Aspen Market Report

Aspen Market Report

Aspen Real Estate: Top Price Per Square Foot Just Posted.

February 8, 2016

New Record For Aspen Real Estate Sale! $4,275/ Square Foot!

$15,000,000
Closed / 142131  
Penthouse 1, Monarch on the park
Original List Price: $15,000,000
Price/LvH SqFt: $4,275.94
Area: Central Core
Bed: 4
Baths - Full: 4
Total SqFt: 3,508

 
Posted by Mark Kwiecienski
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Aspen Real Estate World: Chalet on the Park! $4,350,000

February 9, 2015
 
Chalet on the park! A delightful storybook setting in one of the finest locations in all of Aspen! A classic Aspen Core ski home with private backyard bordering the permanent, protected open space of Glory Hole Park. Very rare! Sunny, south-facing property with views of Aspen Mountain and Gondola. Single-level home. Great room invites intimate gatherings, offering a fireplace and wet bar. The charming detached guest house contains one of the full baths and bedrooms on property. ~300 yds. to Aspen Mountain Gondola; ~150 yds. to City Market. One of the few remaining mountain chalets in Aspen! A legacy property in the heart of Aspen!   Sold 4/10/2015


2 Bedrooms / 2 Bathrooms
1 Bedroom / 1 Bathroom Detached Guest House 
1,889 sq.ft.
6,000 sq.ft. Lot
Central Core

MLS: 137250
Listing Broker: Mark Kwiecienski 
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Only 2% of Buyers Foreign: 2014 Pitkin County

January 24, 2015
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Where do the Buyers of Aspen Real Estate come from? A statistical breakdown of Aspen's county, Pitkin, shows local and domestic sales represent over 98% of the number of real estate sales. International Buyers represent 2% of sales per this reconciliation. It is acknowledged that some international ownership takes place thru LLC entities that have domestic addresses and therefore may not be refelcted in these tabulations. However it is interesting to note, that the largest majority of Buyers by far are those who already own property here.
 
Fee Simple Sales: Year to date as of November, 2014:
  Origin of Buyer # of Transactions % Overall Fee Simple Sales
(rounded to nearest %)
Local 368 55%
Front Range of CO 18 3%
Out of Sate: Domestic 274 41%
International 15 2%
Total Sales 675 100%

 At Aspen Core Realty we direct our energies toward bringing our listed properties to the attention of the most likely buyers. That means focusing on our web presence and advertising to achieve that end. The typical buyer comes to Aspen to review all properties listed by multiple agencies that might fit their needs. Although the internet has added a new opportunity to the marketing mix, the decision and buying process still follows a fairly predictable pattern. How a property Quick read more or view full article is priced and how it is presented to the brokerage community and the perspective buyers through advertisements and the showing is the cornerstone upon which the success of our brokerage is built. We are a results oriented company, rather than market share driven. Serving our clients’ interests is our first and foremost priority.  We give you the information you need to make informed decisions.
 
Please contact us at Aspen Core Realty to discuss your Aspen Real Estate needs. 
 
 Please note: The above figures are an unofficial tabulation of Pitkin County records that are believed to be reasonably accurate. Sales believed to be inaccurate indicators of the market have been eliminated. Full Interest, Fee Simple, and Arms -Length transactions are shown in the Snapshot Report. It is reproduced with permission and compliments of:  Land Title Company Aspen, Bob Rulon. 
By Mark Kwiecienski, real estate broker in Aspen since 1985.  Mark provides unique and unbiased valuation insights and opinions of value.  The views contained herein are those of Mark Kwiecienski and not necessarily those of all members of Aspen Core Realty.  He invites  sellers to call to discuss their real estate ideas or for a no obligation consultation or opinion of value of your Aspen property. For Sellers, Mark is able to  provide exclusive Seller reresentation for his listings.  If you wish to own real estate in Aspen, Mark is available to act as your exclusive agent representative, and will look out for your interests exclusively, in the evaluation, negotiation and of purchase of all properties listed with other Real Estate Companies. 
mark@aspencorerealty.com

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Current Rates of Appreciation in the Aspen Real Estate Market

January 2, 2015
Current Rates of Appreciation in the Aspen Real Estate Market as of December 15, 2014
 
January 1, 2015
 
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Projecting a property’s current market value and its past and future appreciation rates are favorite topics among real estate brokers, appraisers, and those looking to buy or sell real estate in Aspen.

Appreciation rates can be nebulous and often misinterpreted. Supply and demand are relevant components of the discussion but they are often given excessive attention by some as the primary reasons for the "average" real estate valuations in Aspen increasing. There are a multitude of other factors that influence the rising prices in the collective market statistics.  Aspen and Pitkin County make up a highly segmented resort-market ranging from lower-end condominiums that compete with deed restricted subsidized housing, to the top tier of $15 million plus properties.
Venture into Snowmass and discover another town and another market. Over the years I have assisted many buyers and sellers in the purchase or sale of properties at the top of Red Mountain, in the West End, up Maroon and Castle Creeks, Mt. Valley, Knollwood, Snowmass Village, McClain Flats, Brush Creek, and ranches in Old Snowmass and Missouri Heights. Their commonality is that each submarket can be drastically different in activity and appreciation from the other.

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12.8000001907349px; line-height: 20.7999992370605px;">The Nebulous concept of Appreciation 

Other than a property’s physical location, little remains constant. The appreciation rate always gives significant current market value perspective when used in conjunction with a competitive market analysis to project the value of a specific property.   Using a market-wide appreciation rate in Aspen with our highly segmented market however will provide information of questionable value in helping to determine the value of a specific property.  Instead, conducting a close examination of individual properties and sales in a particular segment, along with the a competitve analysis of active listings, and reviewing past sold information including absorption rates, will provide the best perspetives to project a property's current value.  Only a varying fraction of rising prices on specific properties is the result of appreciation due to changing supply and demand factors.  Prices rise due to many other factors.  Significant dollars are invested in properties through higher levels of quality and development. They also rise by building cost and impact fee increases as well as rising or falling cosmetic factors going in and out of favor.  The property-specific elements of the floor plan, volume, age, quality, design, size, and outdoor living spaces, all factor into a property’s value. Using averages such as the price per square foot of sold properties can be helpful but also prone to large errors of interpretation.  If a property is sold multiple times in a relatively short time period we can gain insight into the raw appreciation of the real estate in that property’s segment.  Even when looking at these individual sales, the purchase and sale of the property is subject to varying levels of marketing and sales influence, expertise and promotions, plus buyer and seller motivations. Thus the prices paid the first or second time might be above or below this theoretical concept we refer to as market price. With all of these qualifiers, I present a list of some of the repetitive sales of properties that have occured during the past seven years which I believe were unchanged by improvements or redevelopment during the time between the sales. 

The transactions were among many different brokers, not including me or other Aspen Core Realty brokers, except when noted. 

200 Sesame, Aspen Located on a spur of the bottom of Smuggler Mt. Road.
Sold 2006 for $8,000,000.
Closed December 2014 for $9,000,000.

460 SunnysideAspen  Aspen Lakes Ranch. Located in the McClain Flats area directly below Starwood.   
Sold as new in June, 2010 for $24,500,000.
Closed May 2014 for $26,000,000.

210 East Hyman, Park Central West 
Sold September 2012 for $834,000.
Sold September 2014 for $955,000.

800 S. Monarch #9, Aspen  Mountain Queen #9.
Sold December 2009 for $2,500,000.
Sold September 2014 for $2,500,000.

527 South West End Street, Aspen  Winter Haven Unit #2.
Sold May 2013 for $2,250,000. 
Sold December 2014 for $2,550,000.

735 East Francis, Aspen  Oklahoma Flats, Aspen.
Sold February 2007 for $7,100,000.
Sold  October 2014 for $4,950,000.

253 Silverload Drive, Aspen  
Sold January 2009 for $5,000,000. 
Sold March 2014 for $4,387,000.

81 Thunderbowl Lane, Aspen Highlands  
Sold November 2007 for $4,730,000.
Sold August 2009 for $3,525,000.
Sold March 2014 for $3,800,000.

1050 Matchless Drive, Aspen 
Sold October 2010 for $2,995,000. Interior had been completely renovated and rebuilt prior to sale. 
Sold August 2011 for $2,750,000.
Sold August 2014 for $2,775,000.

104 W. Cooper, Aspen  Aspen West Condo #4.
Sold November 2010 for $3,585,000.
Sold September 2014 for $3,793,000.

Chateau Roaring Fork #4, Aspen 
Sold August 2011 for $1,000,000.  Very minor cosmetic upgrades estimated to have cost less than $100,000 were made by buyer.
Sold December 2014 for $1,290,000.

935 E. Hopkins, Gavallon #4
Sold October 2012 for $625,000.
Sold November 2014 for $695,000.

Galena Lofts Unit #301, 434 Main E. Main, Aspen
Sold September 2011 for $1,065,000.
Sold March 2013 for $1,225,000.

818 East Hyman, Aspen
Sold February 2012 for $2,299,500.
Sold February 2014 for $2,850,000 with Mark Kwiecienski representing the seller.

814 East Cooper, Aspen  
Sold March 2011 for $2,000,000 with Mark Kwiecienski representing the buyer.  Very minor cosmetic upgrades estimated to have cost less than $100,000 were made by buyer. 
Sold April 2014 for $2,750,000.

Riverview Condominiums unit #11, 1024 East Hopkins Ave., Aspen
Sold July 2014 for $1,000,000.
Sold August 2014 for $1,185,000.


One sale does not make a market and there are always extenuating circumstances. See the related article entitled “Aspen Appraisal Guide” which is posted in the marketing section of AspenCoreRealty.com for additional insight.

In the future, I will continue providing what I think are interesting perspectives on various topics that will appeal to anyone thinking about buying or selling real estate in Aspen. One upcoming article takes a look at the top sales in the top market segments in Aspen, since they have a dynamic impact on the value of many properties of lower value.

By Mark Kwiecienski, real estate broker in Aspen since 1985.  Mark provides unique and unbiased valuation insights and opinions of value.  The views contained herein are those of Mark Kwiecienski and not necessarily those of all members of Aspen Core Realty.  He invites  sellers to call to discuss their real estate ideas or for a no obligation consultation or opinion of value of your Aspen property. For Sellers, Mark is able to  provide exclusive Seller reresentation for his listings.  If you wish to own real estate in Aspen, Mark is available to act as your exclusive agent representative, and will look out for your interests exclusively, in the evaluation, negotiation and of purchase of all properties listed with other Real Estate Companies. 


Copyright Aspen Core Realty 2015

mark@aspencorerealty.com

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Posted by Mark Kwiecienski
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