Dec 31, 2017 – Jan 7, 2018 Estin Report: Last Week’s Aspen Snowmass Real Estate Sales & Stats: Closed (3) + Under Contract / Pending (5)
The Dec 2017 Market Snapshot will be released early this week. I discovered a Sold Price/Sq Ft bug in the Aspen Glenwood MLS data, and it is in the process of being fixed they say. Stay tuned.
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 2017 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 sales 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 (12/29/2017) as additional re-sale properties come on the market at significantly higher prices.
Market Activity Week 1, Dec 31, 2017 – Jan 7, 2018
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 (3): MLS#s: 146935, 149977, 147746. This link is valid until 2/6/2018.
Under Contract/Pending (5): MLS#s: 147163, 147749, 152006, 152126, 152129. This link is valid until 2/6/2018.
Aspen Snowmass Solds Last Week:
MLS #146935 – Maroon Creek Club, West Aspen, 1205 Tiehack Road, Aspen, CO: Sold Price: $5,450,000/$813 sq ft; unfurnished. More details below photos.
MLS #146935 – Maroon Creek Club, West Aspen, 1205 Tiehack Road, Aspen, CO: Sold Price: $5,450,000/$813 sq ft; unfurnished. Aspen single family home for sale. Ask Price: $5,695,000. (Original Price: $5,695,000 and 373 days on the market since 12/08/2016.) This is a 1998 built, 5 bedroom/5 bath/1 half-bath, 6,702 sq ft single family home with 2 car garage on a 37,897 sq ft lot. Broker comments are “Nestled near the base of Tiehack this well-appointed five bedroom home offers prime access to skiing, hiking, biking, the Maroon Creek Club and the Aspen Recreation Center. Just a few minutes from downtown Aspen and an easy bike ride to town makes this location the perfect combination of access and mountain living. Plenty of storage, a flexible floorplan and quality finishes throughout. It’s hard to find a move-in ready home in Aspen that offers value and this is a rare exception. Great property and location for rental income as well.” 2015 Taxes: $13,831; HOA Dues: $5,086 per Yr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 10/20/2017; Sold Date: 01/05/2018. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #149977 – Independence Square, Central Core, 404 S Galena Street 312, Aspen, CO: Sold Price: $515,000/$1,716 sq ft; furnished. More details below photos.
MLS #149977 – Independence Square, Central Core, 404 S Galena Street 312, Aspen, CO: Sold Price: $515,000/$1,716 sq ft; furnished. Aspen condo for sale. Ask Price: $549,000. (Original Price: $575,000 and 178 days on the market since 07/10/2017.) This is a 1889 built and 2012 remodeled, studio/1 bath, 300 sq ft condo. Broker comments are “Fantastic Opportunity to own a Rarely Available South Facing 3rd floor unit with dead-on Aspen Mountain views from 3 windows, in this Historic Landmark Aspen core building. Exceptionally high ceilings with custom built-ins. Kitchenette. Good Bathroom with mini tub and shower. Owner’s storage area. Great rental unit with a fully managed hotel operation including front desk and lobby. Enjoy the Best Rooftop ‘skydeck’ in Aspen with a fabulous hot tub. Owner may have a dog.” 2016 Taxes: $1,020; HOA Dues: $3,670 per Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 12/17/2017; Sold Date: 01/04/2018. (Photos and broker comments courtesy of Coldwell Banker Mason Morse-Aspen)
MLS #147746 – Chaparral, 579 Chaparral Drive, Woody Creek: Sold Price: $2,600,000. More details below photos.
MLS #147746 – Chaparral, 579 Chaparral Drive, Woody Creek: Sold Price: $2,600,000. Woody Creek single family vacant land for sale. Ask Price: $2,950,000. (Original Price: $3,300,000 and 5,794 days on the market since 06/14/2007.) This is a 60.52 acres single family vacant lot. Broker comments are “Ranch Living at its finest without the work. This magnificent 60 acre home site in the exclusive Woody Creek Chaparral Ranch, is flat for easy building of your up to 14,750 square foot home. ( approval in place until February 5, 2021). The beautiful mountain views in all directions, plus a year round stream, and the ability to build a half acre pond add to the exquisite atmosphere for your dream estate. Before you move in, your horses have 2 stalls to call home in the state of the art stables . The indoor arena is a dream come true for year round riding. Also an out door arena and trails with access to the back country. It doesn’t get any better.” 2017 Taxes: $282; HOA Dues: $8,327 per Qtr. Under Contract Date: 11/30/2017; Sold Date: 01/02/2018. (Photos and broker comments courtesy of Engel & Völkers)