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The Estin Report Aspen Snowmass Real Estate Weekly Market and Property Activity: Closed (3) and Pending (6): April 12 - 19, 2009

This past week was characterized by a significant uptick in 'paper writing' activity much like the prior week of April 5 -12th. There was notable action in the Snowmass single family home market under $2M, and in general, in the low end itself. Until last week, there had been no home sales in Snowmass Village for 2009.

Locals are recognizing values and taking advantage of entry level prices unseen in 4-5 years.

Closed (3): 107540,105740,102206

MLS # 105740 - 59 Meadow Ranch, Melton Ranch home, Snowmass Village -  Ask Price: $1,700,000; Sold Price: $1,250,000. ($289 sq ft, - 26% off Ask, Original Price: $2,795,000). 3B/2Ba, 4313 sq ft, built 1969/remodeled 2001. Days on market 303.This property was under contract last fall at $2.495M ask price. It fell out in Dec, the sellers had already moved and dropped price in early Jan to $1.7M. This very livable home received much attention because of the dramatic price drop. It became known as a highly motivated and probable  "lot value" sale. But due to so few "lot" or "teardown" sales, lot value was difficult to determine.
           This sale is noteworthy for a number of reasons, however it’s important to ask, “Is this sale an anomaly or a real new market    level?” Whatever the answer, the sale will be impossible to ignore by the market and by appraisers:

           1)  Discount from original price, -55%
           2)  The low closing price setting a new marker for entrry level, "starter", single family homes within the Aspen School District.
           3) For Snowmass residential lot valuation.

MLS # 107540 - 790 W Hallam, Aspen West Condo: Ask Price: $590,000; Sold Price: $561,900 ($1021 sq ft, -5% off Ask), 550 sq ft studio 3 blocks from center of downtown. Days on Market, 201 days.

MLS # 102206 - 71 Slopeside, ski-in/ski-out new 2008 home in the Pines at Owl Creek. Ask Price: $10,350,000; Sold Price: $8,500,000. ($1507 sq ft, -18% off Ask). 5B/5Ba, 5638 sq ft. 492 days on market (went on market during construction. Sold approx 1 yr after completion)

Under Contract (6): 105317,105216,109794,109816,105869,106696

MLS # 106696 -744 Sinclair, Melton Ranch home, Snowmasss Village - Ask Price: $1,995,000. ($663.sq ft); Original Price: $2,995,000, 3006 sq ft, 3B/4Ba, built 1988/2006 remodel, beautiful panoramic views in mature, shuttle bus served, Snowmass subdivision. 264 days on market. Noteworthy as one of the very few Snowmass homes to go under contract in 2009, and because it is priced under $2M.See also this weeks closing MLS # 105740.

MLS # 105869 - 269 Park Ave, new single family home near the Roaring Fork River close to Aspen Core: Ask Price: $8,750,000. ($1581 sq ft). 6B/6Ba, 5533 sq ft, Days on Market 295

MLS # 109816 - 75 Bluebonnet, Meadowood 1989 home in beautiful mature Aspen open space subdivision. Ask Price: $4,250,000. ($1402 sq ft, reduced -26% from $5.75M). 4B/3Ba,3030 sq ft with approval for 2500 sq ft additional, 1/2 acre lot. Pricing history: Original: $5.99M, then $5.75M, now $4.25M. Days on market: 414.

MLS # 109794 - 199 Capitol Cr. Rd, river frontage in Old Snowmass, CO 81654 - Ask Price: $897,000. 2Bdrm/2Ba, 1821 sq ft, 1.29 acres with year round creek. 50 days on market. Well priced, Very sweet and charming waterfront property.

MLS # 105216 - Airport Business Center condo, Aspen: Ask Price: $589,000 (- 11% off original Price: $665,000); 2B//1Ba, 763 sq ft, remodeled 2003. Least expensive unit available in Alpine Grove complex.

MLS #105317 - Woodbridge condo, Snowmass Village. Ask Price: $559,000 ($556 sq ft, -38% off original price $895,000), 2B/2Ba, 1005 sq ft, remodeled in 2004, fantastic views, 322 days on market. Looks like this will be a great deal!