The Jan 2017 Aspen Snowmass Real Estate Monthly Market Snapshot has been postedinCurrent Reports.The Monthly Snapshots are usually posted on or near the 1st Monday of the month. The Q4 and Year 2016 report will be released soon.

Bottom Line

The Jan 2017 Aspen real estate market* is up 33% in unit sales and 117% in dollar volume over Jan 2016. But in Jan ‘16, the stock market was plummeting and the local real estate market went deep south. The year-to-year comparison is from a low base. Current sales are approximately 50% better than Jan 2016 and 50% less than a sizzling Jan 2015 – we’re in the middle of the past two years of performance.

Post Nov.‘16 election sales finally started picking up relative to the dismal 1st Half of 2016 caused by paralyzing political uncertainty. Sales continue to be on the rise now.

Of particular note, in Jan 2017 the number of under contracts (UC’s)/Pendings exceeded Jan 2016 by 142%, (29) now versus (12) then. UC’s – properties that are have gone under contract but not yet closed (and may not)– are viewed as an indicator of future activity.

*In Jan 2017, Aspen unit and dollar sales represent 67% of total Aspen and SMV combined sales.Typically, they represent 70-80% of total combined sales.

New Charts: Historic Pace of Aspen and Snowmass Village Homes, Condos and Vacant Land / Lots by Dollar Sales and Unit Sales

These new charts were posted inCurrent Reportson 02/15/17.They are: the historic pace of dollar and unit sales since 2006 with trend lines for Aspen and Snowmass Village (SMV) separately by: 1) all properties combined; 2) single family homes; 3) condos; 4) vacant land / lots. (Fractionals, with the exception of extreme sales, are not included.)

Sales velocity, or pace, whether by dollar volume or unit sales is extremely useful to consider ss the unit sales drop-off in the 2nd Half 2007 so foreshadowed the Great Recession.

While many real estate professionals use dollar volume sales as the single metric for sales performance (it often looks ‘better’), unit sales are a better measure of market activity. Dollar sales can be skewed disproportionately by extreme high or low end priced sales.

Clients often ask, “Where are we now compared to the Great Recession…?”. These charts offer a solid reference for that conversation. In this instance, the starting point for the trend line is 2006, but, of course, where the trend line commences will affect its outcome…If the charts had started at 2009, the trend would be more upwards at present than is shown here.

As this is written, post-election Nov 2016 through Feb 2017, sales have picked up considerably and are decidedly on an upward trajectory.

021517 Estin Report Aspen Real Estate Historic All Properties Unit Sales 590w96res

Click chart to see additional breakdown chartsfor Aspen and SMV by property types.

“Flip Job” Examples: See recent Before/After redevelopmentin the new Flip Jobs Sectionnear the bottom of the Menu Bar on the left. These are properties that have been recently or are currently in the process of redevelopment for re-sale. This post is updated (01/04/17) as additional re-sale properties come on the market at significantly higher prices.

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Market Activity Week 7, February 12 – 19, 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 excluding fractionals in the upper Roaring Fork Valley. As the MLS links below expire after 30 days, photos and written descriptions of select closed properties (those with excellent photography) are posted here to preserve an archive of sold market activity. Scroll down the page for home photos and details of weekly sales and under contract / pending Aspen properties in the past 4 weeks. For earlier dates, use the down arrow to quickly find blog archives by year and date to 2008. Or useSearchEstinAspenin 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 (6):MLS#s 147590, 144754, 142138, 147216, 141898, 146065.This link is valid until 3/21/2017.

Under Contract/Pending (11):MLS#s 141518, 140627, 141786, 142825, 143570, 144612, 145291, 146266, 146882, 147396, 147516.This link is valid until 3/21/2017.

Aspen Snowmass Solds Last Week:


No Photo available in MLS for this Central Core condo.
MLS #147590 – Aspen Townhouse Central Condos, Central Core, 124 E Durant treet 2, Aspen, CO. Sold Price: $1,650,000/$1,690 sq ft. Aspen condo for sale. Ask Price: $1,650,000. (Original Price: $1,650,000 and on the market since 02/15/2017. The seller paid $1.1M on 08/06/13.)) This is a 1968 built, 3 bedroom/2 bath, 976 sq ft condo. Broker comments are “Sold before MLS.” 2015 taxes: $3,041. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 02/15/2017; Sold Date: 02/15/2017. (Photos and broker comments courtesy of Douglas Elliman Real Estate-Hyman Ave)
MLS #144754 – Aspen Square Condominiums, Central Core, 617 E Cooper Avenue Unit 103, Aspen, CO. Sold Price: $1,505,000/$1,800 sq ft; furnished. More details below photos.
Aspen real estate 021917 144754 617 E Cooper Avenue Unit 103 1 590WAspen real estate 021917 144754 617 E Cooper Avenue Unit 103 2 590WAspen real estate 021917 144754 617 E Cooper Avenue Unit 103 3 190HAspen real estate 021917 144754 617 E Cooper Avenue Unit 103 4 190HAspen real estate 021917 144754 617 E Cooper Avenue Unit 103 5 190HAspen real estate 021917 144754 617 E Cooper Avenue Unit 103 6 190H
MLS #144754 – Aspen Square Condominiums, Central Core, 617 E Cooper Avenue Unit 103, Aspen, CO. Sold Price: $1,505,000/$1,800 sq ft; furnished. Aspen condo for sale.Asking Price: $1,525,000. (Original Price: $1,525,000 and 246 days on the market since 06/13/2016.) This is a 1969 built, 2 bedroom/2 bath, 836 sq ft condo. Broker comments are “Experience the unparalleled convenience of this two-bedroom, two-bath Aspen Square condominium. This is a rare opportunity to own a dream location for skiers and snowboarders with direct access from your own private patio just 67 steps to Gondola Plaza. Enjoy south facing light and views of Aspen Mountain up S. Spring Street with easy access to City Market, The Grog Shop, or any of Aspen’s world-class shops and restaurants. A second common patio area is located on the north side of the unit. Two owner lock-off closets and exterior ski storage offer plenty of owner storage for all your sports gear. In addition to the master suite with king bed, twin beds in the guest bedroom, and a pull out couch in the living area will accommodate friends and family. A wood-burning fireplace warms the open kitchen, living and dining area, an ideal après ski setting to entertain. The complex is maintained beautifully year-round, with amenities that include full-time front desk, daily housekeeping, concierge services, fitness room, pool, hot tubs, fire pit, underground parking, and conference facilities.” 2015 taxes: $3,016; HOA Dues: $32,703 per Yr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 01/30/2017; Sold Date: 02/14/2017. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #142138 – 352 Snowmass Creek Rd, Snowmass, CO: Vacant Land. Sold Price: $400,000. More details below photos.
Aspen real estate 021917 142138 352 Snowmass Creek Rd 1 590W Aspen real estate 021917 142138 352 Snowmass Creek Rd 2 590WAspen real estate 021917 142138 352 Snowmass Creek Rd 3 190HAspen real estate 021917 142138 352 Snowmass Creek Rd 4 190H
MLS #142138 – 352 Snowmass Creek Rd, Snowmass, CO: Vacant Land. Sold Price: $400,000.Old Snowmass vacant land for sale. Asking Price: $450,000. (Original Price: $450,000 and 782 days on the market since 01/02/2016.) This is a 1 acre single family vacant lot. Broker comments are “Come see this gorgeous lot on Snowmass Creek Road. This property sits on one acre overlooking Snowmass Creek with views South looking towards Old Snowmass and West looking up the Roaring Fork Valley. Live in the existing house while you plan your new home. This is a great development opportunity, with 5,750 SF of FAR. The property shares a driveway with Lot 1, a total of 59 acres, which is also on the market and could be purchased together to create a family compound, See MLS #142139. This property is 14 miles from Aspen and a short drive to some of the best hunting and fly fishing in the country. It also stands at a very short distance from the Roaring Fork Club, an incredible Private Club and Golf Course.” 2014 Taxes: $1,655. Under Contract Date: 01/02/2017; Sold Date: 02/13/2017. (Photos and broker comments courtesy of Aspen Associates Realty)
MLS #147216 – Water View Condominiums, Woody Creek, 309 Waterview Drive, Snowmass, CO: Sold Price: $297,500/$601 sq ft; furnished. More details below photos.
Aspen real estate 021917 147216 309 Waterview Drive 1 590WAspen real estate 021917 147216 309 Waterview Drive 2 590WAspen real estate 021917 147216 309 Waterview Drive 3 190HAspen real estate 021917 147216 309 Waterview Drive 4 190HAspen real estate 021917 147216 309 Waterview Drive 5 190HAspen real estate 021917 147216 309 Waterview Drive 6 190H
MLS #147216 – Water View Condo, Woody Creek, 309 Waterview Drive, Snowmass, CO: Sold Price: $297,500/$601 sq ft; furnished. Aspen condo for sale.Asking Price: $315,000. (Original Price: $315,000 and 38 days on the market since 01/09/2017.) This is a 1970 built and 2013 remodeled, 1 bedroom/1 bath, 495 sq ft condo. Broker comments are “Top floor, furnished, riverfront 1 bed/1 bath condo, only 20 minutes to Aspen! Beautifully completely remodeled in 2013 in a contemporary style with wood floors and cabinetry, stainless appliances, sleek countertops and washer and dryer in unit. Private deck overlooking the river and the common lawn and BBQ area. Plenty of parking, assigned storage, low HOA fees which include the heat. Makes a great primary residence, second home or rental.” 2016 Taxes: $1,573; HOA Dues: $382 per Month. Under Contract Date: 01/12/2017; Sold Date: 02/16/2017. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #141898 – Horse Ranch, 380 Branding Lane, Snowmass Village, CO: Vacant Lot. Sold Price: $1,325,000. More details below photos.
Aspen real estate 021917 141898 380 Branding Lane 1 590WAspen real estate 021917 141898 380 Branding Lane 2 590WAspen real estate 021917 141898 380 Branding Lane 3 190HAspen real estate 021917 141898 380 Branding Lane 4 190H
MLS #141898 – Horse Ranch, 380 Branding Lane, Snowmass Village, CO: Sold Price: $1,325,000.Vacant Lot for sale. Asking Price: $1,500,000. (Original Price: $1,500,000 and 435 days on the market since 12/06/2015.) This is a 24,786 sq ft single family vacant lot. Broker comments are “One of the last, and certainly best, vacant lots remaining in Snowmass. The seller, an original owner, had his choice of Horse Ranch sites, and this was it. End of cul-de-sac privacy and unfettered 270-degree views toward the Cont’l Divide, the tops of Ajax and Highlands, Burnt Mtn, Hidden Valley, the golf course and Horse Ranch pastures below. Flat building site and sunny all day. Property has been surveyed and staked (lot corners in pink, envelope corners in orange).” 2016 Taxes: $14,310; HOA Dues: $190 per Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 11/14/2016; Sold Date: 02/13/2017. (Photos and broker comments courtesy of Berkshire Hathaway Homeservices | Aspen Snowmass Properties)
MLS #146065 – Country Club Villas, 294 Snowmass Club Circle 1211, Snowmass Village, CO: Sold Price: $1,200,000/$648 sq ft; furnished. More details below photos.
Aspen real estate 021917 146065 294 Snowmass Club Circle 1211 1 590WAspen real estate 021917 146065 294 Snowmass Club Circle 1211 2 590WAspen real estate 021917 146065 294 Snowmass Club Circle 1211 3 190HAspen real estate 021917 146065 294 Snowmass Club Circle 1211 4 190HAspen real estate 021917 146065 294 Snowmass Club Circle 1211 5 190HAspen real estate 021917 146065 294 Snowmass Club Circle 1211 6 190H
MLS #146065 – Country Club Villas, 294 Snowmass Club Circle 1211, Snowmass Village, CO: Sold Price: $1,200,000/$648 sq ft; furnished.Snowmass Village condo for sale. Asking Price: $1,299,000. (Original Price: $1,375,000 and 159 days on the market since 09/09/2016.) This is a 1981 built, 3 bedroom/2 bath/1 half-bath, 1,850 sq ft condo. Broker comments are “Beautifully renovated Country Club Villa with the layout and size of a townhome. Two stories both with large decks, views of Mt. Daly and the golf course. Custom remodel, high end furnishings, air conditioning on second level. Use of covered parking space. Comes with a membership to the Snowmass Club, with $35 cart fee for golf, 5 pools, indoor and outdoor tennis, gym and spa facilities. Can be short term rental property or keep to yourself. HOA dues include cable, internet, phone, trash, water, grounds and building maintenance.” 2016 Taxes: $4,365; HOA Dues: $5,318 per Qtr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 01/23/2017; Sold Date: 02/15/2017. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Snowmass Village)

Recent Estin Report tweets on Aspen Real Estate

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Disclaimer: The statements made in The Estin Report and on Aspen broker Tim Estin’s blog represent the opinions of the author and should not be relied upon exclusively to make real estate decisions. A potential buyer and/or seller is advised to make an independent investigation of the market and of each property before deciding to purchase or to sell. To the extent the statements made herein report facts or conclusions taken from other sources, the information is believed by the author to be reliable, however, the author makes no guarantee concerning the accuracy of the facts and conclusions reported herein. Information concerning particular real estate opportunities can be requested from Tim Estin at970.309.6163or byemail.The Estin Report is copyrighted 2017 and all rights reserved. Use is permitted subject to the following attribution with a live link to the source:“The Estin Reporton Aspen Real Estate.”

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