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.

Vacant Land Sales Taking Off

There was another vacant land sale last week (see details below): a teardown parcel on the east Aspen/Hwy 82 corridor to the east of the sweetspot of the North Star Preserve, the meadows of Stillwater, where the Roaring Fork River meanders through open nature preserve pastures filled with wildlife such as egrets and elk. Also, a vacant lot at the Lazy O Ranch subdivision in Old Snowmass listed at $1.545M went under contract last week (see link to under contracts below, MLS 124787).

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 versus 9 in all of last year. When vacant land sales start to turn, it typically is a marker for a market bottom and a significant market change.

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 (5): MLS #: 122841, 125022, 124787, 97218, 124595. This link is valid for 30 days until 07/17/2012. Photos and descriptions of under contracts are not posted unless special circumstances or significance dictate.

Closed (5): MLS # 120322, 124415, 123238, 118417, 118234: . This link is valid for 30 days until 07/17/2012.

Aspen Snowmass Solds Last Week

MLS #120322 – Aspen, East Aspen single family lot, 44971 Highway 82, Aspen, CO: Sold Price: $2,400,000. More details below photos

.

MLS #120322 – Aspen, East Aspen single family lot, 44971 Highway 82, Aspen, CO: Sold Price: $2,400,000; Asking Price: $2,850,000. (Original Price: $4,995,000 and 1,331 days on the market since 10/19/2008.) This is a 2.22 acre single family wooded parcel with an older main house and guest house. Broker comments are, “Beautiful East Aspen property, with direct views of Mc Farlan Gulch and Walsh’s. Private lot with water rights and mature landscaping. TDR receiver site. Two dwellings on the property, main house and guest house, currently rented for $3,500/mo. on a month to month basis. Please set up showing, Toby the yellow lab will greet you vigorously, suggest parking in first spot and walking up.” 2011 Taxes: $5,408; HOA Dues: TBD. Under Contract Date: 05/18/2012; Sold Date: 06/08/2012. (Photos and broker comments courtesy of Coldwell Banker Mason Morse.)

MLS #124415 – Aspen, Central Core, Le Votaux condo, 117 N. Monarch Street #2, Aspen, CO: Sold Price: $2,100,000/$1,090 sq ft furnished. More details below photos.

MLS #124415 – Aspen, Central Core, Le Votaux condo, 117 N. Monarch Street #2, Aspen, CO: Sold Price: $2,100,000/$1,090 sq ft furnished; Asking Price: $2,195,000. (Original Price: $3,695,000 and 1,583 days on the market since 02/12/2008.) This is a 1971 built/2006 remodeled, 4 bedroom/3 bath, 1,926 sq ft condo. Broker comments are, “Top floor penthouse style four bedroom three bathroom condo. Unobstructed views of Aspen Mountain, a sweet outdoor deck and back yard space, high ceilings, new kitchen, off street parking and floor to ceiling south facing windows. Walk to everything; shopping, dining, the slopes, hiking trails, and the music tent. HOA dues include: Insurance, snow removal, landscaping, gas, sewer, trash removal, repairs and maintenance, and heating. Perfect for your Aspen ski getaway or summer retreat.” 2011 Taxes: $4,499; HOA Dues: $600 Mo. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 04/24/2012; Sold Date: 06/13/2012. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

MLS #123238 – Aspen, Central Core, Independence Square condo, 404 S. Galena Street #211, Aspen, CO: Sold Price: $280,000/$933 sq ft furnished. More details below photos.

MLS #123238 – Aspen, Central Core, Independence Square condo, 404 S. Galena Street #211, Aspen, CO: Sold Price: $280,000/$933 sq ft furnished; Asking Price: $308,000. (Original Price: $315,000 and 221 days on the market since 11/07/2011.) This is an 1889 built/1987 remodeled, studio/1 bath, 300 sq ft hotel condo. Broker comments are, “Aspen’s popular bed & breakfast on the mall. Corner unit, feels larger than most in the building. High ceilings, roof top deck & Jacuzzi, front desk, popular rental. Air-conditioned. Pet ok.” 2011 Taxes: $685; HOA Dues: $3,509 per quarter. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 05/24/2012; Sold Date: 06/11/2012. (Photos and broker comments courtesy of Frias Properties.)

MLS #118417 – Aspen, Central Core, Riverside condo, 1024 E. Cooper Avenue, Aspen, CO: Sold Price: $690,000/$745 sq ft furnished. More details below photos.

MLS #118417 – Aspen, Central Core, Riverside condo, 1024 E. Cooper Avenue, Aspen, CO: Sold Price: $690,000/$745 sq ft furnished; Asking Price: $749,000. (Original Price: $1,595,000 and 1,812 days on the market since 06/27/2007.) This is a 1970 built/2008 remodeled, 3 bedroom/2 bath, 926 sq ft condo. Broker comments are, “Located just 5 blocks from the gondola at Aspen Mountain, this remodeled condo features 3 bedrooms, 2 baths, 926 square feet, an open floor plan, hardwood floors, granite counters, new appliances, distressed wood beams, a large master bedroom with connecting bathroom, a washer and dryer, assigned parking, and views of Aspen Mountain. This is a small complex with low homeowner’s assocation dues.” 2011 Taxes: $2,573; HOA Dues: 1,031 Qtr. City of Aspen Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 11/03/2011; Sold Date: 06/08/2012. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

MLS #118234 – Snowmass Village, Timberline condo, 690 Carriage Way #A2d, Snowmass Village, CO: Sold Price: $630,000/$650 sq ft furnished. More details below photos.

MLS #118234 – Snowmass Village, Timberline condo, 690 Carriage Way #A2d, Snowmass Village, CO: Sold Price: $630,000/$650 sq ft furnished; Asking Price: $695,000. (Original Price: $630,000 and 635 days on the market since 09/16/2010.) This is a 1972 built, 2 bedroom/2 bath, 968 sq ft condo. Broker comments are, “One of the top rated 2 bedroom condominiums at the Timberline. Incredible down-valley views, sunny and warm. This Timberline condominium is handsomely furnished and accessorized and offered completely turn-key. There is no better ski-in/out condominium on the market today that that offers value and quality like this. A must-see for the 2nd homeowner and investment buyer alike.” 2011 Taxes: $2,027; HOA Dues: $900 Mo. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: $05/12/2012; Sold Date: 06/12/2012. (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.”

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