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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.

Market Commentary

The Estin Report: Q1 2012 will be published shortly. My apology for the delay – unexpected family health issues came up in the past week. In the meantime, here are some observations and thoughts about the 1st Quarter. Market activity from last week appears below these observations.

The Facts

On initial impression, we are considerably off from last year Q1 2011 in spite of generally favorable US economic winds and trends – at least until the March unemployment numbers were announced late last week.

Total Aspen Snowmass Market: Sales Comparison Q1 2012 vs Q1 2011:

Q1 2012

  • $182,919,682 (- 28%)
  • 55 Units (- 27%)

Q1 2011

  • $258,100,856 (+ 84%)
  • 75 Units (+ 63%)

Q1 2010

  • $140,572,900 (+ 47%)
  • 46 Units (+ 48%)

Q1 2009

  • $95,737,945
  • 31 Units

In particular, Q1 2012 has not had the big ticket sales, Aspen Snowmass home sales over $5M and $10M plus that we experienced the same time last year.

Aspen and Snowmass Total Market:

Over $5M and $10M Home Sale Comparison Q1 2012 vs Q1 2011:

Over $10M Home Sales Q1 2012:

  • Q1 2012 = sales >$10M (1 sale) or -83%
  • Q1 2011 = sales >$ 10M (6 sales)

Over $5M Home Sales Q1 2012:

  • Q1 2012 = sales >$5M (7 sales) or -42%
  • Q1 2011 = sales >$5M (12 sales)

Thoughts:

The poor winter snow and warm winter across the US probably contributed significantly to the lower sales in the 1st Quarter. Also, inventory levels of active property listings in general have been declining (and it’s not all attributable to sales, from 1,271 listings in Mar 2009 to 891 listings in Mar. 2012, down -30%) suggesting sellers would rather pull their properties off the market than sell in a still difficult market and further capitulate at lower prices…they’d rather wait for the ‘recovery’ which had appeared to be strengthening throughout the first quarter. Generally, a declining inventory is a positive sign, but on the downside, the slowdown in sales may suggest that buyers aren’t finding the quality of product they’re looking for at a price they are willing to pay.

Certainly, most of the newer developer built spec homes of 2008-2011 vintage have been sold. Maybe a single handful still exist. And the need-to-sell Aspen properties have been flushed out. So, what’s left is sellers who can afford to wait out the market and buyers who only want to buy from super motivated sellers of whom there are many fewer than there were a year ago.

Does this mean that prices are still generally too high given the continuing macro economic uncertainty…? Or is everyone waiting for a kind of dead cat bounce – in the past three 1st quarters, the economy started to rebound only to sputter as we’ve gotten further into the year. There’s a lot of “once burned twice shy” pundit sentiment out there. The experts lack the fortitude, the strength of their convictions, to make the call that we are out of the woods. The consensus is that yes, we have a recovery, it’s underway, but it’s too slow to restore unemployment rates to more normal times. And right now, buyers may be slipping back into uncertainty, unwilling to purchase expensive Aspen properties unless there’s certifiable value. A fear versus value index: show the buyer the value and the fear can be vanquished. And further, to what extent will the election affect sales – is it already a factor? Or will the Facebook IPO countervail and lead to some big Aspen real estate sales later in the year? A lot to think about. More later.

Under Contract / Pending (8): MLS # 124761, 121136, 121679, 122486, 112528, 114380, 123731, 119046. This link is valid for 30 days until 05/15/2012. Photos and descriptions of under contracts are not posted unless special circumstances or significance dictate.

Closed (12): MLS# 118083, 122903, 124477, 119568, 121475, 121933, 124229, 119261, 121423, 122711, 123634, 110066. This link is valid for 30 days until 05/15/2012.

Aspen Snowmass Solds Last Week:

MLS #118083 – Aspen, Castle Creek single family river front home, 243 Conundrum, Aspen, CO: Sold Price: $5,000,000/$875 sq ft unfurnished. More details below photos.

MLS #118083 – Aspen, Castle Creek single family river front home, 243 Conundrum, Aspen, CO: Sold Price: $5,000,000/$875 sq ft unfurnished; Asking Price: $5,395,000. (Original Price: $10,150,000 and 1,038 days on the market since 07/07/2009.) Located approximately 4 miles up Castle Creek from the roundabout, this is a 2009 built, 5 bedroom/5 bath/1 half bath, 5,708 sq ft single family home with 2 car garage. 2011 Taxes: $16,257. Under Contract Date: 03/23/2012; Sold Date: 04/05/2012. (Photos courtesy of Aspen Sales & Rentals.)

MLS #122903 – Aspen, West End, Villas of Aspen condo, 100 N. Eighth Street #18, Aspen, CO: Sold price: $1,325,000/$652 sq ft furnished. More details below photos.

MLS #122903 – Aspen, West End, Villas of Aspen condo, 100 N. Eighth Street #18, Aspen, CO: Sold price: $1,325,000/$652 sq ft furnished; Asking Price: $1,495,000. (Original Price: $1,879,925 and 181 days on the market since 10/03/2011.) This is a 1972 built/2001 remodeled, 3 bedroom/2 bath/1 half bath, 2,030 sq ft condo. Broker comments are, “Villas of Aspen #18 is a private southwest facing end unit with spectacular views of Aspen Highlands, Tiehack and the Castle Creek Valley. Property features include open main living area with wood floors, fireplace and walk-out deck with yard. Upstairs bedrooms are spacious and beautifully furnished with tons of light and more mountain views. Lower level doubles in space with a second living area designed with french doors that lead to an expansive outdoor patio terrace that overlooks the river. The indoor/outdoor living spaces, views and private end location set this unit apart from any other in complex.” 2011 Taxes: $4,256; HOA Dues: $2,270 Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 02/12/2012; Sold Date: 3/30/2012. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

MLS #124477 – Aspen, Central Core, Chatelet condo, 250 S. Original Street, Unit E, Aspen, CO: Sold Price: $637,000/$485 sq ft furnished. More details below photos.

MLS #124477 – Aspen, Central Core, Chatelet condo, 250 S. Original Street, Unit E, Aspen, CO: Sold Price: $637,000/$724 sq ft furnished; Asking Price: $649,000. (Original Price: $649,000 and 45 days on the market since 02/29/2012.) This is a 1965 built/2000 remodeled, 2 bedroom/2 bath, 880 sq ft condo with an additional 433 sq ft of heated, unfinished laundry/storage/studio/office space and one assigned parking space. Broker comments are, “Best valued 2 bedroom/2 bath corner condo in downtown Aspen core: 880 sq ft unit with two entries (one entry is near the assigned parking space for unit), private patio, plus bonus 433 sq ft unfinished heated studio-office-storage-laundry basement space. 1 block to City Market; 3.5 blocks to Gondola. Owner pet(s) allowed.” 2011 Taxes: $1,934; HOA Dues: $1,010 Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 03/20/2012; Sold Date: 04/10/2012. (Photos and broker comments courtesy of Coldwell Banker Mason Morse.)

MLS #119568 – Aspen, Central Core, Chatelet condo, 250 S. Original Street, Unit D, Aspen, CO: Sold Price: $615,000/$699 sq ft partially furnished. More details below photos.

MLS #119568 – Aspen, Central Core, Chatelet condo, 250 S. Original Street, Unit D, Aspen, CO: Sold Price: $615,000/$699 sq ft partially furnished; Asking Price: $659,000. (Original Price: $1,375,000 and 1,548 days on the market since 02/10/2009.) This is a 1965 built/1997 remodeled, 2 bedroom/3 bath, 1,168 sq ft sq ft condo with one assigned parking space. Broker comments are, “Located in the heart of Aspen. Cosmetic fix-up, one block to City Market, low dues, low taxes. 2 bedroom, 3 bath condo is within walking distance to everything. Wood-burning fireplace, great light, corner-location, 2 pets allowed for owners & 1 assigned parking space. This unit makes a great rental or full-time residence. Lower level (328 sq ft)has separate access and could be used as a study/den and contains 3/4 bath and laundry room.” 2011 Taxes: $2,143; HOA Dues: $1,010 Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 02/22/2012; Sold Date: 04/10/2012. (Photos and broker comments courtesy of McKinley Sales.)

MLS #121475 – Aspen, Central Core, Glory Hole condo, 525 S. Original Street, Aspen, CO: Sold Price: $1,500,000/$1,213 sq ft furnished. More details below photos.

MLS #121475 – Aspen, Central Core, Glory Hole condo, 525 S. Original Street, Aspen, CO: Sold Price: $1,500,000/$1,213 sq ft furnished; Asking Price: $1,595,000. (Original Price: $2,300,000 and 605 days on the market since 06/11/2010.) This is a 1968 built/2010 remodeled, 2 bedroom/2 bath, 1,236 sq ft condo with an assigned parking space. Broker comments are, “This Glory Hole is a breath of fresh air in the core of Aspen, from the sweeping walls of windows looking over Glory Hole Park to the charm of two wood burning fireplaces. The beautiful bathrooms complement two large bedrooms. The master has a Jacuzzi tub and a steam shower and one of the romantic fireplaces. Though you are just one block from the Gondola & City Market and walking distance to everything Aspen has to offer you still have a dedicated heated parking space and a large storage room for your all of your toys. A must see! Kitchen was just remodeled. 6 unit building,the owners control the building. 2011 Taxes: $3,519; HOA Dues: $2,238 Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 02/06/2012; Sold Date: 04/04/2012. (Photos and broker comments courtesy of Carol Dopkin Real Estate.)

MLS #121933 – Aspen, Smuggler, Fox Crossing single family home, 537 Race Alley, Aspen, CO: Sold Price: $4,825,000/$849 sq ft unfurnished. Sold pre-auction. More details below photos.

MLS #121933 – Aspen, Smuggler, Fox Crossing single family home, 537 Race Alley, Aspen, CO: Sold Price: $4,825,000/$849 sq ft unfurnished; Asking Price: $4,995,000. (Original Price: $8,940,000 and 3902 days on the market since 10/23/2007.) This property sold as a result of attention the Fox Crossing townhomes received due to a public auction in mid-March. This home sold pre-auction. This is a 2008 built, 7 bedroom/6 bath/1 half bath, 5,677 sq ft single family home with 2 car garage. Broker comments are, “Auction March 17. The hunt is over. Two custom homes and three premier homesites in Fox Crossing. Originally Listed for $8.5M – Aggressive Opening Bid Incentives. This three-level, 7 bed, 6.5 residence is a rare Aspen find. Featuring 5,677 sq ft, four patios and generous living areas, the home is located just off Fox Crossing’s central park. Nestled at the foot of Red Mountain, a mere 10-minute leisurely stroll from downtown, Fox Crossing is an exclusive, newly-constructed, high-end private enclave in the heart of Aspen. Also see 511 Walnut Street (MLS # 121936) and Three Premier Fox Crossing Homesites (MLS #124299, #124301, #124303). Walk to downtown easily from this sunny Aspen location. Enjoy a state of the art, air-conditioned home with elevator and entertain in style.” 2011 Taxes: $13,369; HOA Dues: $366 Mo. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 02/09/2012; Sold Date: 04/11/2012. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

MLS #124229 – Aspen, Central Core, Andrews-McFarlin condo, 412 N. Mill Street #B, Aspen, CO: Sold Price: $290,000/$623 sq ft partially furnished. More details below photos.
MLS #124229 – Aspen, Central Core, Andrews-McFarlin condo, 412 N. Mill Street #B, Aspen, CO: Sold Price: $290,000/$623 sq ft partially furnished; Asking Price: $310,000. (Original Price: $385,000 and 792 days on the market since 12/27/2010.) This is a 1968 built/2008 remodeled 465 sq ft studio with one bedroom. Broker comments are, “Great second floor residence or design office located one block from the Hotel Jerome on the edge of Rio Grande Park and adjacent to the Roaring Fork River.” 2011 Taxes: $932; HOA Dues: $200 Mo. City of Aspen Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 02/28/2012; Sold Date: 04/09/2012. (Photos and broker comments courtesy of SDS Real Estate, Inc.)

MLS #119261 – Snowmass Village, Two Creeks single family home, 21 Burnt Mountain Circle, Snowmass Village, CO: Sold Price: $8,061,900/$1,228 sq ft unfurnished. More details below photos.

MLS #119261 – Snowmass Village, Two Creeks single family home, 21 Burnt Mountain Circle, Snowmass Village, CO: Sold Price: $8,061,900/$1,228 sq ft unfurnished. Asking Price: $9,500,000. (Original Price: $8,700,000 and 741 days on the market since 12/29/2010.) This is a 2011 built, 5 bedroom/5 bath/2 half bath, 7,732 sq ft single family home with 2 car garage. Broker comments are, “The largest & most well located home available in all of Two Creeks. This home defines ‘luxurious convenience’. Perhaps the most easily accessible ski home in Aspen/Snowmass, this property offers unobstructed views of the Hanging Valley Wall and the Two Creeks ski area. With soaring ceilings,great room,family room,media room, billiards room & built in bar, all custom finishes throughout the home are slated for completion and delivery in time for the 2011/2012 ski season. There are absolutely no steps from the driveway, private walkway or garage into the main living area of this stately home, virtually unheard of in a ski-in/ski-out home. Easy access to downtown Aspen via Owl Creek Rd & less than 1/4 mile to the golf resort and 19,000 sq ft health and fitness facility at the Snowmass Club.” 2011 Taxes: $37,184; HOA Dues: $90 Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 03/13/2012; Proposed Close Date: 04/12/2012. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

MLS #121423 – Snowmass Village, Willows condo, 35 Campground Lane B1 & 2, Snowmass Village, CO: Sold Price: $450,000/$503 sq ft partially furnished. More details below photos.

MLS #121423 – Snowmass Village, Willows condo, 35 Campground Lane B1 & 2, Snowmass Village, CO: Sold Price: $450,000/$503 sq ft partially furnished; Asking Price: $495,000. (Original Price: $635,000 and 307 days on the market since 06/14/2011.) This is a 1967 built/2009 remodeled, 2 bedroom/2 bath, 894 sq ft condo. Broker comments are, “Totally upgraded unit with plenty of natural light at the Willows. Hardwood floors, new kitchen and baths, gas fireplace and stove just to name a few of the changes. Great location with easy access to slopes for owners and renters alike. Plus, use of the Pokolodi Lodge pool.” 2011 Taxes: $2,143; HOA Dues: $2,118. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 02/13/2012; Sold Date: 04/09/2012. (Photos and broker comments courtesy of Joshua & Co.)

MLS #122711 – Snowmass Village, Top of Village condo, 855 Carriage Way Trails #203, Snowmass Village, CO: Sold Price: $1,100,000/$758 sq ft furnished. More details below photos.

MLS #122711 – Snowmass Village, Top of Village condo, 855 Carriage Way Trails #203, Snowmass Village, CO: Sold Price: $1,100,000/$758 sq ft furnished; Asking Price: $1,300,000. (Original Price: $1,875,000 and 1,030 days on the market since 12/16/2008.) This is a 1974 built, 3 bedroom/3 bath, 1,450 sq ft condo. Broker comments are, “One of the best condominiums within the complex. Second floor, front row, point location in the Trails building. Living room, master bedroom and one of the guest bedrooms have ski slope views and morning sunshine. Great rental. (Google Earth Image of condominium location may be seen in documents) ”Wheelchair Accessable” located next to the the elevator.” 2011 Taxes: $6,201; HOA Dues: $13,226 Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 02/07/2012; Sold Date: 04/09/2012. (Photos and broker comments courtesy of Aspen Smwomass Sotheby’s.)

MLS #123634 – Snowmass Village, Seasons 4 condo, 35 Lower Woodbridge Road 185, Snowmass Village, CO: Sold Price: $395,000/$415 sq ft unfurnished. This was a banl approved short sale. More details below photos.

MLS #123634 – Snowmass Village, Seasons 4 condo, 35 Lower Woodbridge Road 185, Snowmass Village, CO: Sold Price: $395,000/$415 sq ft unfurnished. Asking Price: $399,000. (Original Price: $589,000 and 126 days on the market since 12/14/2011.) This is a bank approved shaort sale of a 1971 built/2007 remodeled, 2 bedroom/2 bath, 950 sq ft condo. Broker comments are, “Beautiful 2007 remodel of this architect-owned, corner Seasons 4 condominium. Bright and sunny eastern exposure with extra windows. Granite countertops, bamboo floors and textured walls…a must see.” 2011 Taxes: $1,608; HOA Dues: $1,415 Qtr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. (Photos and broker comments courtesy of Joshua & Co.)

MLS #110066 – Snowmass Village, Interlude condo, 70 Gallun Lane 104, Snowmass Village, CO: Sold Price: $690,000/$740 sq ft unfurnished. More details below photos.

MLS #110066 – Snowmass Village, Interlude condo, 70 Gallun Lane 104, Snowmass Village, CO: Sold Price: $690,000/$740 sq ft unfurnished; Asking Price: $750,000. (Original Price: $1,325,000 and 1,850 days on the market since 03/05/2008.) This is a 1972 built/2002 remodeled, 2 bedroom/2 bath condo. Broker comments are, “Super views straight up Snowmass Ski area. Delightful 2 bed/2 bath at drop dead ski access, assigned carport parking and owner storage. End unit has quiet location with a waterfall outside.” 2011 Taxes: $2,340; HOA Dues: $2,811. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. (Photos and broker comments courtesy of Joshua & Co.)

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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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