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The Estin Report Aspen Snowmass Real Estate Weekly Market Activity: (2) Closed and (3) Under Contract/Pending and "Paper is Moving": March 29 - April 5, 2009

The Estin Report: 1Q09 State of Aspen Real Estate Market; will be posted sometime this week.

Last week, (3) properties went under contract and there were just (2) closings. But anecdotally, there has been a noticeable increase in deal-making. Paper may not be "flying" as the saying was two years ago, but it is moving, a lot of back and forth. In general, a trading range of 15-30% off ask price seems to be the settling area for a deal to be reached. That's a big range, although the most motivated sale I've seen this past winter was at -41% off ask. This was a unique and highly distressed sale, far from the norm.

Early this week, there will be (3) single family home closings over $10M that will be closely watched.Here is the link to those listings: MLS # 108491,106387 and either 102810 or 103524 This link is valid until 5/5/2009.

Under Contracts (3): 107875,110251,105523 This link is valid until 5/5/2009.

• MLS # 107875: 075 Steeplechase, Aspen Highlands single family home . Ask Price: $9.2M/$1,054 sq ft (Originally in Nov '08, priced at $12M) 5B/5Ba, 8723 sq ft, Built 2004, Days on Market 164. This has been on/off under contract for the past 4 weeks. It is a probable short sale. Seller paid $9.5M furnished for it in Oct 2005.
• MLS # 110251:1230 Mountain View Drive, Unit A. Ask Price: $4.4M; Sold Price: $4.4M/$1,043 sq ft. 5B/5Ba, 4218 sq ft duplex.1 Day on Market
• MLS # 105523:1362 Snowbunny off Cemetery Ln. Ask Price: $2.25M/$955 sq ft. 3B/2Ba duplex, 2356 sq ft. 299 Days on Market.

Closed (2): 110210, 109614 This link is valid until 5/5/2009.

• MLS # 110210:Vacant land sale - (4) Little Annie mining claims at 10 acres each claim for total 40 acres on the backside of Aspen Mountain. Ask Price: $1.95M; Sold Price: $1.95M, 28 days on market
• MLS # 109614: 1423 Crystal Lake,Aspen Club condo. Ask Price: $3.45M; Sold Price: $2.7M/$1,174 sq ft (-22% off ask). 3B/3Ba, beautifully '08 remodeled, 2300 sq ft, with great Roaring Fork River frontage next to the Aspen Club. 91 days on the market.