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

Tim Estin is an active Aspen real estate broker with Coldwell Banker Mason Morse located in the center of Aspen. 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 all here..

Last Week’s Market Highlights – 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.

See post from last week on big uptick in vacant land sales: Land Sales Rising: There were (3) more lot sales last week. From Jan 1 – June 24, 12, there have been (22) vacant lot sales in 2012 YTD (+144%) vs (9) for 2011 Year.

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 Activity

Under Contract / Pending (7): MLS #: 122930, 126127, 123885, 110129, 120954, 125653, 120243. This link is valid for 30 days until 08/01/2012. Photos and descriptions of under contracts are not posted unless special circumstances or significance dictate.

Closed (8): MLS #: 119972, 124797, 124897, 125524, 122486, 126217, 122917, 124768 . This link is valid for 30 days until 08/01/2012.

Aspen Snowmass Solds Last Week

MLS #119972 – Aspen, West Aspen, Castle Creek single family home, 922 Castle Creek Road, Aspen, CO: Sold Price: $8,200,000/$1,649 sq ft unfurnished. More details below photos.

MLS #119972 – Aspen, West Aspen, Castle Creek single family home, 922 Castle Creek Road, Aspen, CO: Sold Price: $8,200,000/$1,649 sq ft unfurnished; Asking Price: $8,900,000. (Original Price: $7,500,000 and 2,199 days on the market since 06/26/2012.) This is a 2009 built, 4 bedroom/5 bath/1 half bath, 4,970 sq ft single family home with 2 car garage on 14.72 acres. Broker comments are, “This spectacular creek-front contemporary is light and bright and enjoys an open and inviting floor plan. The gourmet Kitchen, Dining Room, Great Room and Office look out to a beautifully landscaped yard and gardens sitting directly on Castle Creek. The elegant oversized Master Bedroom includes separate his and hers bathrooms and closets. A dramatic skyway separates the Master Bedroom from generous Guest Bedrooms all with access to glass-railed walk-out patios overlooking the entire main level. A hip and thoughtful aesthetic appointed with many luxurious finishes, private creek front ambiance, and location less than a mile from the Aspen round-about make this a must see.” !2011 Taxes: $14,200. Under Contract Date: 04/29/2012; Sold Date: 06/25/2012. (Photos and broker comments courtesy of Coldwell Banker Mason Morse.)

MLS #124797 – Aspen, East Aspen, Woerndle single family home, 1390 Mayflower Court, Aspen, CO: Sold Price: $2,025,000/$984 sq ft unfurnished. More details below photos.

MLS #124797 – Aspen, East Aspen, Woerndle single family home, 1390 Mayflower Court, Aspen, CO: Sold Price: $2,025,000/$984 sq ft unfurnished; Asking Price: $2,390,000. (Original Price: $2,390,000 and 97 days on the market since 03/23/2012.) The home arguably sold at lot value. This is a 1985 built, 3 bedroom/2 bath/1 half bath, 2,056 sq ft single family home on 0.18 acres.. Broker comments are, ” Refreshing 3 bedroom plus loft contemporary styled home nestled in the Aspen Trees in Aspen’s east end. Large decks plus hot tub. A corner lot that borders Open Space.An easy walk to town, The Aspen Club,or your favorite trails. Make this a must see.” 2011 Taxes: $6,598; City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 05/17/2012; Sold Date: 06/25/2012. (Photos and broker comments courtesy of Carol Dopkin R.E.)

MLS #124897 – Aspen, McLain Flats, W/J Ranch single family home, 101 Byers Court, Aspen, CO: Bank sale: Sold Price: $6,000,000/$883 sq ft unfurnished. More details below photos.

MLS #124897 – Aspen, McLain flats, W/J Ranch single family home, 101 Byers Court, Aspen, CO: Bank Sale: Sold Price: $6,000,000/$883 sq ft unfurnished; Asking Price: $6,500,000. (Original Price: $13,975,000 and 1,258 days on the market since 04/14/2010.) This property went to auction, was put under contract and that contract failed. It was relisted at $6.5M. It is a “Green Built” 2009 built, 5 bedroom/6 bath/1 half bath, 6,794 sq ft single family home with 3 car garage on 2.34 acres. Broker comments are, “Exceptional mtn contemporary home! A stylish design & exquisite finishes are combined w/a focus on resource efficiency & sustainable construction practices that give this home the definition of “green built”. State of the art energy efficient windows, appliances, lighting, solar, & High R insulation, internal fire protection & security systems, geothermal heating, A/C, custom millwork & cabinetry, multiple gas fireplaces w/unique surrounds, exceptional bar w/built-in media center, theater-style media room, granite surfaces, hardwood floors, dry stacked stone & plaster walls, remarkable outdoor living & entertaining spaces, built-in BBQ with stainless cabinetry, beautiful balance of landscaped & natural grounds, & far reaching views of the surrounding mountains.” 2011 Taxes: $44,483; HOA Dues: $324 Qtr. Under Contract Date: 05/15/2012; Sold Date: 06/28/2012. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

MLS #125524 – Aspen, Central core, Gant condo, 610 S. West End Street, D-103, Aspen, CO: Sold Price: $940,000/$964 sq ft furnished. More details below photos.

MLS #125524 – Aspen, Central core, Gant condo, 610 S. West End Street, D-103, Aspen, CO: Sold Price: $940,000/$964 sq ft furnished; Asking Price: $985,000. (Original Price: $985,000 and 35 days on the market since 05/22/2012.) This is a 1972 built/1997 remodeled, 2 bedroom/2 bath, 975 sq ft condo . Broker comments are, “South facing two bed, two bath, ground floor unit with convenient access. Sunlight and the stream running past the patio create a relaxing setting. Standard rating. No maintenance living with the premier services offered by The Gant, including valet & bell service, personalized concierge, child care, daily housekeeping, fitness center, two year-around heated pools, three spa tubs, five tennis courts, access to the Aspen Club & Spa, ski storage, & tuning, high speed internet, business/ conference center & complimentary in-town transportation.” 2011 Taxes: $2,713; HOA Dues: $21,342 Yr. Cit of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 05/31/2012; Sold Date: 06/25/2012. (Photos and broker comments courtesy of Coldwell Banker Mason Morse.)

MLS #122486 – Aspen, Central Core, 700 Monarch condo, 700 S. Monarch Street #202, Aspen, CO: Sold Price: $1,015,000/$786 sq ft furnished. More details below photos.

MLS #122486 – Aspen, Central Core, 700 Monarch condo, 700 S. Monarch Street #202, Aspen, CO: Sold Price: $1,015,000/$786 sq ft furnished; Asking Price: $1,100,000. (Original Price: $1,100,000 and 315 days on the market since 08/20/2011.) This is a 1971 built/1995 remodeled, 3 bedroom/2 bath, 1,290 sq ft condo. Broker comments are, “This condominium is all on one level and has unobstructed views of Aspen Mtn, an assigned garage parking space, wood burning fireplace, south facing balcony and ski access within 20 feet of condo or a short 150 feet walk to Lift 1A.” 2011 Taxes: $3,574; HOA Dues: $2,025 Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 04/10/2012; Sold Date: 06/29/2012. (Photos and broker comments courtesy of B.J. Adams & Co.)

MLS #124768 – Snowmass Village, Ridge Run single family home, 1026 Faraway Road, Snowmass Village, CO: Sold Price: $1,825,000/$654 sq ft furnished. More details below photos.

MLS #124768 – Snowmass Village, Ridge Run single family home, 1026 Faraway Road, Snowmass Village, CO: Sold Price: $1,825,000/$654 sq ft furnished; Asking Price: $1,990,000. (Original Price: $1,990,000 and 97 days on the market since 03/22/2012.) This is a 1983 built/2001 remodeled, 4 bedroom/4 bath, 2,788 sq ft single family home with 2 car garage. Broker comments are, “This cozy Ridge Run house is extremely private, and surrounded by trees yet light and bright. It has been impeccably maintained, and features four bedrooms (one currently used as a media room) four baths with a very open sun room. The living area has a vaulted ceiling and adjoins the kitchen/dining area to complete an open and bright main floor. You feel surrounded by wilderness, and the multiple decks allow you to be outside with exceptional views. The seller asked us to price this to sell asap, and once you see this house you will agree this is a true bargain.” 2011 Taxes: $5,315; HOA Dues: TBD; Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 05/17/2012; Sold Date: 06/27/2012. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

No photos in MLS for the following property:

MLS #126217 – Aspen, Central Core, Glory Hole condo, 525 S. Original Street, Unit F, Aspen, CO: Sold Price: $1,425,000/$1,187 sq ft; Asking Price: $1,425,000. (Original Price: $2,600,000 and 884 days on the market since 09/26/2008.) This is a 1968 built, 3 bedroom/2 bath, 1,200 sq ft condo. Broker comments are, “Sold before listed.” 2011 Taxes: $3,695. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 05/13/2012; Sold Date: 06/18/2012. (Broker comments courtesy of Carol Dopkin R.E.)

MLS #122917 – Snowmass Village, Timberline condo, 690 Carriage Way, D2d, Snowmass Village, CO: Sold Price: $640,000/$671 sq ft furnished. More details below photos.

MLS #122917 – Snowmass Village, Timberline condo, 690 Carriage Way, D2d, Snowmass Village, CO: Sold Price: $640,000/$671 sq ft furnished; Asking Price: $775,000. (Original Price: $1,150,000 and 820 days on the market since 03/19/2010.) This is a 1972 built/2006 remodeled, 2 bedroom/2 bath, 953 sq ft condo. Broker comments are, “Rated a ”10” by Timberline management. This completely remodeled unit is the best of the best. Hardwood floors, granite countertops, travertine bathrooms and more. Great views and ski directly to and from Fanny Hill. This unit is a top rental producer.” 2011 Taxes: $2,279; HOA Dues: $900 Mo. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 03/26/2012; Sold Date: 06/27/2012. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

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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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