Last week’s sales activity is published below. March 2013 Snapshot sales figures and Q1 2013 report will be released in early April. Scroll down page for photos and details of weekly solds and under contract /pending Aspen properties in the past 4 weeks. For earlier dates, use the down arrow to search the blog archives by year and date. Or use SearchEstinAspen to search by topic, address, subdivision or complex name, date etc. If it’s about Aspen real estate, information should be here.

The Estin Report: February 2013 Market Snapshot Aspen Snowmass Real Estate released Mon.03/04/13 v5

Click image to February 2013 Market Snapshot and Summary

*The Estin Report: Aspen Snowmass Real Estate Monthly Market Snapshot documents sales activity for the subject month in the upper Roaring Fork Valley – Aspen, Snowmass Village, Woody Creek and Old Snowmass. Included property types are single family homes, condos, townhomes, duplexes and residential vacant land at sold at prices over $250,000. Fractionals are not included. Aspen* includes Brush Cr Village, Woody Cr., and Old Snowmass.

Summary Comparison
Feb 2013 versus Feb 2012
(Now vs Then, Year over Year)

Total Aspen Snowmass Market
• Monthly Unit Sales: up 20%, 18 sales now vs 15 then
• Year-to-Date Unit Sales: up 14%, 49 sales now vs 43 then
• Monthly Dollar Volume: down -40%, $22M now vs $37M then
• Year-to-Date Dollar Volume: down -28%, $87M now vs $121M then
• Listing Inventory: down -8%, 1,107 properties for sale now vs 1,200 then

Aspen Market
• Monthly Unit Sales: up 27%, 14 sales now vs 11 then
• Year-to-Date Unit Sales: down -3%, 32 sales now vs 33 then
• Monthly Dollar Volume: down -20%, $21M now vs $26M then
• Year-to-Date Dollar Volume: down -28%, $71M now vs $98M then
• Listing Inventory: down -12%, 529 properties for sale now vs 600 then

Snowmass Village Market
• Monthly Unit Sales: even 0%, 4 sales now vs 4 then
• Year-to-Date Unit Sales: up 70%, 17 sales now vs 10 then
• Monthly Dollar Volume: down -90%, $1M now vs $11M then
• Year-to-Date Dollar Volume: down -29%, $16M now vs $23M then
• Listing Inventory: down -3%, 302 properties for sale now vs 312 then

Active links to sold Feb. 2013 property photos and details

Aspen Closings (11 solds) Feb. 1 – 28, 2013 This link is valid until 04/01/2013.

Snowmass Village Closings (2 solds) Feb. 1 – 28, 2013 This link is valid until 04/01/2013.

No vacant lot sales

Feb. 2013 Market Notes

– Sales in Jan and Feb of this year are off considerably from the torrid sales pace set in December 2012 due to a rush of tax motivated closings before the end of the year. Feb. 2013 was the slowest February of the past seven years since 2007.
– Low end sales dominate: in Feb. 2013, there (10) sales, 56% of total, under $1MM: (8) Aspen and (2) SMV – (8) of these sales were sized under 750 sq ft. versus Feb. 2012, there were (5) sales, 38% of total, under $1MM: (4) Aspen and (1) SMV.
– Older homes selling: (8) sales of properties built pre-1980 and remodeled in 2000 or later, 44% of total Feb.2013 sales, versus (3) in Feb. 2012, 23% of total Feb. 2012 sales. Older homes are selling at significant discounts, in many cases at or near land value. These are either last ditch opportunities for buyers to get into the crowding Aspen School District before real estate prices start to rise or developers finding re-development opportunities.
– There were no “big ticket” sales in Feb….The highest priced Feb. sale was a brand new downtown Aspen Penthouse which sold for $7.5M/$2,460 sq ft in Feb. 2013, a strong price reflecting the lack of new or newer built listing inventory in the Aspen Core. In Feb. 2012, the highest priced sale was a foreclosed downtown new built townhome for $6.5M/$1,483 sq ft.
– The market has little new built product and has demonstrated recently that premium prices can be attained for new or newer built properties. There will likely be a significant increase in construction activity in the next 12 months as developers jump into this void.
– Snowmass Village continues to offer the best property values in the market.
– Post-recession property flipping: There are some vivid examples of recession bought properties purchased at great discounts then being re-listed since Christmas 2012 at much higher ask prices. Here is a link to (9) ‘flip’ property examples (updated 3/8/13) and a spreadsheet documenting purchase prices then and ask
prices now. Post recession ‘flip’ listings: new ask prices versus old recession sold prices: This link is valid until 4/7/2013.

Last Week’s Market Activity Aspen Snowmass real estate weekly sales and under contract activity appears below for all Aspen, Snowmass 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 to preserve an archive of sold market activity.

Under Contract / Pending (21) MLS #: 126793, 126851, 128886, 128781, 124587, 126810, 126338, 128857, 126792, 126791, 129159, 129160, 129144, 129158, 129156, 129218, 129157, 129217, 129014, 122157, 122313 . Photos and descriptions of under contracts are not posted unless special circumstances or significance dictate. This link is valid for 30 days until 04/30/2013.

Closed (11) MLS #: 128415, 128346, 121007, 127126, 128697, 128161, 128811, 128812, 129099, 129013, 129056. This link is valid for 30 days until 04/30/2013.

Aspen Snowmass Solds Last Week

MLS #128415 – Aspen, Central Core, Chateau Dumont condo, 715 E. Durant Avneue #23, Aspen, CO: Sold Price: $975,000/$965 sq ft furnished. More details below photos.

MLS #128415 – Aspen, Central Core, Chateau Dumont condo, 715 E. Durant Avneue #23, Aspen, CO: Sold Price: $975,000/$965 sq ft furnished; Asking Price: $1,075,000. (Original Price: $1,075,000 and 64 days on the market since 01/23/2013.) This is a 1968 built/2012 remodeled, 2 bedroom/2 bath, 1,010 sq ft condo. Broker comments are, “This beautifully remodeled two bedroom, two bath condo boasts a fabulous core location, across from City Market and just one block from the gondola. This is a wonderfully light and bright corner condo with an open floor plan.Highlights of this property include an open kitchen with breakfast bar,private patio, and off-street and underground parking.A great property to enjoy aspen and a fantastic investment property.” 2012 Taxes: $1,771; HOA Dues: $1,512 Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 02/16/2013; Sold Date: 03/27/2013. (Photos and broker comments courtesy of Whitman Fine Properties.)

MLS #128346 – Aspen, Smuggler, Hunter Creek condo, 132 Vine Street, Aspen, CO: Sold Price: $740,000/$616 sq ft furnished. More details below photos.

MLS #128346 – Aspen, Smuggler, Hunter Creek condo, 132 Vine Street, Aspen, CO: Sold Price: $740,000/$616 sq ft furnished; Asking Price: $795,000. (Original Price: $795,000 and 77 days on the market since 01/16/2013.) This is a 1980 built, 2 bedroom/2 bath, 1,201 sq ft condo. Broker comments are, “Hunter Creek at it’s finest. Top floor, corner unit in Building #1. Feel completely removed from the rest of the complex with side parking and side entrance, yet just a short walk to all Hunter Creek amenities. Southwest facing with views of both Aspen Mountain and Mount Sopris. Extended floor plan with separate dining/den area.” 2012 Taxes: $2,210; HOA Dues: $366 Mo. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 02/19/2013; Sold Date: 03/25/2013. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

MLS #121007 – Old Snowmass, Shield O Mesa ranch – vacant land, Tbd Rural Mountain Road, Snowmass, CO: Sold Price: $549,000. More details below photos.

MLS #121007 – Old Snowmass, Shield O Mesa ranch – vacant land, Tbd Rural Mountain Road, Snowmass, CO: Sold Price: $549,000; Asking Price: $895,000. (Original Price: $1,900,000 and 683 days on the market since 05/16/2011.) This is a 121 acre ranch in the Shield O Mesa subdivision in Old Snowmass. Broker comments are, “The largest land parcel available in Shield-O-Mesa. 121 acres perched atop the mesa and located at the end of Rural Mountain Road. ”See forever” views of Aspen, Snowmass, Capital, Daly and Sopris Mountains. Subdivide into 3 parcels for development or keep intact as one large estate property.” 2012 Taxes: $9,455. Under Contract Date: 10/16/2012; Sold Date: 03/22/2012. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

MLS #127126 – Aspen, Short Sale, West Aspen, Pomegranate condo, 38996 Highway 82, #3, Aspen, CO: Sold Price: $675,000/$609 sq ft partially furnished. More details below photos.

MLS #127126 – Aspen, Short Sale, West Aspen, Pomegranate condo, 38996 Highway 82, #3, Aspen, CO: Sold Price: $675,000/$609 sq ft partially furnished; Asking Price: $750,000. (Original Price: $849,000 and 199 days on the market since 09/10/2012.) This is a 1972 built/2005 remodeled, 2 bedroom/2 bath, 1,108 sq ft condo with 1 car garage. Broker comments are, “Top-floor, corner unit with spectacular south-facing views overlooking the Maroon Creek Golf Course to Highlands and Buttermilk. Great light / sun. Remodel includes granite counters, new cabinetry, new appliances and remodeled bathrooms. One car garage. South facing deck. Wood burning fireplace. Additional storage space. Great option for those looking for Aspen School District or ideal get-away for 2nd homeowner.” 2012 Taxes: $1,779; HOA Dues: $1,924 Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 01/03/2013; Sold Date: 03/28/2013. (Photos and broker comments courtesy of Leverich & Carr.)

MLS #128697 – Aspen, REO – bank owned sale, West Aspen duplex, 1035 Cemetery Lane, A, Aspen, CO: Sold Price: $620,000/$210 sq ft unfurnished. More details below photos.

MLS #128697 – Aspen, Bank Owned, West Aspen duplex, 1035 Cemetery Lane, A, Aspen, CO: Sold Price: $620,000/$210 sq ft unfurnished; Asking Price: $629,900. (Original Price: $3,450,000 and 2,306 days on the market since 12/16/2006.) This is a 1980 built, 3 bedroom/2 bath, 2,950 sq ft duplex on 0.35 acres. Broker comments are, ” This property includes a main level living area with two bedrooms and an upper level living area with additional bedrooms. The property faces East with nice views and has additional storage. Property is sold as-is.
Proof of funds required at time of offer. Improvement square footage does not match county records, some improvements were non-permitted. Buyer to independently verify all relevant costs including HOA and any water and sewer taps in place.” 2012 Taxes: 3,325. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 02/18/2013; Sold Date: 03/28/2013. (Photos and broker comments courtesy of McKinley Sales.)

MLS #128161 – Snowmass Village, Crestwood condo, 400 Wood Road 2210, Snowmass Village, CO: Sold Price: $1,250,000/$809 sq ft furnished. More details below photos.

MLS #128161 – Snowmass Village, Crestwood condo, 400 Wood Road 2210, Snowmass Village, CO: Sold Price: $1,250,000/$809 sq ft furnished; Asking Price: $1,295,000. (Original Price: $1,295,000 and 91 days on the market since 12/27/2012.) This is a 1970 built, 2010 remodeled, 4 bedroom/4 bath condo. Broker comments are, “Convenience at it’s best at Crestwood. Beautifully renovated 4 bedroom 4 bath condo. Steps from the ski slope. Park at your front door. Enjoy the amenities and superb managment. Easy to show. This unit has never been offered for rent. One of the bedroom is located in the loft. 2012 Taxes: $3,679; HOA Dues: $25,557. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 02/11/2013; Sold Date: 03/28/2013. (Photos and broker comments courtesy of Joshua & Co.)

MLS #128811 – Snowmass Village, Viceroy condo, 130 Wood Road 433, Snowmass Village, CO: Sold Price: $369,550/$626 sq ft furnished. More details below photos.

MLS #128811 – Snowmass Village, Viceroy condo, 130 Wood Road 433, Snowmass Village, CO: Sold Price: $369,550/$626 sq ft furnished; Asking Price: $389,000. (Original Price: $389,000 and 103 days on the market since 02/25/2013.) This is a 2010, 1 bedroom/1 bath, 590 sq ft condo. Broker comments are, “New Condominium units now available at the world-acclaimed Viceroy. Ski in-Ski-out in Snowmass’ Base Village, there is nothing else like in the Aspen/Snowmass market for wholly-owned condominiums. This one bedroom, one bath unit offers great views. Leed Gold Certified Property. One time Base Village Metro Fee paid by Buyer of $5,150.” 2012 Taxes: $3,441; HOA Dues: $14,510 Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 02/22/2013; Sold Date: 03/25/2013. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

MLS #128812 – Snowmass Village, Viceroy condo, 130 Wood Road 436, Snowmass Village, CO: Sold Price: 269,800/$695 sq ft furnished; Asking Price: $284,000. (Original Price: $284,000 and 103 days on the market since 02/25/2013.) This is a 388 sq ft studio with 1 bath. Broker comments are, “New Condominium units now available at the world-acclaimed Viceroy. Ski in-Ski-out in Snowmass’ Base Village, there is nothing else like in the Aspen/Snowmass market for wholly-owned condominiums. Exceptional Assay Hills views greet you in this studio suite, with an oversized master bathroom and opulent soaking tub. Leed Gold Certified property. One time Base Village Metro Fee paid by Buyer $5,150..” 2012 Taxes: $2,263; HOA Dues: 9,541 Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 02/22/2013; Sold Date: 03/25/2013. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

MLS #129099 – Snowmass Village, Viceroy condo, 130 Wood Road 440, Snowmass Village, CO: Sold Price: $465,025/$811 sq ft unfurnished; Asking Price: $487,797. (Original Price: $487,797 and 105 days on the market since 03/21/2013.) This is a 2010 built, 1 bedroom/1 bath, 573 sq ft condo. Broker comments are, “New Condominium units now available at the world-acclaimed Viceroy. Ski in-Ski-out in Snowmass’ Base Village, there is nothing else like in the Aspen/Snowmass market for wholly-owned condominiums. This one bedroom, one bath unit offers great views. Leed Gold Certified Property. One time Base Village Metro Fee paid by Buyer of $5,150.” 2012 Taxes: $1,671; HOA Dues: $3,522. own of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 03/20/2013; Sold Date: 03/27/2013. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

MLS #129013 – Snowmass Village, Viceroy condo, 130 Wood Road 628, Snowmass Village, CO: Sold Price: $1,177,000/$1,055 sq ft furnished; Asking Price: $1,239,000. (Original Price: $1,239,000 and 105 days on the market since 03/14/2013.) This is a 2010 built, 2 bedroom/2 bath, 1,115 sq ft condo. Broker comments are, “New Condominium units now available at the world-acclaimed Viceroy. Ski in-Ski-out in Snowmass’ Base Village, there is nothing else like in the Aspen/Snowmass market for wholly-owned condominiums. Leed Gold Certified Property. One time Base Village Metro Fee paid by Buyer of $5,150.” 2012 Taxes: $3,766; HOA Dues: $6,855 Qtr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 03/13/2013; Sold Date: 03/27/2013. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

MLS #129056 – Snowmass Village, Viceroy condo, 130 Wood Road 442, Snowmass Village, CO: Sold Price: $1,186,550/$1,124 sq ft furnished; Asking Price: $1,249,000. (Original Price: $1,249,000 and 105 days on the market since 03/18/2013.) This is a 2010 built, 2 bedroo/2 bath, 1.055 sq ft condo. Broker comments are, “New Condominium units now available at the world-acclaimed Viceroy. Ski in-Ski-out in Snowmass’ Base Village, there is nothing else like in the Aspen/Snowmass market for wholly-owned condominiums. Leed Gold Certified Property. One time Base Village Metro Fee paid by Buyer of $5,150.” 2012 Taxes: $3,538; HOA Dues: $6,486. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 03/18/2013; Sold Date: 03/27/2013. (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 2013 and all rights reserved. Use is permitted subject to the following attribution: “The Estin Report: State of the Aspen Real Estate Market, By Tim Estin, mba, gri, broker.”

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