May 31 – Jun 7, 2020 Estin Report: Last Week’s Aspen CO Homes for Sale and Snowmass Real Estate Sales & Stats: Closed (3) + Under Contract / Pending (6). [To view the new blog post, you may have to “Clear your Browser Settings”. Go to: Chrome browser/more tools/clear browsing data.] For this past week’s sales activity, go mid-way down the page.
The Estin Report Aspen Snowmass real estate April 2020 market snapshot was posted Tue May 6th in Current Reports. Specific April 2020 Covid 19 Effect Aspen and Covid 19 Effect Snowmass Village addendum charts and tables are downloadable there as well.
06/08/20 Bottom Line:
Two high priced Aspen properties went under contract this past week perhaps signaling a return to normalcy post Covid 19 shut down…the Dancing Bear Penthouse (See floorplan) with an ask price $23.995M/$7,982 SF and a proposed closing date of 6/08/20; 1055 Stage Road, a 4.5 acre, 11,000 sq ft stunning private river home property adjacent to the Maroon Creek Club with an ask price of $30M – was going to auction Jun 27-30 but now scheduled to close on 6/29/20. (See survey).
06/01/20 Bottom Line: ramblings from the street.
Offers are coming in…but in general, they are low across the board – in Aspen and Snowmass Village (SMV). In mid valley and down valley its completely different: life there goes on and people need housing. Up-valley in Aspen, properties are for the most part discretionary purchases – 2nd homes, vacation homes. Here it’s a want, not a need.
Yes. There are some listings that are especially motivated. Buyers should make an offer, start the conversation. My advice generally is: “I don’t know how motivated the seller is. But if you’re going to make an offer, make it legit, put it in writing. At least try to get the seller to engage. Then, we’ll get real information back – or not. Things happen doing this more than one would think.” And if you hear, “They’ve already picked out a replacement property”, yes, it implies motivation.
Buyers are pulling down prices on some specific properties. There are a few properties over >$10M that have recently gone under contract at significant discounts. These will be reference points in 4-8 weeks. The way offers are coming in now, it’s hard to believe there won’t be sellers who don’t lower their price and we will begin to see new lower metrics. Savvy sellers will get ahead of this. Now.
But many sellers are feeling optimistic. There are more people looking now than in a usual May.
It would seem most logical to look at developers for seller motivation rather than a residential owner/seller who’s living and using the house. In the financial crisis, the properties that sold in the first 2-3 years were developer inventory. These guys have to sell – it’s business, not personal. “Get in, get out.” is their mantra.
The 3-auction Aspen seller at the end of June is a developer and apparently has no debt. Why then are these properties at auction? It’s a novel idea, smart and generating a lot of buzz, great marketing. Apparently there have already been several low offers but nothing accepted so far.
The toughest part at present is confusion between buyer and seller as to where the market is – there is the current market now versus the market pre-Covid lockdown. Buyer’s concern is that they will overpay in a very uncertain market.
In 2008-2011, there was not an efficient market outside the Core. Sellers that sold in the beginning of the crisis, sold at 10-15% discount versus sellers who finally lowered their price 2-3 years later and suffered far greater loss.
In this uncertainty, we have not seen a lot of new listings or properties going under contracts.
However…on the other hand, maybe there will be little discounting Covid 19 related because of urban dwellers coming here full time and sellers taking their property off market in order to spend more time here full-time. The stay at home lockdown has changed people’s perceptions of where they can live and work and where they want to now live. Aspen offers a quality of life unmatched. Period.
Best deal areas: Snowmass Village, East Aspen, Starwood, Aspen Highlands.
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.
Blog Post: May 31 – Jun 7, 2020 Aspen CO real estate market activity, Week 23
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 (3): These properties went under contract end of April and early May. MLS#s: 156697, 162520, 163559. This link is valid until 7/7/2020.
Under Contract/Pending (6): MLS#s: 161273, 147270, 162022, 162714, 163453, 164216. This link is valid until 7/7/2020.
Sold Properties Last Week:
MLS #156697 – Black Swan Hall, Central Core, 851 Ute Avenue C, Aspen, CO: Sold Price: $4,525,000/$1,923 sq ft; partially furnished. Sold Date: 06/01/2020. More details below photos.
MLS #156697 – Black Swan Hall, Central Core, 851 Ute Avenue C, Aspen, CO: Sold Price: $4,525,000/$1,923 sq ft; partially furnished. Sold Date: 06/01/2020. Aspen townhomes for sale. Ask Price: $4,995,000. (Original Price: $5,450,000 and 519 days on the market since 11/02/2018.) This is a 1972 built and 2016 remodeled, 3 bedroom/3 bath/1 half-bath, 2,353 sq ft townhome. Broker comments are “This townhome brings three levels of sophisticated living space all above grade to the core of Aspen, just below Aspen Mountain and only two blocks from the gondola. Remodeled in 2016 by J.D. Black Construction, the 2,353 square-foot, three-bedroom residence captures a blend of mountain modernism and international style. No detail was overlooked in the creation of this turn-key, fully furnished home. An open concept floorplan, highlighted by a state-of-the-art kitchen, dining room and living room, is tailor-made for entertaining and indoor/outdoor living in the summer when you can open up the living room to the outdoor deck. The best of the Aspen lifestyle-hiking, biking, skiing, shopping, fine dining and culture-awaits.” 2019 taxes: $11,000; HOA Dues: $19,500. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 04/20/2020; Sold Date: 06/01/2020. (Photos and broker comments courtesy of Coldwell Banker Mason Morse-Aspen)
MLS #163559 – Timber Ridge Condos, Central Core, 100 E Dean Street 2 A, Aspen, CO: Sold Price: $1,275,000/$1,318 sq ft; unfurnished. Sold Date: 06/04/2020. More details below photos.
MLS #163559 – Timber Ridge, Central Core, 100 E Dean Street 2 A, Aspen, CO: Sold Price: $1,275,000/$1,318 sq ft; unfurnished. Sold Date: 06/04/2020. Aspen condos for sale. Ask Price: $1,450,000. (Original Price: $1,450,000 and 94 days on the market since 03/02/2020.) This is a 1965 built, 2 bedroom/2 bath, 967 sq ft condo. Broker comments are “2 bedroom condo in the core for under $1500 per sq ft! Second floor end unit offers great light, two balconies and views of Aspen Mountain. This unit offers a blank slate to make it your own or offer it as a rental unit. Easy walking distance to Lift 1A and when the 1A development is complete you will be perfectly located for the new Aspen Mountain launching point.” 2019 taxes: $3,406; HOA Dues: $5,716. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 05/02/2020; Sold Date: 06/04/2020. (Photos and broker comments courtesy of Compass Aspen)
MLS #162520 – Owl Creek Townhomes, 509 Burnt Mountain Drive, Snowmass Village, CO: Sold Price: $3,500,000/$906 sq ft; furnished. Sold Date: 06/05/2020. More details below photos.
MLS #162520 – Owl Creek Townhomes, 509 Burnt Mountain Drive, Snowmass Village, CO: Sold Price: $3,500,000/$906 sq ft; furnished. Sold Date: 06/05/2020. Snowmass Village homes for sale. Ask Price: $3,900,000. (Original Price: $4,150,000 and 165 days on the market since 12/23/2019.) This is a 1997 built, 4 bedroom/4 bath/1 half-bath, 3,862 sq ft single family home with 2 car garage. Broker comments are “This premier location Owl Creek home features direct ski-in ski-out access to the Two Creeks lift at Snowmass. The impeccably maintained free-standing home is located at the end of a cul-de-sac and provides the best location in the Owl Creek townhome neighborhood. Being offered completely furnished this four-bedroom home will provide plenty of space for your family and guests. The homeowners just paid $120k for a brand new roof, complete with heat tape. Home features; central a/c, humidification, electric blinds, oak floors, plaster walls, and hot tub in the backyard. The great room has walk outside decks, soaring ceilings, views of Snowmass mountains and ski runs and a wood-burning fireplace! Two master suites and two generous additional en-suite bedrooms. Mudroom and a two-car garage. Mudroom and an oversized two-car garage.” 2019 taxes: $15,355; HOA Dues: $23,937. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 05/06/2020; Sold Date: 06/05/2020. (Photos and broker comments courtesy of Compass Aspen)