Jan 14 – 21, 2018 Estin Report: Last Week’s Aspen Snowmass Real Estate Sales & Stats: Closed (10) + Under Contract / Pending (8)
The Dec 2017 Market Snapshot was released 01/13/17 in Current Reports.
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. Q4 2017 update to be updated soon).
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
Bottom Line Dec 2017
“Dec 2017 ended on a weak note compared to what was to an outstanding year. A disappointment in fact. But maybe this was the reprieve we needed after an exceptionally strong three months in August, Sep and Oct ’17.
For the year, dollar sales at $1.512B were almost dead-even with $1.513B in Year 2015; unit sales were also near even with 2015 with (433) in 2017 versus (442) in 2015. Years 2017 and 2015 were remarkably similar to one another and the best performing years of the past ten, 2008-2017, while 2017 had the lowest inventory of properties for sale of that ten year period: (762) listings inventory 2017 vs (858) in 2015, -11%.
Standout categories for the month of December are:
1) Sales of properties over $10M and over at near record of 2015.
- For the year 2017, dollar sales of properties $10M and above are up 181% to $442M from $157M in 2016; Unit sales are up 142% to (29) versus (12) last year.
- In 2017, $10M and over property sales accounted for $442M, or 29%, of the $1.512B total market dollar sales and (29), or 7%, of the (433) total unit sales.
- In 2015, sales of properties $10M and over were $454M, or 30%, of the $1.513B total market dollar sales and (30), or 7%, of the (441) total unit sales.
2) Aspen condos: Sales are up 29% YTD while inventory of available listings is down -18%. High demand and falling inventory is creating price pressure: In the 3-mos sales period from Oct-Dec 17, the avg Aspen Core condo/townhome sold at $1,514 sq ft over $1,252 in the same period Dec 2017, +21%.
3) Where are the Aspen Discounts? Checkout areas a bit farther out of town but more than compensating for the ‘relative’ distance are the staggering views and high mountain scenery. This is ‘Rocky Mountain High’ living at its best at sub-prime pricing! Giddy-up folks!! For example, Starwood had (2) sales in the three months of Oct-Dec 17 at an avg $624 sq ft vs $616 sq ft same period a year ago, +1%. 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 +31%, $2,227 sq ft in Oct-Dec 2017 vs $1,704 sq ft in the same period last year. Another example is Woody Creek where home prices over $1.5M are still relatively discounted at $1,310 sq ft in Oct-Dec 2017 versus $963 sq ft same time last year. +36%. See Best Deals for Starwood/McLain Flats and Woody Creek properties.
4) Snowmass Village values: SMV is entering its prime winter selling season Dec – April, and unit sales activity has been picking up similar to 2015. The revived Snowmass Base Village under new ownership is completing some major construction projects and the base area if starting to look and feel more finished than the construction site its been for the past 10 years. There is a lot of excitement and positive energy while at the same time, SMV opportunities continue…in general, prices – at 40-60% discount-to-Aspen – are similar, if not down incrementally, from last year…
Deep Dive: Dec 2017 Sales by Location (3-month avg. sales Oct-Dec 17)
“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. Flip jobs. This section also highlights sold properties back on the market at higher prices – examples of price appreciation. This post is updated regularly (01/11/2018) as additional re-sale properties come on the market.
Market Activity Week 3, Jan 14 – 21, 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 (10): MLS#s: 140945,140946,140947,140948,140949,152321, 151222,146970, 149892, 152275. This link is valid until 2/20/2018.
Under Contract/Pending (8): MLS#s: 144289, 145373, 150617, 150618, 151001, 151780, 151997, 152306. This link is valid until 2/20/2018.
Aspen Snowmass Solds Last Week:
Last week, five (5) OneAspen Townhomes, Units 1-5, at the base of Lift 1A closed on 1/17/18 at an avg sold price of $8.548M/$1,732 sq ft furnished. This is an avg 5% discount to ask price $9M/$1,823 sq ft. These are 3 bdrm/4 Ba/avg 4,938 sq ft. units with 2 car garage.
There are a total of 14 units. Construction on these units began in fall 2015 and they have been under contract almost as long. The closings have been contingent Pitkin County Bldg Dept issuing Certificates of Occupancy.
The contract to buy for Unit #3 appears to have been flipped to another buyer: Buyer 1 was under contract at $8.1M/$1,621 sq ft and sold his contract at $10M/$2,001 sq ft. Transaction costs and Aspen Real Estate Transfer (RETT) taxes should be considered at approximately $600K typically payable by buyer unless negotiated differently. Both these transactions closed simultaneously on 01/17/18.
Another, Unit #1, closed at $8.5M/$1,753 sq ft unfurnished on 01/17/18 and was re-listed at $16.49M/$3,400 sq ft on 01/29/18.
To date 7 units have sold, 3 are currently under contract and 4 remain available for sale. See One Aspen sales activity spreadsheet. For recent One Aspen flip jobs, see the Flip Job Section. For more information and details, contact Aspen broker Tim Estin at 970-309-6163 or email.
MLS #152275 – Mountain Valley, East Aspen, 549 Mountain Laurel Drive, Aspen, CO: Sold Date: 01/09/2018; Sold Price: $4,480,000/$1,150 sq ft; partial-furnished. More details below photo.
MLS #152275 – Mountain Valley, East Aspen, 549 Mountain Laurel Drive, Aspen, CO: Sold Date: 01/09/2018; Sold Price: $4,480,000/$1,150 sq ft; partial-furnished. Aspen single family home for sale. Ask Price: $4,480,000. (Original Price: $4,480,000 and 69 days on the market since 11/01/2017. Seller paid $3.75M on 10/6/14. Sold price is +19.5% higher.) This is a 2001 built and 2013 remodeled, 4 bedroom/4 bath/1 half-bath, 3,895 sq ft single family home with a 2 car garage on a 15,298 sq ft lot. Broker comments are “Sold Before MLS” 2018 taxes: $8,963. Under Contract Date: 09/19/2017; Sold Date: 01/09/2018. (Broker comments courtesy of Non-Member Office | Photos courtesy of Coldwell Banker Mason Morse MLS #110209.)
MLS #149892 – West End, 211 W Main Street, Aspen, CO: Sold Price: $2,540,707/$974 sq ft; partial-furnished. More details below photos.
MLS #149892 – West End, 211 W Main Street, Aspen, CO: Sold Price: $2,540,707/$974 sq ft; partial-furnished. Aspen single family home for sale. Ask Price: $2,899,000. (Original Price: $2,899,000 and 204 days on the market since 06/28/2017.) This is a 1886 built and 1993 remodeled, 5 bedroom/4 bath, 3,191 sq ft single family home on a 4,500 sq ft lot. Broker comments are “Unique opportunity to own a historic city approved 4-unit complex located 3 blocks to downtown Aspen. Main house has 2 one-bedroom units on the ground floor (805 & 550 sq.ft.) with separate entrances, and the upper level with the third unit is a one bedroom plus loft unit (669 sq.ft.) with incredible Aspen Mountain views and it’s own outdoor porch with storage. The 4th unit is it’s own Miner’s cabin (495 sq.ft.) with parking. Additional storage for all units is located in the basement (584 sq.ft.) below the main home. Great rental potential and the ability to condominiumize the 4 units. Perfect for housing your employees. 4 parking spaces on the property. Mixed use zoning allowing other uses.” 2016 taxes: $4,575. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 10/30/2017; Sold Date: 01/18/2018. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #151222 – Hunter Creek, Smuggler, 335 Vine Street, Aspen, CO: Sold Price: $865,000/$985 sq ft; partial-furnished. More details below photos.
MLS #151222 – Hunter Creek, Smuggler, 335 Vine Street, Aspen, CO: Sold Price: $865,000/$985 sq ft; partial-furnished. Aspen condo for sale. Ask Price: $875,000. (Original Price: $875,000 and 101 days on the market since 10/10/2017.) This is a 1980 built and 2005 remodeled, 2 bedroom/2 bath, 878 sq ft condo. Broker comments are “Top floor 2 bedroom, 2 bath unit with a deck and views of Aspen Mountain. Located near the Hunter Creek and Smuggler trail system. Enjoy the hot tubs, pool and tennis court. An easy walk to downtown or take the RFTA bus which stops in front of the complex. 2 unassigned parking spaces. Storage units available for lease from the HOA, on a space available basis.” 2016 taxes: $1,821; HOA Dues: $341 per Month. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 10/21/2017; Sold Date: 01/19/2018. (Photos and broker comments courtesy of Setterfield & Bright)
MLS #146970 – Ridge Run, 328 Deer Ridge Lane, Snowmass Village, CO: Sold Price: $4,400,000/$897 sq ft; furnished. More details below photos.
MLS #146970 – Ridge Run, 328 Deer Ridge Lane, Snowmass Village, CO: Sold Price: $4,400,000/$897 sq ft; furnished. Snowmass Village single family home for sale. Ask Price: $4,795,000. (Original Price: $4,895,000 and 780 days on the market since 12/14/2016.) This is a 1990 built and 2016 remodeled, 4 bedroom/4 bath/1 half-bath, 4,905 sq ft single family home with 2 car garage on a 39,204 sq ft lot. Broker comments are “One of Snowmass Village’s finest homes available. This Ridge Run home is located on a private cul-de-sac which backs up to acres of open space. The views are stunning, both of the distant mountain range and the close-up of views Mt. Daly. The home was artfully remodeled with professional design and beautifully restored throughout. All four bedrooms are private suites complete with their own walk-in closet and spacious bathroom. Enjoy three separate living spaces (great room, family room, and kids’ play room/media space). You have to see this one for yourself to appreciate it’s exceptionally high level of style and comfort.” 2016 Taxes: $10,298; HOA Dues: $90 per Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 12/25/2017; Sold Date: 01/16/2018. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Snowmass Village)