Dec 17 – 24, 2017 Estin Report: Last Week’s Aspen Snowmass Real Estate Sales & Stats: Closed (4) + Under Contract / Pending (10)
New in Charts in Current Reports:
12/23/17: Charts: 2017 Aspen Sales by Neighborhood and Property Type and Downtown Condos Fly High – new charts to be included in my year end 2017 report to be released soon.
11/20/17: Where are we now? Chart Series: 2006 – Q3 2017 Historic Pace of Aspen and Snowmass Village Dollar and Unit Sales (updated every quarter).
Clients often ask, “Where are we now compared to the Great Recession…?” My interest in creating this series of charts is to answer that question for myself and to offer a visual reference for that conversation – to compare Aspen and Snowmass Village sales activity now to pre-recession mid-2000’s levels…Read more
Estin Report: Nov. 2017 Aspen Snowmass Market Snapshot was posted on Dec 6th in Current Reports.
Nov 2017 Bottom Line
Nov 2017 continues the strong performance we’ve experienced throughout the year. We are close to beating the record year 2015.
Standout categories for the month of November are:
1) Aspen condo sales up 31% YTD while inventory of available listings is off -29%. In the 3-mos sales period from Sep-Nov 17, the avg condo/townhome sold at $1,731 sq ft over $1,346 in the same period Nov 2016, +29%.
2) Value outside Aspen Core: an example of excellent values away from the Aspen Core, Starwood had (3) sales Sep-Nov 17 at an avg $610 sq ft vs $830 sq ft same period a year ago, -26%. The caveat: these sales were for older homes selling essentially at lot value, but for reference, compare this to the avg. (3) downtown SF home sale at $2,227 sq ft in the same period.
3) Snowmass Village values: SMV has been very active in Nov 17 with (16) sales vs (7) last year, +129%; dollar sales even better – $29.7M vs $6.9M, +331%. Of (4) Ridge Run SFH sales Sep-Nov 17, the avg sale was $635 sq ft vs $1,095 same period last year. SMV opportunities continue…in general, prices are similar, if not down incrementally, from last year.
Deep Dive: Sales by Location ( See 3-mos sales avgs Sep-Nov ’17 on pgs 7 & 9:)
“Flip Job” Examples:
See recent Before/After Redeveloped Properties in the Flip Jobs Section. These are properties that have been recently, or are currently, in the process of redevelopment for re-sale. This post is updated regularly (10/23/2017) as additional re-sale properties come on the market at significantly higher prices.
Market Activity Week 52, Dec 17 – 24, 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 in the upper Roaring Fork Valley. Fractional/Timeshare sales are not included. Because the MLS links below expire after 30 days, photos and written descriptions of most closed properties (those with excellent photography) are posted here to preserve an archive of sold market activity. Scroll down the page for property photos and details of weekly sales and under contract / pending. For earlier dates, see the Estin Report blog archives from 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 (4): MLS#s: 147534, 148192, 150050, 151633. This link is valid until 1/23/2018.
Under Contract/Pending (10): MLS#s: 146953, 151309, 151712, 151624, 145541, 149977, 144690, 151346, 150349, 150734. This link is valid until 1/23/2018.
Aspen Snowmass Solds Last Week:
No MLS – Downtown Aspen Core commercial building closes at $23M. More details below photo.
No MLS – 447 East Cooper, Aspen, CO – Downtown Aspen Core commercial building closes at $23M. This is a commercial/residential building in the heart of downtown Aspen built in 1950 with a total heated area of 6,589 sq ft and 10,448 sq ft of commercial space. In photo above, it is the salmon colored bldg with green awnings in middle of photo, not Casa Tua on the left. Aspen developer/investor Mark Hunt, whose group has been buying downtown property in the past 8 years and owns approximately 11-13 buildings, had both the Casa Tua Building and this building next door referred to as the Meyers Business Center under contract for a reputed $35M but the deal cratered early in 2017. The new owner is 447 East Cooper LLC. The deal did not include the Casa Tua building according to the Aspen Times. Guido Meyers was a well-known Aspen restaurateur famed for his aversion and distaste of Aspen hippies in the late’ 60s and early 70’s. A sign on the door read, “No hippies allowed…No shirts, no shoes, no service.” Property taxes: $101,683.
MLS #147534 – Moore Townhome/Half Duplex, East Aspen, 42555 Highway 82, Aspen, CO. Sold Price: $3,925,000/$1,022 sq ft; furnished. More details below photos.
MLS #147534 – Moore Townhome/Half Duplex, East Aspen, 42555 Highway 82, Aspen, CO. Sold Price: $3,925,000/$1,022 sq ft; furnished. Aspen half-duplex for sale. Ask Price: $4,500,000. (Original Price: $4,500,000 and 262 days on the market since 02/08/2017.) This is a 2005 built, 4 bedroom/4 bath/1 half-bath, 3,839 sq ft duplex/half-duplex with 2 car garage. Broker comments are “Possibly the best deal out there under $5M. A gorgeous Rocky Mountain townhome located one mile East of downtown Aspen. Enjoy peace, privacy, and views from this half-duplex featuring integral plaster and Farmer stone walls. Hardwood, tavertine and slate floors, vaulted ceilings with fabulous wood beam and truss details. Upper level features great room, dining area, powder, open kitchen and master bedroom. Terrace off of great room and master bedroom. Entry level features two bedrooms (one currently used as office). Lower level has wine room, second entertaining area with drop down projector, and wet bar. Home features central A/C and 2-car garage. East Aspen, no traffic, Aspen school district.” 2016 taxes: $7,635. Under Contract Date: 11/02/2017; Sold Date: 12/18/2017. (Photos and broker comments courtesy of Compass)
MLS #148192 – Horse Ranch, 285 Branding Lane, Snowmass Village, CO: Sold Price: $2,700,000/$799 sq ft; furnished. More details below photos.
MLS #148192 – Horse Ranch, 285 Branding Lane, Snowmass Village, CO: Sold Price: $2,700,000/$799 sq ft; furnished. Snowmass Village single family home for sale. Ask Price: $2,999,000. (Original Price: $3,350,000 and 267 days on the market since 03/28/2017.) This is a 1995 built, 4 bedroom/4 bath/1 half-bath, 3,379 sq ft single family home with 2 car garage on a 29,987 sq ft lot. Broker comments are “Beautifully designed and immaculately maintained, this 4 bedroom, 4 ½ bath plus family room Horse Ranch is privately located on Branding Lane. Tucked cozily into the hillside and offering wonderful outdoor spaces, the floor plan is perfect as a main residence or vacation home. The woodwork and craftsmanship is exceptional throughout. Master bedroom suite offers over-sized bathroom, walk-in closet and beautiful views.” 2016 Taxes: $9,820; HOA Dues: $190 per Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 11/03/2017; Sold Date: 12/20/2017. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Snowmass Village)
MLS #150050 – Ridge Run, 459 Ridge Road, Snowmass Village, CO: Sold Price: $2,065,000/$621 sq ft; furnished. More details below photos.
MLS #150050 – Ridge Run, 459 Ridge Road, Snowmass Village, CO: Sold Price: $2,065,000/$621 sq ft; furnished. Snowmass Village single family home for sale. Ask Price: $2,495,000. (Original Price: $2,995,000 and 341 days on the market since 01/25/2017.) This is a 1980 built and 2016 remodeled, 5 bedroom/1 bath/1 half-bath/4 3/4-bath, 3,326 sq ft single family home with 2 car garage on a 30,492 sq ft lot. Broker comments are “Incredible opportunity under $3 million in Ridge Run with easy ski access right onto Assay Hill. Recent updates and improvements make this perfect for a family or large groups of friends to gather and enjoy summer or winter activities. Beautiful stacked stone wood burning fireplace and hardwood floors in the great room, tons of windows, lots of light, huge teak deck with hot tub, bbq and views. Stunning contemporary light fixture from Murano Italy, over-sized garage, lots of storage, recently expanded and newly paved driveway. In the Aspen school district. Ski access is super easy, just a 2 min walk and hop on in front of the Deerbrook, right onto Assay Hill. Quicker than a car or shuttle and any level skier can do it. All sq ft is above grade.” 2016 Taxes: $5,342; HOA Dues: $90 per Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 11/09/2017; Sold Date: 12/22/2017. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #151633 – Country Club Villas, 150 Snowmass Club Circle 1525, Snowmass Village, CO: Sold Price: $625,000/$589 sq ft; partial-furnished. More details below photos.
MLS #151633 – Country Club Villas, 150 Snowmass Club Circle 1525, Snowmass Village, CO: Sold Price: $625,000/$589 sq ft; partial-furnished. Snowmass Village condo for sale. Ask Price: $650,000. (Original Price: $650,000 and 32 days on the market since 11/16/2017.) This is a 1987 built and 2011 remodeled, 2 bedroom/2 bath, 1,062 sq ft condo. Broker comments are “Bright, contemporary finished two-bedroom Country Club Villa recently remodeled with custom built-ins, Sub-Zero refrigerator, portable A/C (Association does allow units to be A/C), beautiful counter tops in kitchen and bathrooms, laundry area within unit, and a wine cooler. Views of Mt Daly from this corner unit and easy access to the elevator. Offered fully furnished.” 2016 Taxes: $2,544; HOA Dues: $3,275 per Qtr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 11/22/2017; Sold Date: 12/18/2017. (Photos and broker comments courtesy of Douglas Elliman Real Estate-SMV)