Jun 7 – 14, 2020 Estin Report: Last Week’s Aspen CO Homes for Sale and Snowmass Real Estate Sales & Stats: Closed (6) + Under Contract / Pending (18). [To view the new blog post, you may have to “Clear your Browser Settings”. Go to: Chrome browser/more tools/clear browsing data.]
06/15/20 Bottom Line:
As Aspen opens up from the three month Covid-19 shutdown to 50% capacity limits for hotels/lodging, restaurants but no bar/club openings, real estate sales are returning with a surge amidst signs of significant price discounting. Last week, there were (3) developer owned properties that closed between $11.5M – $21.5M in a range of 24%-31% off ask price. Two of these properties went under contract in the 1st week of June. It is evident that if you are looking for sizable discounts in the current market, seek out newer-built developer inventory where selling is a business and not personal. Call me to discuss targets and ideas. There were (18) Aspen and Snowmass properties that went under contract last week releasing a floodgate of pent-up demand. Interest in summer rental properties has been huge with many requests for 2-3 month or longer rentals rather than more typical one-month, July or Aug, requests.
06/08/20 Bottom Line:
Two high priced Aspen properties went under contract this past week perhaps signaling a return to normalcy post Covid 19 shut down…the Dancing Bear Penthouse (See floorplan) with an ask price $23.995M/$7,982 SF and a proposed closing date of 6/08/20; 1055 Stage Road, a 4.5 acre, 11,000 sq ft stunning private river home property adjacent to the Maroon Creek Club with an ask price of $30M – was going to auction Jun 27-30 but now scheduled to close on 6/29/20. (See survey).
06/01/20 Bottom Line: ramblings from the street.
Offers are coming in…but in general, they are low across the board – in Aspen and Snowmass Village (SMV). In mid valley and down valley its completely different: life there goes on and people need housing. Up-valley in Aspen, properties are for the most part discretionary purchases – 2nd homes, vacation homes. Here it’s a want, not a need.
Yes. There are some listings that are especially motivated. Buyers should make an offer, start the conversation. My advice generally is: “I don’t know how motivated the seller is. But if you’re going to make an offer, make it legit, put it in writing. At least try to get the seller to engage. Then, we’ll get real information back – or not. Things happen doing this more than one would think.” And if you hear, “They’ve already picked out a replacement property”, yes, it implies motivation.
Buyers are pulling down prices on some specific properties. There are a few properties over >$10M that have recently gone under contract at significant discounts. These will be reference points in 4-8 weeks. The way offers are coming in now, it’s hard to believe there won’t be sellers who don’t lower their price and we will begin to see new lower metrics. Savvy sellers will get ahead of this. Now.
But many sellers are feeling optimistic. There are more people looking now than in a usual May.
It would seem most logical to look at developers for seller motivation rather than a residential owner/seller who’s living and using the house. In the financial crisis, the properties that sold in the first 2-3 years were developer inventory. These guys have to sell – it’s business, not personal. “Get in, get out.” is their mantra.
The 3-auction Aspen seller at the end of June is a developer and apparently has no debt. Why then are these properties at auction? It’s a novel idea, smart and generating a lot of buzz, great marketing. Apparently there have already been several low offers but nothing accepted so far.
The toughest part at present is confusion between buyer and seller as to where the market is – there is the current market now versus the market pre-Covid lockdown. Buyer’s concern is that they will overpay in a very uncertain market.
In 2008-2011, there was not an efficient market outside the Core. Sellers that sold in the beginning of the crisis, sold at 10-15% discount versus sellers who finally lowered their price 2-3 years later and suffered far greater loss.
In this uncertainty, we have not seen a lot of new listings or properties going under contracts.
However…on the other hand, maybe there will be little discounting Covid 19 related because of urban dwellers coming here full time and sellers taking their property off market in order to spend more time here full-time. The stay at home lockdown has changed people’s perceptions of where they can live and work and where they want to now live. Aspen offers a quality of life unmatched. Period.
Best deal areas: Snowmass Village, East Aspen, Starwood, Aspen Highlands.
Blog Post: Jun 7 – 14, 2020 Aspen CO real estate market activity, Week 24
Weekly Aspen and Snowmass Village, CO real estate sales activity appears below for sold and under contracts properties in the upper Roaring Fork Valley over $250,000 – for Aspen, Snowmass Village, Brush Cr Village, Woody Creek and Old Snowmass. Fractional sales are not included. Photos and written descriptions of sold properties are posted here as the MLS links below expire after 30 days. For earlier dates, see the Estin Report blog archives starting in 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 (6): These properties went under contract end of April and early May. MLS#s: 163453, 162251, 147270, 162622, 162022, 162524. This link is valid until 7/14/2020.
Under Contract/Pending (18): MLS#s: 161146, 160839, 148013, 152158, 154697, 154699, 159886, 160053, 160347, 161848, 162724, 163343, 163412, 163722, 163845, 164444, 164476, 164555. This link is valid until 7/14/2020.
Sold Properties Last Week:
MLS #147270 – Dancing Bear Residences, Central Core, 219 E Durant Avenue PH-20, Aspen, CO: Sold Price: $18,300,000/$6,087 sq ft; furnished. Sold Date: 06/08/2020. More details below photos.
MLS #147270 – Dancing Bear Residences, Central Core, 219 E Durant Avenue PH-20, Aspen, CO: Sold Price: $18,300,000/$6,087 sq ft; furnished. Sold Date: 06/08/2020. Aspen condos for sale. Ask Price: $23,995,000. (Tim’s notes: Sold price is -24% off ask. Original Price: $29,950,000/$10,000 Sq Ft and 1,152 days on the market since 01/16/2017.) This is a 2017 built, 4 bedroom/4 bath/1 half-bath, 3,006 sq ft condo. Broker comments are “This is ”the” Aspen penthouse, in a town known for special and unique properties this is truly at the top of the list. Four bedrooms, all on one level, with private elevator access and two car garage parking. The finishes and furnishings are over the top with incredible attention to detail and a focus on matching the irreplaceable location with a look and feel to match. The wrap-around deck is over 3,400 sq ft and boasts stunning views in all directions looking over downtown Aspen at Aspen Mountain, Red Mountain and beyond. Two hot tubs, an outdoor kitchen and deck furnishings more than double the living area. The penthouse sits atop the Dancing Bear Residences and enjoys access to all of the Dancing Bear amenities and services including a spa, kids game room, movie theater, wine/dining room, fitness center, business center, roof deck with daily breakfast service and of course the top notch Dancing Bear service staff. Incredible opportunity to get in to this neighborhood before the new ski lift is constructed to replace the current Lift 1A! A public vote approved a new chairlift (and two new hotels) to be constructed on South Aspen Street. Once those improvements are in place the ski and chairlift access to Aspen Mountain will be across the street. (See floorplan). ” 2018 taxes: $38,817; HOA Dues: $109,409 per Yr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 06/01/2020; Sold Date: 06/08/2020. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #163453 – West Aspen, 1055 Stage Road, Aspen, CO: Sold Price: $21,500,000/$2,146 sq ft; unfurnished. Sold Date: 06/12/2020. More details below photos.
MLS #163453 – West Aspen, 1055 Stage Road, Aspen, CO: Sold Price: $21,500,000/$2,146 sq ft; unfurnished. Sold Date: 06/12/2020. Aspen homes for sale. Ask Price: $30,000,000. (Original Price: $30,000,000 and 732 days on the market since 06/11/2018.) This is a 1955 built and 2007 remodeled, 9 bedroom/9 bath/1 half-bath, 10,017 sq ft single family home with 4+ car garage nn a 4.52 acres lot. Tim’s comments: Property sold pre-auction at -28% off ask. Broker comments are “Auction: Previously $30M. Showings By Appointment. Virtual Showings Available. Effortlessly modern, yet blending seamlessly into its lush natural surroundings, this is the ultimate mountain escape. Nestled in Aspens, it sits alongside Maroon Creek, and benefits from all day Colorado sunshine. Two levels of outdoor living and a large waterfront lawn with a private pond and waterfall await alfresco summer dining, games of catch, fishing, apres-ski cocktails, or languid days doing absolutely nothing. Your estate overflows with style, yet is functional for every season. An incredible mudroom stands at the ready with your winter and summer sporting gear. Separate wings offer privacy and serenity. Entertain in your chef’s kitchen, cozy-up in two family rooms, or relax in your serene master. (See survey).” 2019 taxes: $18,926. Under Contract Date: 06/03/2020; Sold Date: 06/12/2020. (Photos and broker comments courtesy of Aspen International Properties)
MLS #162251 – East Addition, Central Core, 1015 Waters Avenue, Aspen, CO: Sold Price: $11,000,000/$1,964 sq ft; unfurnished. Sold Date: 06/12/2020. More details below photos.
MLS #162251 – East Addition, Central Core, 1015 Waters Avenue, Aspen, CO: Sold Price: $11,000,000/$1,964 sq ft; unfurnished. Sold Date: 06/12/2020. Aspen homes for sale. Ask Price: $15,995,000. (Tim’s notes: Sold price is -31% off ask. Original Price: $15,995,000 and 194 days on the market since 12/01/2019.) This is a 2020 built, 6 bedroom/6 bath/1 half-bath, 5,600 sq ft single family home with 2 car garage on a 6,000 sq ft lot. Broker comments are “Sophisticated contemporary design, extraordinary finishes, and stunning custom décor combine to create one of the most awaited developments in Aspen’s core. Conveniently located 3 blocks from the gondola, this 6-bedroom home is poised to deliver an incomparable way to live. Architect Gretchen Greenwood, Griffith Interiors of Denver, and Hendrickson Construction make up the stellar team of professionals who have collaborated to design and build an unforgettable retreat. Expect only the best with William Ohs cabinetry, Sub-Zero/Wolf Appliances and Waterworks fixtures. Floor-to-ceiling windows bring the outside in and capture views of the Ute Trail and Smuggler Mountain. *Sold pre-completion.” 2019 taxes: $9,742. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 02/14/2020; Sold Date: 06/12/2020. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty-Hyman Mall)
MLS #162622 – Shield O Mesa, 350 Rabbit Way, Snowmass Village, CO: Sold Price: $925,000/$413 sq ft; unfurnished. Sold Date: 03/16/2020. More details below photos.
MLS #162622 – Shield O Mesa, 350 Rabbit Way, Snowmass Village, CO: Sold Price: $925,000/$413 sq ft; unfurnished. Sold Date: 03/16/2020. Old Snowmass homes for sale. Ask Price: $955,000. (Original Price: $955,000 and 113 days on the market since 07/05/2019.) This is a 1984 built and 1984 remodeled, 3 bedroom/2 bath, 2,237 sq ft single family home with 2 car garage on a 19.11 acres lot. Broker comments are “Stunning 19.11 acre view lot with 270 degree top-of-the-world views centering on Snowmass Mountain. South facing log home features large dining area, living room anchored with a wood burning fireplace, laundry room, and detached 2 car garage with loft area .Sold with a Special Warranty Deed, bank addendum applies.” 2019 taxes: $5,204. Under Contract Date: 02/03/2020; Sold Date: 03/16/2020. (Photos and broker comments courtesy of Resort Real Estate Experts)
MLS #162022 – Gateway To Snowmass, 101 Light Hill Road Road, Snowmass Village, CO: Sold Price: $825,000/$323 sq ft; partially furnished. Sold Date: 06/04/2020. More details below photos.
MLS #162022 – Gateway To Snowmass, 101 Light Hill Road Road, Snowmass Village, CO: Sold Price: $825,000/$323 sq ft; partially furnished. Sold Date: 06/04/2020. Snowmass Village homes for sale. Ask Price: $945,000. (Original Price: $1,045,000 and 210 days on the market since 11/07/2019.) This is a 1981 built, 4 bedroom/3 bath, 2,552 sq ft single family home with 1 car garage on a 1 acre lot. Broker comments are “This is a great 4-bedroom family home that you can move into, remodel or rebuild. You have over one acre to play and enjoy the southern views that stretch from Snowmass Ski Area to capital Creek Valley & onward to Mt. Daley, simply one of the best lots in Gateway. The existing home has a two-story great room with dining area & kitchen. The upper level is the master and office loft and the main floor has 2 bedrooms & one bath. The walkout level has a family room, bedroom, bath & laundry. The home is surrounded by a 1,400 square foot outdoor deck, so you can enjoy the sun in each direction or sit and relax on your hammock in the shade. There is an unattached one car oversize garage. The driveway is paved. If you want to redesign & build, the home comes with a set of renderings by the Z Group, Seth Hmielowski AIA.” 2018 taxes: $6,261; HOA Dues: $125. Under Contract Date: 05/27/2020; Sold Date: 06/04/2020. (Photos and broker comments courtesy of Compass Aspen)
MLS #162524 – Snowmass Mountain, 55 Upper Woodbridge Road K-2, Snowmass Village, CO: Sold Price: $480,000/$501 sq ft; furnished. Sold Date: 06/09/2020. More details below photos.
MLS #162524 – Snowmass Mountain, 55 Upper Woodbridge Road K-2, Snowmass Village, CO: Sold Price: $480,000/$501 sq ft; furnished. Sold Date: 06/09/2020. Snowmass Village condos for sale. Ask Price: $489,500. (Original Price: $489,500 and 525 days on the market since 10/19/2018.) This is a 1973 built and 2006 remodeled, 2 bedroom/2 bath, 957 sq ft condo. Broker comments are “Enjoy the amazing Colorado landscape in this charming and cozy Snowmass Mountain condo. The perfect place to relax, and just steps away from world-class skiing. Whether full time, or as an investment, this cute and comfortable condo boasts the best value for a 2 bedroom in Snowmass Village. Amenities include the bus stop conveniently located right outside the K building, with free transportation around Snowmass and to and from Aspen.” 2019 taxes: $1,539; HOA Dues: $9,436. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 04/03/2020; Sold Date: 06/09/2020. (Photos and broker comments courtesy of Douglas Elliman Real Estate-SMV)