Aspen real estate broker Tim Estin, who writes a weekly upvalley blog and produces quarterly Estin Reports on the local market, said the possible sale is illustrative of “forces aligning in a critical mass on [the east side of downtown].”…“The smart money is taking a dive here,” Estin said. Whether the market has truly bottomed out or not, opportunity is perceived at prices that have fallen as much as 40 to 50 percent off the asking prices of 2007, Estin said.

A Half a block of a centrally located downtown Aspen real estate has gone under contract. A deal is pending on the “Aspen Legacy” property, encompassing Little Annie’s Eating House, the Huntsman Gallery building and a parking lot at the corner of Hyman Avenue and Hunter Street. The property was originally listed at $39 million in 2007, but was taken off the market. It was re-listed in September at $19.9 million. The property went under contract last Thursday. The price the potential buyer is agreeing to pay for a major piece of Aspen’s core was not publicly disclosed Monday, nor was the buyer’s identity.

By Curtis Wackerle, Nov. 2, 2010 Aspen Daily News

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