Fox Crossing includes 20 homesites, 11 of which have been developed. Obtaining financing to build on the remaining lots has been challenging due to banks’ stricter lending standards, particularly in regard to spec homes. The homes, one at 5,677 square feet and another at 5,078 square feet, were once listed for $8.5 million and $7.4 million, respectively. The undeveloped lots — of which a total of three could sell at auction — were once listed for $2 million each. Currently, the homes are listed at $4.99 million for the larger property, located at 537 Race Alley, and $4.29 million for the smaller home at 511 Walnut Street.
ASPEN REAL ESTATE – Multimillion-dollar properties in an Aspen spec home development thrown off course by the recession will go to the highest bidder in a live auction held next month. Fox Crossing Properties, LLC of Alamo, Calif., paid $18 million in December 2010 for two luxury residences that have never been occupied in Fox Crossing, as well as the remaining undeveloped homesites, of which there are at least six. The two homes and at least one of the lots will be sold at the auction, held on Saturday, March 17, which is St. Patrick’s Day. “We don’t have a minimum bid per se,” said Laura Brady, vice president of marketing for Concierge Auctions, which is conducting the sale. “On auction day, the properties will be selling to the highest bidder.”
By Curtis Wackerle, Feb. 27, 12 ADN