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Residences at the Little Nell (RLN) - Sold Units to Date

If you are interested in the least expensive 4 bdrm Residences resale available today - not listed in MLS - please contact me directly for information.

The Estin Report: Sold Chart - Residences at the Little Nell Closings to Date 7/29/09

These are my notes on a 6/29/09 meeting with Lisa Hatem, Director of Sales at Residences at the Little Nell (RLN):

Anual HOA Dues - covers everything:

3 Bedroom Units = $30,000 yr
4 Bedroom Units = $40,000 yr
Owners are able to rent out (4) of their (6) weeks.
An owner's "Letter Designation" stays with unit 'for life', on re-sale.

Liability and Litigation Concerns:

Homeowners are separate and unaffected by any consequences of the on-going litigation between insurance companies.
Developer liability is separate from HOA

Construction Loan Pay-Off:

Residences at Little Nell has $150 Million Construction loan outstanding. $40 Million of this is due in 2011 and the developers anticipate it will be paid off by then.

Developer Inventory for Sale as of June 29th:

(7) 3 bedrooms, buyers already under contract were given the option - really an incentive - in spring '09 to close at $1 Million. These were promptly sold out.
(5) 3 bedroom units at $1.25M
(3) 4 bedroom units at $1.8M but with incentives, the price is closer to $1.7M

Closings:
According to Lisa Hatem on June 28th, there were (25) closings scheduled for the month of July. My data from the Pitkin County Assessors office as of May 8, 09 indicated that there had been (62) total closings up until then. I went to the Pitkin County Assessors and Clerks office yesterday, 7/29, to get recorded sales statistics on Residences at the Little Nell to date. There have been a total of (96) closings recorded by the end of July, so RLN is actually ahead of where they thought they'd be with their end of June forecast for July closings.

As of 7/29/09, RLN has closed on the following:

(68) 3 Bdrms: $900,000-$2,200,000
(28) 4 bdrms: $1,215,000 - $2,565,000
(96) total units sold out of 208 total or 46% sold

Break-out of Totals (See RLN Solds Chart)

# of Units Sold 96
Total Sales Volume $137,318,000
Avg. Sales Price $1,430,396
Median Sales Price $1,350,000

# of Units Sold - 3 Bedroom 68
Total Sales Volume - 3 Bedroom $91,275,000
Avg. Sales Price - 3 Bedroom $1,342,279
Median Sales Price - 3 Bedroom $1,300,000

# of Units Sold - 4 Bedroom 28
Total Sales Volume - 4 Bedroom $46,043,000
Avg. Sales Price - 4 Bedroom $1,644,393
Median Sales Price - 4 Bedroom $1,350,000

I will be obtaining similar sold stats for the Dancing Bear fractional project the week of August 10th, 2009. In the meantime, refer to my May 3-10th Blog on sales in both Residences at Little Nell and Dancing Bear.

For additional articles and blog posts on Residences at the Little Nell and Dancing Bear since December 2008, go to Search EstinAspen.com