Last week’s sales activity and the weekly foreclosure list is published below. 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: February 2013 Market Snapshot Aspen Snowmass Real Estate released Mon.03/04/13 v5

Click image to February 2013 Market Snapshot and Summary

*The Estin Report: Aspen Snowmass Real Estate Monthly Market Snapshot documents sales activity for the subject month in the upper Roaring Fork Valley – Aspen, Snowmass Village, Woody Creek and Old Snowmass. Included property types are single family homes, condos, townhomes, duplexes and residential vacant land at sold at prices over $250,000. Fractionals are not included. Aspen* includes Brush Cr Village, Woody Cr., and Old Snowmass.

Summary Comparison
Feb 2013 versus Feb 2012
(Now vs Then, Year over Year)

Total Aspen Snowmass Market
• Monthly Unit Sales: up 20%, 18 sales now vs 15 then
• Year-to-Date Unit Sales: up 14%, 49 sales now vs 43 then
• Monthly Dollar Volume: down -40%, $22M now vs $37M then
• Year-to-Date Dollar Volume: down -28%, $87M now vs $121M then
• Listing Inventory: down -8%, 1,107 properties for sale now vs 1,200 then

Aspen Market
• Monthly Unit Sales: up 27%, 14 sales now vs 11 then
• Year-to-Date Unit Sales: down -3%, 32 sales now vs 33 then
• Monthly Dollar Volume: down -20%, $21M now vs $26M then
• Year-to-Date Dollar Volume: down -28%, $71M now vs $98M then
• Listing Inventory: down -12%, 529 properties for sale now vs 600 then

Snowmass Village Market
• Monthly Unit Sales: even 0%, 4 sales now vs 4 then
• Year-to-Date Unit Sales: up 70%, 17 sales now vs 10 then
• Monthly Dollar Volume: down -90%, $1M now vs $11M then
• Year-to-Date Dollar Volume: down -29%, $16M now vs $23M then
• Listing Inventory: down -3%, 302 properties for sale now vs 312 then

Active links to sold Feb. 2013 property photos and details

Aspen Closings (11 solds) Feb. 1 – 28, 2013 This link is valid until 04/01/2013.

Snowmass Village Closings (2 solds) Feb. 1 – 28, 2013 This link is valid until 04/01/2013.

No vacant lot sales

Feb. 2013 Market Notes

– Sales in Jan and Feb of this year are off considerably from the torrid sales pace set in December 2012 due to a rush of tax motivated closings before the end of the year. Feb. 2013 was the slowest February of the past seven years since 2007.
– Low end sales dominate: in Feb. 2013, there (10) sales, 56% of total, under $1MM: (8) Aspen and (2) SMV – (8) of these sales were sized under 750 sq ft. versus Feb. 2012, there were (5) sales, 38% of total, under $1MM: (4) Aspen and (1) SMV.
– Older homes selling: (8) sales of properties built pre-1980 and remodeled in 2000 or later, 44% of total Feb.2013 sales, versus (3) in Feb. 2012, 23% of total Feb. 2012 sales. Older homes are selling at significant discounts, in many cases at or near land value. These are either last ditch opportunities for buyers to get into the crowding Aspen School District before real estate prices start to rise or developers finding re-development opportunities.
– There were no “big ticket” sales in Feb….The highest priced Feb. sale was a brand new downtown Aspen Penthouse which sold for $7.5M/$2,460 sq ft in Feb. 2013, a strong price reflecting the lack of new or newer built listing inventory in the Aspen Core. In Feb. 2012, the highest priced sale was a foreclosed downtown new built townhome for $6.5M/$1,483 sq ft.
– The market has little new built product and has demonstrated recently that premium prices can be attained for new or newer built properties. There will likely be a significant increase in construction activity in the next 12 months as developers jump into this void.
– Snowmass Village continues to offer the best property values in the market.
– Post-recession property flipping: There are some vivid examples of recession bought properties purchased at great discounts then being re-listed since Christmas 2012 at much higher ask prices. Here is a link to (9) ‘flip’ property examples (updated 3/8/13) and a spreadsheet documenting purchase prices then and ask
prices now. Post recession ‘flip’ listings: new ask prices versus old recession sold prices: This link is valid until 4/7/2013.

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.

Weekly Foreclosure List 03/01/13 For photos and property descriptions, see links at the Deals and Bank Sales Section of this site.

Under Contract / Pending (12) MLS #: 128893, 123537, 129072, 123269, 127762, 119300, 123606, 129099, 129144, 129056, 127407, 128999. This link is valid for 30 days until 04/24/2013. Photos and descriptions of under contracts are not posted unless special circumstances or significance dictate.

Closed (9) MLS #: 117755, 124648, 121411, 128274, 129121, 122365, 127804, 128791, 123491. This link is valid for 30 days until 04/24/2013.

Aspen Snowmass Solds Last Week

MLS #117755 – Aspen, West Aspen single family home, 1520 Silver King Drive, Aspen, CO: Sold Price: $3,150,000/$670 sq ft furnished. More details below photos.

MLS #117755 – Aspen, West Aspen single family home, 1520 Silver King Drive, Aspen, CO: Sold Price: $3,150,000/$670 sq ft furnished; Asking Price: $3,750,000. (Original Price: $5,100,000 and 1,312 days on the market since 05/19/2009.) This is a 1989 built/1992 remodeled, 4 bedroom/5 bath/1 half bath, 4,699 sq ft single family home with 2 car garage on 0.48 acres. Broker comments are, ” Motivated seller. A contemporary expression with mountain flair. This 4 bedroom 5.5 bath home is in a wonderful location with expansive views of Pyramid Peak, Aspen Mountain and beyond. Large decks, and open living area makes for great entertaining. Right off the Aspen Golf Course for summer and winter sports. Huge office/media room could be used as additional 5th bedroom. A 20,998 square foot lot zoned for a duplex per assessor. This home has been attractively priced to sell. 2012 Taxes: $9,263. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 02/04/2013; Sold Date: 03/21/2013. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

MLS #124648 – Aspen, West End, Hallam Addition single family home, 206 Lake Avenue, Aspen, CO: Sold Price: $11,000,000/$1,899 sq ft unfurnished. More details below photos.

MLS #124648 – Aspen, West End, Hallam Addition single family home, 206 Lake Avenue, Aspen, CO: Sold Price: $11,000,000/$1,899 sq ft unfurnished; Asking Price: $15,000,000. (Original Price: $15,000,000 and 382 days on the market since 03/04/2012.) This is a 1895 built/1988 remodeled, 5 bedroom/6 bath/2 half bath, 5,790 sq ft single family home on 0.27 acres. Jack Nicholson was the seller. Broker comments are, ” The ultimate Victorian in the West End on Hallam Lake. Historically designated.” 2012 Taxes: $16,636. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 03/18/2013; Sold Date: 03/21/2013. Photos and broker comments courtesy of Joshua & Co.)

MLS #121411 – Aspen, East Aspen, Ardmore single family home, 67 Ardmore Court, Aspen, CO: Sold Price: $2,350,000/$1,856 sq ft unfurnished. More details below photos.

MLS #121411 – Aspen, East Aspen, Ardmore single family home, 67 Ardmore Court, Aspen, CO: Sold Price: $2,350,000/$1,856 sq ft unfurnished; Asking Price: $2,700,000. (Original Price: $3,500,000 and 1,014 days on the market since 10/05/2009.) This is a 1968 built, 2 bedroom/2 bath, 1,266 sq ft single family home with 1 car garage on 1.1 acres. Broker comments are, “A spectacular building site over an acre in size in the middle of Aspen – and with the US Forset Service as your neighbor, no less. Current County approvals allow for a 5750 sq ft home, plus this is a TDR-receiver site. In the meantime, a buyer can take pleasure in the two-bedroom comfortable cabin, filled with ski town history, already there on the property. Aspen Mountain views, a sense of seclusion provided by the aspens and the quiet Salvation Ditch at the border, and a 10-minute walk to all of Aspen’s activities. Building platform on site.” 2012 Taxes: $8,810. Under Contract Date: 02/17/2013; Sold Date: 03/22/2013. (Photos and broker comments courtesy of B.J. Adams & Co.)

MLS #128274 – Aspen, Smuggler, Fox Crossing, 505 Walnut Street, Aspen, CO: Sold Price: $3,500,000/$804 sq ft furnished. More details below photos.

MLS #128274 – Aspen, Smuggler, Fox Crossing, 505 Walnut Street, Aspen, CO: Sold Price: $3,500,000/$804 sq ft furnished; Asking Price: $3,790 000. (Original Price: $5,600,000 and 383 days on the market since 09/27/2010.) This is a 2008 built, 5 bedroom/5 bath/1 half bath, 4,352 sq ft single family home with 2 car garage. Broker comments are, “Don’t miss this opportunity to own Central Aspen’s only ”new construction”, single family home under $850 per square ft. Fully furnished home features front row Aspen Mountain views, air conditioning, an elevator and a 2 car garage. Truly a steal of a deal. 2012 Taxes: $13,504; HOA Dues: TBD; City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 01/25/2013; Sold Date: 03/18/2013. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

MLS #129121 – Aspen, Central Core single family home – on 9,942 sq ft lot (oversized), 219 S. Third Street, Aspen, CO. Listed as (2) separate lots, one with home, one without or as combined purchase. Sold Price: $4,500,000/$2,199 sq ft unfurnished. More details below photos.

MLS #129121 – Aspen, Central Core single family home – or 9,942 sq ft lot (oversized), 219 S. Third Street, Aspen, CO. Listed as (2) separate lots, one with home, one without or as combined purchase. Sold Price: $4,500,000/$2,199 sq ft unfurnished; Asking Price: $5,300,000. (Original Price: $3,400,000 and 968 days on the market since 07/28/2010.) This is a 1965 built, 4 bedroom/2 bath/1 half bath, 2,046 sq ft single family home on 9,942 sq ft lot. Broker comments are, “Existing structure is non-historic and there are no restrictions on future development beyond current building codes.” 2012 Taxes: $9,306. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 03/18/2013; Sold Date: 03/22/2013. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

MLS #122365 – Aspen, Central Core, Galena lofts condo, 434 E. Main Street, 201, Aspen, CO: Sold Price: $700,000/$1,029 sq ft furnished. More details below photos.

MLS #122365 – Aspen, Central Core, Galena lofts condo, 434 E. Main Street, 201, Aspen, CO: Sold Price: $700,000/$1,029 sq ft furnished; Asking Price: $759,000. (Original Price: $1,295,000 and 1,132 days on the market since 09/18/2007.) This is a 2002 built, 1 bedroom/1 bath/1 half bath, 680 sq ft condo. Broker comments are, “A confluence of ultimate space-planning & sophisticated taste, this 1 bedroom, 1 1/2 bath condo offers amazing storage. It is both comfortable and extremely attractive. Every inch of space has been used to its ultimate potential, allowing ease of living as well as exceptional storage. As an end unit, it is filled with light. Superb upgrades and high quality finishes!!It has it all, including a fireplace, CAC, humidificaton system, wiring for stereo & surround sound, full size washer/dryer & custom cabinetry. With commercial grade windows & door, it is unbelievably quite. An excellent core location but shielded from the noise of Main Street. A shuttle provides ease of conveniences to everything in the core if you are carrying skis, or is but a 2-3 block walk to stores/restaurant.” 2012 Taxes: $1,928; HOA Dues: $528 Mo. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 01/13/2013; Sold Date: 03/15/2013. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

MLS #127804 – Snowmass Village, Melton Ranch single family home, 41 Martingale Lane, Snowmass Village, CO: Sold Price: $1,350,000/$618 sq ft unfurnished. More details below photos.

MLS #127804 – Snowmass Village, Melton Ranch single family home, 41 Martingale Lane, Snowmass Village, CO: Sold Price: $1,350,000/$618 sq ft unfurnished; Asking Price: $1,350,000. (Original Price: $2,350,000 and 1,178 days on the market since 11/19/2007.) This is a 1976 built/1995 remodeled, 3 bedroom/2 bath/1 half bath, 2,182 sq ft single family home with 2 car garage on 0.38 acres. Broker comments are, “Big charm here, happy and bright, + bordering town open space for even more privacy and convenience to trail system. A nice combination of long-time locals and 2nd homeowners are the neighbors. Incredible views towards Aspen Mtn over the Snowmass Golf Course as well as the entire Snowmass Mountain ski hill. Just steps to the Free Town Shuttle for skiing and the RFTA to go into Aspen. Perfect for a couple instead of a townhome or a young family (in the Aspen School District). Very cool garage with workbench and ample storage for gear and toys. Great decks for entertaining and beautiful lawn with automatic sprinklers. Additional square feet is available to expand; see Excise Tax Rules of the town.” 2012 Taxes: $5,112; HOA Dues: $120 Yr; Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 01/31/2013; Sold Date: 03/20/2013. (Photos and broker comments courtesy of B.J. Adams & Co.)

MLS #128791 – Snowmass Village, Viceroy condo, 130 Wood Road 509, Snowmass Village, CO: Sold Price: $239,400/$621 sq ft furnished. More details below photos.

MLS #128791 – Snowmass Village, Viceroy condo, 130 Wood Road 509, Snowmass Village, CO: Sold Price: $239,400/$621 sq ft furnished; Asking Price: $252,000. (Original Price: $252,000and 98 days on the market since 02/22/2013.) This is a 2010 built, 385 sq ft studio with 1 bath. Broker comments are, “New Condominium units now available at the world-acclaimed Viceroy. Ski in-Ski-out in Snowmass’ Base Village, there is nothing else like in the Aspen/Snowmass market for wholly-owned condominiums. Exceptional views greet you in this studio suite, with an oversized master bathroom and opulent soaking tub. Leed Gold Certified property. One time Base Village Metro Fee paid by Buyer $5,150.” 2012 Taxes: $2,364; HOA Dues: $9,467 Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 02/22/2013; Sold Date: 03/20/2013. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

MLS #123491 – Snowmass Village, Shadowbrook condo, 105 Campground Lane #503, Snowmass Village, CO: Sold Price: $1,195,000/$470 sq ft furnished. More details below photos.

MLS #123491 – Snowmass Village, Shadowbrook condo, 105 Campground Lane #503, Snowmass Village, CO: Sold Price: $1,195,000/$470 sq ft furnished; Asking Price: $1,195,000. (Original Price: $1,995,000 and 473 days ont he market since 12/01/2011.) This is a 1969 built/1989 remodeled, 4 bedroom/6 bath, 2,538 sq ft condo. Broker comments are, “Two condos combined to make one spectacular 4 bedroom property. Top floor with beautiful views across the pool of skiers on Fanny Hill and of the Snowmass Mtn slopes. Two fireplaces, two living areas, two assigned carport spaces, elevator access. Fantastic south-facing deck. An ideal floorplan for a multi generational family. Very popular with visiting guests, unit generates sizeable income.” 2012 Taxes: $7,326; HOA Dues: $32,132 Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 02/28/2013; Sold Date: 03/18/2013. (Photos and broker comments courtesy of B.J. Adams & 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 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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