Aspen Real Estate Blog

Aspen / Snowmass April 2012 Highlights

Mon, 07 May 2012 17:18:00 GMT

The trend for sales in April 2012 continued with 29 residential sales with an average sales price of $2.4 million dollars at $727.00 per sq. ft. Two Notable sales were in the Castle Creek area just south west of Aspen. The first property was a 5,708 square feet home at 243 Conundrum that sold for $5 million even. The second property that sold was a 4,107 square feet home on the river at 927 Castle Creek Road that sold at $4.6 million down from its $7.1 million original asking price. These properties represented surreal settings and privacy just 10-15 minutes outside of Aspen. Another sale that represented great value was the 3,571 square foot contemporary remodel at 2156 Maroon Creek road. This property had 4 bedrooms and was located within 5-10 minutes from downtown Aspen, had modest views and privacy, and was located just a few minutes from the Maroon Bells recreation park. It closed for $3 million from its original ask price of $5.1 million. The top sale for April 2012 was a 7,732 square foot contemporary ski-in / ski-out home located at 21 Burnt Mountain Circle in the two Creeks ski area in Snowmass. This property is front and center to fabulous ski access for the Snowmass ski area.

Dancing Bear Fractional Highlights

Tue, 08 May 2012 17:18:00 GMT

As of February 28, 2012, the Dancing Bear has new ownership and plans for the future construction of building 2 that was previously known as the original Chart House parcel. The Sunrise Company have cleared all the debt on the property and excitedly look forward to resuming construction in 2013. The Dancing Bear fractional ownership interests are 1/8th for 2 winter weeks, 2 summer weeks, and 2 additional weeks per reservation schedules. The residences are 3 bedrooms and 2 baths with 2000 square feet of interior space. The best part of the ownership is the roof top deck which takes in all the surrounding beauty of Aspen with the opportunity to mingle with other owners and enjoy the outdoor experience. The Dancing Bear represents a fabulous Aspen ownership experience with all the red carpet treatment!

Mid-Valley Updates March 2012

Wed, 11 Apr 2012 16:10:00 GMT

There has been tremendous sales and under contract activity under the $350,000 price point. Year to date for 2012 between Basalt and Glenwood Springs there have been 65 residential sales with an average sold price of $202,000 and a list to sold percentage of 96%. There are currently 73 additional properties that are under contract. This price segment has become appealing to investors and home buyers entering the housing market as they feel a sense of improved stability. There is also a sense of prices bottoming out in the condo and single family residential markets. This trend will likely continue through 2012 as more housing inventory will hit the market with additional foreclosures. The Aspen Times reported a great article on March 29^th entitled “Mid-Valley real estate sales surge”. The article sited local real estate brokers and their prospective on the short sale and foreclosure market feeding the majority of this segment of the low end market. One interesting irony was a single family property on Surrey Road in Carbondale that was listed for $330,000 and subsequently received 16 offers to purchase that raised the price to $425,000.

Aspen / Snowmass March 2012 Highlights

Wed, 11 Apr 2012 16:10:00 GMT

March 2012 saw consistent sales activity with 22 residential sales. The majority of the sales were in the lower price points below $2 million however 9 of the sales were over $2 million with the top sale being 999 Willoughby Way for $16 million. Other notable sales were 70 Larson Drive in Starwood for $7.8 million, a beautiful contemporary home on 63 Smuggler Grove that sold for $5.75 million and a ski in/ski out property in The Pines neighborhood in Snowmass that sold for $5.75 million. Additionally there were 3 other townhome, condo and duplex properties that sold at 331 W. Bleeker Street for $3.275 million, 1232 Mountain View Unit B for $2.5 million and 425 Wood Road in Snowmass that sold for $2.5 million. It is also worth noting that there are currently 55 properties that are under contract with average list price being $2.3 million.

Morris & Fyrwald merges with Chaffin Light:

Fri, 16 Mar 2012 04:10:00 GMT

The big real estate news for February 2012 was regarding exciting changes with Morris & Fyrwald / Sotheby’s International Realty and Chaffin Light real estate. As was reported in the local press, Morris & Fyrwald / Sotheby’s International Realty merged with Chaffin Light Real Estate to create the strongest real estate company in the Aspen / Snowmass and Roaring Fork Valley real estate market. The new company is known as Aspen / Snowmass Sotheby’s International Realty.

As the local and national real estate markets continue to look for signs of strength. Aspen / Snowmass Sotheby’s International Realty is leveraged to provide the strongest marketing and advertising presence, not to mention one of the most dynamic teams of real estate professionals in the valley. Also noteworthy are the national and international connections made available by the Sotheby’s International Realty brand name to expand the marketing expertise.

Aspen / Snowmass Real Estate Statistics / 2011 Year End Review:

Fri, 16 Mar 2012 04:07:00 GMT

The 2011 sales numbers from Land Title leaves us with a good prospective for where 2011 finished and what we can likely expect for 2012. Although we did not see significant dollar volume increase, we finished with a positive gain. 2011 sales volume finished with over $1.269 billion and transactions increased 9.7% over 2010. Please review the summary recap below:

2011 Year EndSummary: Pitkin County

2011 total dollars totaled $1,269,446,586 - up .52% from 2010
2011 transactions totaled 756, an increase of 9.7% from 2010
December dollars totaled $77,740,576 - a decrease of 38% from December 2010
December transactions totaled 56 - a decrease of 16% from December 2010
The highest sales price for December was $6.25 million for a single family residence in Aspen Zone 1
For the year - Aspen led with $826 million (65% of the total) and 317 transactions (42% of the total), Snowmass Village posted $238 million (19%) and 114 transactions (15%), Interval Units $89 million (7%) and 209 transactions (28%), Old Snowmass $53.4 million (4%) and 29 transactions (4%), Basalt $32 million (2.5%) and 42 (5.6%), Carbondale $5.6 million (.4%) and 8 (1%), Redstone $1.16 million (.09%) and 5 transactions (.66%).
December totals - Aspen $55.8 million and 32 transactions, Woody Creek $9.4 million and 3 transactions, Snowmass Village $5.8 million and 6 transactions, Interval Units $3 million and 10 transactions, Old Snowmass $2.5 million and 2 transactions, and Basalt $1.2 million and 3 transactions
There were 4 Bank Owned Sales in December totaling $1.4 million. This accounted for 1.8% of the volume and 7% of the transactions
2 - Fractional, 2 - Snowmass Village
For the year, there were 51 Bank Owned Sales totaling $33.7 million. This accounted for 2.7% of the dollars and 6.8% of the transactions
The average single family home sold price for 2011 totaled $4,108,658, a decrease of 5% from full year 2010
The median single family home sold price for 2011 totaled $2,787,500, a decrease of 12% from full year 2010

Aspen / Snowmass Real Estate Statistics / September 2011:

Fri, 09 Dec 2011 18:29:00 GMT

The below statistics from Land Title demonstrate a steady recovery to our resort market. September 2011 increased 38% for dollar volume and up 38% for transactions over September 2010. Year to date our market is up 19% over 2010 sales figures for dollar volume and 17% for transaction activity. Please review the summary recap below:

Summary for the month of September 2011

   •   September was the strongest transaction month since April 2008, with a total of 86
   •   September boasted the second strongest dollar month of the year
   •   $137,723,013 - total dollars for the month, an increase of 38% from September 2010
   •   86 - total transactions for the month, an increase of 38.7% from September 2010
   •   Through September, dollars total $977,073,114 - an increase of 18.8% from same time period 2010
   •   Through September, transactions total 584, an increase of 16.8% from same time period 2010
   •   Aspen posted 34 transactions and $88.7 million, Intervals posted 24 and $8.8 million, Basalt 9 and $7 million, Snowmass Village 8 and $16 million, Old Snowmass 5 and $15.4 million, Woody Creek 2 and $449,440, Carbondale 1 at $1.04 million, and Redstone 1 at $250,000. The remaining $6,000 was 2 quit claim transfers with doc fees
   •   Bank Sales for the month totaled 3 with a dollar volume of $1.74 million. This accounts for 3.5% of the transactions and 1.3% of the dollar volume
   ◦   1 - Aspen, 1 - Basalt, and 1 - Interval Unit
   •   Through September, there have been a total of 45 bank sales in the county with a total of $30.3 million. This accounts for nearly 8% of the transactions and 3% of the dollars
   •   Notable sales for the month included: Highest Priced - $9.6 million for a single family residence in the City of Aspen, Highest PPSF - $2,858/foot for Commercial office space on Main Street with a sales price of $314,388
   •   The average single family sold price through September is $4,118,399 - a decrease of 5% from full year 2010
   •   The median single family sold price through September is $3,537,500 - an increase of 11% from full year 2010

Aspen / Snowmass November 2011 Notable Sales:

Fri, 09 Dec 2011 18:28:00 GMT

For the month of November 2011, there were 4 significant sales in Aspen that included 501 West Buttermilk Road that sold for $6 million, 9 Pyramid Road for $8.67 million, 151 Nighthawk Drive on Red Mountain for $15 million, and 24 Little Cloud for $16.05 million. All sales were 5 plus bedrooms and over 7,500 square feet. This year for 2011 there have been a total of 22 luxury home sales over $8 million.

Overall there were 19 residential sales that closed at 86% of list price at $981.00 per square foot for the month of November. There are currently 43 additional properties at an average price of $2.4 million that are under contract. Aspen / Snowmass real estate continues to perform remarkably amidst economic uncertainty and global unrest.

Aspen / Snowmass Sales Statistics / June 2011:

Thu, 01 Sep 2011 23:04:00 GMT

The below statistics from Land Title demonstrate a steady recovery to our resort market. June 2011 increased 50% for dollar volume and up 32% for transactions over June 2010. Year to date our market is up 23% over 2010 sales figures for dollar volume and 13% for transaction activity. Please review the summary recap below:
Summary for the month of June 2011:

$173,547,002 - total dollar volume, an increase of 50% from June 2010
June is the strongest dollar month thus far in 2011
Notable sales include: Silver Tree Hotel PUD (Commercial) $38,750,000 and a residential unit in Snowmass Village for $16 million
66 - total transactions, an increase of 32% from June 2010
Through June, dollars total $709,571,212 - an increase of 24% from same period 2010
Through June, transactions total 389 - an increase of 13% from same time period 2010
Aspen (Zone 1) reported 30 of the transactions, Interval units 13, Snowmass Village 11, Basalt 6, Woody Creek 1, Old Snowmass 1, Carbondale 1, and Redstone 1. The remaining 2 transfers were quit claim deed transfers.
Aspen's dollar volume totaled nearly $82 million, Snowmass Village $79.3 million, Interval units $7.5 million, Basalt $2.4 million, Woody Creek $1 million, Old Snowmass $635,000, Carbondale $520,000, Redstone $145,000, the remaining $34,875 were quit clam transfers
There were a total of 5 bank owned transactions in June. This accounts for 8% of the transactions and 2.4% of the dollars.
- 2 - Snowmass Village, 1 - Aspen, 1 - Basalt, 1 - Interval Unit
Through June there have been 36 bank owned transactions. This accounts for 9% of the transactions and 3% of the dollars
The average single family home sold price for Pitkin County thus far in 2011 is $4.8 million, an increase of 10% from full year 2010
The median single family home sold price for Pitkin County thus far in 2011 is $3.1 million, a decrease of 2% from full year 2010

Aspen / Snowmass August Luxury Sales:

Thu, 01 Sep 2011 23:02:00 GMT

Notable sales for August 2011 included 5 standout condo and townhome sales priced between $2.075 million and $4.2 million. The 3 bedroom Laco penthouse was sold unfinished for $4.2 million at 1185.00 per square foot, and the other premier 1 bedroom penthouse at 104 W. Cooper sold for $3.595 million at a premium of $2221.00 per square foot. Additionally there was the sale of the 602 W. Hallam Street single family home for $5.075 million, and the top sale for August was the very private and secluded property at 44010 E. Highway 82 that sold for $13.5 million from its original asking price of $19.950 million.

Overall there were 18 residential sales that closed at 87% of list price at $977.00 per square foot for the month of August. There are currently 43 additional properties at an average price of $3.1 million that are under contract. Aspen real estate continues to perform remarkably amidst economic uncertainty and global unrest. No time like the present to invest into Aspen / Snowmass real estate and enjoy something that remains consistent and tangible.

Aspen, Snowmass Real Estate Statistics April 2011

Fri, 17 Jun 2011 17:54:00 GMT

The below statistics from Land Title demonstrate a steady recovery to our resort market. April 2011 was down 29% for dollar volume and up 3% for transactions over April 2010. Year to date our market is still up 8.5% over 2010 sales figures for dollar volume and 7.6% for transaction activity. Please review the summary recap below.

Summary for the month of April 2011

$119,488,884 – total dollar volume for the month (strongest dollar month thus far in 2011), a decrease of 29% from April 2010

It should be noted that April 2010 included commercial dollar volume of approximately $43 million

73 – total transactions for the month, an increase of 2.8% from April 2010
Through April, dollars volume is up 8.5% to $408,620,377
Through April, transactions are up 7.6% to 269
Aspen reported 25 transactions ($55 million), Interval units totaled 24 ($22.3 million), Snowmass Village posted 15 ($21.7 million), Old Snowmass totaled 3 ($14.2 million), Woody Creek reported 2 ($4.3 million), Carbondale 2 ($783,000), Basalt 1 ($815,000), and Redstone 1 ($425,000)
There were 6 bank sales recorded in April, totaling $3.475 million. This accounts for less than 1% of the transactions and less than 3% of the dollars

2- Aspen, 2- Snowmass Village, 1 – Old Snowmass, and 1 – Interval ownership

Through April there have been 26 bank sales reported totaling $18 million in dollars. This accounts for less than 1% of the transactions and 4.4% of the total dollars
The average single family home sold price through April is $4,423,650, which is an increase of 2% from full year 2010
The median single family home sold price through April is $3.075 million, which is a decrease of 3% from full year 2010

Aspen, Snowmass Luxury Real Estate Sales May 2011

Fri, 17 Jun 2011 17:49:00 GMT

Notable sales for May 2011 include 6 sales over the $5 million mark with 4 of the sales being over $11.25 million. We also had significant sales of condominiums and townhomes in Aspen including the stand alone ski in/ ski out masterpiece known as Mountain Queen #2 that sold for $3.285 million. Mountain Queen #2 commanded a premium of $1923.00 per square foot due to its ski in / ski out location on Aspen Mountain, and it’s state of the art finish levels including 14 foot wire-brushed larch wood walls, vaulted ceilings, white washed Aspen log accents, and Japanese soaking tub with onyx countertops.

Another standout luxury sale was the 181 Larkspur Lane property known as Meadowood Estate. This beautiful 10,000 square foot home sold for $6.975 million. The property is situated at the top of Meadowood neighborhood within 5 minutes to downtown Aspen and boasts some of the best views in Aspen along with ultimate privacy.

The top four luxury sales for May 2011 included, 691 Pfister Drive that sold for $11.25 million, 455 Thunder Bowl Lane that sold for $14 million, the 675 S. Aspen Alps Estate that sold for $14.1 million, and lastly the Black Bear Ranch in Owl Creek that sold for a whopping $20.5 million. The $10 million and above segment of the market has already seen 12 sales for 2011 with 3 additional properties pending.

Aspen / Snowmass Real Estate Stats:

Fri, 08 Apr 2011 19:12:00 GMT

The below statistics from Land Title give a good comparison to an overall great start to 2011. February 2011 was up 135% for dollar volume and 8% for transactions over February 2010. This is a positive indicator of the continued real estate market recovery in Aspen and Snowmass. Year to date our market is up 91% over 2010 sales figures. Review the summary below.

Summary for the month of February 2011

$115,915,853 – total dollars for the month – an increase of 136% from February 2010
50 – total transactions for the month – an increase of 8.7% from February 2010
Year to date dollars total $200,053,756 – an increase of 91.5% from same time period 2010
Year to date transactions total 128 – an increase of approximately 35% from same time period 2010
Aspen led in transactions with 19, Interval Units followed with 13, Snowmass Village 8, Woody Creek and Old Snowmass each posted 4, and Basalt 2
Aspen also led in dollar volume with $97.5 million, Snowmass Village followed with $9 million, Intervals $4.4 million, Old Snowmass $3.4 million, Woody Creek $871,481, and Basalt $730,000
Of the 50 transactions for the month, 3 were flagged as bank sales totaling $1.1 million, this accounts for less than 1% of both transaction and dollar volume
2 bank sales were in Old Snowmass and 1 was in Basalt
Year to date, there have been 8 sales flagged as bank sales, totaling $4.7 million, this accounts for less than 1% of the transactions and 2.3% of the dollars
Included in this month’s totals are some notable residential sales, all in Aspen (Zone 1)
$20 million – Aspen Electric Subdivision, $19.5 million - Starwood, $16 million – Metes & Bounds on Star Mesa Road, and $13 million – Skyview PUD
The average single family home sold price in Pitkin County through February totals $5.57 million, an increase of 28% from full year 2010
The median single family home sold price in Pitkin County through February totals $2.55 million, a decrease of 20% from full year 2010

Aspen / Snowmass Luxury Sales April 2011:

Mon, 11 Apr 2011 22:02:00 GMT

There were 6 significant sales over $4.5 million and 7 sales closed between $3-4 million for the month of March 2011. The most significant sale was at 1540 Tiehack Road in the Maroon Creek Club neighborhood. The property sits on 3.9 acres at the end of Pyramid Point Estates with direct views of Pyramid Peak and end of the neighborhood privacy. The finished property by Richard Wax will boast 11,000 square feet with 5 bedrooms and 6 baths. This will be a one of a kind property with an irreplaceable setting. There are also a number of luxury properties that are under contract as the winter season wraps up. It is a great time to negotiate on this segment of the market.

Aspen Real Estate Tops the list of Most Expensive!

Mon, 14 Mar 2011 18:53:00 GMT

Read this great article from the Wall Street Journal on Aspen becoming the most expensive real estate in America.

http://online.wsj.com/article/SB10001424052748703775704576162553297928260.html?mod=WSJ_hp_MIDDLENexttoWhatsNewsFifth