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Aspen Real Estate Market  Last Week’s Sales: Aug 9 – 16, 2020 – Week 32 Closed (29) + Under Contract / Pending (44).  [To view the new blog post, you may have to “Clear your Browser Settings”. Go to: Chrome browser/more tools/clear browsing data.]   08/17/20 Bottom Line:… Read More

This is the 503th weekly blog post on the Estin Report !! Check out the SearchEstinAspen Section to find all kinds of hidden treasures. Over ten years have gone into building this archive.

The April 2017 Aspen Snowmass Real Estate Monthly Market Snapshot was posted in Current Reports on Wed. May 3rd. The Monthly Snapshots are usually posted on or near the 1st Monday of the month. The Q1 2017 & 2016 Year End report will be released this week, I hope, as will Q4 2016 stats.

An article appeared in the Denver Post Sunday Feb 26th on Colorado Mountain resort real estate including Aspen and Pitkin County. 

Bottom Line:  Estin Report: Apr 2017 Aspen Real Estate Market Snapshot Excerpt:

"Aspen real estate is in turn-a-round mode from a dismal 2016 when global uncertainty curtailed buyers' appetite for luxury high end 2nd home purchases. Post-election 2016, an upper-end Aspen real estate recovery is in full bloom.

In April 2017, for the combined Aspen/Snowmass Village market, the number of units sold is up +25%, from 28 last year to 35 this year. The number of properties that went under contract in April 2017 was 30 versus 25 last year. Under contracts are viewed as an indicator of future activity.

But the surging market activity grabbing local headlines is very specific: location specific, property specific, style/design specific, property age specific..
. There’s inside the roundabout and there’s outside. Not everyone’s partying at present.

If you want to pay through your teeth, pour money into developer’s pockets who saw these things coming 2-4 years ago, be a part of the great migration closer into town... If you want to find good-to-great values and motivated sellers in to-die-for stunningly beautiful settings 5-15 minutes beyond downtown Aspen, play the contrarian hand and rediscover and embrace the areas and neighborhoods the Aspen settler generation of the 1960's through the 1980’s came to Aspen for...""

Click tables to enlarge

New Charts Below: Historic Pace of Aspen and Snowmass Village Homes, Condos and Vacant Land / Lots by Dollar Sales and Unit Sales Updated with Q1 2017. (These charts are very popular and will be updated every quarter):

These new charts were originally posted in Current Reports on 02/15/17 through Q4 2016. They have been updated with Q1 2017 stats. The charts are: the historic pace of dollar and unit sales since 2006 separately for Aspen and Snowmass Village (SMV) by property types: 1) all properties combined; 2) single family homes; 3) condos; 4) vacant land / lots. (Fractionals, with the exception of extreme sales, are not included.)

Sales velocity, or pace, whether by dollar volume or unit sales is extremely useful to consider ss the unit sales drop-off in the 2nd Half 2007 so foreshadowed the Great Recession. 

While many real estate professionals use dollar volume sales as the single metric for sales performance (it often looks 'better'), unit sales are a more reliable measure of market activity. Dollar sales can be skewed disproportionately by extreme high or low end priced sales.

Clients often ask, "Where are we now compared to the Great Recession...?". These charts offer a solid reference for that conversation. In this instance, the starting point for the trend line is 2006, but, of course, where the trend line commences will affect its outcome...If the charts had started at 2009, the trend would be more upwards at present than is shown here.

As this is written, post-election Nov 2016 through Mar 31, 2017(see charts through Q1 2017), sales have picked up considerably and are decidedly on an upward trajectory.

Click link to see additional charts
for Aspen and SMV by property types thru Mar 31, 2017 (Q1).

"Flip Job" Examples: See recent Before/After redevelopment  in the new Flip Jobs Section near 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 (01/04/17) as additional re-sale properties come on the market at significantly higher prices.
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Market Activity Week 19, May 7 - 14, 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 (17):  MLS#s 140596, 139928, 142816, 143563, 144465, 145358, 146782, 146868, 147156, 147516, 147759, 147952, 148030, 148208, 148823, 148869, 148914. This link is valid until 6/13/2017.

Under Contract/Pending (3): MLS#s 141963, 145603, 147239. This link is valid until 6/13/2017.

Aspen Snowmass Solds Last Week:  

MLS #147516 - West End, 815 Roaring Fork Road, Aspen, CO. Sold Price: $10,500,000/$1,883 sq ft; unfurnished. More details below photos.
     
MLS #147516 - West End, 815 Roaring Fork Road, Aspen, CO. Sold Price: $10,500,000/$1,883 sq ft; unfurnished. Aspen single family residence for sale. Ask Price: $10,950,000. (Original Price: $10,950,000 and 92 days on the market since 02/07/2017.) This is a 2004 built, 4 bedroom/4 bath/2 half-bath, 5,574 sq ft single family residence with 2 car garage on a 18,849 sq ft lot. Broker comments are "A rare offering on Roaring Fork Road - where one finds the largest parcels in the West End. This 18,849 sq.ft lot features a 5,574 sq.ft home re-built in 2004. The zoning allows for 4,728 sq.ft above grade for a single-family home or 5,148 sq.ft for a duplex. All sub-grade space is exempt and is in addition to the above grade calculations. Outdoor entertaining spaces include the large at-grade terrace in the backyard to the 2 upper-level terraces that offer stunning views of Aspen Mountain. Enjoy the Aspen lifestyle from this property’s close proximity to the Aspen Music Festival & School’s Harris Concert Hall, Benedict Music Tent, the Aspen Institute campus to the trails accessing the Rio Grande Trail or the shuttle to the center of town." 2016 taxes: $23,557. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 02/09/2017; Sold Date: 05/10/2017. (Photos and broker comments courtesy of Coldwell Banker Mason Morse-Aspen) Read More

Aspen Real Estate Market  Last Week’s Sales: Dec 12 – 19, 21 – Week 51 Estin Report: 1st Half 2021 sf – Aspen Snowmass Real Estate Market Report was posted 8/17/21 in the Estin Reports… Read More

The Jan 2017 Aspen Snowmass Real Estate Monthly Market Snapshot has been postedinCurrent Reports.The Monthly Snapshots are usually posted on or near the 1st Monday of the month. The Q4 and Year 2016… Read More

Aspen Real Estate Market  Last Week’s Sales: Sep 27 - Oct 4, 2020 - Week 39
Sep 27 - Oct 4, 2020 Estin Report: Last Week’s Aspen CO Homes for Sale and Snowmass Real Estate Sales & Stats: Closed (35) + Under Contract / Pending (27).  [To view the new blog post, you may have to “Clear your Browser Settings”.  Go to: Chrome browser/more tools/clear browsing data.]  
Recent posts

In Charts: Estin Report Q3 2009 – Q3 2020: Aspen & Snowmass Quarterly Historic Real Estate Performance Charts by Property Types and Dollar & Unit Sales posted 10/04/20.

In Current Reports: Estin Report: Sep 2020 YTD Aspen Snowmass Real Estate Market Report Snapshot released 10/04/20 (This is a 10-Page breakdown of monthly and year-to-date sales detail by property types and by neighborhoods). These Monthly Snapshots are posted in the Current Reports Section on or near the 1st Monday of the month. It is the only monthly Aspen market report to be published in a consistent and timely manner.

Bottom Line Sep 2020: Until you actually see the numbers, all the talk about Aspen experiencing a pandemic real estate ‘gold rush’  in July, August & September 2020 seems wildly exaggerated and hyperbolic. Until it isn’t. The metrics are dizzying....Read more.
Key Takeaways:
High end purchases:
In the 3rd quarter 2020. (Jul 1,20 -Sep 30,20) There were $629M in sales of properties priced over $10M each in Q3 2020, or 71% out of a total dollar sales of $885M for Q3 2020. …This compares to same time last year, when there were $67M in sales of properties priced over $10M each in Q3 2019, or 29% of the total $235M total Q3 2019 Aspen dollar sales.

Dollar sales in Q3 2020 were almost 10x more than same period last year.
Reasons for spike in sales:
Covid 19 related, people exiting big cities – LA, NYC, Chicago, Miami, Dallas – pandemic, fires, urban unrest, health concerns, desire for better quality of life, global warming and search for cooler climate, historic low mortgage interest rates,  mountain living at its best… The pandemic sales surge is the result of buyers looking for more full-time living vs vacation home properties, more space and open air. Anything new or like-new remodeled is flying off the shelf. If it is not, something’s wrong with the property.

Other less immediate reasons: Aspen offers a world class nexus of sports, arts, and culture unmatched in any other mountain community. We have amongst the strictest zoning rules in the country, super low property taxes, a sophisticated and technologically efficient valley wide public transportation system and an advanced, 40 yr old affordable housing program for locals without peer from the rest of the country.
Aspen single family home prices
In Sept 2020, the median Aspen single family home price was $12M vs 6.475M in Sep 19, +90%. This highlights the predominance of over $10M property sales in the market.
Aspen single family home avg price per sq ft in Sept 2020
Aspen single family homes avg. price per sq ft was $2,028 sf in Sep 20 vs $1,249 sf in Sep 19, +62%. This increase can largely be attributed to newer built homes selling extremely well at record prices.
Aspen condos prices in Sept 2020
The 6-mos (Apr-Sep)  median Aspen condo price was $3.44M vs $2.95M in Sep 19, +67%. (Pg 7)
The average Aspen condo costs $1,803 sq ft in Sep 20 vs $1,681 sq ft in Sep 19, +7%.

Aspen 2-bdrm condo in downtown core in Sept 2020
Median downtown 2 bdrm condo costs $2.056M vs $.1.7M in Sep 2019, +21%.
The 6-mos avg price per sq ft for a 2-Bdrm Core condo is $1,967 versus $1,725 sq ft in Sep 2019, +14%.
While condo sales have been strong, they’ve been held back, or restrained, by a lack of inventory.
Links:

Q3 2020 Charts: Aspen and Snowmass Village
Sept 2020 Aspen & Snowmass Village Market Report Snapshot Read More

Aspen Real Estate Market  Last Week’s Sales: Apr 18 – 25, 21 – Week 17 Closed (25) + Under Contract / Pending (17).  [To view the new blog post, you may have to “Clear your Browser Settings”.  Go… Read More

The Estin Report: Sep 2015 Aspen Snowmass Market Snapshot was posted 10/04/15 inCurrent Reports. The Snapshots are released on or near the 1st Monday of the month. As an… Read More

The Jan 2017 Aspen Snowmass Real Estate Monthly Market Snapshot has been postedinCurrent Reports.The Monthly Snapshots are usually posted on or near the 1st Monday of the month. The Q4 and Year 2016… Read More

The March 2017 Aspen Snowmass Real Estate Monthly Market Snapshot was posted in Current Reports Apr 3, 17. The Monthly Snapshots are usually posted on or near the 1st Monday of the month. The Q1 2017… Read More

Sept 3 - 10, 2017 Estin Report: Last Week's Aspen Snowmass Real Estate Sales & Stats: Closed (13) + Under Contract / Pending (10)

The Estin Report: August 2017 Aspen Real Estate Monthly Snapshot has been posted in Current Reports. The Snapshots are usually posted on or near the 1st Monday of the month. 
August 2017 Bottom Line
"The Aspen real estate market is cruising along in overdrive. August is traditionally a very active period for sales, and this August more so than ever. Sales at all prices points are exceedingly strong while inventory of properties for sale is declining significantly. Areas with particular sales velocity are Downtown Aspen, Red Mountain and the West End. Outlying areas are experiencing slower sales at lower prices—there’s value in them hills. There is concern the market is frothy with many asking how long can this last...Who really knows? No one..." Read more 
The Estin Report: Mid-Year 2017 State of Aspen Real Estate was released in the summer 2017 in Current Reports. The 32-Page report is available on-line as PDF and in a print edition 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.
"Flip Job" Examples: See recent Before/After Redevelopment in the Flip Jobs Section near 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 (07/4/17) as additional re-sale properties come on the market at significantly higher prices.
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Market Activity Week 37, Sept 3 - 10, 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 (13):  MLS#s 137922, 144511, 144449, 145125, 147338, 148440, 148471, 149519, 149524, 149702, 149816, 149897, 150785. This link is valid until 10/10/2017.

Under Contract/Pending (10): MLS#s 141708, 146964, 148047, 149313, 149536, 149868, 149877, 150197, 150447, 150735. This link is valid until 10/10/2017.

Aspen Snowmass Solds Last Week:  
MLS #147338 - Aspen Highlands, West Aspen, 75 Thunderbowl Lane, Aspen, CO. Sold Price: $4,900,000/$841 sq ft; furnished. More details below photos.
        
MLS #147338 - Aspen Highlands, West Aspen, 75 Thunderbowl Lane, Aspen, CO. Sold Price: $4,900,000/$841 sq ft; furnished. Aspen single family home for sale. Ask Price: $5,475,000. (Original Price: $5,475,000 and 264 days on the market since 12/16/2016.) This is a 2007 built, 4 bedroom/5 bath/2 half-bath, 5,824 sq ft single family home with 2 car garage on a 3,920 sq ft lot. Some of the "best values"near downtown Aspen can be found at Aspen Highlands which is 5-7 minutes from downtown Aspen by shuttle bus. Broker comments are "Luxurious townhome living at Aspen Highlands within steps of the Thunderbowl and Exhibition Ski Lifts. Enjoy spectacular views of the Aspen Highlands ski area from the ultimate destination home with generous spaces ideally suited for entertaining. The contemporary mountain design boasts a gracious 5,824 sq ft, with four en-suite bedrooms, plus a private office, two power rooms, multiple fireplaces, game and media room, gourmet kitchen, top-of-the-line wine chillers, elevator, hot tub and heated two-car garage. Five minutes from downtown Aspen and just a short walk to Aspen Schools and the Aspen Recreation Center. Ritz-Carlton Club amenities include use of the workout facilities, outdoor heated pool and spa. Complimentary in-town and airport transportation available." 2017 taxes: $24,153; HOA Dues: $5,719 per Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 07/22/2017; Sold Date: 09/06/2017. (Photos and broker comments courtesy of Coldwell Banker Mason Morse-Aspen) Read More

Aspen Real Estate Market  Last Week’s Sales: Oct 11 – 18, 20 – Week 41 Closed (22) + Under Contract / Pending (21).  [To view the new blog post, you may have to “Clear your Browser Settings”.  Go to: Chrome browser/more tools/clear browsing data.]   A… Read More

The March 2017 Aspen Snowmass Real Estate Monthly Market Snapshot was posted in Current Reports Apr 3, 17. The Monthly Snapshots are usually posted on or near the 1st Monday of the month. The Q1 2017… Read More