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.
Market Commentary: 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
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
- 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
- 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.
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 $255,000) – (20 solds)
- Aspen Lot Sale (Woody Creek) May 1-31, 2012 – (1 lot sold)
- Snowmass Village Residential Solds May 1-31, 2012: (over $250,000) – (3 solds)
The Estin Report: Q1 2012 State of the Aspen Market Published 4/22/12
Click image for executive summary and full report pdf
Last Week’s Activity
Under Contract / Pending (6): MLS #: 115206, 122813, 112494, 125524, 123238, 123429. This link is valid for 30 days until 07/03/2012. Photos and descriptions of under contracts are not posted unless special circumstances or significance dictate.
Closed (3): MLS #: 113441, 122908, 104791. This link is valid for 30 days until 07/03/2012.
Aspen Snowmass Solds Last Week
MLS #113441 – Aspen, McLain Flats single family lot, 455 Sunnyside Lane, Aspen, CO: Sold Price $4,000,000. More details below photos.
MLS #113441 – Aspen, McLain Flats single family lot, 455 Sunnyside Lane, Aspen, CO: Sold Price $4,000,000; Asking Price: $5,900,000. (Original Price: $7,900,000 and 1,510 days on the market since 04/03/2007.) This is a 4.9 acre single family lot located close to downtown Aspen. Broker comments are, “Best acreage minutes from downtown Aspen. Approved for 15,000 sqft. This parcel features year round spring water, all day sun, panoramic views of all four ski resorts, end of road privacy. Adjudicated rights for 2 separate ponds. Feels like Starwood without the drive. Owner available to work with clients to plan and build a proven high end neighborhood home.” 2011 Taxes: $30,937. Under Contract Date: 04/13/2012; Sold Date: 04/13/2012. (Photos and broker comments courtesy of Bob Bowden Properties.)
MLS #122908 – Snowmass Village, Capitol Peak condo, 110 Carriage Way, #3305 & 3307, Snowmass Village, CO: Sold Price: $759,000/$731 sq ft furnished. More details below photos.
MLS #122908 – Snowmass Village, Capitol Peak condo, 110 Carriage Way, #3305 & 3307, Snowmass Village, CO: Sold Price: $759,000 furnished; Asking Price: $779,900. (Original Price: $975,000 and 240 days on the market since 09/08/2011.) These are two, 2007 built: one bedroom/1 bath and studio/1 bath, 1,038 sq ft condo units with common garage. Broker comments are, “This Capital Peak Lodge is like new in condition. Two units – one is a 1 bedroom with full kitchen the other is a studio with an efficiency kitchen. Each has a door to the hall so they can be used separately or together by using adjoining door. Fantastic views of Mt Daily and a short walk to all that base village has to offer. Buyer to pay transfer fees of 1% of the purchase price at closing to HOA, 1% to TOSV. 2011 Taxes: $6,130; HOA Dues: $2,779 Qtr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 04/24/2012; Sold Date: 05/24/2012. (Photos and broker comments courtesy of McKinley Sales.)
MLS #104791 – Woody Creek, Woody Creek single family lot, TBD Wood Creek Road, Woody Creek, CO: Sold Price: $3,000,000. More details below photos.
MLS #104791 – Woody Creek, Woody Creek single family lot, TBD Wood Creek Road, Woody Creek, CO: Sold Price: $3,000,000/$30,000 ac; Asking Price: $4,200,000. (Original Price: $4,700,000 and 1,490 days on the market since 05/01/2008.) This is a one hundred acre single family lot located above the town of Woody Creek. Broker comments are, “Newly-created lots vested until April 9, 2013. 5750 FAR, or 7500 FAR with one TDR (TDR not included). Huge views, water rights, irrigated meadows, simple protective covenants, dogs allowed, exclusions. Very rare property located above Compass School. Purchase both Parcels 1 and 2 (MLS #104789) at the same time for a reduced package price, $6,900,000. 2011 Taxes: $18,899. Under Contract Date: 07/01/2011; Sold Date: 05/30/2012. (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.”