Aspen Real Estate Market  Last Week’s Sales:  Mar 29 – Apr 5, 2020 – Week 14

Closed (8) + Under Contract / Pending (1).  [To view the new blog post, you may have to “Clear your Browser Settings”. Go to: Chrome browser/more tools/clear browsing data.]  

•The Estin Report Aspen Snowmass real estate Mar 2020 market snapshot was posted Tue April 7th in Current Reports.

Bottom Line:  Aspen and Snowmass real estate market activity has declined dramatically in the past 4 weeks. The Estin Report has created a downloadable Aspen and Snowmass Village chart series documenting fall throughs (deals that didn’t close), under contracts and solds in Feb and Mar 2020 vs same period 2019. Links to these are on Top Page 1 of the snapshot.

On average, sales through March are fairly even with last year – but these were mostly sales that went under contract in Feb and earlier in March. We’ve yet to see the slowdown’s effect on actual sales as there is generally a 30-60 day lag time from under contract to closing.

A big winner has been properties sold at $10M and over where there were (5) sales in Mar ’20 versus (0) last March. Sales of this high-end class are up 50% through March ’20 YTD, (9) now vs (6) last year.

But the big hit due to Covid-19 is unfolding now where Fall Throughs and Under Contracts are present and future indicators.

Here are some key metrics for Aspen only:

  • Mar + Feb 2020 Fall Through’s* (16) vs Mar + Feb 2019 Fall Throughs (2), up 700%.
  • Mar + Feb 2020 UC’s (23) vs Mar + Feb 2019 UC’s (52) 52, down 56% YOY.
  • Mar + Feb 2020 Solds (16) vs Mar + Feb 2019 Solds (31), down 48% YOY.*Fall Through is defined as when a property under contract falls through and the deal does not successfully close.

Snowmass Village only key metrics:

  • Mar + Feb 2020 Fall Through’s (9); Mar + Feb 2019 Fall Throughs (1), up 800%
  • Mar + Feb 2020 UC’s (19); Mar + Feb 2019 UC’s = (37), down 49% YOY.
  • Mar + Feb 2020 Solds (26); Mar + Feb 2019 Solds = (23), up 13% YOY.*Fall Through is defined as when a property falls through and the deal does not successfully close.

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•As of Mar 23rd, anecdotally there were about 30 properties under contract in Aspen. Approximately  30-35% of those have terminated over the past two weeks as a direct result of the economy and coronavirus concerns. There have been (3) properties put under contract since March 9th. (I will be releasing the March 2020 Market Snapshot in the next few days and some adjustments to these figures may result.) Since then, there have been very limited property showings. Like everywhere else, Aspen is closed for non-essential business and the ski mountains have been shut down a month early. At the same time, there are buyers starting to look for “deals” which may only be fully realized with actual written offers put in front of sellers.

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•March 9, 2020: Things were fine until they weren’t. Today, as this is written, we face great uncertainty with the coronavirus and financial market upheavals. Markets have changed dramatically almost overnight and the Aspen real estate market is obviously in this mix. We are in uncharted moment(s), and one’s circumstances may or may not be uniquely different. Here are some lessons culled from the financial crisis a decade ago.
•As over 60-70% of Aspen real estate transactions are cash, historic record low mortgage rates may have little impact on sales. But with money so cheap, perhaps this will incentivise buyers to step up.
•Price reductions may offset a slowing market and smart, maybe prescient, motivated sellers may want to get ahead of global financial disruptions with pre-emptive price reductions or be prepared to wait out the crisis.
•Buyers may want to step up with aggressive offers. The only way to know the motivated level of a seller is to put an offer in front of them. All else is talk and speculation.
•One thing is sure: when uncertainty prevails, opportunities arise.
•But it’ll take time for prices to come down, if at all. The market is still where its been. We don’t have recent sales to indicate the market has changed yet.
•Sellers who had the fortitude to get ahead of the falling knife of the 2007-2009 financial crisis faced far less loss than those who clung on and followed the market down.
• Buyers who had the cash and fortitude to step up and make purchases in the heart of darkness when risk was greatest were well rewarded over time.

The Feb YTD 2020 Market Snapshot has been posted in Current Reports. March 2020 YTD will be posted later today, Mon Apr 6th.

The new Estin Report: Aspen Snowmass Real Estate Market 2020 ws  is available for PDF download in the Current Reports section. The print version is available at Aspen racks at Galena St/Aspen Chamber Info Booth, Snowmass Village Center, Clarks Market, at Sothebys at 415 E Hyman on the mall and Sothebys at 300 S. Spring St opposite the Art Museum and at the ASE/Pitkin County Airport.

   

Quarterly and Annual Charts just posted: Estin Report Q1 2008 – Q4 2019: Aspen & Snowmass Historic Real Estate Market Performance Charts by Property Types and Dollar & Unit Sales  These charts are broken down by each market, Aspen and Snowmass, and by property types: single family homes, condos and vacant land and compare  sales  to prior years starting at 2008.  They answer the question “Where are we now compared to prior periods?” and indicate market direction with trend lines.

   
          Aspen & Snowmass Village Historic Real Estate Sales Chart Series

Blog Post: Mar 29 – Apr 5, 2020 Aspen CO real estate market activity, Week 14

Weekly Aspen and Snowmass Village, CO real estate sales activity appears below for sold and under contracts properties in the upper Roaring Fork Valley over $250,000 – for Aspen, Snowmass Village, Brush Cr Village, Woody Creek and Old Snowmass. Fractional sales are not included. Photos and written descriptions of sold properties are posted here as the MLS links below expire after 30 days. For earlier dates, see the Estin Report blog archives starting in 2008 at the bottom of the page. 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 (8):  Most of these properties went under contract pre-March Covid-19 restrictions. MLS#s: 153542, 154729, 157057, 157125, 158726, 160070, 162335, 162470.  This link is valid until 5/5/2020.

Under Contract/Pending (1): MLS#s: 162424.  This link is valid until 5/5/2020.

Sold Properties Last Week:

MLS #162470 – Bell Mountain, Central Core, 700 E Cooper Avenue, Aspen, CO: Sold Price: $10,200,000/$2,344 sq ft; partially furnished. Sold Date: 03/30/2020. More details below photos.

MLS #162470 – Bell Mountain, Central Core, 700 E Cooper Avenue, Aspen, CO: Sold Price: $10,200,000/$2,344 sq ft; partially furnished. Sold Date: 03/30/2020. Aspen townhomes for sale. Ask Price: $13,750,000. (Original Price: $14,499,000 and 161 days on the market since 10/03/2019.) This is a 2000 built, 4 bedroom/4 bath/1 half-bath/1 bonusroom, 4,350 sq ft townhome with 3 car garage. Broker comments are “Rarely available Bell Mountain townhome for the most discerning buyer. This impeccably designed central core townhome is located on the corner of Spring and Cooper one block from the Aspen Mountain gondola. There has been no compromise in the level of finish, featuring a turn-key mountain interior apropos to Aspen. What everyone is looking for-fifty-yard line Aspen Mountain views and arguably the best and most convenient location in all of Aspen. The corner unit’s open floorplan lends itself to entertaining and the dramatic views are captured from the great room, dining area, kitchen, and master bedroom. The townhome features four generous en-suite bedrooms, a second entertaining area, hot tub, terraces, underground parking, two storage units, and an elevator accessing all floors. In addition, there is 100% ownership of a beautiful deed restricted category 2 one-bedroom caretaker condo complete with it’s own private entrance and parking spot.” 2019 taxes: $17,977; HOA Dues: $40,000. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 02/28/2020; Sold Date: 03/30/2020. (Photos and broker comments courtesy of Compass Aspen)

MLS #160070 – Starwood, McLain Flats, 800 Eppley Drive, Aspen, CO: Sold Price: $6,750,000/$1,269 sq ft; furnished. Sold Date: 04/02/2020. More details below photos.

MLS #160070 – Starwood, McLain Flats, 800 Eppley Drive, Aspen, CO: Sold Price: $6,750,000/$1,269 sq ft; furnished. Sold Date: 04/02/2020. Aspen homes for sale. Ask Price: $7,595,000. (Original Price: $7,595,000 and 283 days on the market since 06/24/2019.) This is a 1997 built and 2019 remodeled, 4 bedroom/3 bath/1 half-bath, 5,315 sq ft singel family home with 3 car garage on a 2.16 acres lot. Broker comments are “Pristine Contemporary home with open floor plan and large family room, gym, private hot tub, gourmet kitchen, approx. 1400 bottle wine room plus 4 stall barn for studio or storage. Unobstructed spectacular views from Independence Pass to Mt. Sopris. (PURCHASE PRICE INCLUDES NEW 4TH BATHROOM & CLOSET)” 2018 taxes: $26,096; HOA Dues: $340. Under Contract Date: 02/17/2020; Sold Date: 04/02/2020. (Photos and broker comments courtesy of Engel & Volkers)

MLS #162335 – Red Mountain, 476 Wrights Road, Aspen, CO: Sold Price: $6,500,000/$1,341 sq ft; furnished. Sold Date: 04/02/2020. More details below photos.

MLS #162335 – Red Mountain, 476 Wrights Road, Aspen, CO: Sold Price: $6,500,000/$1,341 sq ft; furnished. Sold Date: 04/02/2020. Aspen homes for sale. Ask Price: $7,750,000. (Original Price: $7,750,000 and 992 days on the market since 06/20/2016.) This is a 2002 built and 2005 remodeled, 5 bedroom/5 bath/1 half-bath, 4,844 sq ft singel family home with 2 car garage on a 1 acre lot. Broker comments are “Location, location, location. A private setting on Red Mountain offering unparalleled views of Aspen Mountain, city lights and dramatic view of Independence Pass, Highlands, Buttermilk and Maroon Bells. A generous one acre lot, enhanced with Aspen/ Evergreen trees provides privacy. Expansive decking on all floors offering tremendous views. ”V3” View, vision and value. Whether your client is a value buyer (there is no better Red Mtn setting and house with these dramatic views and ambiance at this price) or a buyer with vision to redesign and create a mountain modern home- there is no replacing this home’s superb views. All bedrooms are ensuite and four of the five walk out to their own terrace. The great room features 20 foot ceilings with massive windows and large stone fireplace. The open floor plan provides a dining room, wonderful chef’s kitchen and walk out terrace all great for entertaining large groups of friends and family … all with the same breathtaking views. This is one of the only Red Mountain homes where all square footage is above grade. Additionally, 1800 square feet of decks which offer spectacular views, brand new hot tub, elevator, great rental income and the ability to tailor this irreplaceable property with unparalleled views to your own lifestyle make this a very special opportunity. V3: View, Vision and Value.” 2019 taxes: $17,346. Under Contract Date: 01/23/2020; Sold Date: 04/02/2020. (Photos and broker comments courtesy of Compass Aspen)

MLS #154729 – Fifth Ave Condo, Central Core, 800 S Mill Street 303, Aspen, CO: Sold Price: $3,285,000/$1,943 sq ft; furnished. Sold Date: 03/31/2020. More details below photos.

MLS #154729 – Fifth Ave Condo, Central Core, 800 S Mill Street 303, Aspen, CO: Sold Price: $3,285,000/$1,943 sq ft; furnished. Sold Date: 03/31/2020. Aspen condos for sale. Ask Price: $3,495,000. (Original Price: $3,795,000 and 651 days on the market since 06/18/2018.) This is a 1965 built and 2018 remodeled, 4 bedroom/3 bath/1 loft, 1,690 sq ft condo. Broker comments are “Presenting an opportunity to purchase a newly remodeled condo inside and out. This 4bd/3ba loft is 1,690 square feet and sleeps 8. The 4th bedroom is a loft.. It is situated on the top floor with North facing views of Aspens Core and South facing. views of Aspen Mountain. It has 20” plus vaulted ceilings in the living area and two private entrances. 2 balconies. High-end Bosch kitchen appliances. Ski locker. Ski-in/ski-out. Wood-burning fireplace. Generous storage. Custom high-end cabinetry in kitchen and baths. Offered with two electric scooters and one year of concierge service! This property makes an excellent rental, rental proforma attached to this listing.” 2017 taxes: $4,399; HOA Dues: $4,337 per Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 03/01/2020; Sold Date: 03/31/2020. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)

MLS #158726 – Aspen Villas, West End, 814 W Bleeker Street E2, Aspen, CO: Sold Price: $1,600,000/$1,028 sq ft; furnished. Sold Date: 04/03/2020. More details below photos.

MLS #158726 – Aspen Villas, West End, 814 W Bleeker Street E2, Aspen, CO: Sold Price: $1,600,000/$1,028 sq ft; furnished. Sold Date: 04/03/2020. Aspen townhomes for sale. Ask Price: $1,675,000. (Original Price: $1,850,000 and 357 days on the market since 04/12/2019.) This is a 1972 built and 2017 remodeled, 2 bedroom/2 bath, 1,556 sq ft condo. Broker comments are “Beautifully renovated two-bedroom, two-bath townhome offers the ideal space for entertaining. Stunning kitchen with waterfall limestone countertop and bar seating opens to a spacious living with gas fireplace. Step outside and catch the game on your outdoor TV. Large master suite highlights an office nook, walk in-closet, oversized tub and radiant heat flooring. Guest bedroom includes an enclosed steam shower and radiant heat flooring. Conveniently located on the bus route, which makes travel to/from Aspen and Snowmass seamless.” 2018 taxes: $3,150; HOA Dues: $7,000. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 01/05/2020; Sold Date: 04/03/2020. (Photos and broker comments courtesy of Coldwell Banker Mason Morse-Aspen)

MLS #153542 – 2673 Lower River Road, Snowmass, CO: Sold Price: $5,322,798/$1,044 sq ft; unfurnished. Sold Date: 03/25/2020. More details below photos.

MLS #153542 – 2673 Lower River Road, Snowmass, CO: Sold Price: $5,322,798/$1,044 sq ft; unfurnished. Sold Date: 03/25/2020. Old Snowmass homes for sale. Ask Price: $5,695,000. (Original Price: $5,695,000 and 707 days on the market since 04/06/2018.) This is a 1991 built and 2007 remodeled, 4 bedroom/6 bath, 5,095 sq ft single family home with 3 car garage on a 12.9 acres lot. Broker comments are “This is the quintessential Colorado property to entertain family, friends and guests. Custom built home featuring mountain contemporary interiors, with recycled wood and stone exteriors. Luxurious first floor master suite with fireplace, spacious spa bathroom with direct access to the large swimming pool, hot tub, cabana and bar area. Two guest suites offer balconies with mountain and pool views. The entertainment level features a theatre room, bar area, walkout patio and bunk room. Spacious 3 car garage for all of your mountain toys. 12+ acres offers plenty of space for horses and pond. The White National Forest is at your back door for privacy. Conveniently located 15 minutes to Aspen, 15 minutes to Basalt/Willits and 10 minutes to the Roaring Fork Club.” 2019 taxes: $17,484. Under Contract Date: 01/28/2020; Sold Date: 03/25/2020. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Basalt)

MLS #157057 – Ridge Run, 462 Maple Ridge Lane, Snowmass Village, CO: Sold Price: $2,375,000/$580 sq ft; unfurnished. Sold Date: 03/30/2020. More details below photos.

MLS #157057 – Ridge Run, 462 Maple Ridge Lane, Snowmass Village, CO: Sold Price: $2,375,000/$580 sq ft; unfurnished. Sold Date: 03/30/2020. Snowmass Village homes for sale. Ask Price: $2,575,000. (Original Price: $2,795,000 and 471 days on the market since 12/03/2018.) This is a 1975 built and 2000 remodeled, 3 bedroom/4 bath, 4,088 sq ft single family home with 3 car garage on a 31,799 sq ft lot. Broker comments are “With end of the road privacy, this gem is accentuated by wonderful and inviting indoor and outdoor living spaces and a main level master suite which walks out to a spacious patio.The home has an open floor plan with large windows and amazing light, spacious kitchen with casual dining area, flexible office or bedroom space above a detached two car garage, huge mud and ski locker room, an additional attached single car garage on the entry level (three cars total, plus work area), and nice finishes of hardwood floors, granite countertops, and beautiful built-in cabinetry. About three quarters of an acre set against beautiful mountain greenery, with common space bordering two sides of the property, the home is naturally open and bright during the winter. Everything is close by with access via a short walk and Dial-a-Ride to the Snowmass Village Mall, new Base Village, summer concert venues and the renowned Snowmass skiing experience and new amazing summer activities.” 2018 taxes: $8,344; HOA Dues: $90. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 02/03/2020; Sold Date: 03/30/2020. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)

MLS #157125 – Assay Hill Lodge, 130 Wood Road 733, Snowmass Village, CO: Sold Price: $834,954/$929 sq ft; furnished. Sold Date: 03/31/2020. More details below photos.

MLS #157125 – Assay Hill Lodge, 130 Wood Road 733, Snowmass Village, CO: Sold Price: $834,954/$929 sq ft; furnished. Sold Date: 03/31/2020. Snowmass Village hotel condos for sale. Ask Price: $995,000. (Original Price: $1,055,000 and 430 days on the market since 12/07/2018.) This is a 2009 built, 2 bedroom/2 bath, 898 sq ft condo. Broker comments are “Ski-In/Ski-Out Whole Ownership Residences 95% SOLD OUT Aspen/Snowmass’ most cost efficient, effortless vacation homes Two-and three-bedroom homes can be customized to reflect your personal tastes and style New $5 million in inspired hotel enhancements completed New contemporary refresh of all residences Pampering Viceroy resort amenities and services including elegant spa, extraordinary food and beverage venues, ski valet, concierge plus fitness center Viceroy rental program Part of the $600 million transformation of Snowmass Base Village.” 2017 taxes: $7,733; HOA Dues: $23,540. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 01/31/2020; Sold Date: 03/31/2020. (Photos and broker comments courtesy of SV Real Estate)

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