The Oct 2016 YTD Aspen Snowmass Real Estate Market Snapshot was posted on Mon Nov 7th in Current Reports.The Monthly Snapshots are usually posted on or near the 1st Monday of the month.
Oct 2016 Market Snapshot excerpt:
“Oct ‘16 is down considerably compared to the same time last year – as was Sep ‘16. Demand (sales) is way off; supply (inventory of properties for sale) is increasing. Prices, with the exception of unique and like-new properties, are trending downward especially as sellers seasonally adjust downward to post-summer, pre-winter realities and greater motivation sets in. An average 5-10% discount to ask price is common, and in some cases more. Pages 7 and 9 of this Market Snapshot identify sales by Aspen and Snowmass Village location/neighborhood with average sales to ask and original price discounts.
The time of maximum uncertainty is often the best time to get into the market. There have been some great buys in the past two months, and buyers would do well to dig deep, find motivated sellers and pull the purchase trigger. This “down” year is not going to last indefinitely and many believe there will be a post-election turnaround sooner than later.”
The Estin Report:2nd Quarter and 1st Half 2016State of the Aspen Real Estate Market with narrative, charts, tables photos was posted inCurrent Reportsas PDF (v6.6) July 20. The print edition is available at kiosks around town, at Sothebys/415 E. Hyman Mall, Sothebys/300 S. Spring St and at the airport.
Click cover above for Exec. Summary and full 28-Pg Report PDF
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 46, November 13 – 20, 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.
Closed (5):MLS#s 144489, 142850, 142739, 144731, 142574.This link is valid until 12/20/2016.
Under Contract/Pending (13):MLS#s 141989, 142148, 141740, 141898, 142394, 140793, 143116, 143687, 144023, 144358, 144933, 145764, 145918.This link is valid until 12/20/2016.
Aspen Snowmass Solds Last Week:
MLS #144489 – Rubey, Red Mountain, Tbd Red Mountain Road Lot 4, Aspen, CO. Sold Price: $18,500,000. More details below photos.
MLS #144489 – Rubey, Red Mountain, Tbd Red Mountain Road Lot 4, Aspen, CO. Sold Price: $18,500,000. Asking Price: $21,500,000. (Original Price: $25,000,000 and 158 days on the market since 06/09/2016.) This is a 6.28 acres single family vacant lot. Broker comments are “The French use the word ”nonpareil” to describe something that has no match or equal – unrivaled – and it is the perfect description for this incredible property. This is a dazzling location for your new mountain estate. Located on Lower Red Mountain there exists 6.28 acres of pristine beauty with Aspen’s most coveted views expanding from the Continental Divide to Aspen Mountain to Mt. Sopris and everything in between – it’s absolutely magical. Rarely can you be the first to shape a property that has stood untouched in time. Aspen rarely offers such opportunities. And now that time has arrived. This pristine parcel is waiting for your vision to create a home that will provide a lifetime of camaraderie with family and friends. This is a property of the heart. Once you see it, you will be drawn in. This is one you have to see for yourself to believe. It truly has everything you want in an Aspen property – location, views, water, privacy and space. You will not believe that a property of this magnitude still exists for purchase. Incredibly generous building rights of 15,000 square feet above grade, 4,000 square feet below grade, plus a 750 square foot garage provide limitless opportunities to create a magnificent homestead. Enjoy total privacy without sacrificing a convenient location – walk or bike to downtown Aspen with its world-class amenities. Let your imagination run wild and create your legacy estate to last generations.” 2015 taxes: $45,149. Under Contract Date: 10/17/2016; Sold Date: 11/14/2016. Piktin County AssessorAcc #R008444(Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Snowmass Village)
Recent Rubey Estate / Red Mountain lot sales: Rubey Family Estate – There are 5 lots total at the base of Red Mountain (Lot 5 is being retained by the Rubey Family.)
MLS 146395, Lot 3: 4.38 acres sold at $13M on 10/13/16($14M ask price). Piktin County AssessorAcc #R008443.
MLS 142728, Lot 2: 6.4 acres sold at $10M on 02/16/16($11M ask) . Approved FAR (Floor Area Ratio) for 15,000 sf home + 750 sf garage + 4,000 sf sub-grade. Piktin County Assessor Acc #008442.
MLS #147059, RUBEY Lot: 1.5.28 acres with rare approvals to build up to 19,750 sq ft. Ask Price: $20M
Call Tim Estin for details 970.309.6163 …”This is the last available lot for sale in the Rubey subdivision, nestled among cottonwood and aspen groves at the base of Red Mountain, just east of prestigious Willoughby Way. Land within the Rubey subdivision has never been available for purchase — until now. Spread over 5.28 acres and with approvals to build up to 19,750 sq ft, the property is a rare gem in a community known for its strict growth controls and predominant open space — offering unheard of potential to create a family compound walking distance of downtown Aspen. Private and secluded, this south-facing jewel receives an abundance of natural sunlight and boasts panoramic views from Aspen Mountain (front and center) to majestic Mount Sopris and Independence Pass. You can create your own legacy here at this A++ location.”
MLS #142850 – White Horse Springs, McLain Flats, 150 White Horse Springs Lane, Aspen, CO. Sold Price: $7,500,000/$829 sq ft; unfurnished. More details below photos.
MLS #142850 – White Horse Springs, McLain Flats, 150 White Horse Springs Lane, Aspen, CO. Sold Price: $7,500,000/$829 sq ft; unfurnished. Asking Price: $7,995,000. (Original Price: $13,500,000 and 2,439 days on the market since 08/26/2009.) This is a 1994 built, 5 bedroom/5 bath/1 half-bath, 9,039 sq ft single family residence with a 3 car garage on a 5.75 acres lot. This is a beautiful contemporay home built in 1994 designed to house and show fantastic works of art. It is also located in a beautiful spot on McLain Flats Road. A dated, unique home like this is difficult to value, but clearly to me, this was a terrific deal sold to a real estate developer. Broker comments are “For those who appreciate the beauty of design & demand excellence in their architecture, there is a home in Aspen that is like no other. It is modern, yet firmly rooted in tradition. It is dynamic, yet thoroughly serene. It honors its world-class setting with a style that is at once confident & reserved – comforting the body, expanding the mind, & nurturing the spirit. Designed in the style of renowned Mexican architects Luis Barragan & Ricardo Legorreta, this home is built solidly into the McLain Flats hillside, just a few miles from the town’s core. It is a living sculpture of color & texture; a sophisticated work of art in its own right. It is always & most importantly a home, a dwelling whose greatest offerings are still its simplest ones – comfort, warmth & peace. Spacious floor plan, media room with cherrywood cabinetry, professional kitchen, central gallery for world-class art, fitness room, stone-like plaster walls, CO sandstone floors, clean lines & unadorned surfaces, natural materials & earth tone colors, interior courtyard with pond & fountains, 2nd floor patio space, lock-off caretaker unit with separate entrance. Intimate, yet perfect for 100!” 2015 taxes: $20,129. Under Contract Date: 08/17/2016; Sold Date: 11/15/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #142739 – West Aspen, 1325 Sierra Vista Drive B, Aspen, CO. Sold Price: $4,075,000/$923 sq ft; furnished. More details below photos.
MLS #142739 – West Aspen, 1325 Sierra Vista Drive B, Aspen, CO. Sold Price: $4,075,000/$923 sq ft; furnished. Asking Price: $4,375,000. (Original Price: $4,375,000 and 272 days on the market since 02/17/2016.) This is a 2008 built, 4 bedroom/4 bath/1 half-bath, 4,412 sq ft duplex/half-duplex with a 2 car garage on a 16,045 sq ft lot. Broker comments are “Less than a mile from downtown Aspen on a sunny corner lot this West Aspen home is a true value at the price. Tons of extras: office, media room – with pool and ping pong tables. Radiant heat system has forced air back up. Central AC on upper two levels. Dumbwaiter from garage to kitchen. The Living room features vaulted ceilings with hand hewn timbers and central gas fireplace with stone surround. Living area walks out to snowmelted dining patio with plumbed BBQ (incl’d), Electric blinds in the living room block out afternoon sun from the west. All AV equip (including Sonos)and televisions included unless otherwise noted. Main level laundry with stackables is adjacent to the Master Suite and just off the mud room for maximum convenience. Lower level laundry room with two dryers.” 2015 taxes: $9,642. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 04/01/2016; Sold Date: 11/15/2016. (Photos and broker comments courtesy of Douglas Elliman Real Estate-Hyman Ave)
MLS #144731 – Hallam Addition, West End, 635 W Gillespie Street, Aspen, CO. Sold Price: $3,500,000/$1,232 sq ft. More details below photos.
MLS #144731 – Hallam Addition, West End, 635 W Gillespie Street, Aspen, CO. Sold Price: $3,500,000/$1,232 sq ft. Asking Price: $3,685,000. (Original Price: $3,885,000 and 500 days on the market since 06/22/2015.) This is a 1959 built and 2007 remodeled, 4 bedroom/3 bath, 2,840 sq ft single family residence with a 1 car garage on a 3,550 sq ft lot. Broker comments are “This is an incredible buy at only $1297per sq ft when the average price of a West End home closes at $1550/sq ft!! Full of character and light this comfortable home is perfect as is or you can take advantage of the approximate extra 630 Sq ft FAR and have the home of your dreams. Perfectly located across from the already remodeled Physics institute complete with attached vacant land to the West, a newer house to the East, and the alley to the South, you can be assured of ”what you see is what you get!” With a 1 car garage and 3 off-street private parking spaces (unheard of in the West End), you never have to worry about not having enough parking for your guests when the music festival is on. (Unlike every other house nearby!) And if you like the arts and the stimulation of the Ideas fest, and all other major events you couldn’t be better situated. Nearby trails and free cross-town shuttle are added bonuses. Less expensive than in-town condo of the same size and without the expense of HOA dues, this property is one of the smartest buys in Aspen, and definitely in the West End. This is an opportunity not to be missed!” 2014 taxes: $7,303. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 11/11/2016; Sold Date: 11/15/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #142574 – Lichenhearth, 150 Carriage Way Unit 5, Snowmass Village, CO: Sold Price: $300,000/$462 sq ft; furnished. More details below photos.
MLS #142574 – Lichenhearth, 150 Carriage Way Unit 5, Snowmass Village, CO: Sold Price: $300,000/$462 sq ft; furnished. Asking Price: $345,000. (Original Price: $362,500 and 285 days on the market since 02/03/2016.) This is a 1968 built and 1996 remodeled, 1 bath, 649 sq ft condo. Broker comments are “Light and bright north facing studio located in the Upper Lichenhearth Building. Ski-in/ski-out location with pool, Jacuzzi, elevator, storage, covered parking and a short walk to Base Village shops and restaurants.Additional owners locked storage adjacent to ski storage and carport parking below the building.” 2015 Taxes: $929; HOA Dues: $7,980 per Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 09/15/2016; Sold Date: 11/14/2016. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Snowmass Village)
Recent Estin Report tweets on Aspen Real Estate
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.”