The Estin Report: 2nd Quarter 2009 and The Estin Report: 1st Half 2009 State of the Aspen Snowmass Real Estate Market by Tim Estin mba, gri were posted today. These reports provide a summary of the Aspen Snowmass residential real estate market activity to date compared to the same period last year.

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The past week town was very quiet. On a beautiful sunny mid-week July day at 3PM, Hyman Avenue immediately outside Mason Morse’s downtown Aspen office was deserted of pedestrians and 75% empty of parked vehicles. A broker in our office commented, “Have you taken a look outdoors? Nobody’s here!” The hotels and lodges can attest to this. Their business is way off. My thought is that we’re in a two week interlude pre-August tourist rush. We shall see; we shall hope.

For Aspen Snowmass real estate activity last week, there were (5) closings indicative of market activity 30-60 days ago. No properties went under contract last week. The sold Aspen properties are described below with notes and there is a link to MLS data, photos.and details.

CLOSED (5): 109459, 109855, 108699, 111387, 112368

MLS # 109459 – 855 Carriage Way #103, Top of Village/Aspen Leaf Condos, Snowmass Village. Ask Price: $1.5M; Sold Price:$1.075M/$741 sq ft(-35% off Original Price: $1.65M). 3 bedrooms/3baths, 1,450 sq ft ski-in/ski-out condo. 161 days on market.

MLS # 109855 – 885 S. Starwood Dr, Starwood Subdivision – Aspen 1st and only true gated community with total surround 180 mountain panoramic views and aspen groves: Ask and Original Price: $2.95M; Sold Price: $2.75M/$1,551 sq ft ( -7% off Ask) 2bdrm/2 bath, 1,773 sq ft “cabin”. This is a uniquely small and charming 1995 cabin-like houme in Starwood. 133 days on market.

MLS # 108699 – 487 Shield O’Road, Old Snowmass. Ask Price: $695,000; Sold Price: $587,000/$133 sq ft (-40% off Original Price: $975,000). 4 bdrm/3bath, 3,671 sq ft 1969/ built/1980 remodel home with 4 acres. Located on ajuniper and pinion south facing hillsdie with big views of Snowmass Ski Area, this Old Snowmass property is located approx. 25 minutes from Aspen and 20 minutes to Snowmass Ski area. On a price per sq. ft. basis, this was the best deal out there selling below replacement value. 219 days on the market.

MLS # 11387 – 340 Pfister Dr., Maroon Creek Club Subdivision, Aspen:Original List and Ask Price: $6.9M; Sold Price: $6.6M/$911 sq ft. ( -3% off original price). 5 bdrm/5 ba/2 hba, 7,247 sq ft 2002 built stone and timber home on 1/2 acre in prestigious 18-hole Maroon Creek Golf Club grounds with ski-in/ski-out access to Tiehack at Buttermilk. This was a distressed Madoff victim sale. 51 days on the market.

MLS # 112368 – 35 Ute Place, near the Gondola and downtown Aspen. Original Price: $7.9M; Sold Price: $7.9M/$1,350 sq ft. This downtown Aspen property was never officially on the market. Ute Place may be one of the pre-eminent locations in town for a single family home. It is a small 1980’s subdivision off Ute Avenue approx 2 blocks to the Gondola offeing privacy and convenience. This is a 5 bdrm/5bath, 5853 sq ft 1989 home with a significant amount of differed maintenance. There are two other active Ute Place properties on the market currently, MLS #’s 109984 which backs up to the Roaring Fork River and is priced at $9.75M/$1,950 sq ft and #106371 priced at $9.5M or $1,360 sq ft.


Vacant land
Prices are falling dramatically. For the first time in at least 3 years, vacant Aspen Snowmass lots are available under $1M.
Here are (2) Brush Creek Lots under $1M: MLS #92734 at $995,000 and MLS #101408 which is under contract with an ask price of $895,000 (originally $1.5M) over 2 yrs on the market. For more info on Aspen vacant land and lots, conduct a “vacant land” or “vacant lots” search on this site.

Horse Ranch/Snowmass Village
This is one of the newer subdivisions in Snowmass Village built in the mid-1990’s. In the past 3-4 years, prices were typically in the $4M-$6M range. Now, there are (10) homes for sale in Horse Ranch with a price range of $2.55M – $4.995M. See specifically the two listings under $3M: MLS #112326, a 1995 built/2008 remodeled 4 bdrm/4 bath, 4,150 sq ft home in Horse Ranch is listed for $2.55M/$612 sqft making it one of the best deals currently listed; MLS # 106773 with an ask price at $2.85M/$877 sq ft for an intimate contemporary 4 bdrm/4 bath, 3,200 sq ft home built in 1998.