We are witnessing a wave of significant Aspen and Snowmass real estate price reductions as the summer season comes to a close. The limited number of sellers who are ahead of this price downdraft are benefiting the most, namely with buyer’s recognition of value now, and consequently, increased showings and interest, and in some cases, a sale.
According to the Snowmass Sun, an unbelievable statistic came up at an Aspen real estate presentation two weeks ago: “67% of currently active properties listed in 2006 and 2007 have not lowered their original asking price and yet, wasn’t the market stronger then? …There is a glut of overpriced inventory, the MLS book is phone book sized at 3.5lbs..”
The “Magic $ Numbers” at which Aspen & Snowmass single family homes seem to be closing are:
- Newer construction at under $1,000 sq ft. for distressed new developer inventory. Although the screaming deals at $650-$800 sqft from earlier in the year have largely disappeared, in past 4-5 weeks there have been a number of new construction/developer/builder deals in $950-$1,000 sq ft. range. Of course, there are major exceptions to this $1,000 sq ft ‘marker’ where a few newer properties have closed at well above this mark.
- Consistently, Aspen deals are closing at pproximately 30% discount to original prices for properties listed from more than 1 year ago. There are exceptions to this but a discount range of 25%-35% of the original list price over a year old is the spread it seems to take to close a deal.
- Developer/builder new product and/or builders with product for sale that has to be moved because of a need to liquidate holdings due to falling values and/or loan deadlines … these situations generally appear to have the better “value” pricing. Builder sellers also tend to be more serious, realistic. Sniff these out, and you are likely to get some of the best priced inventory available. Call me for more information. 970-920-7387
Closed (4): MLS #’s 104767, 109019, 108966, 105171. Link is valid to 9/15/09
- MLS # 104767 – 100 E. Cooper, Der Berghof Condo, Downtown Aspen – Ask Price: $1.199M; Sold Price: $987,500/$1,170 sq ft. ( -29% off Original Price $1,399,000). This is a downtown Aspen 2 Bdrm/2 Bath, 844 sq ft, contemporary condo remodeled in 2005.Days on the market 469.
- MLS # 109019 – 36 View Ridge Ln, Snowmass Village: Ask Price: $3.595M; Sold Price: $2.925M/735 sq ft. (-19% off Original Ask price). This is a Ridge Run/Snnowmass single family home, 4Bdrm/4Bath/2 Half Bath, 3980 sq ft, Built 1977/2000 remodel, on .69 acres. Days on the market 212.
- MLS # 108966 – 101 Burnt Mountain, Owl Creek Townhome, Snowmass Village. Ask Price: $4.875M; Sold Price: $3.5M/$906 sq ft. (- 33% off Original Price of $5.25M). This is a 4 bdrm/4.5 bath, 3862 sq ft, 1997 built, ski-in/ski-out townhome in the Two Creeks area of Snowmass Ski resort. 235 days on market.
- MLS # 105171 – 82 Eastwood Dr., Mountain Valley Subdivision, .5 miles from downtown Aspen. Ask Price: $6.25M; Sold Price: $5.5M/$944 sq ft (-37% off Original Price of $8.75M). New 2008 luxury single family home, 5 bdrm/4 Bath/2 Half Bath, 5823 sq ft, on 1/3 acre. This was a real estate agent’s development project. Construction began during the later months in 2006. 448 days on the market.
Under Contracts/Pending (6): MLS #’s 111290, 111385, 109765, 106773, 104232, 111261. Link is valid to 9/15/09
- MLS # 111290 – 915 E. Hopkins #7, Pioneer Condos, Downtown Aspen. Original Ask Price: $675,000/$1,247 sq ft. This is a top floor large in-town studio. 541 sq ft, built 1977/remodeled 2009, 81 days on the market.
- MLS # 111385 – 901 E. Hyman #2, Chateau Blanc condo, Downtown Aspen. Ask Price: $895,000/$964 sq ft.. Ground floor 2 bdrm/2 bath, 928 sq ft, built 1966/remodeled 2006. Days on the market 223.
- MLS # 109765 – 718 S. Mill St. #6, Fasching Haus Condos, Downtown Aspen. Original List Price: $2.35M; Ask Price: $1.9M/$1,523 sq ft. 3 bdrm/3 bath, 1,247 sq ft condo near the base of Aspen Mountain, built 1965/ remodeled 2005. Days on the market 171.
- MLS # 106733 – 605 Horse Ranch Subdivision, Snowmass Village. Original Price: $3.45M; Ask Price: $2.85M/$877 sq ft. This is a 1998 single family home 4 bdrms/4.5 Bath, 3,248 sq ft, on .19 acres. This is the best value in Horse Ranch, a mid-to-late 1990’s Snowmass subdivision where prices peaked in 2007 typically in $4-6M range. This will be a benchmark sale for the area when it closes. 377 days on the market.
- MLS # 104232 – 736 W. Smuggler, West End Aspen. Original List Price: $4.8M; Ask Price: $3.85M/$1,188 sq ft. This is a 4 bdrm/3.5 bath, 3,240 sq ft duplex property built in 1991/remodeled 1994. It is a remodel candidate and has been on the market 503 days.
- MLS # 111261- 1000 E. Hopkins, Downtown Aspen. OriginalList Price: $5.9M; Ask Price: $4.8M/$1,456 sq ft. Aspen Core townhome with great volume entertainment spaces. On front side of home is Aspen Mtn view and on back is Roaring Fork River frontage. with lots of decks, patios and rooftop hot tub. 3 bdrm/3 bath, 3,297 sq ft., built in 1996. Days on market 157.