: Sold Price: $1,312,500/$384 sq ft. More details below photos.
MLS #146719 - BANK REO SALE, Melton Ranch, 365 Sinclair Road, Snowmass Village, CO: Sold Price: $1,312,500/$384 sq ft. Asking Price: $1,399,000. (Original Price: $1,600,000 and 134 days on the market since 01/21/2016. The property sold previously at $1,937,500 on 05/28/2006.) This is a 1969 built, 6 bedroom/3 bath, 3,410 sq ft single family residence with 2 car garage on a 25,087 sq ft lot. The property is located within the Aspen chool District. Broker comments are "SOLD AS-IS*BUYER TO VERIFY HOA & INFORMATION PROVIDED. Great value for this Snowmass Village single family home. Private location with stunning views. Lots of potential to make this the ski home of your dreams! Bright, open floor plan w/ vaulted ceilings. Mother in-law suite on lower level. Great outdoor living space & expansive decks with views galore. Close to hiking trails & steps to bus line. Don't miss out on this great Snowmass home! Auction will be open from 12/10-12/15/16" 2015 Taxes: $4,408; HOA Dues: $90 per Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 12/29/2016; Sold Date: 02/06/2017. (Photos and broker comments courtesy of Mercury Alliance Mountain Properties)
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 2017 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."