AnneAdare’s Take
Annual Report 2011 [Summary follows below]
Aspen:
2011 has been a rather unpredictable year with some months reflecting increases in dollar volume and numbers of transactions over the 2010 figures while other months reflected decreases. Overall, the market has generally been described as “flat” in comparison to 2010. As you can see in the details of the report, “flat” would not accurately reflect all areas but rather an “averaging” out of increases and decreases. See Summary below.
The months of November and December indicate some continued overall downward trending. However, market activity in the under $2,000,000 range is actually becoming stronger in terms of a percentage of total market activity while the upper ranges are being challenged. Condos—particularly in the Core—are experiencing a stronger position vis a vis maintaining their values than single family residence.
In terms of buying opportunities, price per square foot has come within more affordable ranges as you can see below. It should be noted, however, that “cherry” well priced properties are being “picked off” the market and are selling. Delaying buying decisions until a clear bottom of the market ensues may translate to “cheaper” prices—at the risk of having fewer attractive available choices. There are still some good properties at reasonable prices now but we are seeing the wide choice range of the more desirable properties narrowing.
All residential transactions in ASPEN for 2011 vs December
2011 December % Decrease
Average $3,451,179 $ 2,283,553 -33%
Median $ 2,225,000 $1,550,000 -30%
$ /sf $1,026.31 $ 884.17 -14%
2011 vs 2010
2011 vs 2010 Single family average price -7% Median -21%
2011 vs 2010 Multi family average price +3% Median +8%
Snowmass continues to face challenges. In light of the Base Village situation, condos are still down trending although single family sales in the lower price ranges seem to be improving somewhat.
2011 vs 2010 Single family average price +10% Median -17%
2011 vs 2010 Multi family average price -18% Median -5%
Fractional sales have experienced “new life” in 2011 although sales in the month of December of this year were down from those in 2010. In 2011, there was a 77% increase in dollar volume and a 310% increase in numbers of transactions. For those buyers who may have limited time in their schedules in terms of how much time they can spend in Aspen, these fractional interests offer a good price point for a quality product.
www.AnneAdareAspen.com
I encourage to visit my web site and under the tab “News and Information” check out the articles on 2012 Market Outlook for Real Estate for different perspectives on the upcoming year. You may want to further look under the heading Resort and Second Homes for a more specific perspective applicable to
Aspen – Snowmass.
Please note that you may request a 2011 FULL MARKET REPORT be emailed to you. You may also request that a new, updated RESTAURANT CARD by sent to you by U.S. mail (mailing address required). This has been requested a lot so I decided to update it this year. You will find most all of the Aspen and Snowmass restaurants, their locations, phone numbers and type of cuisine on one card.
I would love to have your feedback on the new look of my web site. We will be adding to and changing it on a daily basis. Your suggestions are welcome.
Your referrals are always appreciated!
AnneAdare
Summary for 2011
• 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
o 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
FRACTIONALS
• 2011 Fractional dollars totaled $89,053,880 - an increase of 9% from 2010
• 2011 Fractional transactions totaled 209 - an increase of 19% from 2010
o Hyatt Grand Aspen - 79, Ritz Carlton - 41, Residences at Little Nell - 33, St. Regis - 15, Residences at Snowmass Village - 8, Timbers - 7, Roaring Fork Club PUD - 6, Sanctuary - 5, Shadow Mountain - 3, Dancing Bear - 3, Prospector -3, and Roaring Fork Club Suites - 2
• December fractional dollars totaled $3,035,166 - an increase of 36% from December 2010
• December transactions totaled 10 - a decrease of 29% from December 2010
o Hyatt Grand Aspen - 6 and St. Regis, Dancing Bear, Residences at Little Nell, and Residences at Snowmass - each reported 1
Data provided by Land Title Guarantee
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