The Estin Report:On May 16-18, 2016 in Las Vegas, Aspen Snowmass Sotheby’s International Realty management and brokers joined their domestic and international partners for a 3-day event sharing global trends, new marketing platforms, showcase listings, and collaborations on innovation.
Take Away: Spring 2016 Market Trends on Luxury Real Estate Sales
The market for properties $3M and up has slowed down from New York to Cairo.
Preditictions are for a flat slow year 2016 with people seeing how the Market reacts, what happens to oil prices and who wins the election. 2017 will begin a new phase for high end real estate and should pick up a little. Everyone selling high end appears to be in agreement and is singing from this same hymn book.
April 2016 Aspen Snowmass Real Estate Market Snapshot was released May 6, 2016inCurrent Reports. The Monthly Snapshots are posted on or near the 1st Monday of the montH – the May Snapshot will be posted late week of June 1st.
Excerptfrom the April 2016 Aspen Snowmass Real Estate Market Snapshot:
“Bottom line:The Aspen Snowmass real estate market continued its significant retreat this year from a sizzling 2015. For the total combined marketplace. April 2016 had the poorest April sales activity in the past eight years since April 2009. The Aspen market alone is off 44%-61% year-to-date and in specific property categories and neighborhoods the decline is more. This is even though April is typically one of the highest performing months of the year as buyers close on property placed under contract during the ski season.”
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.
Last week’s Aspen and Snowmass home and property sales activity appears below. 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 search the 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.
Market Activity Week 21, May 22 – 29, 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.
Closed (5):MLS#’s: 142445, 137061, 144215, 142177, 142105.This link is valid until 6/28/2016.
Under Contract/Pending (6):MLS#’s: 141021, 143507, 143836, 143866, 143964, 144035. This link is valid until 6/28/2016.
Aspen Snowmass Solds Last Week:
MLS #142445 – Central Core, 17 Queen Street, Aspen, CO. Sold Price: $12,140,000/$1,581 sq ft; furnished. More details below photos.
MLS #142445 – Central Core, 17 Queen Street, Aspen, CO. Sold Price: $12,140,000/$1,581 sq ft; furnished. Asking Price: $13,250,000. (Original Price: $13,250,000 and 120 days on the market since 01/24/2016.) This is a 2007 built, 7 bedroom/6 bath/2 half-bath, 7,674 sq ft single family residence with 2 car garage on a 15,160 sq ft lot. This beautiful Aspen luxury home is located on the Smuggler side of No Problem Bridge, across the street from the Rio Grande Trail. Broker comments are “This is one of Aspen’s finest central core residences in a location that is enjoyed all year long. Located across the street from Herron park, one of Aspen’s most enjoyable summertime family river parks as well the beginning of the Rio Grande Trail which accesses the entire Roaring Fork Valley’s 42 miles of bike trails and just 6 blocks from the Little Nell Hotel and the Aspen Mountain gondola. This 7 bedroom, 8 bath residence was built in 2006 and is 7,600+ square feet and there is also a separate, 1 bedroom guest house on the property for overflow guests or staff. Exceptional views of Aspen Mountain you can also hear the Roaring Fork river which sits just a few steps from the front door. The gourmet, oversized kitchen and kitchen den, living/great room, dining room as well the master bedroom reside on the upper level. you stroll this residence you appreciate the practical flow from private suites to the numerous gathering/entertaining spaces such as the media room and lower levels which have ample room for family and visiting guests.” 2015 Taxes: $18,480. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 04/18/2016; Sold Date: 05/23/2016. (Photos and broker comments courtesy of Douglas Elliman Real Estate-Hyman Ave)
MLS #137061 – Durant Mall Condo, Central Core, 710 E Durant Avenue G, H & P10, Directly across the street from the Aspen Mountain Gondola Plaza, Aspen, CO. Sold Price: $4,100,000/$2,626 sq ft; furnished. Asking Price: $4,295,000. (Original Price: $4,295,000 and 451 days on the market since 12/16/2014.) This is a 1975 built and 2004 remodeled, 2 bedroom/2 bath/1 half-bath, 1,561 sq ft condo with 1 car garage. Broker comments are “Rare loft Penthouse for Sale! Amazing views of Aspen Mountain through sliding glass doors with a 400sf terrace. 2 bedrooms, den (loft), 2.5 baths. This southern exposure unit is steps to shops, restaurants and gondola. 18-foot ceilings, open loft living, updated kitchen with stainless steel appliances, new A/C units installed fall 2015, garage, ski storage, building elevator. An exceptional space winter or summer! Turnkey and ready for move-in.” 2014 Taxes: $6,803; HOA Dues: $1,110 per Month. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 04/07/2016; Sold Date: 05/26/2016. (Photos and broker comments courtesy of Setterfield & Bright)
MLS #144215 – Fox Crossing, Smuggler, 549 Race Alley, Aspen, CO. Sold Price: $1,900,000. Lot Sale. More details below photo.
MLS #144215 – Fox Crossing, Smuggler, 549 Race Alley, Aspen, CO. Lot Sale. Sold Price: $1,900,000. Asking Price: $1,900,000. (Original Price: $1,900,000 and 663 days on the market since 06/04/2015.) This is a 6,016 sq ft lot. Broker comments are “Sold before MLS.” 2015 Taxes: $3,655. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 07/30/2015; Sold Date: 05/20/2016. (Photos and broker comments courtesy of Douglas Elliman Real Estate-Hyman Ave)
MLS #142177 – Winfield Arms, Central Core, 119 E Cooper Avenue 27, Aspen, CO. Sold Price: $425,000/$1,340 sq ft; unfurnished. More details below photos.
MLS #142177 – Winfield Arms, Central Core, 119 E Cooper Avenue 27, Aspen, CO. Sold Price: $425,000/$1,340 sq ft; unfurnished. Asking Price: $448,000. (Original Price: $479,000 and 297 days on the market since 08/29/2014.) This is a 1969 built and 2015 remodeled, 1 bath, 317 sq ft condo. Broker comments are “This top floor condo has been completely remodeled in a a refreshing, contemporary style. Light and bright with clean lines, one can bring their own palate and make it their customized home. With Aspen mountain views, and located only 3 blocks to the gondola this is a unique opportunity to have your own affordable pied-a’-terre. Low HOA dues include all utilities, cable and Wifi. Bike storage, ski storage, outdoor Jacuzzi and BBQ are a few of the extras. Dogs invited for owners! Easy to show!” 2014 Taxes: $776; HOA Dues: $340 per month. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 04/05/2016; Sold Date: 05/20/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #142105 – Wood Run, 563 Edgewood Lane, Snowmass Village, CO: Sold Price: $10,595,000/$1,850 sq ft; furnished. More details below photos.
MLS #142105 – Wood Run, 563 Edgewood Lane, Snowmass Village, CO: Sold Price: $10,595,000/$1,850 sq ft; furnished. Asking Price: $12,900,000. (Original Price: $12,900,000 and 152 days on the market since 12/23/2015.) This is a 1995 built, 5 bedroom/5 bath/1 half-bath, 5,724 sq ft single family residence with 2 car garage on a 53,336 sq ft lot. Broker comments are “You can’t beat this ski-in, ski-out location in Snowmass Village’s premier neighborhood. Just step out of your door and onto the slopes. This home features four bedrooms, five and one half baths, gourmet kitchen, den/family room and full spa equipped with built-in hot tub, steam shower and sauna. This traditional mountain-style home was built with a handsome stone exterior, copper roof and offers over 2000 square feet of heated patio areas making this the perfect summer and winter destination. Direct access to Adam’s Avenue and a short walk the Snowmass Village Mall make this the ultimate location!” 2014 Taxes: $25,121; HOA Dues: $90 per Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 03/24/2016; Sold Date: 05/23/2016. (Photos and broker comments courtesy of Whitman Fine Properties)
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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.”