The Estin Report:May and YTD 2016 Aspen Snowmass Real Estate Market Snapshot was released June 7, 2016inCurrent Reports. The Monthly Snapshots are posted on or near the 1st Monday of the month.
“Depending on the metrics one looks at, the Aspen market is off by about 50% year-to-date through May 31, 2016 over last year…Aspen’s most desirable locations, the West End and Red Mountain, have experienced little or no sales, and luxury sales of properties $10M and over, typically accounting for roughly 25-30% of total dollar sales, were 15% of the total market sales dollars in May 2016 YTD versus 27% in May 2015 YTD: $10M and over sales are down -64% in unit sales to (4) this year versus (11) last year and -71% in dollar sales to $48M in from $166M same time last year.”
See recent Before/After redevelopment‘flip job’ examplesin Miscellaneous Info at 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 25, June 19 – 26, 2016
Aspen Snowmass real estate weekly sales and under contract activity appears below for all Aspen, Snowmass 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 (4):MLS#s 144120, 143836, 139431, 142663.This link is valid until 7/26/2016.
Under Contract/Pending (10):MLS#’s: 142070, 142336, 138045, 138822, 140089, 139694, 141150, 144480, 144493, 144537. This link is valid until 7/26/2016.
Aspen Snowmass Solds Last Week:
MLS #144120 – Callahan, East Aspen, 1419 Crystal Lake, Aspen, CO. Sold Price: $10,350,000/$1,297 sq ft; furnished. Asking Price: $12,750,000. (Original Price: $12,750,000 and 1,433 days on the market since 11/07/2011.) This is a 1990 built and 2000 remodeled, 6 bedroom/5 bath/1 half-bath/1 3/4-bath, 7,976 sq ft single family home with 3 car garage on a 44,867 sq ft lot. The property is located within steps of the Aspen Club and Spa. Broker comments are “Luxury riverfront home. mountain views, sunny location,private, conveniently located, 7 minute walk to downtown Aspen. The rooms on the main floor are grand in size and open to the expansive patio overlooking the river for the ultimate indoor/outdoor living and entertaining experience. ALL 6 BEDROOMS ARE ABOVE GRADE, EACH WITH A PATIO OR DECK! Plus there is an office, game room and large media room. Impressive 1.03 acre yard, beautifully landscaped for privacy. Over 200 ft of river frontage.” 2016 taxes: $25,843; HOA Dues: $2,200 per Yr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 05/30/2016; Sold Date: 06/20/2016. (Photos and broker comments courtesy of Weaver & Briscoe)
MLS #143836 – Independence Square, Central Core, 404 S Galena Street 207, 208, 209, Aspen, CO. Sold Price: $1,000,000/$1,111 sq ft; unfurnished. More details below photos.
MLS #143836 – Independence Square Condo Hotel, Central Core, 404 S Galena Street 207, 208, 209, Aspen, CO. Sold Price: $1,000,000/$1,111 sq ft; unfurnished. Asking Price: $1,100,000. (Original Price: $1,100,000 and 55 days on the market since 04/29/2016.) This is a 1889 built and 2006 remodeled, 2 bedroom/2 bath, 900 sq ft condo. Broker comments are “This quiet, top floor east-facing unit with Independence Pass and Smuggler Mountain views is located in Aspen’s only condo/hotel lodge on the downtown mall next to Ralph Lauren/Polo and in the heart of it all! Only 1 block to the gondola and in the center of Aspen’s core, full of world renowned restaurants, entertainment and shopping. This highly requested premier rated unit comes fully furnished with access to the common area roof top hot tub/sun deck with arguably the best views in Aspen. As an owner or renter enjoy complimentary continental breakfast/apres ski wine and cheese and spectacular Full service accommodations, ski locker storage and A/C. Standard rated and excellent income potential, rent this core unit while you are not using. Pets welcome, owners.” 2015 taxes: $2,355; HOA Dues: $11,198 per Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 05/26/2016; Sold Date: 06/23/2016. (Photos and broker comments courtesy of Compass)
MLS #139431 – Little Elk Creek, 0091 Alexander Avenue, Snowmass, CO: Sold Price: $872,500/$478 sq ft; unfurnished. More details below photos.
MLS #139431 – Little Elk Creek, 0091 Alexander Avenue, Snowmass, CO: Sold Price: $872,500/$478 sq ft; unfurnished. Asking Price: $995,000. (Original Price: $995,000 and 721 days on the market since 10/02/2013.) This is a 1999 built, 3 bedroom/2 bath, 1,825 sq ft single family residence with 1 car garage on a 46,173 sq ft lot. Broker comments are “Stunning views on this flat, one acre lot, with the surrounding open ranch land and mountains, it feels like 40 acres! Located on the north, rural side of the subdivision, it does not feel like one. The views from every angle of this home will remind you what Old Snowmass is all about: wide open spaces, distant vistas of majestic mountain peaks and a peaceful tranquil setting. 2 horses allowed, 5500 base sq. footage allowed. 2 additional detached non dwelling structures allowed, i.e.,stables, barn, greenhouse, pool house. No set building envelope and TDR allowed. Live the ”Old Snowmass Lifestyle” 17 minutes to Aspen yet world’s away.” 2014 Taxes: $4,287; HOA Dues: $546 per Qtr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 05/06/2016; Sold Date: 06/22/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #142663 – Horse Ranch, 95 Trail Rider Lane, Snowmass Village, CO: Sold Price: $2,400,000/$663 sq ft; unfurnished. More details below photos.
MLS #142663 – Horse Ranch, 95 Trail Rider Lane, Snowmass Village, CO: Sold Price: $2,400,000/$663 sq ft; unfurnished. Asking Price: $2,750,000. (Original Price: $2,900,000 and 129 days on the market since 02/12/2016.) This is a 1995 built, 4 bedroom/4 bath/1 half-bath, 3,619 sq ft single family residence with 2 car garage on a 24,394 sq ft lot. Broker comments are “This home is ideally situated in Horse Ranch, one of the most desirable neighborhoods in Snowmass Village. It is one of the few lots which backs up to open space, boasting spectacular views of the Snowmass ski runs and summer access to popular running and mountain biking trails. This 4 bedroom plus den family home is love at first site. Recent home improvements include new kitchen appliances, chic ceramic tile wood grain floors in the kitchen and den, beautiful wool carpets in all bedrooms and the great room, and a state-of-the-art saltwater hot tub. The spacious 2 car garage has plenty of storage within, as well as recently added attic storage above. Passive solar in the upper living area and lots of natural light. A great buy and a MUST see.” 2015 Taxes: $7,752; HOA Dues: $90 per Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 04/06/2016; Sold Date: 06/20/2016. (Photos and broker comments courtesy of Engel & Volkers.)
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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.”