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.

Anarticleappeared in the Denver Post yesterday, Sunday, on the Colorado Mountain resort real estate including Aspen and Pitkin County.

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 15, 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 8, February 19 – 26, 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 142360, 123936, 140077, 144676, 144756, 146826.This link is valid until 3/28/2017.

Under Contract/Pending (14):MLS#s 139558, 140993, 141615, 141788, 142777, 144524, 144795, 145398, 145843, 145868, 146706, 146979, 147537, 147577.This link is valid until 3/28/2017.

Aspen Snowmass Solds Last Week:


MLS #146826 – Aspen Highlands, West Aspen, 117 Thunderbowl Lane, Aspen, CO. Sold Price: $5,300,000/$845 sq ft. More details below photos.
Aspen real estate 022617 146826 117 Thunderbowl Lane 1 590WAspen real estate 022617 146826 117 Thunderbowl Lane 2 590W Aspen real estate 022617 146826 117 Thunderbowl Lane 3 190HAspen real estate 022617 146826 117 Thunderbowl Lane 4 190HAspen real estate 022617 146826 117 Thunderbowl Lane 5 190HAspen real estate 022617 146826 117 Thunderbowl Lane 6 190H
MLS #146826 – Aspen Highlands, West Aspen, 117 Thunderbowl Lane, Aspen, CO. Sold Price: $5,300,000/$845 sq ft. Aspen townhouse for sale Ask Price: $5,500,000. (Original Price: $5,500,000 and 504 days on the market since 04/16/2015.) This is a 2006 built and 2016 remodeled, 5 bedroom/5 bath/1 half-bath, 6,266 sq ft townhouse with 2 car garage. Broker comments are “Highly coveted, premier ski-in/ski-out town home in Aspen Highlands, located just minutes from downtown Aspen. The current owner had first choice and selected this slopeside end lot for its commanding views of the Thunderbowl and Goldenhorn ski runs and direct ski access on to Smuggler. Built by well-known Highlands builder Paul Rasmussen and architect David Johnston, this newly updated mountain retreat has the largest floor plan of all of the Thunderbowl town homes. Property features include; hard wood floors, cathedral ceilings, custom beam trusses, stone gas fireplaces, spacious bedrooms, a media room, wine room and private elevator. Ownership includes Ritz Carlton amenities: outdoor pools and hot tubs, Willow Creek Bistro, weight room, spa and complimentary transportation to and from Aspen and the Aspen Airport.” 2016 taxes: $27,556; HOA Dues: $5,787 per Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 01/11/2017; Sold Date: 02/14/2017. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #140077 – Aspen Hof, Downtown Core Commercial, 520 E Cooper Avenue Rb-1, Aspen, CO. Sold Price: $3,400,000/$912 sq ft. More details below photos.
Aspen real estate 022617 140077 520 E Cooper Avenue Rb 1 1 590WAspen real estate 022617 140077 520 E Cooper Avenue Rb 1 2 590WAspen real estate 022617 140077 520 E Cooper Avenue Rb 1 3 190HAspen real estate 022617 140077 520 E Cooper Avenue Rb 1 4 190H
MLS #140077 – Aspen Hof, Downtown Core Commercial, 520 E Cooper Avenue Rb-1, Aspen, CO. Sold Price: $3,400,000/$912 sq ft. Aspen commercial for sale Ask Price: $3,950,000. (Original Price: $4,400,000 and 573 days on the market since 07/14/2015.) This is a 1970 built, 1-5 units, 3,726 sq ft commercial industria. Broker comments are “Steady cash flow with long term tenants. Completely renovated with total rewire, plumbing and all mechanicals. This is a long term hold with 3% escalators annually. Cap Rate 5.7 and NOI $226.297. Seller is a licensed broker.” 2014 taxes: $21,407; HOA Dues: $24,000. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 12/28/2016; Sold Date: 02/17/2017. (Photos and broker comments courtesy of Kruger and Company)
MLS #144676 – West End, 521 N Seventh Street, Aspen, CO. Sold Price: $3,200,000/$1,219 sq ft; unfurnished. More details below photos.
Aspen real estate 022617 144676 521 N Seventh Street 1 590WAspen real estate 022617 144676 521 N Seventh Street 2 590WAspen real estate 022617 144676 521 N Seventh Street 3 190HAspen real estate 022617 144676 521 N Seventh Street 4 190HAspen real estate 022617 144676 521 N Seventh Street 5 190HAspen real estate 022617 144676 521 N Seventh Street 6 190H
MLS #144676 – West End, 521 N Seventh Street, Aspen, CO. Sold Price: $3,200,000/$1,219 sq ft; unfurnished. Aspen duplex/half-duplex for sale Ask Price: $3,495,000. (Original Price: $3,650,000 and 253 days on the market since 06/13/2016.) This is a 1974 built and 2016 remodeled, 3 bedroom/3.5 Ba, 2,625 sq ft half duplex. Broker comments are “West End Charm Aspen’s West End only 2 blocks from the music festival. What could be better? Just remodeled including a New roof, New deck ,New hardwood flooring in the living room New carpeting Newly painted and more. This charming home is unique in its setting with large outdoor spaces and a summer stream. Quality gourmet kitchen,3 fireplaces and more. It has a one bedroom apartment that is attached and also has a separate entrance. From intimate dining indoors or out to large parties the level of comfort is amazing.” 2015 taxes: $6,893. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 01/05/2017; Sold Date: 02/21/2017. (Photos and broker comments courtesy of Engel & Völkers)
MLS #123936 – Two Creeks, 120 Timber Ridge Lane, Snowmass Village, CO: Sold Price: $6,900,000/$1,214 sq ft; furnished. More details below photos.
Aspen real estate 022617 123936 120 Timber Ridge Lane 1 590WAspen real estate 022617 123936 120 Timber Ridge Lane 2 190HAspen real estate 022617 123936 120 Timber Ridge Lane 3 190HAspen real estate 022617 123936 120 Timber Ridge Lane 4 190HAspen real estate 022617 123936 120 Timber Ridge Lane 5 190HAspen real estate 022617 123936 120 Timber Ridge Lane 6 190HAspen real estate 022617 123936 120 Timber Ridge Lane 7 190H
MLS #123936 – Two Creeks, 120 Timber Ridge Lane, Snowmass Village, CO: Sold Price: $6,900,000/$1,214 sq ft; funished. Aspen home for sale Ask Price: $7,500,000. (Original Price: $9,950,000 and 1,866 days on the market since 01/13/2012.) This is a 1998 built and 2000 remodeled, 5 bedroom/5 bath/1 half-bath, 5,682 sq ft single family residence with a 2 car garage on a 38,768 sq ft lot. Broker comments are “If you are looking for one of the most handsome single family homes in Two Creeks, ski-in and ski-out, contemporary in feel yet still a warm mountain look, end of the cul-de-sac privacy, you must see this house. Originally designed by Robert Trown, there are five very generous bedrooms, a wonderful master bathroom, five and a half baths, TV room, and new integrated Crestron system. Looking through the trees, enjoy the privacy, while accessing the Creekside ski slope on a private trail. Excellent layout with the master bedroom on the main living area, guest bedroom upstairs and the TV room and three bedrooms downstairs.” 2016 Taxes: $23,770; HOA Dues: $1,115 per Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 01/28/2017; Sold Date: 02/21/2017. (Photos and broker comments courtesy of Douglas Elliman Real Estate-Hyman Ave)
MLS #142360 – Country Club Villas, 150 Country Club Circle #1511, Snowmass Village, CO: Sold Price: $775,000/$630 sq ft; furnished. More details below photos.
Aspen real estate 022617 142360 150 Country Club Circle 1511 1 590WAspen real estate 022617 142360 150 Country Club Circle 1511 2 590WAspen real estate 022617 142360 150 Country Club Circle 1511 3 190HAspen real estate 022617 142360 150 Country Club Circle 1511 4 190HAspen real estate 022617 142360 150 Country Club Circle 1511 5 190HAspen real estate 022617 142360 150 Country Club Circle 1511 6 190H
MLS #142360 – Country Club Villas, 150 Country Club Circle #1511, Snowmass Village, CO: Sold Price: $775,000/$630 sq ft; funished. Aspen condo for sale Ask Price: $795,000. (Original Price: $795,000 and 405 days on the market since 01/14/2016.) This is a 1987 built and 2015 remodeled, 3 bedroom/3 bath, 1,229 sq ft condo. Broker comments are “Welcome to the Villas at the Snowmass Club. Situated on the golf course with views of Burnt Mountain, this newly remodeled, Premier Rated, 3 bedroom, 3 bathroom condo is the perfect ski or golf getaway. As a corner unit with numerous windows there is abundant natural light and a private ground floor patio opening to green space. This turnkey unit features high end finishes throughout its open one-level floor plan. Owners have access to the Snowmass Club amenities which includes tennis, a 20,000 sf gym, spa, pools, esteemed restaurant, and Jim Engh golf course. The Villas also offer on-site, full-service management with concierge and short term rental coordination if desired. With acclaimed golf courses and hiking/biking trails, literally out the back door in the summer and easy access to Snowmass Mountain and 100 kilometers of cross country trails in the winter, Villas at Snowmass Club have everything your heart desires for a home-away-from-home.” 2016 Taxes: $2,651; HOA Dues: $3,801 per Qtr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 01/09/2017; Sold Date: 02/22/2017. (Photos and broker comments courtesy of Douglas Elliman Real Estate-Durant)
MLS #144756 – Country Club Villas, 150 Snowmass Club Circle 1514, Snowmass Village, CO: Sold Price: $694,500/$552 sq ft; furnished. More details below photos.
Aspen real estate 022617 144756 150 Snowmass Club Circle 1514 1 590WAspen real estate 022617 144756 150 Snowmass Club Circle 1514 2 590WAspen real estate 022617 144756 150 Snowmass Club Circle 1514 3 190HAspen real estate 022617 144756 150 Snowmass Club Circle 1514 4 190HAspen real estate 022617 144756 150 Snowmass Club Circle 1514 5 190HAspen real estate 022617 144756 150 Snowmass Club Circle 1514 6 190H
MLS #144756 – Country Club Villas, 150 Snowmass Club Circle 1514, Snowmass Village, CO: Sold Price: $694,500/$552 sq ft; funished. Aspen duplex/half-duplex for sale Ask Price: $712,000. (Original Price: $726,900 and 877 days on the market since 07/08/2014.) This is a 1987 remodeled, 3 bedroom/3 bath, 1,256 sq ft duplex/half-duplex. Broker comments are “Price reduced for quick sale! The best priced Villa available! Play golf off the back patio at the Snowmass Golf Course, take the family alpine skiing just a short distance to Two Creeks or cross country out your back door on the golf course. Relax at the spa, workout, swim, play tennis, socialize and dine at the famous Snowmass Club just across the street. Custom features include granite countertops, cabinetry, solid glass shower enclosures on all baths, large lockable owners’ closets, updated electronics, and well-designed bunk room for the kids. Offered furnished and ready for you to enjoy!” 2016 Taxes: $2,808; HOA Dues: $3,578 per Qtr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 12/28/2016; Sold Date: 02/17/2017. (Photos and broker comments courtesy of McKinley Sales)

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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