Basalt Ranch Property Sale: Sign of the Boom & Bust Times, AT

Wingo Junction spec house, four lots sell for $6 million; were once on market separately for $15.6 million

BASALT REAL ESTATE — A midvalley development whose separate components were on the market for nearly $16 million a couple of years ago sold as a whole recently for $6 million. A Texas real estate investor purchased a spec house and four undeveloped lots at the Wingo Junction Ranch, according to the real estate broker who represented the buyer.The ranch exemplified the boom and bust of midvalley real estate. A developer acquired four transferable development rights in September 2006 to earn approvals from Pitkin County for additional homes. A spec house was constructed on one of the five lots and listed for $8 million. Four undeveloped lots were listed for $1.9 million each....Wingo Junction Ranch is located on the north side of Highway 82 by the pedestrian bridge, about a mile east of Basalt. The large lots are tucked out of view of Highway 82. The property includes a 5-acre common parcel of Roaring Fork River frontage, so it's a fisherman's dream. It's also close to the Roaring Fork Club, a private golf development.
By Scott Condon, Dec. 5, 2009, Aspen Times

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