The Estin Report Aspen Snowmass Weekly Real Estate Sales & Stats: Closed (12) and Under Contract (5): June 17 – 24, 2012

Scroll down page past May 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, www.AspenRealEstateBlog.com or Tim Estin’s blog, is released Monday mornings and sometimes in-between. The Estin Reports are released quarterly or semi-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, chances are there’s something about it 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.

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.

These figures do not include “teardown” sales of older homes that sell at lot value. Factoring these in, land sales are +200% 2012 year-to-date over all of 2011.

• SF & MF Vacant Lots Sold: 01/01/2012 – 06/24/2012 (22) This link is valid until 7/24/2012. MLS # 120322, 113457, 113441, 104791, 114962, 124301, 120861, 122592, 119761, 121840, 125269, 124567, 117043, 116880, 125158, 112464, 122064, 120148, 123937, 124323, 124303, 121943
• Teardowns Sold: 1/1/12 – 6/24/12 (5): This link is valid until 7/24/2012. MLS #: 121341, 121785, 122056, 124040, 125008

On the June 11, 12 post, The Estin Report wrote that vacant land sales in Aspen Snowmass year-to-date are soaring upwards…+100% over 2011 total land sales, 18 sales this year-to-date (YTD) versus 9 in all of last year.

One only has to look around the Aspen landscape this June as summer begins to see the marked uptick in construction activity over last year – McLain Flats is a prime example although a number of these lots were sold 1-2 years ago at rock bottom prices.

Mc Lain Flats building site. In this area, there are four residential properties under construction. (Photo: Tim Estin)

When vacant land sales start to turn, it is typically a marker for a bottom and indicative of a significant market change.

Vacant lot inventory and lot sales scheduled to close in next 30 days: (Links valid until July 25, 12)

• Under Contract Lots – to close within next 30 days (3): SF & MF* – Aspen, SMV, Old Snowmass, Woody Creek
• Active Vacant Lot Listings (119): SF & MF – Aspen, SMV, Old Snowmass, Woody Creek

*SF & MF: Single family and multi-family

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

Click image for 2012 YTD Monthly Comparison Chart and Tables

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

Total Aspen* Snowmass Market

• Unit Sales: up 4%%, 24 sales now vs 23 sales then
• Year-to-Date Unit Sales: -12%, 151 sales now vs 172 then
• Dollar Volume: down -28%, $72M now vs $101M then
• Year-to-Date Dollar Volume: down -25%, $338M now vs $449M then
• Listing Inventory: fell –5%, 1,073 properties for sale now vs 1,135 then

Aspen* Market

• Unit Sales: up –11%, 21 sales now vs 19 sales then
• Year-to-Date Unit Sales: -9%, 86 sales now vs 95 then
• Dollar Volume: down –30%, $68M now vs $98M then
• Year-to-Date Dollar Volume: -27%, $277M now vs $379M then
• Listing Inventory: down –12%, 536 properties for sale now, 607 then

Snowmass Market

• Unit Sales: down –25%, 3 sales now vs 4 sales then
• Year-to-Date Unit Sales: -13%, 34 sales now vs 39 then
• Dollar Volume: up 40%, $3.9M now vs $2.8M then
• Year-to-Date Dollar Volume: down -13%, $61M now vs $70M then
• Listing Inventory: up 3%, 283 properties for sale now, 276 then

* Aspen includes Aspen, Woody Creek and Old Snowmass.

Comments

Although the May 2012 numbers continue to be off for the year, the differences year over year YTD in total unit sales (-10%) and total dollar volume (-25%) is narrowing especially most recently.

In early June 2012, there have been 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 end of July.

These two sales should bring the year’s total sales dollar volume closer to last year. The deficiency in total dollar sales for 2012 is largely due to the lack of ‘big ticket’, $10M + sales, in the first 5 months of this year. From 1/1/12 – 5/31/12, there were a total of (4) single family home sales over $10M of which three of the four were built newer than 2005; from 1/1/11 – 5/31/11, there were (12) sales over $10M of which eight of the twelve were built newer than 2005. Proof of new built developer inventory being depleted. New, at the new normal, sells.

List of Charts and Tables in May 2012 Snapshot

• The Estin Report: Total Aspen* Snowmass Market May 2012 YTD $ Sales Yearly Comparison Chart – Page 3
• The Estin Report: Total Aspen* Snowmass Market May 2012 YTD $ Sales Yearly Comparison Table – Page 3
• The Estin Report: Total Aspen* Snowmass Market May 2012 YTD Unit Sales Yearly Comparison Table – Page 3
• The Estin Report: Total Aspen* Snowmass Market Monthly Sales May 2012 – Page 4
• The Estin Report: Aspen* Monthly Sales May 2012 – Page 5
• The Estin Report: Snowmass Village Monthly Sales May 2012 – Page 6

* Aspen includes Aspen, Woody Creek and Old Snowmass.

May 2012 Sold Properties Links (Links to property details and photos are valid for 30 days until July 3, 2012)

• Aspen Residential Solds May 1-31, 2012: (over $250,000) – 20 solds
• Aspen Lot Sale (Woody Creek) May 1-31, 2012 – (over $250,000) – 1 lot sold
• Snowmass Village Residential Solds May 1-31, 2012: (over $250,000) – 3 solds

Last Week’s Activity

Under Contract / Pending (6): MLS #: 123666, 121552, 121254, 124884, 117882, 108523. This link is valid for 30 days until 07/24/2012. Photos and descriptions of under contracts are not posted unless special circumstances or significance dictate.

Closed (12): MLS #: 122056, 123149, 120889, 101367, 121604, 112464, 126055, 106412, 126052, 124101, 123664, 120148. This link is valid for 30 days until 07/24/2012.

Aspen Snowmass Solds Last Week

MLS #123149 – Aspen, Red Mountain single family home, 142 Wrights Road, Aspen, CO: Sold Price: $13,500,000/$1,284 sq ft furnished;. More details below photos.

MLS #123149 – Aspen, Red Mountain single family home, 142 Wrights Road, Aspen, CO: Sold Price: $13,500,000/$1,284 sq ft furnished; Asking Price: $14,950,000. (Original Price: $15,950,000 and 236 days on the market since 10/28/2011.) This is a 2005 built, 6 bedroom/6 bath/1 half bath single family home with 2 car garage on 0.94 acres. Broker comments are, “Classic chateau-style home located front & center on Red Mountain, overlooking the lights of downtown Aspen & offering breathtaking views of Aspen Mountain, Aspen Highlands & Buttermilk. Warm & inviting, featuring exquisite finishes of stone, plaster & slate, reclaimed hardwood floors, chef’s kitchen with granite island & appliances by Wolf, SubZero & Asko, large master suite with huge closet, master bath with steam shower & tub, exercise room, library, climate-controlled wine room, beautiful theater with large screen, stadium seating, & high coffered ceilings w/inlaid wood, great room w/large windows & bar area, elevator, multiple gas fireplaces, 653 sq ft storage room, oversized 785 sq ft 2 car garage, fabulous deck, terraced back yard w/private sitting area, and landscaped grounds.” 2011 Taxes: $40,349. Under Contract Date: 05/15/2012; Sold Date: 06/20/2012. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

MLS #120889 – Aspen, West Aspen, Meadowood single family home, 0105 Heather Lane, Aspen, CO: Sold Price: $2,650,000/$769 sq ft unfurnished. More details below photos.

MLS #120889 – Aspen, West Aspen, Meadowood single family home, 0105 Heather Lane, Aspen, CO: Sold Price: $2,650,000/$769 sq ft unfurnished; Asking Price: $2,988,000. (Original Price: $3,495,000 and 406 days on the market since 05/09/2011.) This is a 1992 built, 4 bedroom/2 b ath/1 half bath, 3,444 sq ft single family home with 2 car garage on 0.7 acres. Broker comments are, “Warm and inviting home privately located close to schools and town. Naturall lit, 2 patios, extra storage off the 2 car garage. Easy to show.” 2011 Taxes: $13,885; HOA Dues: TBD. Under Contract Date: 04/24/2012; Sold Date: 06/18/2012. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

MLS #101367 – Aspen, West Aspen, Aspen Highlands single family home, 285 Thunderbowl Lane, Aspen, CO: Sold Price: $7,350,000/$1,062 sq ft furnished. More details below photos.

MLS #101367 – Aspen, West Aspen, Aspen Highlands single family home, 285 Thunderbowl Lane, Aspen, CO: Sold Price: $7,350,000/$1,062 sq ft furnished; Asking Price: $8,450,000. (Original Price: $10,495,000 and 1,299 days on the market since 11/24/2008.) This is a 2005 built, 5 bedroom/6 bath/1 half bath, 6,919 sq ft single family home with 2 car garage. Broker comments are, “Lowest price ski in/ski out home on Thunderbowl. Almost 1/2 the price of the neighboring listing. Slopeside to Thunderbowl it captures the views of the surrounding majestic mountains from most every window. Spacious and open it is perfect for large gatherings and entertaining, both inside and out. All bedrooms above grade. Excellent rental potential. Free taxi service.” 2011 Taxes: $42,903; HOA Dues: $669 Yr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 05/14/2012; Sold Date: 06/15/2012. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

MLS #122056 – Aspen, East Aspen, Riverside single family home (teardown) lot sale, 1201 Riverside Drive, Aspen, CO: Sold Price: $1,600,000. More details below photos.

MLS #122056 – Aspen, East Aspen, Riverside single family home (teardown) lot sale, 1201 Riverside Drive, Aspen, CO: Sold Price: $1,600,000; Asking Price: $1,675,000. (Original Price: $6,250,000 and 1,477 days on the market since 10/17/2007.) This is a “teardown” 1963 built, 1 bedroom/1 bath, 897 sq ft single family home with 1 car garage on 0.33 acres. Broker comments are, “Large lot with fantastic views of Aspen Mountain. Wonderful opportunity to tear down existing home and build your dream home. Riverside Ditch runs through the property. Property is being sold As-Is. Buyer to verify with City re: building requirements and Settlement Agreement. 4382 Sq Ft allowed for duplex, 3962 Sq Ft allowed for single family. For financing specials and incentives, Seller requests potential buyers contact Chase Loan Officer, Jeremiah Glass at 303.444.2703 or jeremiah.l.glass@chase.com.” 2011 Taxes: $10,408; City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 05/23/2012; Sold Date: 06/20/2012. (Photos and broker comments courtesy of McKinley Sales.)

MLS #121604 – Aspen, Central Core, Park Avenue Townhome duplex, 322 Park Avenue, Unit 2, Aspen, CO: Sold Price: $1,050,000/$836 sq ft partially furnished. More details below photos.

MLS #121604 – Aspen, Central Core, Park Avenue Townhome duplex, 322 Park Avenue, Unit 2, Aspen, CO: Sold Price: $1,050,000/$836 sq ft partially furnished; Asking Price: $1,095,000. (Original Price: $1,130,000 and 360 days on the market since 06/21/2011.) This is a 1959 built/2011 remodeled, 2 bedroom/2 bath, 911 sq ft dulex. Broker comments are, “Remodel opportunity with plans included in purchase. Hassle free option… Steeplechase Partners can complete remodel with a recommended mountain contemporary design featuring absolute black granite countertops, maple cabinetry, stainless steel appliances. Honed black granite flooring & glass mosaic tile surrounds in bathrooms, bamboo flooring on stairwell & living room, slate flooring in the entry, powder room & kitchen. Please see MLS#119963 for completed remodel in adjacent duplex unit.” 2011 Taxes: $2,478; HOA Dues: $100 Mo. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 10/16/2011; Sold Date: 06/15/2012. (Photos and broker comments courtesy of Related Colorado Real Estate.)

MLS #112464 – Aspen, West Aspen, Twining Flats single family lot, 661 Twining Flats Road, Aspen, CO: Sold Price: $655,000. More details below photos.

MLS #112464 – Aspen, West Aspen, Twining Flats single family lot, 661 Twining Flats Road, Aspen, CO: Sold Price: $655,000; Asking Price: $850,000. (Original Price: $995,000 and 1,056 days on the market since 07/30/2009.) This is a 2.33 acre single family lot with a small single family home located in the Twining Flats area in West Aspen. Broker comments are, “Flat and perfect, secluded and private, this property offers so many choices! Build, live in or rent while you design and create your very own place to call home. Located in a quaint neighborhood on the opposite side of the Roaring Fork River from Woody Creek and only 8 miles to Aspen this small ranch style home has long views of Aspen Mountain and space to spread out. Comfortable and easy, this home is equipped for year round living. Aspen School District and no transfer tax make this a hard one to beat.” 2011 Taxes: $2,355. Under Contract Date: 04/26/2012; Sold Date: 06/19/2012. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

MLS #126055 – Aspen, Central Core, downtown commercial building, 602 E. Hyman Avenue, Aspen, CO: Sold Price: $6,700,000/$947 sq ft. More details below photos.

MLS #126055 – Aspen, Central Core, downtown commercial bldg., 602 E. Hyman Avenue, Aspen, CO: Sold Price: $6,700,000/$947 sq ft; Asking Price: $6,700,000. (Original Price: $6,700,000 and 338 days on the market since 07/19/20911.) This is a 1960 built, 7,071 sq ft commercial building in downtown Aspen. Broker comments are, “Sold before MLS.” 2011 Taxes: $38,305; City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 03/06/2012; Sold Date: 06/19/2012. (Photos and broker comments courtesy of Setterfield & Bright.)

MLS #106412 – Snowmass, Old Snowmass Single family home, 5809 East Sopris Creek, Snowmass, CO: Sold Price: $3,497,500/$846 sq ft unfurnished. More details below photos.

MLS #106412 – Snowmass, Old Snowmass Single family home, 5809 East Sopris Creek, Snowmass, CO: Sold Price: $3,497,500/$846 sq ft unfurnished; Asking Price: $3,995,000. (Original Price: $5,995,000 and 1,438 days on the market since 07/15/2008.) This is a 1969 built/1989 remodeled, 4 bedroom/4 bath/1 half bath, 4,133 sq ft single family home on 35.74 acres. Broker comments are, “Classic Old Snowmass Ranch with prime location overlooking Capitol Creek Valley to the Elk mountains beyond. Charming family home with lots of room and great spaces. This is a superb horse property with barn, large irrigated pastures and outdoor riding arena – all usable. Fantastic water rights. Little Elk Creek and ditch flow right through property. Extensive landscaping and pond surround the home to further enhance the beauty and splendor of this incredible ranch property. This is an extraordinary opportunity on the market.” 2011 Taxes: $3,409. Under Contract Date: 03/13/2012; Sold Date: 06/22/2012. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

MLS #126052 – Snowmass Village, Capitol Peak condo, 90 Carriage Way, Unit 3512/14, Snowmass Village, CO: Sold Price: $1,475,000/$976 sq ft furnished. More details below photos.

MLS #126052 – Snowmass Village, Capitol Peak condo, 90 Carriage Way, Unit 3512/14, Snowmass Village, CO: Sold Price: $1,475,000/$976 sq ft furnished; Asking Price: $1,650,000. (Original Price: $1,650,000 and 55 days on the market since 04/25/2012.) This is a 2008 built, 3 bedroom/3 bath, 1,510 sq ft condo. No Broker comments. 2011 Taxes: 49,771; Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 05/18/2012; Sold Date: 06/19/2012. (Photos courtesy of Aspen Snowmass Sotheby’s.)

MLS #124101 – Snowmass Village, Wood Run Place condo, 425 Wood Road, Snowmass Village, CO: Sold Price: $667,500/$412 sq ft furnished. More details below photos.

MLS #124101 – Snowmass Village, Wood Run Place condo, 425 Wood Road, Snowmass Village, CO: Sold Price: $667,500/$412 sq ft furnished; Asking Price: $697,500. (Original Price: $1,075,000 and 539 days on the market since 01/22/2010.) This is a 1983 built/2007 remodeled, 2 bedroom/2 bath, 1,619 sq ft condo. Broker comments are, “A generously-sized two-bedroom located in the tower, just off the elevator. This condo was expanded in 2007 during Woodrun Place’s exterior renovation and features a huge, open living space for big family hangouts. Views south toward ski area. Newly accessorized, including updated bedding. Woodburning fireplace. Easy access to an assigned carport space just off the plaza, as well as to the WPLA ski-in/out locker room. Could be easily combined with unit #20 next door, also for sale (MLS #123935). Handicapped-accessible property.” 2011 Taxes: $2,180; HOA Dues: $24,732 Yr; Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 04/12/2012; Sold Date: 06/14/2012. (Photos and broker comments courtesy of BJ Adams & Co.)

MLS #123664 – Snowmass Village, Crestwood condo, 400 Wood Road, Unit 2308, Snowmass Village, CO: Sold Price: $589,000/$634 sq ft furnished. More details below photos.

MLS #123663 – Snowmass Village, Crestwood condo, 400 Wood Road, Unit 2308, Snowmass Village, CO: Sold Price: $589,000/$634 sq ft furnished; Asking Price: $625,000. (Original Price: $1,150,000 and 197 days on the market since 02/03/2012.) This is a 1970 built/2010 remodeled, 2 bedroom/2 bath, 928 sq ft condo. Broker comments are, “Top floor 1 Master +loft w/2 full baths. Loft sleeps 4 comfortably; set of twins, sleeper loveseat & bunk twin in window. Corner location w/wrap around deck and view of pool and a slice of Mt. Daly. Completely remodeled with hard-wood floors and open kitchen. Easy to show, non-rental. 2011 Taxes: $1,867; HOA Dues: $12,516; Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 05/10/2012; Sold Date: 06/15/2012. (Photos and broker comments courtesy of BJ Adams & Co.)

MLS #120148 – Snowmass, Old Snowmass, Snowmass Creek single family lot sale, 1601 Watson Divide Road, Snowmass, CO: Sold Price: $1,500,000. More details below photos.

MLS #120148 – Snowmass, Old Snowmass, Snowmass Creek single family lot sale, 1601 Watson Divide Road, Snowmass, CO: Sold Price: $1,500,000/$244,299 ac; Asking Price: $1,900,000. (Original Price: $4,200,000 and 1,102 days on the market since 06/16/2009.) This is a 6.14 acre single family lot located in the Snowmass Creek area of Old Snowmass. Broker comments are, “Kick back on a starlit night and view the infinite sky .. galaxy upon galaxy. No lights … only stars and moon. Kick back at sunset and view mountains silhouetted against the setting sun. All day, Rocky Mountain vistas are yours. Perched on a hill-top above Old Snowmass, this 6+ acre property has plans available by renowned Los Angeles architect for the 5,750 sf home. Well in place. Information packet available upon request. Financing for land and construction is available from Timberline Bank to a qualified Buyer.” 2011 Taxes: $40,312. Under Contract Date: 04/13/2012; Sold Date: 06/22/2012. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

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Aspen Snowmass Real Estate Weekly Market Update Report Closed and Under Contract