The Estin Report:2nd Quarter and 1st Half 2016State of the Aspen Market with narrative, charts, tables photos was posted inCurrent Reportsas PDF (v6.6) late Wed. July 20. The print edition is available at kiosks around town, at Sothebys/415 E. Hyman Mall, at Sothebys/300 S. Spring St opposite the new Aspen Art Museum and at the airport.The June Market Snapshot will be posted this week.The Monthly Snapshots are posted on or near the 1st Monday of the month but June is late due to work on the big half year report.
Click cover above for Exec. Summary and full 28-Pg Report PDF
Excerpt from 2nd Quarter and 1st Half 2016 Report Executive Summary :
“In the 1st Half of 2016, the combined Aspen Snowmass real estate market turned down suddenly and sharply. The total dollar volume of sales fell 43% from $700M in H1 2015 to $396M in H1 2016. Units sales, the more reliable indicator of market activity, dropped 38% from (230) sales in H1 2015 to (143) sales in H1 2016.
The Aspen real estate market alone, typically accounting for 70-80% of the total combined Aspen Snowmass marketplace but 66% in H1 2016, experienced its worst first half year since H1 2010 in unit sales and its worst in dollars sales since H1 2009 – periods in the grip of the economic crisis and indeed the bleakest of the bleak.
The 1st Half 2016 market performance is a stunning reversal from the sizzling market of 2015 when sales in a number of categories and neighborhoods were the best of the past ten years. The past 6 month slowdown combined with the increase of active listings for sale is a recipe for prices to fall.
At present, the market has shifted to the favor of buyers…“
See recent Before/After redevelopment‘flip job’ examplesin Miscellaneous Info Sectionat 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 (05/16/16) as additional re-sale properties come on the market at significantly higher prices.
Market Activity Week 30, July 24 – 31, 2016
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.
Under Contract/Pending (0)
There were no sales last week. There was one transfer recorded at the Pitkin County Assessor office for a single family residence at 72 Ute Place which closed on June 8, 2016 at $12,500,000, but was recorded last week. The home was built in 1989, but completely remodeled and effectively built in 2013. It is a 5 Bdrm/5.5 Ba, 6,453 sq ft home on .240 acres with a 711 sq ft garage. (Photo credit: Piktin County Assessor Office)
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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 2016 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.”
MLS #142139 – Old Snowmass, 354 Snowmass Creek Rd., Snowmass, CO: Sold Price: $ 515,000. Asking Price: $550,000. (Original Price: $550,000 and 1,290 days on the market since 04/17/2013.) This is a 255,479 sq ft single family vacant lot. Broker comments are “Come see this gorgeous property on Snowmass Creek Road. The property is 58.65 acres overlooking Snowmass Creek with views South looking towards Old Snowmass and West looking up the Roaring Fork Valley. This is a great development opportunity, with 5,750 SF of FAR. The property shares a driveway with Lot 2, a 1 acre lot with an additional 5,750 SF FAR, which is also on the market and could be purchased together to create a family compound, See MLS #142137. 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: $5,025. Under Contract Date: 04/27/2016; Sold Date: 07/15/2016. (Photos and broker comments courtesy of Aspen Associates Realty)