Scroll down page past June 2012 Monthly Snapshot for last week’s market activity

Tim Estin is a leading Aspen broker with Coldwell Banker Mason Morse located in the center of downtown. This blog, Tim Estin’s www.AspenRealEstateBlog.com, is released Monday mornings and sometimes in-between. The Estin Reports are released as monthly snapshots, quarterly & semi-annually, annually and also special reports. For blog archives, scroll to bottom of this page and search by date or topic. Or search this site in SearchEstinAspen.com on the menu bar. If it’s about Aspen real estate, it’s here..

The Estin Report: 1st Half/2nd Quarter 2012 State of the Aspen Market will be released soon.

The Estin Report: June 2012 Aspen Snowmass Monthly Snapshot: (Link to Snapshot pdf). Monthly snapshots are published the first Monday of each month. Scroll down page for last week’s sales activity.

Click image for 2012 June and YTD Monthly Comparison Chart and Tables

Summary Comparison
June 2012 vs June 2011
(Now vs Then, Year over Year)

Total Aspen* Snowmass Market
• Monthly Unit Sales: up +3%, 30 sales now vs 29 sales then
• Year-to-Date Unit Sales: down –7%, 152 sales now vs 163 then
• Monthly Dollar Volume: down –34%, $74M now vs $113M then
• Year-to-Date Dollar Volume: down -25%, $421 now vs $562M then
• Listing Inventory: down –8%, 1,160 properties for sale now vs 1,262 then

Aspen* Market
• Unit Sales: up +15%, 23 sales now vs 20 sales then
• Year-to-Date Unit Sales: down –3%, 111 sales now vs 115 then
• Monthly Dollar Volume: down –12%, $66M now vs $75M then
• Year-to-Date Dollar Volume: -23%, $351M now vs $455M then
• Listing Inventory: down –11%, 613 properties for sale now, 692 then

Snowmass Village Market
• Monthly Unit Sales: down –22%, 7 sales now vs 9 sales then
• Year-to-Date Unit Sales: down -15%, 41 sales now vs 48 then
• Monthly Dollar Volume: down –77%, $8.6M now vs $37.3M then
• Year-to-Date Dollar Volume: down –35%, $70M now vs $107M then
• Listing Inventory: down –4%, 287 properties for sale now vs 299 then

June 2012 Sold Properties Links (Links to property details and photos are valid for 30 days until 07/31/12)

·Aspen Residential Solds June 1-30, 2012: (over $250,000) – (18 solds)

·Aspen Lots Sold (includes SMV & Woody Creek) June 1-30, 2012: (over $250,000)
(5 lots sold, none in SMV)

·Snowmass Village Residential Solds June 1-30, 2012: (over $250,000) – (7 solds)

Comments

Differences in 2012 YTD over 2011 YTD Narrowing: Although the June 2012 numbers continue to be off for the year, the differences year over year YTD in total unit sales (-7%) and total dollar volume (-25%) is narrowing especially most recently.
In early June 2012, there were two noteworthy sales events: 1) The Prince Bandar Starwood estate closed at $49MM; 2) A 2008 built Maroon Creek riverfront estate, on the market since June 2007 at ask price $29.95M went under contract last week and is scheduled to close mid-July. These two sales will bring the year’s total sales dollar volume closer to last year.
Also of note, the total Aspen Snowmass inventory of properties for sale has decreased –26% since June 2009. The trend of improving sales with less product to choose from continues although at a slow pace similar to housing trends outside the Aspen Snowmass valley.

Lack of Big Ticket Sales in 2012: The deficiency in total dollar sales for 2012 YTD is largely due to the lack of ‘big ticket’, $10M+, property sales in the first 6 months of this year. In the over $10M sales category 2012 year to date, there have been 2/3 less sales, or down -67%, over last year to date: From 1/1/12 – 6/30/12, there were a total of (5) single family homes sold in the $11.5—$16M range of which four homes were built 2005 or newer; from 1/1/11 – 6/30/11, there were (15) sales in the $11M—$20.5M range of which eight were built 2005 or newer…This also illustrates that newer built homes, at post-recession reset prices, have been selling well. There may be more to the fall in dollar volume than the pullback of ultra-expensive sales in the first half of the year over first half 2011, and The Estin Report will review more on prices in the soon to be released State of the Aspen Market 2nd Quarter/1st Half 2012 Report.

Land Sales Surging: Also, there has been the dramatic spike in vacant lot sales in June 2012 over June 2011, on top of gangbusters land sales for all of 2012 YTD.

In June 2012 alone, there were (5) lot sales versus none (0) in June 2011; in the first half 2012, there were (22) vacant lot sales versus (9) in the same period last year, +144%.

The dollar volume for land sales has also surged +278%: in 1st Half 2012 land sales totaled $57M versus $15M during same time last year.

If one counts the sale of older ‘teardown’ homes as land sales in the first half of 2012, the difference in vacant lot sales this year over all of last year is even more pronounced, over +200%.

In its June 11, 2012 blog post, the Estin Report wrote, “In the last two years, [I have] consistently written that the best values are in land and that, in many circumstances, optimum value can be achieved through purchasing land and building new as land values, generally, have dropped sharply from pre-recession peaks and construction costs came down considerably, at least for a period. But building activity is increasing and costs are rising. Add to the pressure on land sales now is the fact that newer built developer inventory from 2007-2012 is largely sold-out, with only a few new-built properties remaining.”

Typically, when land sales start to pick up, it is an important marker of a market transition, a tipping point.

Late Summer Rallies: Historically the strongest sales of the year generally occur in August, September and October, and one of the weakest months is July…March and April are also strong. We shall see. (Refer to Page 4 in Monthly Snapshot.)

List of June 2012 Aspen Market Snapshot Charts and Tables

  • The Estin Report: Total Aspen* Snowmass Market June 2012 YTD Dollar Sales Historical Yearly Comparison Chart – Page 4
  • The Estin Report: Total Aspen* Snowmass Market June 2012 YTD $ Sales Yearly Comparison Table – Page 4
  • The Estin Report: Total Aspen* Snowmass Market June 2012 YTD Unit Sales Yearly Comparison Table – Page 4
  • The Estin Report: Total Aspen* Snowmass Market Monthly Sales June 2012 – Page 5
  • The Estin Report: Aspen* Monthly Sales June 2012 – Page 6
  • The Estin Report: Snowmass Village Monthly Sales June 2012 – Page 7

* Aspen includes Aspen, Woody Creek and Old Snowmass.

Last Week’s Market Activiy – Aspen Snowmass real estate weekly sales statistics and under contract activity appears below for all Aspen, Snowmass Village, Woody Creek and Old Snowmass properties over $250,000 in the upper Roaring Fork Valley excluding fractionals. Because the MLS links below expire after 30 days, photos and written descriptions of closed properties with excellent photography are posted here to preserve a public archive of sold market activity. For past sales, scroll to page bottom and search by time period.

Under Contract / Pending (7): MLS #: 125959, 122431, 124490, 125943, 119960, 125895, 114528. This link is valid for 30 days until 08/08/2012. Photos and descriptions of under contracts are not posted unless special circumstances or significance dictate.

Closed (4): MLS #: 121552, 125292, 126280, 124924. This link is valid for 30 days until 08/08/2012.

Aspen Snowmass Solds Last Week

MLS #121552 – Aspen, West End, Shadow Mountain Building condo, 605 W. Main Street, # B, Aspen, CO: Sold Price: $1,000,000/$879 sq ft unfurnished. More details below photos.

MLS #121552 – Aspen, West End, Shadow Mountain Building condo, 605 W. Main Street, # B, Aspen, CO: Sold Price: $1,000,000/$879 sq ft unfurnished; Asking Price: $1,199,000. (Original Price: $2,400,000 and 1,404 days on the market since 07/31/2008.) This is one of the best recent downtown condo deals for a bright unit with a lot of volume and height making it feel larger than it actually is square footage wise…it is a 1972 built, beautifully remodeled in mid 2000’s, 2 bedroom/2 bath, 1,137 sq ft condo. Broker comments are, “This south-facing two bedroom, two bath penthouse is a rare downtown find. Located on 5th street, just a short walk to the shops, restaurants, Aspen Mountain, the Music Tent, parks and the Rio Grand trail. It features vaulted ceilings, skylights, lots of natural light, hardwood floors, a gas fireplace and radiant heat. Generous Master bedroom and master bath with walk-in closet. Enjoy the spacious deck with gorgeous views of Shadow Mountain. Reserved parking space and private storage locker for bikes and skis.” 2011 Taxes: $2,510; HOA Dues: $1,863 Qtr. City of Aspen RETT Transfer Tax of 1.5% payable by buyer. Under Contract Date: 06/12/2012; Sold Date: 07/03/2012. (Photos and broker comments courtesy of Coldwell Banker Mason Morse.)

MLS #125292 – Aspen, West Aspen, 209 Ventnor Avenue, Unit N, Aspen, CO: Sold Price: $275,000/$445 sq ft unfurnished. More details below photos.

MLS #125292 – Aspen, West Aspen, 209 Ventnor Avenue, Unit N, AABC, Aspen , CO: Sold Price: $275,000/$445 sq ft unfurnished; Asking Price: $298,000. (Original Price: $293,000 and 62 days on the market since 05/03/2012.) This is a 1982 built/2003 remodeled, 1 bedroom/1 bath, 617 sq ft condo. Broker comments are, “Located just outside the historic town of Aspen [at the Aspen Airport Business Center: AABC], in a private community, this one-bedroom condominium, with its great views and affordable price will astound you. Light floods into this brightly lit, end-unit furnished with French doors, Pergo floors, and granite countertops. Huge south facing deck provides ample outdoor living space for al fresco entertaining, as well as storage for all of your gear. Central location less than three miles from downtown with close access to all four mountains, the Rio Grande Trail, Roaring Fork River and paved bike path for the ultimate Aspen lifestyle…bike everywhere or ride the free bus into town.” 2011 Taxes: $617; HOA Dues: $209 Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: $06/21/2012; Sold Date: 07/02/2012. (Photos and broker comments courtesy of Coldwell Banker Mason Morse.)

MLS #126280 – Aspen, Central core Transferable Development Right (TDR), Aspen, CO: Sold Price: $500,000. More details below photo.

MLS #126280 – 4 Pitkin County Transferable Development Right’s (TDR), Aspen, CO: Sold Price: $500,000/$125,000 per TDR; Asking Price: $600,000. (Original Price: $300,000 and 510 days on the market since 02/10/2009.) Four TDR’s sold for $500,000. This sale is being posted because it is indicative of TDR market prices at present. Transfer of development rights is a technique that encourages the voluntary transfer of development rights from places where a community would like to see less development (a large ranch for example) to places where a community would prefer development to occur, closer to pre-exisiting development. The County rewards a rancher for sterilizing all or parts of his property by giving him these TDR rights that he can then sell on the open market. For additional information see Tim Estin’s Really Useful Links: TDR Info Summary Sheet. (Photo courtesy of McKinley Sales.)

MLS #124924 – Snowmass Village, Meadow Ranch home, 40 Meadow Ranch Drive, Snowmass Village, CO: Sold Price: $776,107/$327 sq ft unfurnished. More details below photos.

MLS #124924 – Snowmass Village, Meadow Ranch home, 40 Meadow Ranch Drive, Snowmass Village, CO: Sold Price: $776,107/$327 sq ft unfurnished; Asking Price: $820,000. (Original Price: $1,495,000 and 451 days on the market since 07/26/2010.) This is a bank sale of a 1977 built/2004 remodeled, 4 bedroom/3 bath/1 half bath, 2,370 sq ft condo. Broker comments are, “This Beautiful single family home is mountain style living, with many great upgrades from top to bottom. Surrounded by groves of aspen and pine trees offers lots of privacy. Close to world class skiing, shopping and dining. Property is being sold as is.” 2011 Taxes: $4,784; HOA Dues: $1,425 Qtr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 05/09/2012; Sold Date: 06/29/2012. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s Basalt.)

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Disclaimer: The statements made in The Estin Report and on 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 at 970.920.7387 or Email him. The Estin Report is copyrighted 2012 and all rights reserved. Use is permitted subject to the following attribution: “The Estin Report: State of the Aspen Real Estate Market, By Aspen broker Tim Estin, mba, gri.”

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