Last week’s sales activity and the weekly foreclosure list is published below. 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.

Weekly Foreclosure List 03/06/13 For photos and property descriptions, see links at the Deals and Bank Sales Section of this site.

Under Contract / Pending (14) MLS #: 120029, 128884, 124463, 128955, 124590, 123491, 126244, 123727, 121648, 118939, 127934, 128702, 126603, 116813. This link is valid for 30 days until 04/10/2013. Photos and descriptions of under contracts are not posted unless special circumstances or significance dictate.

Closed (12) MLS #: 121724, 127976, 127978, 128509, 127131, 124037, 125183, 125789, 127913, 128147, 121703, 126156. This link is valid for 30 days until 04/10/2013.

Aspen Snowmass Solds Last Week

MLS #121724 – Aspen, West End, Beck single family lot, 507 W. Gillespie, Aspen, CO: Sold Price: $2,300,000. More details below photos.

MLS #121724 – Aspen, West End, Beck single family lot, 507 W. Gillespie, Aspen, CO: Sold Price: $2,300,000; Asking Price: $2,550,000. (Original Price: $3,175,000 and 616 days on the market since 06/27/2011.) This is a 0.1 acre single family lot. Broker comments are, “Truly one of the most desirable lots in the west end. Views of Aspen Mountain. A real find. Quiet location next to Aspen music tent. Approved house plans for 5200 sf house plus 568 sf garage for 5768 sf total. This parcel may be purchased for a build to suit custom home or purchase the completed house from Bowden Development at $8.9M (MLS# 121616).” 2012 Taxes: $18,326. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 11/30/2012; Sold Date: 03/04/2013. (Photos and broker comments courtesy of Bob Bowden Properties.)

MLS #127976 – Aspen, McLain Flats, Starwood single family lot, Tbd Larson Drive, Aspen, CO: Sold Price: $1,500,000. More details below photos.

MLS #127976 – Aspen, McLain Flats, Starwood single family lot, Tbd Larson Drive, Aspen, CO: Sold Price: $1,500,000; Asking Price: $1,800,000. (Original Price: $1,975,000 and 719 days on the market since 02/24/2011.) This is a 4.37 acre single family lot in the Starwood Subdivision. No Broker Comments. 2012 Taxes: $28,433; HOA Dues: $600 Yr. Under Contract Date: 12/22/2012; Sold Date: 02/21/2013. (Photos courtesy of Joshua & Co.)

MLS #127978 – Aspen, McLain Flats, Starwood single family lot, Tbd Eppley Drive, Aspen, CO: Sold Price: $1,500,000. More details below photos.

MLS #127978 – Aspen, McLain Flats, Starwood single family lot, Tbd Eppley Drive, Aspen, CO: Sold Price: $1,500,000; Asking Price: $1,800,000. (Original Price: $3,149,000 and 1,072 days on the market since 07/03/2009.) This is a 4.18 acre single family lot in the Starwood Subdivision. No Broker Comments. 2012 Taxes: $28,433; Under Contract Date: 12/22/2012; Sold Date: 02/21/2013. (Photos courtesy of Joshua & Co.)

MLS #128509 – Aspen, Smuggler, Hunter Creek condo, 227 Vine Street, Aspen, CO: Sold Price: $425,000/$714 sq ft unfurnshed. More details below photos.

MLS #128509 – Aspen, Smuggler, Hunter Creek condo, 227 Vine Street, Aspen, CO: Sold Price: $425,000/$714 sq ft unfurnshed; Asking Price: $499,000. (Original Price: $550,000 and 34 days on the market since 02/01/2013.) This is a 1980 built, 1 bedroom/1 bath, 595 sq ft condo. Broker comments are, “Sunny south facing 1 bedroom 1 bath condo. Beautifully remodeled with granite counter tops, tumbled marble bathroom, wood floors and stainless steal appliances. Amenities also include Private tennis courts, two hot tubs, and a swimming pool. All with great views of Aspen and the surrounding mountains.” 2012 Taxes: $1,349; HOA Dues: $200 Mo. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 02/22/2013; Sold Date: 03/06/2013. (Photos and broker comments courtesy of Joshua & Co.)

MLS #127131 – Aspen, Central Core, Silver Bell condo, 805 E. Cooper Avenue #7, Aspen, CO: Sold Price: $501,500/$928 sq ft furnished. More details below photos.

MLS #127131 – Aspen, Central Core, Silver Bell condo, 805 E. Cooper Avenue #7, Aspen, CO: Sold Price: $501,500/$928 sq ft furnished; Asking Price: $539,000. (Original Price: $759,000 and 542 days on the market since 03/04/2009.) This is a 1970 built/2005 remodeled, 2 bedroom/1 bath, 540 sq ft condo. Broker comments, ” Motivated Seller – bring all reasonable offers. Convenient location in the central core of Aspen. This 2 bedroom, 1 bath condo is just 2 blocks to the Gondola and within easy walking distance to restaurants, shopping and the bus line. Offering Aspen Mountain views and assigned off-street parking, this unit features comfortable living spaces, low HOA dues and yearly taxes, the ability for owners to have pets and exceptional rental possibilities. Turn key and easy to show.” 2012 Taxes: $1,229; HOA Dues: $822 Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 01/07/2013; Sold Date: 03/01/2013. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

MLS #124037 – Aspen, Central Core, Aspen Townhouse Center commercial leasehold, 730 E. Cooper Avenue, Aspen, CO: Sold Price: $1,500,000/$236 sq ft. More details below photos.

MLS #124037 – Aspen, Central Core, Aspen Townhouse Center commercial leasehold, 730 E. Cooper Avenue, Aspen, CO: Sold Price: $1,500,000/$236 sq ft. Asking Price: $1,490,000. (Original Price: $2,000,000 and 1,217 days on the market since 11/17/2009.) This is a 1952 built, 6,356 sq ft commercial leasehold. Broker comments are, ” Plan to bulild your dream and let the current tenants cover your carrying costs. Rarely available development opportunity on a convenient, high visibility location which is considered the ”East Entrance” to Aspen. Architectural Renderings on file from Rowland-Broughton Architects. This offering is for the improvements currently on the property, leasehold estate, and the right to develop said property. This sale does not include the lot which is not currently for sale. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 11/17/2012; Sold Date: 03/05/2013. (Photos and broker comments courtesy of Aspen Real Estate Co.)

MLS #125183 – Snowmass Village, Owl Creek Townhomes, 202 Streamside Court, Snowmass Village, CO: Sold Price: $3,300,000/$854 sq ft furnished. More details below photos.

MLS #125183 – Snowmass Village, Owl Creek Townhomes, 202 Streamside Court, Snowmass Village, CO: Sold Price: $3,300,000/$854 sq ft furnished; Asking Price: $3,600,000. (Original Price: $5,795,000 and 1,226 days on the market since 09/20/2008.) In 2007/2008 these townhomes were selling at $5.5M – $6M. This is a 1998 built, 4 bedroom/3 bath/1 half bath, 3,862 sq ft townhome with 2 car garage. Broker comments are, “Single Family Owl Creek Home, beautifully furnished & finished, 3,862 sq ft home, ski in/out, central a/c, snowmass decks and the privacy of a single home with the convience of townhome living (HOA takes care of exterior painting, landscaping, roof, windows etc.).” 2012 Taxes: $11,878; HOA Dues: $26,095 Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 12/27/2012; Sold Date: 03/01/2013. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

MLS #125789 – Snowmass Village, Bank owned foreclosure sale: Meadow Ranch single family home, 70 Meadow Ranch Road, C13, Snowmass Village, CO: Sold Price: $660,000/$286 sq ft unfurnished. More details below photos.

MLS #125789 – Snowmass Village, Bank owned foreclosure sale: Meadow Ranch single family home, 70 Meadow Ranch Road, C13, Snowmass Village, CO: Sold Price: $660,000/$286 sq ft unfurnished; Asking Price: $680,000. (Original Price: $1,295,000 and 640 days on the market.) This is a 1979 built/2006 remodeled, 3 bedroom/2 bath/1 half bath, 2,306 sq ft single family home. Broker comments are, “Very private single family home in Meadow Ranch. Located at the top of the subdivision in the back and adjacent to cross country ski trail & bike path. This tri level home boasts solid granite countertops in the kitchen & bathrooms, and solid alderwood doors throughout. Finished basement with office/family room. This property and the terms of its sale is now under auction terms and conditions. All pre -auction event bids should be submitted through www.auction.com, the auction firm. This sale of this property is subject to a 5% buyer’s premium pursuant to the Auction Terms & Conditions (minimums may apply). Please contact the listing (auction managing) agent for co-op commission information and details.” 2012 Taxes: $4,849; HOA Dues: $1,425 Qtr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 10/19/2012; Sold Date: 03/06/2013. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

MLS #127913 – Aspen Central Core, Winfield Arms, 119 E. Cooper Avenue, Aspen, CO: Sold Price: $415,000/$989 sq ft partially furnished. More details below photos.

MLS #127913 – Aspen Central Core, Winfield Arms, 119 E. Cooper Avenue, Aspen, CO: Sold Price: $415,000/$989 sq ft partially furnished; Asking Price: $314,000. (Original Price: $314,000 and 90 days on the market since 12/05/2012.) This is a 1969 built/2012 remodeled, 292 sq ft studio with 1 bath. It was purchased in June 2012 at $220,000, upgraded signifigantly (new kitchen and bath) and ‘flipped’ in Dec. 2012. Broker comments are, “Newly remodeled sophisticated studio, perfect for the person wanting all of the convenience of ”in town” living. Dressed with stylish furnishings and accessories, (including 65” TV) this little gem offers all of the comforts of a much larger space. The stately, and pet friendly Winfield Arms shows true pride of ownership with amenities that include extra storage, Jacuzzi, new laundry rooms, and a classy entry. Low HOA dues ($281/mo) includes heat, electric, water, wi-fi, and cable as well as contingency fund, professional management, etc.” 2012 Taxes: $167; HOA Dues: $846 Qtr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 02/12/2013; Sold Date: 03/04/2013. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

MLS #128147 – Snowmass Village, Wood Run Place condo, 425 Wood Road #38, Snowmass Village, CO: Sold Price: $415,000/$461 sq ft furnished. More details below photos.

MLS #128147 – Snowmass Village, Wood Run Place condo, 425 Wood Road #38, Snowmass Village, CO: Sold Price: $415,000/$461 sq ft furnished; Asking Price: $445,000. (Original Price: $445,000 and 74 days on the market since $12/26/2012.) This is a 1983 built, 1 bedroom/1.5 bath, 899 sq ft condo with 1 car garage. Broker comments are, “You’ll not find a more perfectly situated one-bedroom. Absolutely trailside – step out of the living room, put on your skis and go. Ski right back to the door at the end of the day. Beautiful views through the aspens of Fanny Hill. Two-story floorplan gives this property a little more interest than the typical one-bedroom. Features woodburning fireplace, separate dining alcove, powder room, and assigned parking in the new WPLA garage. Slopeside patio captures the afternoon sunshine.” 2012 Taxes; $1,628; HOA Dues: $15,854 Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 02/11/2013; Sold Date: 03/06/2013. (Photos and broker comments courtesy of B.J. Adams & Co.)

MLS #121703 – Snowmass Village, Country Club Homes condo, 23 St. Andrews Court 76, Snowmass Village, CO: Sold Price: $1,040,000/$584 sq ft unfurnished. More details below photos.

MLS #121703 – Snowmass Village, Country Club Homes condo, 23 St. Andrews Court 76, Snowmass Village, CO: Sold Price: $1,040,000/$584 sq ft unfurnished; Asking Price: $1,175,000. (Original Price: $1,495,000 and 642 days on the market since 06/27/2011.) This is a 1989 built/2000 remodeled, 2 bedroom/2 bath/1 half bath, 1,780 sq ft condo with 1 car garage. Broker comments are, “A true value in today’s market. This 1,780 square-foot, two-bedroom, two and one-half bathroom town home offers ski and golf access. High vaulted ceilings, wood burning fireplace, remodeled kitchen by Thurston with granite counter tops and top of the line appliances. Decks, one car attached garage, plenty of storage make this a fantastic opportunity. Located in the Country Club Town home neighborhood, the Snowmass Club is in walking distance and free shuttle bus service to whisk you away to the slopes.” 2012 Taxes: $4,086; HOA Dues: $1,700 Qtr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 01/31/2013; Sold Date: 03/07/2013. (Photos and broker comments courtesy of Joshua & Co.)

MLS #126156 – Old Snowmass horse property with 130 acres, corral barn and home, 26150 Hwy 82, Snowmass, CO: Sold Price: $2,300,000/$573 sq ft unfurnished. More details below photos.

MLS #126156 – Old Snowmass 130 acre horse property, 26150 Hwy 82, Snowmass, CO: Sold Price: $2,300,000/$573 sq ft unfurnished; Asking Price: $2,950,000. (Original Price: $4,950,000 and 495 days on the market since 07/15/2011.) This is a 1979 built/2000 remodeled horse property – 8 bedroom/5 bath/1 half bath, 4,011 sq ft with 130 acres, corral and barn. Broker comments are, “One of the last remaining horse ranches located only fifteen minutes from the popular winter/summer playground of Aspen, CO and only moments away from Basalt, CO which is home to world class fly fishing, great biking and hiking trails, delicious restaurants and the exclusive Roaring Fork Country Club. This 132 Acre horse ranch has approximately 16,000 sq ft of out buildings, barn with stalls, work area, tack room and three bedroom guest quarters. Ranch has senior water rights, ditch and well rights, which provide incredible green pastures for horses. The main house has five bedrooms and 3.5 baths. Easy access to highway 82 with privacy and majestic views that are virtually impossible to duplicate in the valley so close to all the local attractions and activities.” 2012 Taxes: $16,810. Under Contract Date: 12/14/2012; Sold Date: 02/22/2013. (Photos and broker comments courtesy of Weaver & Briscoe.)

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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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