Tim Estin MBA, GRI

Aspen CO Real Estate Broker
Call Tim:(970) 309-6163

Use this site as an Aspen real estate resource. The Estin Report has been accumulating Aspen real estate information online since 2005, and the reports include historical market information dating back to 2003-2004. Search by MLS #, date, topic, address, condo complex, development name, etc. If it is Aspen Snowmass real estate related, it is likely to be here.

The Estin Report © – Aspen Land Values and Opportunities: Winter & Spring 2007

By Tim Estin mba, gri / Broker Associate / Mason Morse Real Estate Aspen / 970.920.7387 office (Nov 2008 author's comment: lot values are down an estimated 10-20% since this article was written in '06. The current credit freeze has virtually shut down land sales and related financing. Where there have been isolated sales, prices are generally lower than those quoted in this article written during the record year in the Aspen real estate marketplace.) original article in Mountain Business Journal, March 21st, 2006) Land value drives real estate prices. And as vacant land in Aspen is almost impossible to find, much of the existing home stock built in the 1960’s through the ‘80’s becomes attractive to builders and developers for what lies beneath, not the structures themselves in spite of their apparent livability. This is not just an Aspen phenomenon. Most high end localities and resorts around the country are experiencing this ‘tear down land rush’ as well. Read More

Five ‘OneAspen’ Townhomes Near Lift 1A Base Close at Avg. $8.55M/$1,732 sq ft

Jan 14 - 21, 2018 Estin Report: Last Week's Aspen Snowmass Real Estate Sales & Stats: Closed (10) + Under Contract / Pending (8)
The Dec 2017 Market Snapshot was released 01/13/17 in Current Reports.
New in Charts in Current Reports
12/23/17: Charts: 2017 Aspen Sales by Neighborhood and Property Type and Downtown Condos Fly High - new charts to be included in my year end 2017 report to be released soon.

11/20/17: Where are we now? Chart Series: 2006 – Q3 2017 Historic Pace of Aspen and Snowmass Village Dollar and Unit Sales (updated every quarter.  Q4 2017 update to be updated soon).
    
Clients often ask, “Where are we now compared to the Great Recession…?” My interest in creating this series of charts is to answer that question for myself and to offer a visual reference for that conversation – to compare Aspen and Snowmass Village sales activity now to pre-recession mid-2000’s levels...Read more
Bottom Line Dec 2017
"Dec 2017 ended on a weak note compared to what was to an outstanding year. A disappointment in fact. But maybe this was the reprieve we needed after an exceptionally strong three months in August, Sep and Oct ’17.
For the year, dollar sales at $1.512B were almost dead-even with $1.513B in Year 2015;  unit sales were also near even with 2015 with (433) in 2017 versus (442) in 2015. Years 2017 and 2015 were remarkably similar to one another and the best performing years of the past ten, 2008-2017, while 2017 had the lowest inventory of properties for sale of that ten year period: (762) listings inventory 2017 vs (858) in 2015, -11%.
Standout categories for the month of December are:
1) Sales of properties over $10M and over at near record of 2015.

For the year 2017, dollar sales of properties $10M and above are up 181% to $442M from $157M in 2016; Unit sales are up 142% to (29) versus (12) last year.
In 2017, $10M and over property sales accounted for $442M, or 29%, of the $1.512B total market dollar sales and (29), or 7%, of the (433) total unit sales.
In 2015, sales of properties $10M and over were $454M, or 30%, of the $1.513B total market dollar sales and (30), or 7%, of the (441) total unit sales.

2) Aspen condos: Sales are up 29% YTD while inventory of available listings is down -18%. High demand and falling inventory is creating price pressure: In the 3-mos sales period from Oct-Dec 17, the avg Aspen Core condo/townhome sold at $1,514 sq ft over $1,252 in the same period Dec 2017, +21%.
3) Where are the Aspen Discounts? Checkout areas a bit farther out of town but more than compensating for the 'relative' distance are the staggering views and high mountain scenery. This is 'Rocky Mountain High' living at its best at sub-prime pricing!  Giddy-up folks!!  For example, Starwood had (2) sales in the three months of Oct-Dec 17 at an avg $624 sq ft vs $616 sq ft same period a year ago, +1%.  The caveat: these sales were for older homes selling essentially at lot value, but for reference, compare this to the avg. (3) downtown SF home sales +31%,  $2,227 sq ft in Oct-Dec 2017 vs $1,704 sq ft in the same period last year. Another example is Woody Creek where home prices over $1.5M are still relatively discounted at $1,310 sq ft in Oct-Dec 2017 versus $963 sq ft same time last year. +36%. See Best Deals for Starwood/McLain Flats and Woody Creek properties.
4) Snowmass Village values: SMV is entering its prime winter selling season Dec – April, and unit sales activity has been picking up similar to 2015.  The revived Snowmass Base Village under new ownership is completing some major construction projects and the base area if starting to look and feel more finished than the construction site its been for the past 10 years. There is a lot of excitement and positive energy while at the same time,   SMV opportunities continue…in general, prices – at 40-60% discount-to-Aspen –  are similar, if not down incrementally, from last year... Read More

Aspen’s Maroon Creek Club Home on 1/3 Acre Built 2006 Closes at $10.7M/$1,238 Sq Ft

July 2 - 9, 2017 Estin Report: Last Week's Aspen SMV Real Estate Sales & Stats: Closed (6) + UC / Pending (19)

The Estin Report: June 2017 Aspen Real Estate Monthly Snapshot was posted in Current Reports on Mon. July 10th. The Snapshots are usually posted on or near the 1st Monday of the month.
Excerpt:
"June 2017 has been the best June for Aspen real estate in the past 10 years. Dollar sales for properties selling over $10M are up over 125% year-to-date (YTD) and for all properties, sales are up 118% YTD. At the same time, inventory of available properties for sale is declining, down 30% in June ’17 year over year, which should create upward pressure on prices..."
Estin Report: Q1 2017 & 2016 Year: State of Aspen Real Estate was released in June 2017 in Current Reports. The 32-Page report is available on-line as PDF and is available in  print in kiosks at the airport, the info booth across from Paradise Bakery town and at Sothebys offices at 415 E Hyman in the Mall and 300 S Spring opposite the Art Museum.
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Market Activity Week 28, July 2 - 9, 2017
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 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):  MLS#s 142357, 139662, 144584, 144945, 146585, 147917, 149896. This link is valid until 8/8/2017.

Under Contract/Pending (19): MLS#s 141968, 142683, 144966, 145224, 146717, 146937, 147465, 147599, 147702, 148047, 149090, 149206, 149234, 149240, 149419, 149676, 149735, 149764, 149869. This link is valid until 8/8/2017.

Aspen Snowmass Solds Last Week:  '

MLS #149896 - 610 W Hallam, an Aspen West End single family home. Sold Price: $11,700,000/$2,451 sq ft. More details below photos.

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MLS #149896 - West End, 610 W Hallam, Aspen, CO. Sold Price: $11,700,000/$2,451 sq ft. Historic Aspen single family home for sale. Ask Price: $11,700,000. (Original Price: $11,700,000 and sold off-market. Public records indicate the property was purchased previously on 10/26/2010 for $5.25M/$1,102 sq ft under adverse seller conditions at the time by Charles B. Moss Jr. The current buyer is Bray Trust, Dallas,TX.) This is a 1888 built/2000 remodel, 5 bedroom/5 bath/1 half-bath, 4,773 sq ft single family home with 2 car garage on a 5,250 sq ft lot. Described in its prior 2010 sale as "Beautiful West End home. South facing. Garden level spaces have full 9 ft ceilings with walkout courtyards off each room. 5 bedrooms, 5.5 baths with exercise room that could become 6th bedroom. Caretakers unit has outside access." 2017 taxes: $16,482. City of Aspen RETT Transfer Tax of approx.1.5% payable by buyer. Under Contract Date: 07/01/2017; Sold Date: 07/06/2017. (Photos and comments courtesy of Aspen Snowmass Sothebys International Real Estate from prior MLS listing  #117340). Read More

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