Jan 7 – 14, 2018 Estin Report: Last Week’s Aspen Snowmass Real Estate Sales & Stats: Closed (5) + Under Contract / Pending (9)
The Dec 2017 Market Snapshot was released 01/13/17 in Current Reports. 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. However, I developed a fix – work around formula – so all figures are accurate.
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 2, Jan 7 – 14, 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 (5): MLS#s: 144934, 149753, 151525, 146803, 150485. This link is valid until 2/13/2018.
Under Contract/Pending (9): MLS#s: 140534, 143843, 144580, 144852, 149561, 149730, 150233, 150365, 150502. This link is valid until 2/13/2018.
Aspen Snowmass Solds Last Week:
MLS #144934 – Calderwood, Central Core , 1112 Waters Avenue, Aspen, CO: Teardown/Lot Sale. Sold Price: $4,600,000/$2,520 sq ft. More details below photos.
MLS #144934 – Calderwood, Central Core, 1112 Waters Avenue, Aspen, CO: Teardown/Vacant Lot Sale. Sold Price: $4,600,000/$2,520 sq ft. Aspen single family home for sale. Ask Price: $4,895,000. (Original Price: $4,995,000 and 579 days on the market since 05/23/2016.) This is a 1962 built, 3 bedroom/2 bath, 1,825 sq ft single family home on a 8,051 sq ft lot. Broker comments are “Walk everywhere from this prime development opportunity with Aspen Mountain views in the downtown core. Price includes full set of completed plans. See zoning analysis and survey. Just three blocks from the gondola, this peaceful location on a quiet cul-de-sac offers a fabulous backyard with a lovely stream and mature trees for privacy. The Roaring Fork River is just steps away from your backyard via a public trail easement. You can have it all – the convenience of being in the core of Aspen without the hustle and bustle. Seller has submitted plans for a new 5-bedroom home to City of Aspen, with building permit anticipated late Fall 2017.” 2016 Taxes: $9,719. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 12/10/2017; Sold Date: 01/11/2018. (Photos and broker comments courtesy of Douglas Elliman Real Estate-Hyman Ave)
MLS #149753 – Snow Bunny Sub, West Aspen, 1230 Snowbunny Lane, Aspen, CO: Sold Price: $3,790,000/$993 sq ft; unfurnished. More details below photos.
MLS #149753 – Snow Bunny Subdivision, West Aspen, 1230 Snowbunny Lane, Aspen, CO: Sold Price: $3,790,000/$993 sq ft; unfurnished. Aspen single family home for sale. Ask Price: $3,950,000. (Original Price: $4,350,000 and 362 days on the market since 01/03/2017.) This is a 1965 built and 2005 remodeled, 5 bedroom/3 bath/1 half-bath, 3,816 sq ft single family home with 2 car garage on a 16,490 sq ft lot. This is one of a handful, very-livable-as-is Aspen single family homes on the market today priced $2.5-4.0M. Broker comments are “A timeless local’s abode. Lease-to-purchase scenario is an option. This 3,816 SF Snowbunny Lane home sits on a 16,490 SF lot and appeals to everyone from families to developers. Private and partially fenced with gardens in the front and back yards. Can be redeveloped as a new duplex with a max FAR (Floor Area Ratio) of approximately 5,004 (approx. 2,500 per side), or the existing home can be redeveloped/increased as a new single family residence with a max FAR of approximately 4,589 (no TDRs required). Conveniently located one block away from the bike path, golf/cross country course and bus stop with quick access to Aspen, schools and all the ski areas. Enchanting garden lawn with mountain views and a babbling creek.” 2016 Taxes: $9,059. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 11/17/2017; Sold Date: 01/09/2018. (Photos and broker comments courtesy of Aspen Associates Realty)
MLS #151525 – Central Core Parking Space, 300 S Spring Street 1, Aspen, CO: Sold Price: $250,000. More details below photos.
MLS #151525 – Central Core Aspen Parking Space, 300 S Spring Street 1, Aspen, CO: Sold Price: $250,000. This is a 1-car exterior parking space located 1 block north of City Market and 2 1/2 blocks to the Aspen Mountain Gondola . With the new construction in downtown Aspen the past 4-5 years, convenient private outdoors parking spaces are now a rarity. For someone who has a home outside of downtown, this offers maximum convenience – more so than an interior garage space where getting in and out can be more hassle, and maybe further away. Ask Price: $295,000. (Original Price: $295,000 and 58 days on the market since 11/08/2017.) Broker comments are “Own your private, deeded parking space in downtown Aspen. This is a perfectly located parking space, off-street and easily accessible for dinner, skiing, shopping or just running quick errands in Aspen. This is the epitome of convenience.” 2016 Taxes: $423. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 12/08/2017; Sold Date: 01/05/2018. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Snowmass Village)
MLS #146803 – Top of Village, 855 Carriage Way-Summit 106 Summit 106, Snowmass Village, CO: Sold Price: $707,500/$655 sq ft; furnished. More details below photos.
MLS #146803 – Top of Village Condominium, 855 Carriage Way-Summit 106 Summit 106, Snowmass Village, CO: Sold Price: $707,500/$655 sq ft; furnished. Snowmass Village condo for sale. Ask Price: $725,000. (Original Price: $799,000 and 1,098 days on the market since 09/17/2013.) This is a 1974 built and 2007 remodeled, 2 bedroom/2 bath, 1,080 sq ft condo. Broker comments are “Why pay for a condominium, and then pay for a remodel? Enjoy this unit today. True ski-in/ski-out condominium with privacy and privileges only found at Top of the Village. Located in the Summit building, this two-bedroom, two-bath ground floor unit opens onto a wooded grove of pine and aspen trees with gentle trails that connect directly onto the ski hill. Fully furnished and remodeled with plenty of built-ins and custom cabinetry for owners and guests to feel at home. Rated ”Premier” for rentals, too. Top of the Village has an on-site staff, ready to assist with rentals and property management. Shuttle service, outdoor pool and hot tubs, and beautiful landscaping make this complex one of the most desired in Snowmass Village.” 2016 Taxes: $2,888; HOA Dues: $14,102 per Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 12/06/2017; Sold Date: 01/10/2018. (Photos and broker comments courtesy of Douglas Elliman Real Estate-SMV)
MLS #150485 – Crestwood, 400 Wood Road 3208, Snowmass Village, CO: Sold Price: $320,000/$476 sq ft; furnished. More details below photos.
MLS #150485 – Crestwood, 400 Wood Road 3208, Snowmass Village, CO: Sold Price: $320,000/$476 sq ft; furnished. Snowmass Village condo for sale. Ask Price: $339,000. (Original Price: $339,000 and 180 days on the market since 07/15/2017.) This is a 1970 built and 2015 remodeled, 1 bedroom/1 bath, 672 sq ft condo. Broker comments are “Fabulous one bedroom, remodeled, fireplace beautiful, cozy with great access to the ski hill and the common laundry is just steps away.so many conveniences and a pleasure to show!” 2016 Taxes: $1,340; HOA Dues: $14,029 per Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 11/21/2017; Sold Date: 01/11/2018. (Photos and broker comments courtesy of Berkshire Hathaway HomeServices | Aspen Snowmass Properties)