The Estin Report:2nd Quarter and 1st Half 2016State of the Aspen Market with narrative, charts, tables photos was posted inCurrent Reportsas 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 and July Market Snapshots are now posted.The Monthly Snapshots are posted on or near the 1st Monday of the month but June was late due to work on the 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: (The recently posted June and July 2016 YTD Market Snapshots continue the trend of poor performance heading into August.)
“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’ examplesin Miscellaneous Info Sectionat 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 34, August 21 – 28, 2016
‘Tis the season: it is typical to see a big seasonal spike in sales activity in later Aug. and Sep. as summer winds down and buyers step up to secure properties to be ready for the winter. The same thing happens at the end of the winter ski season with a big uptick in activity in Mar. and Apr. Last week, (16) properties went under contract following (20) the preceding week.
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 useSearchEstinAspenin 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 (4):MLS#s 144340, 145745, 139196 – 144879.#114340 at 1180 Black Birch was recorded as closed at $9,850,000/$1,721 sq ft unfurnished late Fri Aug 26 with the Pitkin County Clerk, but as of 08/29/16 it continues to be listed in the Aspen / Glenwood MLS as Pending. It will be posted with photos and details in next week’s blog but it is included here in this Closed link. This link is valid until 9/27/2016.
Under Contract/Pending (16):MLS#s 135744, 137800, 142387, 145208, 137407, 139985, 140335, 142464, 142718, 142878,143623, 144165, 144213, 144498, 144783, 145709.This link is valid until 9/27/2016.
Aspen Snowmass Solds Last Week:
MLS #145745 – Central Core Commercial, 228 S Mill Street, Aspen, CO. Sold Price: $5,400,000. More details below photo.
MLS #145745 – Central Core Commercial, 228 S Mill Street, Aspen, CO. Sold Price: $5,400,000. Asking Price: $5,400,000. (Original Price: $5,400,000 and 296 days on the market since 10/06/2015.) Sold Off Market. This building currently houses the Aspen Art Gallery. It is a 1890 built/1985 remodeled historic building with 1-5 units in downtown Aspen. Per Pitkin County Assessor, it is 4,300 total sf: 1,200 sf in basement level; 1,600 sf on ground level and 1,200 sf on the 2nd floor in a 1,900 sf lot. No broker comment. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 10/06/2015; Sold Date: 07/28/2016. (Photos and broker comments courtesy of Zenith Realty Advisors LLC)
MLS #139196 – Hunter Creek, Smuggler, 1045 Vine Street, Aspen, CO. Sold Price: $779,000/$761 sq ft. More details below photos.
MLS #139196 – Hunter Creek, Smuggler, 1045 Vine Street, Aspen, CO. Sold Price: $779,000/$761 sq ft. Asking Price: $779,000. (Original Price: $799,000 and 432 days on the market since 05/22/2015.) This is a 1980 built, 3 bedroom/2 bath, 1,023 sq ft condo. Broker comments are “Northeast facing 3 bedroom 2 bath Hunter Creek (HC) Condo. Located on the Hunter Creek bus line and the Galena St. Shuttle. Enjoy HC’s Pool, 2 hot tubs and 2 tennis courts. You can also enjoy both the Hunter Creek and Rio Grande trails just out your front door. Washer/Dryer tap in the unit.” 2014 taxes: $1,514; HOA Dues: $ 385 per Month. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 07/12/2016; Sold Date: 08/26/2016. (Photos and broker comments courtesy of Douglas Elliman Real Estate-Hyman Ave)
MLS #144879 – Melton Ranch, 351 Meadow Road, Snowmass Village, CO: Sold Price: $1,450,000/$669 sq ft; unfurnished. More details below photos.
MLS #144879 – Melton Ranch, 351 Meadow Road, Snowmass Village, CO: Sold Price: $1,450,000/$669 sq ft; unfurnished. Asking Price: $1,595,000. (Original Price: $1,595,000 and 65 days on the market since 06/21/2016.) This is a 1968 built, 4 bedroom/2 bath/1 half-bath, 2,166 sq ft single family residence with 2 car garage on a 21,856 sq ft lot. Broker comments are “A comfortable home on half an acre, with views, lots of light, and convenient location in the Aspen School District. Lives much larger than its size. Four bedrooms, with vaulted ceilings, plus large laundry and separate storage room. The oversized garage with separate large work room is perfect for the handyman, gardener, or those with lots of sporting equipment. Views of the ski area and Skyline Trails from front and back. Grab the school bus or free skier shuttle right out your door. Close to hiking and biking trails. Ready to personalize to your taste…lots of potential. Virtual tour under ”photos” tab. Under contract – continue to show.” 2015 Taxes: $2,437; HOA Dues: $90 per Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 07/15/2016; Sold Date: 08/25/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Snowmass Village)
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 at970.309.6163or byemail.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 Reporton Aspen Real Estate.”