Last week’s sales activity is published below. March 2013 Snapshot sales figures and Q1 2013 report will be released in early April. 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: Q1 2013 State of the Aspen Snowmass Real Estate Market

released April 20, 2013 v9.4

Click image for executive summary and full report pdf in Current Reports

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.

Market Comments The Estin Report: Q1 2013 State of the Aspen Market Report was posted on Sat. April 20, 2013.

Here are highlights:

– In the 1st Quarter 2013 (Jan. 1- Mar. 31), the number of units, or properties, sold was up 6% from the same time last year, 90 units this year versus 64 last year, and dollar sales were down 23% at $148M this year versus $191M last year.

– A surge at the end of the year 2012 in big ticket $10M+ sales motivated by anticipated 2013 tax-changes seems to have taken the wind out of high-end Aspen dollar sales in the 1st Quarter 2013.

– Instead, market activity has been dominated by smaller-sized and under $1M property sales and a flood of new Snowmass Base Village Viceroy condo sales selling at 60% off pre- recession prices since their sales program was re-activated Dec. 15, 12 after a 3-year market hiatus due to litigation issues and the recession.

– The big difference between this quarter and the same period last year is the significant increase in lower end sales under $1M, the lack of big ticket (+$10M) sales and a gaping hole of inactivity in the $5-10M sales range.

– The increase in lower end sales indicates a widening of Aspen’s real estate recovery base no longer limited to exclusively headline capturing high-end purchases.

…read more

Under Contract / Pending (11) MLS #: 128432, 123106, 123277, 120174, 128336, 113799, 122801, 122607, 129510, 128290, 126980. Photos and descriptions of under contracts are not posted unless special circumstances or significance dictate. This link is valid for 30 days until 05/21/2013.

Closed (6) MLS #: 127833, 124463, 118977, 122032, 128463, 123339. This link is valid for 30 days until 05/21/2013.

Aspen Snowmass Solds Last Week

MLS #122032 – Aspen, East Aspen, Riverside single family home, 1240 Riverside Drive, Aspen, CO: Sold Price: $6,050,000/$1,026 sq ft furnished. More details below photos.

MLS #122032 – Aspen, East Aspen, Riverside single family home, 1240 Riverside Drive, Aspen, CO: Sold Price: $6,050,000/$1,026 sq ft furnished; Asking price: $6,500,000. (Original Price: $7,950,000 and 792 days on the market since 06/04/2009.) This is a 1999, 5 bedroom/6 bath/1 half bath, 5,892 sq ft single family home with 2 car garage on 0.25 acres. Broker comments are, “Enjoy views and privacy from this classic Colorado style home located within walking distance to the downtown core of Aspen. Features include 5 bedrooms, 6.5 baths, 5892 square feet, log & stone accents throughout, upper level living, open kitchen, expansive windows, radiant heat, air conditioning, gorgeous office/study, private patio & hot tub off the master bedroom, abundant closets & storage space, 610 square foot two car garage, mature trees & landscaping, and Aspen Mountain views.” 2012 Taxes: $17,109. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 01/26/2013; Sold Date: 04/18/2013. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

MLS #128463 – Aspen, Red Mountain, Pitkin Green single family home, 162 Herron Hollow Road, Aspen, CO: Sold Price: $6,500,000/$750 sq ft furnished. More details below photos.

MLS #128463 – Aspen, Red Mountain, Pitkin Green single family home, 162 Herron Hollow Road, Aspen, CO: Sold Price: $6,500,000/$750 sq ft furnished; Asking Price: $6,900,000. (Original Price: $8,995,000 and 579 days on the market since 06/24/2011.) This is a 2006, 7 bedroom/7 bath/4 half bath, 8,665 sq ft single family home with 3 car garage on 1.3 acres. It is a Red Mountain location but sheltered in a private ‘hollow’ or pocket area with limited views that the Red Mountain area is famous for. The property offers end of the road privacy but compromised viewplanes explaining the discounted sales price. Broker comments are, “This luxury estate on 1.3 acres in Pitkin Green at the base of Red Mtn offers privacy and serenity just minutes from downtown Aspen. The main house features all the amenities one has come to expect from a high end Aspen home including 2 master suites, 4 guest suites, great room, media room, bar, 2 sitting rooms, gym, wine cellar, upscale kitchen, 3 car garage, office and a stunning outdoor entertainment area with hot tub and fireplace. The separate guest house (CDU) with its own garage and a large private balcony would be ideal for a caretaker, private chef or extra family members. Grandiose enough for entertaining yet retaining a warm and livable atmosphere, this property offers a distinctive opportunity in one of Aspen’s most desirable neighborhoods.” 2012 Taxes: $18,578; HOA Dues: $615 Qtr. Under Contract Date: 02/15/2013; Sold Date: 04/16/2013. (Photos and broker comments courtesy of Setterfield & Bright.)

MLS #127833 – Aspen, West End, 715 West Main commercial condo – office space, 715 W. Main, Units 204, 205, 206, Parking Space H, Aspen, CO: Sold Price: $400,000/$418 sq ft. More details below photos.

MLS #127833 – Aspen, West End, 715 West Main commercial condo – office space, 715 W. Main, Units 204, 205, 206, Parking Space H, Aspen, CO: Sold Price: $400,000/$418 sq ft; Asking Price: $449,000. (Original Price: $449,000 and 139 days on the market since 11/28/2012.) This is a 1983 built, 955 sq ft commercial space with 3 units. Broker comments are, “Great opportunity for a small business owner to purchase commercial space on Main Street in Aspen. This is the best valued commercial space around. These units are close to the downtown core. All 3 units were updated in 2011 with new texture, paint, lighting and carpet. The 3 units can be purchased together or individually. This listing can be purchased in 5 different configurations. All Units including 204, 205, 206 and parking space H are listed for $449,000; Unit 204 and 205 w/parking space H are listed for $332,000; Units 205 and 206 w/parking space H are listed for $260,000; Unit 204 is listed for $189,000 and Unit 206 is listed for $125,000. Please see attached floor plan configuration for additional information or contact the listing agent.” 2011 Taxes: $6,389. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 02/14/2013; Sold Date: 04/15/2013. (Photos and broker comments courtesy of Aspen Associates Realty Group.)

MLS #124463 – Snowmass Village, Woodbridge condo, 35 Upper Woodbridge Road #26ef, Snowmass Village, CO: Sold Price: $440,000/$479 sq ft furnished. More details below photos.

MLS #124463 – Snowmass Village, Woodbridge condo, 35 Upper Woodbridge Road #26ef, Snowmass Village, CO: Sold Price: $440,000/$479 sq ft furnished; Asking Price: $469,000. (Original Price: $469,000 and 657 days on the market since 01/27/2011.) This is a 1973, 2 bedroom/2 bath, 918 sq ft condo. Broker comments are, “Arguably one of the best located units at the Woodbridge, top-floor (vaulted ceilings), south-east facing corner unit with full-on views of the Snowmass Ski area, as well as looking east toward the Continental Divide. The unit is also located directly across from the pool area and hot tub. On the Snowmass Village Free Shuttle route. The Snowmass Center and Woodbridge ski access within walking distance. Owner pet allowed. *Possible Owner financing available. Amount and terms are at Seller’s sole discretion.” 2012 Taxes: $1,608; HOA Dues: $2,100 Qtr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 03/05/2013; Sold Date: 04/12/2013. (Photos and broker comments courtesy of B.J. Adams & Co.)

MLS #118977 – Snowmass Village, Country Club Homes condo, 124 Harleston Green 44, Snowmass Village, CO: Sold Price: $1,760,000/$679 sq ft furnished. More details below photos.

MLS #118977 – Snowmass Village, Country Club Homes condo, 124 Harleston Green 44, Snowmass Village, CO: Sold Price: $1,760,000/$679 sq ft furnished; Asking Price: $2,195,000. (Original Price: $3,200,000 and 1,509 days on the market since 01/19/2009.) This is a 1982 built/2009 remodeled, 3 bedroom/3 bath/1 half bath, 2,592 condo with 2 car garage. Broker comments are, “Deluxe three bedroom plus loft corner townhome at the Snowmass Club that has been totally renovated both inside and out. Major exterior renovation in 2009. Located adjacent to the 12th tee box, the southeastern exposure offers great views of the golf course and ski area along with all day sunshine from both the living space and the oversized deck. Free town shuttle bus is only a short walk giving access to the entire village both winter and summer. Easy to show.” 2012 Taxes: $7,360; HOA Dues: $2,718. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 03/16/2013; Sold Date: 04/17/2013. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

MLS #123339 – Snowmass Village, Crestwood condo, 400 Wood Road, Snowmass Village, CO: Sold Price: $514,000/$597 sq ft furnished. More details below photos.

MLS #123339 – Snowmass Village, Crestwood condo, 400 Wood Road, Snowmass Village, CO: Sold Price: $514,000/$597 sq ft furnished; Asking Price: $539,000. (Original Price: $1,195,000 and 1,878 days on the market since 12/14/2007.) This is a 1970 built/2007 remodeled, 2 bedroom/2 bath, 860 sq ft condo. Broker comments are, “Owner financing available for this beautifully remodeled ski in, ski out one bedroom plus loft Crestwood condo was remodeled in 2007. It has new granite countertops and sink with insta-hot water for a cup of cocoa after a day on the slopes. The condo was freshly painted and has new carpeting along with a new mantel above the fireplace, beams in the new lofted ceilings and floor to ceiling dormers which allow exceptional light and views into this comfortable slope side home. Enjoy all of the Crestwood amenities (superb management, new pool, 3 hot tubs, fitness room, extensive remodel, etc) and its great location – walking distance to the new Base Village restaurants, shops, and ski school. This unit is a great rental.” 2012 Taxes: $2,037; HOA Dues: $12,516 Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 01/15/2013; Sold Date: 04/19/2013. (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 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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