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THE ESTIN REPORT: STATE OF THE ASPEN MARKET 2011 YEAR AND 4TH QUARTER IS IN PROCESS AND WILL BE RELEASED SOON. See draft chart: The Estin Report: 2011 Aspen Real Estate Market Dollar and Unit Sales over Time

Tim Estin is an active Aspen real estate broker with Coldwell Banker Mason Morse located in the center of Aspen. This blog, or Tim Estin’s blog, is released Monday mornings and sometimes in-between. The Estin Reports are released quarterly or semi-annually, annually and also special reports. For blog archives, scroll to bottom of this page and search by date or topic. Or search this site in on the menu bar. If it’s about Aspen real estate, chances are there’s something about it here.

The Estin Report: 3rd Quarter 2011 (July 1 – Sept. 30, 2011)
State of the Aspen Real Estate Market

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Click image for executive summary and complete report pdf. Released Oct. 6, 2011

Last Week’s Market Highlights – Aspen Snowmass real estate weekly sales statistics and under contract activity appears below for all Aspen, Snowmass Village, Woody Creek and Old Snowmass properties over $250,000 in the upper Roaring Fork Valley excluding fractionals. Because the MLS links below expire after 30 days, photos and written descriptions of closed properties with excellent photography are posted here to preserve a public archive of sold market activity. For past sales, scroll to page bottom and search by time period.

Aspen Market Commentary:

Aspen vacant land sells at big discount. See sold “W/J Ranch – Byers Court” sale below.

Under Contract / Pending (1): MLS #122179 . This link is valid for 30 days until 1/31/2012. Photos and descriptions of under contracts are not posted unless special circumstances or significance dictate.

Closed (4): MLS# 119963, 123203, 120871, 112413. This link is valid for 30 days until 1/31//2012.

Select Aspen Solds Last Week:

MLS #120871 – Aspen, W/J Ranch single family vacant lot, Lot 3 Byers Court, Aspen, CO: Sold Price: $845,000 for 2.12 acres. More details below photos.

MLS #120871 – Aspen, W/J Ranch single family vacant lot, Lot 3 Byers Court, Aspen, CO: Sold Price: $845,000; Ask Price: $1,475,000. (Original Price: $1,475,000 and 239 days on the market since 05/05/20011. This sale is an indicator of just how far some vacant land sales have fallen in value in the past three years. The subdivision W/J Ranch Lots/Byers Court pricing history: two lots in this small 2006 created subdivision of a total of approx. 6 lots sold at $3.75M in April 2008 and $4M in Dec. 2006. In early 2011, these “Byers” lots were offered at around $1.8M – $2M +/- . The original ask prices in 2006 were between $4M – $5.75M). Spectacular views from this 2.12 acre single family lot located in W/J Ranch in the exclusive McLain Flats area. Broker comments are, “Located minutes from Aspen, Snowmass and Woody Creek, this flat, 2+ acre parcel is ready for your dream home. Stunning views of Aspen Mountain, Capitol Peak and Mount Daly offer dramatic backdrops for your architectural masterpiece. Exclusive, small neighborhood with several ponds and underground utilities in place. Seller motivated for a summer sale and will consider owner financing.” 2010 Taxes: $69,183; HOA Dues: TBD. Under Contract Date: 10/04/2011; Sold Date: 12/29/2011. (Photos and broker comments courtesy of Joshua & Co.)

MLS #119963 – Aspen, Central Core, Park Avenue Twn condo, 322 Park Avenue, Unit 1, Aspen, CO: Sold Price: $1,050,000/$839 sq ft partially furnished. More details below photos.

MLS #119963 – Aspen, Central Core, Park Avenue Twn condo, 322 Park Avenue, Unit 1, Aspen, CO: Sold Price: $1,050,000/$839 sq ft partially furnished; Ask Price: $1,195,000. (Original Price: $1,395,000 and 293 days on the market since 03/01/2011.) This is a 1959 built/2011 remodeled, 2 bedroom/2 baths/1 half bath, 1,251 sq ft condo. Broker comments are, “This Steeplechase Partners remodel features a thoughtful & efficient layout, with an abundance of natural light & mountain contemporary design, finishes reminiscent of Viceroy Snowmass. One of the best value propositions in this market & price range. Lives like a single-family home with a convenient short walk to downtown Aspen. Arguably the lowest cost of ownership (low taxes, insurance fees & energy bills). A complete, ‘back to the studs’ remodel with a mountain contemporary design featuring absolute black granite countertops, maple kitchen cabinetry, stainless steel kitchen appliances. Honed absolute black granite flooring & glass mosaic tile surrounds in the master & guest bathroom, bamboo flooring on the stairs & living room, flamed slate flooring at the entry, powder room & kitchen.” 2010 Taxes: $1,737; HOA Dues: $100/mo. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 10/16/2011; Sold Date: 12/19/2011. (Photos and broker comments courtesy of Related Colorado Real Estate.)

MLS #112413 – Aspen, Red Mountain single-family home, 379 & 389 Ridge Road, Aspen, CO: Sold Price: $20,750,000/$1,340 sq ft unfurnished. The “Sold” information was entered into the MLS on Dec 30, 2011. A 12/01/11 AspenTimes article had incorrectly reported the sale price at $22.75M. More details below photos.

MLS #112413 – Aspen, Red Mountain single-family home, 379 & 389 Ridge Road, Aspen, CO: Sold Price: $20,750,000/$1,340 sq ft unfurnished;
Ask Price: $25,850,000. (Original Price: $35,000,000 and 830 days on the market since 07/27/2009.)
The “Sold” information was entered into the MLS on Dec 30, 2011. A 12/1 article in the Aspen Times stated this property had sold just before Thanksgiving at the incorrect price of $22.75M. This property consists of two, 2008 built homes. The main house has 5 bedrooms/5 baths/3 half baths, 11,300 sq ft with 3 car garage. The guest house, arguably a ‘teardown’, has 5 bedrooms/5 baths/1 half bath, 4,848 sq ft with 2 car garage. Total sq footage is 15,478 according to MLS data. Broker comments are, “Rare opportunity to own a luxury compound consisting of 2 contiguous lots on over 2 acres. “Front row” views of Ajax, Indy Pass, & the entire valley from this newly sustainable constructed, certified “built green”, Thermal solar-ready mountain contemporary estate with timeless finishes, 5 bedrooms, 5 full baths, 3 half-baths, 11,300 sq ft, open floor plan, hardwood floors, gourmet kitchen w/granite counters, gym/6th bedroom, theater w/8 ft Dolby hi def screen & surround sound, 1600 bottle wine enclave, gracious master suite, huge rec room, 4 fireplaces, 3 washers & dryers, resistance pool, A/C, 3 car garage, multiple decks & patios, & beautiful outdoor spaces. The 4,848 sq ft guest home w/5 bedrooms, 5.5 baths, & 2 car garage provides numerous options for an enhanced lifestyle. HERS energy rating is 57. Certified ”Built Green” with 260 accumulated points. Full PV system. Thermal Solar ready. Copper roof.” 2010 Taxes: $52,771. Under Contract Date: 11/01/2011; Sold Date: 11/23/2011. (Photos and broker comments courtesy of Morris & Fyrwald, Sotheby’s Intl Realty.)

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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 of each 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 Email him. The Estin Report is copyrighted 2012 and all rights reserved. Use is permitted subject to the following attribution: “The Estin Report: State of the Aspen Real Estate Market, By Tim Estin, mba, gri.”