The Estin Report will be posting 1st Quarter 2010 sales results at the beginning of April. All residential sales activity for the 1st Quarter (Jan 1- March 30, 2010) in Aspen, Snowmass Village and Woody Creek will be compared to the same period 2009. (Fractionals are not included.)

Two noteworthy items from the past week:

1. Citi/Knight Frank released its 2010 Wealth Report (link).  This report was cited in Robert Frank's 3/26/10 WSJ/Wealth Report. It's described in its press release as " the definitive guide to the international world of prime residential property. Produced by Knight Frank in conjunction with Citi Private Bank, this annual publication offers a unique perspective on the key luxury property markets around the world, as well as providing an insight to the attitudes of the wealthy towards property and other investment classes."
2. Snowmass Base Village/Viceroy Condo Hotel Between Rock + Hard Place buyer lawsuits and re-development quandary figured prominently in an excellent local 3/26/10 Aspen Daily News article last week. There was more on the condo hotel business modelt in Monday's, March 29, 10 WSJ, "Glitzy Trump Soho Reveal Deep Glitches in Condo Hotel Concept".

Beginning this week, I'll begin providing The Estin Report: Aspen Snowmass Real Estate Week's Activity Spreadsheet for each week's sales activity as a simple way to compare properties and to accumulate a  further database for The Estin Report archives. We'll see how it goes...if it proves to be a helpful, productive, a useful too, I'll keep doing it.

March 21 - 28, 2010 was another active week as might be expected during the spring break period. Here is this past week's Aspen and Snowmass Village real estate sales activity for all property types over $250,000 excluding fractionals.

Closed (2): MLS #'s 113955, 106866  This link is valid for 30 days until4/27/2010.

MLS # 106866 - 627 S Original Street, Single family home/possible redevelopment lot sale Central-Gondola-Downtown Aspen, CO: Sold Price: $7,0009,000/$1,675 sq ft.; Ask Price: $7,995,000/$1,913 sq ft .(Original Price: $10,500,000. and 588 days on the market since 8/12/08). This is a 5bdrm,/5.5bath, 4,179 sq ft, 1958 built / 1985 remodeled single family home with a 2-car garage on a valuable 7,405 sq ft lot located almost at the corner of Original St and Ute Ave. and adjacent to the Aspen Alps. It is a block away from the Little Nell Hotel and the Aspen Gondola. Listing broker comments, "Rare opportunity to own one of the last great pieces of real estate in the heart of Aspen... This conveniently located, elegant family residence offers, privacy, decks and balconies with afternoon sun and many custom interior features. A great home to entertain your friends. No car necessary. Simplify your lifestyle." (Photos and description courtesy of Mason Morse Real Estate and Aspen/Glenwood MLS)

MLS #113955 - (No Photos Available) 104 W Cooper, Unit 5 Downtown Condo, Aspen, CO: Sold Price: $599,000/$1,000 sq ft; Original & Current Ask Price: $599,000. (111 total days on the market, under contract date 2/12/2010). This is a 2 bdrm/1 bath garden level newly constructed condominium space created from "extra space" within a small 5-6 unit condo complex called Aspen West Condo. The list broker remarks, "Garden level condominium to be finished to the buyers design and taste. Demo is complete and fire sprinklers are installed as are required. Exterior remodel is paid for and scheduled for completion in February 2010. Interior is being sold AS IS and is to be finished by buyer. Total of 1,000 unfinished square feet." (Description is courtesy of Morris & Fyrwald Sotheby's International Real Estate and Aspen/Glenwood MLS)

UnderContract/Pending (10): MLS #’s 104760, 114958,115232, 115115, 105482, 110018, 110886,103689, 112430, 112518 Link is valid for 30 days until4/27/10. Photos of under contract properties are not posted unless special circumstances dictate

While activity has picked up, there were some notable sales last week that broke through long dormant property categories...Significantly, a single family ski-in/ski-out lot closed for $3M in Two Creeks Subdivision, Snowmass Village,This is the first Snowmass vacant lot sale since 8/23/07. (See:The Estin Report: Aspen Snowmass Vacant Lot Sales Chart 2004-2009. This chart will be updated soon with 1st Quarter 2010 vacant lot sales.). And there were (3) Aspen commercial sales last week, the first commercial sales of the 2009/2010 winter ski season.

Here is this past week's Aspen and Snowmass Village real estate sales activity for all property types over $250,000 excluding fractionals.

Closed (9): MLS#:' 98087 & 111085, 110120, 99765, 113475, 113519, 113624, 114144, 113316 Link is valid for 30 days until 4/20/10


MLS # 98087 & 111085- Commercial/Mixed Use - 518 W. Main St, Aspen, CO: This is a mixed use commercial/residential property owned by two elderly dueling sisters who couldn't agree on whether to sell (only 1/2 of the house was for sale for years), and then once they agreed to sell together, they disagreed on price, forever. It's impressive it has sold! (Read 4/2/10 Aspen Daily News article on this property). It is a 7,500 multi-use development site with historic preservation incentives if the old structure is kept on the property. Ask Price for both interests was originally $1.8M and $1.3M; Sold Price respectively was $1M and $975,000. (Photo courtesy of Pitkin Realty and Sterling Homes and the Aspen/Glenwood MLS)

MLS # 113316 - Commercial Leasehold - 215 S. Monarch St #202a,b,c,d, Park Central Bldg, Downtown Aspen, CO: This is a commercial leasehold. Sold Price: $925,000. Listing brokers says, " This office space (built 1985) is approx. 1,050 SF of space located on the 2nd floor with great views looking south west at Aspen Mountain and Wagner Park. The space consists of four (4) private office spaces, a kitchen area, storage, reception area and large private balcony. This office is ideal for all professionals." (Photos courtesy of Frias Properties and the Aspen/Glenwood MLS)

  
MLS # 110120 - Top of Mill Townhome - 917 S. Mill St, Downtown, Aspen, CO: Sold Price: $6.85M/$1,041 sq ft; Ask Price: $9.995M/$1,519 sq ft (Original Price was $11.295M and 361 days on market). This is a 3 bdrm/4.5 bath, 6,578 sq ft 2004 built townhome located at the top of Mill Street, which is the bottom of Aspen Mountain. It is as close to ski-in/ski-out as one can get within the City of Aspen...and there is very little direct ski-in/out property available in Aspen. (Photos courtesy of Boone & Co Real Estate and the Aspen/Glenwood MLS)

  
MLS # 99765 - Aspen West End Duplex - 521-A-N. Seventh, Historic West End Aspen, CO: Sold Price: $2.5M/$952 sq ft; Ask Price: $2.95M/$1,124 sq ft  (Original Ask Price: $4.5M and 973 days on the market). This is a 1/2 Duplex built in 1993, 3 bdrms/3.5 baths, 2,625 sq ft with a wonderful outdoor patio and yard for entertaining. Listing broker property comments are, "1/2 duplex that lives like a house within an easy stroll to Music tent. Chef's kitchen, 3 fireplaces, wine room, open living area, gorgeous patio with built in grill and terraced garden. Lower level space is A.D.U. Air conditioned throughout." ...When it first came on market, it was disclosed the property had an Entran II issue. This eventually was mitigated by sellers but buyers weren't interested until it had been fixed - an important lesson to sellers: get "issues", the "broken" or perceived "bad" stuff fixed! Buyers of 2nd homes don't want hassles! In mid-fall 2008, amidst the financial market meltdown, the price was reduced dramatically to $2.995M. The seller became motivated and the property was soon under contract near ask price for more than a year with a lease-to-purchase arrangement. So effectively, for the past year, it's been off the market. But at the scheduled closing the end of Jan '10, the buyer walked from a considerable earnest money deposit because of his inability to sell a property in Texas. The contract fell out in early Feb., and prospective buyers quickly swooped in as there is little inventory in Aspen's Historic West End in $2M-$3M category. This was ripe for the pick'in. It was purchased by a long-time successful local with multiple Aspen real estate holdings looking to downsize, to be closer in to town and ideally, to be within close proximity to the summer Aspen Music Festival. (Photos courtesy of Mason Morse Real Estate and the Aspen/Glenwood MLS)

Note: It is often said that "when locals start buying they often know or sense what normal second home buyers don't...there are deals to be had ...and when they start to purchase, it's usually a tip-off that we may be near bottom of this cycle."

 
MLS # 113475 -  Tbd Two Creeks Dr,  Vacant Lot in Two Creeks Subdivision, Snowmass Village: Sold Price:$3M; Ask Price: $3.995M (Original Price: $4.65M and 156 days on the market. This is a significant sale because it is the first Snowmass vacant lot sale since 8/23/07. (See: The Estin Report: Vacant Lot Sales Chart 2004-2009).  The listing broker's comments are "The only homesite available in Two Creeks Subdivision. Rare opportunity to build in Two Creeks on one of the best lots with breathtaking views! Two Creeks is a prestigious neighborhood that offers ski-in, ski-out access to the Two Creeks lift. Just imagine.... sit by the fire in your dream, ski home amidst the aspen trees. Build your mountain retreat up to 5,500 sq. ft. An additional 550 sq. ft. can be purchased totaling 6,050 sq. ft." (Photos courtesy of Chafin Light Real Estate and the Aspen/Glenwood MLS)


MLS # 113519 0 - Maroon Creek Townhome - 311 Pfister Dr,, Maroon Creek Townhomes, Aspen, CO: Sold Price: $3.4M/$757 sq ft; Ask Price: $4.195M/$934 sq ft (Original Price: $5.495M listed 09/06/2006 until 4/30/09. Then re-listed on 10/21/2009 at $4.995M). This is a 4Bdrm/4.5Bath, 4,492 sq ft, 1997 built with 2-car garage. The listing broker remarks are, "Exceptional 4 bedroom corner townhome with great views of the golf course, Red Mountain and Hunter Creek. This property has an open floor plan on the main level including the living room, dining room and kitchen. Owner upgraded kitchen stone, master bathroom stone and master bedroom closet. Original owner and rarely lived in." (Photos courtesy of Frias Properties and the Aspen/Glenwood MLS)


MLS #113624 - 55 Upper Woodbridge Road Unit # D-3, Snowmass Mountain Condo , Snowmass Village, CO: Sold Price: $550,000; Ask Price: $599,000/374 sq ft. (Original Price: $910,000 listed 11/03/08, approx 395 days on market). This is a 3 bdrm/3 bath, 1,600 sq ft 1973 built/2007 remodeled condo. HOA dues are $2,914 qtr and 2008 Taxes are $2,903. The listing broker remarks are, ":Beautifully remodeled and furnished throughout. Views towards the Continental Divide from living and dining room and quiet grassy meadows from the bedrooms and upstairs den. Top floor condominium. Free town shuttle stops out front." (Photos courtesy of BJ Adams & Co and the Aspen/Glenwood MLS)


MLS #114144  - 332 Branding Lane, Horse Ranch Subdivision, Snowmass Village, CO: Sold Price: $3M/$860 sq ft; Ask & Original Price: $3.35M/$961 sq ft  89 days on the market. This is a 4 bedroom/4.5 bath, 3,485 sq ft 2001 built home in Snowmass Village's 2nd newest subdivision, Horse Ranch, developed in the late 1990's.The listing broker remarks are, "Close to nature on the hillside, you are surrounded by beautiful gardens and the sound of running water from the waterfall. This is one of the nicest homes in Horse Ranch. Furnished beautifully, with open floor plan, gourmet kitchen, deck and covered patio complete with hot tub and views of the Snowmass Valley. Private and tranquil master bedroom wing, fireplaces in every bedroom, family room with big screen TV and office create a warm and inviting family home. Located in beautiful Horse Ranch and wonderful views". (Photos courtesy of Chafin Light Real Estate and the Aspen/Glenwood MLS)

Under Contract/Pending (6): MLS#'s:109635, 111929, 106493, 115171, 108846, 109802  Link is valid for 30 days until 4/20/10. Photos of under contract properties are not posted unless special circumstances dictate.

If you missed these, here are some recent Aspen real estate article links (archived in the Aspen Real Estate Archives Section of this site):

• Mar 10-16, 2010 Snowmass Sun,“Looking for Positives in Snowmass Real Estate”
• March 8, 2010 Aspen Daily News:  "Fractionals Down, Residential Real Estate Sales Up Slightly in Jan & Feb"
• March 4, 2010 Aspen Daily News:  "Aspen Survey Shows Rising Confidence in Local Real Estate & Business"

For Prospective Buyers: There is a common refrain in the market right now which goes something like this, “Sellers are facing the end of the season and looking at a big gap of non-activity during the off-season and continued uncertainty regarding the reality of a budding national and local economic recovery. It would seem these sellers would be a lot more motivated now to get a deal done than have to hang onto inventory (and carrying costs) through the off-season and face an uncertain summer."

This is especially true in Snowmass where activity will come to an abrupt end when the ski mountain closes, and in all reality, won't pick up again until next winter 2010/2011. Winter is the selling season in Snowmass Village: summer is very quiet.

There’s a feeling that once – or if ? -  sellers make it through the spring without selling, they’ll feel stronger – they made it through the worst – and therefore perhaps more emboldened to hold to their prices this summer…” . Without meaning this to sound like 'brokerspeak', the suggestion is that the best time for a buyer to strike may be now. But...then again ... there’s also sentiment saying that “prices could still go lower” yet there does seem to be almost universal local agreement that the big price hits have already been factored into the marketplace and that more price decreases may be incremental, not significant.

Here is this past week's Aspen and Snowmass Village real estate sales activity for all property types over $250,000 excluding fractionals.

Closed (0): There were no closings this past week.
Under Contract/Pending (6): MLS#'s 111639, 113338,109509, 114703, 111770, 104357, Link will expire in 30 days. Valid until4/13/2010. Breakdown: (2) Aspen single family homes -  Red Mountain and West End, (1) Old Snowmass home, (1) Aspen condo, (1) Aspen Highlands condo and (1) Aspen/Cemetery Ln Duplex.

Disclaimer:  The statements made in The Estin Report and on Tim Estin's blog represent the opinions of the author and should not be relied upon exclusively to make real estate decisions. A potential buyer and/or seller is advised to make an independent investigation of the market and ofeach property before deciding to purchase or to sell. To the extent the statements made herein report facts or conclusions taken from other sources,the information is believed by the author to be reliable,  however, the author makes no guarantee concerning the accuracy of the facts and conclusions reported herein.  Information concerning particular real estate opportunities can be requested from Tim Estin at 970.920.7387 or at This e-mail address is being protected from spambots. You need JavaScript enabled to view it .  The Estin Report is copyrighted 2010 and all rights reserved. Use is permitted subject to the following attribution:"The Estin Report: State of the Aspen Market, By Tim Estin, mba, gri, www.EstinAspen.com"

It was a busy week as the number of closed and under contracts attest. Here is this past week's Aspen and Snowmass Village real estate sales activity for all property types over $250,000 excluding fractionals.  (Residences at the Little Nell are included. Last week,a 3-bdrm unit, MLS # 115104,  closed at $1,282,500.)

Closed (9): 111876, 114076, 111353, 115104, 106408, 104309,114172,108381,112314 Link expires in 30 days, valid until 4/6/2010.

This is a draft posting. Photos and Final comments are in process of being edited:

MLS #104309 - 2673 Lower River Rd, Old Snowmass (Woody Creek area), CO): Sold Price: $4,250,000/$879 sq ft; Ask Price: $4,500,000;(Original Price: $8,500,000. and 688 days on the market). This is beautiful and strikingly renovated 1991 built/2008 contemporary remodel, 4 bdrm/6 bath, 4,832 sq ft., 3-car garage Woody Creek home. Listing broker comments: "Reclaimed wood and handsome stone grace the exterior of this custom built home, complemented with refined interior finishes. Insightful design with smart sustainability features such as bamboo flooring, solar panels, and more. The exterior hardscapes are perfect for entertaining with an outdoor swimming pool and hot tub, cabana bar with flat screen televisions, and fire pit. Located on 12 plus irrigated acres, with three pastures for horses." 2008 Taxes: $18,457. (Photos and description courtesy of Mason Morse Real Estate and Aspen Glenwood Board of Realtors)


MLS # 106408 - 981 Mesa Rd, Old Snowmass, CO: Sold Price: $1,750,000/$518. sq ft.; Ask Price: $2,485,000. (Original Price: $2,895,000. and 960 days on the market). This is 3 bdrm/2 bath, 3,377 sq ft, 2000 log home on 35 acres in Old Snowmass. Listing broker remarks: "Serenity awaits you on this pristine Ranch located in the Shield-O-Mesa area of Old Snowmass. This 35+ acre parcel is situated on a very flat site that offers that rare combination of privacy, views and the western lifestyle that is found only in Colorado. An unfinished basement can add another bedroom, bath plus a family room. An additional 2,373 square feet can be added." 2009 Taxes: $12,330. (Photos and description courtesy of Joshua & Co. and Aspen Glenwood Board of Realtors)


MLS #108381 - 825 Hunter Creek Rd, Red Mountain Subdivision, Aspen, CO: Sold Price: $5,300,000/$1,079 sq ft; Ask Price: $5,995,000. (Original Price:$9,995,000. and 467 days on the market. Arguably this is a Red Mtn 3/4 acre lot sale, although it is in fact a 1987 built/1994 remodel Red Mtn home with 5 bdrm/5 bath, 4912 sq ft.  Listing broker comments and upper case usage, "FIRE SALE - PRICE SLASHED - MOTIVATED SELLER!- CONCEPTUAL DRAWINGS FOR A 8,250 SF HOME BY JOHN MUIR INCLUDED! APPROVALS ARE IN PROCESS! AWESOME VIEWS!!!!!!!! CHARMING 5 BEDROOM ,5 BATH 2 HALF BATH HOME WITH WONDERFUL DECKS, 3 WOOD FIRE PLACES AND LOTS OF NATURAL LIGHT THROUGHOUT.2009 Taxes: $16,437. (Photos and description courtesy of Carol Dopkin Real Estate and Aspen Glenwood Board of Realtors)


MLS #111353 - 1024 E. Cooper #10, Riverside Condos, Downtown Aspen: Sold Price: $775,000/$752. sq ft; Ask Price: $925,000. (Original Price: $1,025,000.and 276 days on the market). This is 2 bdrm/2 bath 1,030 sq ft 1994 remodeled in-town condo. HOA Dues: $1,060 Qtr; 2007 Taxes: 1,610. Listing broker remarks,  "Private, sunny, spacious,well located condo from City Market. (3 BR unit reconfigured as 2 BR) 2 story Living Room with private deck and views west. Great renovated kitchen. Large Master BR with private bath and sitting area. 2nd BR with en-suite bath. Washer Dryer in apartment. Great views. Assigned parking. Riverside back building, only 2 apartments in building." (Photos and description courtesy of Morris & Fyrwald Real Estate and Aspen Glenwood Board of Realtors).

 
MLS #111876 - 404 S. Galena #210, Independence Square Condo/Hotel, Central Downtown Aspen: Sold Price $300,000/ $1,000. sq ft; Ask Price: $340,000. (Original Price: $349,000. and 255 days on the market). Small 300 sq ft condo/hotel studio in the heart of downtown above the Polo/Ralph Lauren store. HOA Dues: $3,010 Qtr; 2009 Taxes: $779 yr.  Listing broker remarks, "You can't get a whole ownership downtown Aspen condo for less money and you can't get a better location at any price. Aspen's popular bed & breakfast on the mall. Proven rental. On-site front desk, rooftop Jacuzzi, high ceilings, air-conditioned. Convenience & location second to none. Dogs are allowed!".(Photos and description courtesy of Frias Properties and Aspen Glenwood Board of Realtors)

 
MLS #112314 - 0083 East Fork Lane, Two Creeks Subdivision, Snowmass Village, CO: Sold Price: $10,000,000./$1,653 sq ft ; Ask Price: $12,900,000.(Original Price: $14,900,000.and 226 days on the market). This is Snowmass Village  ski-in/ski-out 2002 great westerm feeling home. 5 bdrms/5.5 baths, 6,050 sq ft on 1.66 acres. Listing broker remarks, "A skier’s dream: a spectacular mtn log/stone home with an A+ location on Cascade Trail. Towering Montana logs, highest quality appointments, elevator, tall/generous windows capturing 180-degree views of the slopes. Great room and outdoor patios made for entertaining. Custom designed by T. Michael Manchester and built by Jack Wilkie on one of the largest sites in Two Creeks. Surrounded by magnificent landscaping. A quiet and private refuge." 2009 Taxes: $26,687. (Photos and description courtesy of BJ Adams and Company and Aspen Glenwood Board of Realtors)


MLS #114076 - 35 Upper Woodbridge Rd #7cd, Woodbridge Condos, Snowmass Village, CO:  Sold Price: $485,000/$525.sq ft; Ask Price: $525,000.(Original Price: $595,000 and 81 days on the market). This is a 2 bdrm/2 bath, 924 sq ft 1973 built/2009 remodel condo.  HOA Dues: $2,100 qtr; 2007 Taxes: $1,444. Listing broker remarks, "Newly renovated! Top floor unit with vaulted ceilings, W/D in unit, NEW granite counters, NEW carpet, appliances, flat screens and many additional updates. 2BR, 2BA + Sleeping Loft and lots of storage. Comforatbly sleeps 8. Complex remodeled in 2008. HOA dues include all utilities, maintenance, and use of pool and hot tub. On shuttle route or very short walk to slopes." (Photos and description courtesy of BJ Adams and Company and Aspen Glenwood Board of Realtors)


MLS #114172 - 191 W. Lupine Dr, Mountain Valley Subdivision, Aspen, CO: Sold Price: $5,100,000/$968 sq ft; Ask Price: $5,700,000. (Original Price: $7,450,000. and 475 days on the market). New 2008 contemporary 5 bdrm/6.5 bath, 2-car garage, 5,269 sq ft spec home on 1/3 acre approx. 3/4 miles to downtown Aspen. Listing broker remarks, "A fusion of mountain & contemporary design seamlessly blended together for uncompromised & timeless architecture. This 5 bdrm/ 5+ bathhome sits on a treed lot with gracious setbacks for estate living. The outdoor space is unique, private and ideal for entertaining. The fabulous east of town setting is free of traffic, easy bike ride and dial-a-ride/free bus from town. Furniture is optional. House is sold ''AS IS.'' (Photos and description courtesy of Frias Properties and Aspen Glenwood Board of Realtors)


MLS #115104 - 4 Bdrm/4 bath  Fractional Interest, Residences at the Little Nell, Base of Gondola, Aspen, CO: Sold Price: $1,282,500. 3,700 sq ft unit slopeside at Little Nell and Aspen Mountain Gondola. Built 2008, opened Feb. 2009. HOA Dues: $38,040 yr which includes taxes and insurance.This farctional project offers 6 weeks usage to owners. For more info on RLN, search "Residences at Little Nell" on this site and/or contact Tim Estin. (Photos and description courtesy of Residences at the Little Nell and Aspen Glenwood Board of Realtors)

Under Contract/Pending (8): 104760, 110794, 103689, 109385, 103524, 110120, 111639, 106415 Link expires in 30 days, valid until 4/6/2010. Photos of under contract properties are not posted unless special circumstances dictate.