Tim Estin is an active Aspen real estate broker associate with Mason Morse Real Estate located in the center of Aspen opposite Little Annie’s Restaurant. His blog, www.AspenRealEstateBlog.com or Tim Estin’s blog, is released Monday mornings and sometimes in-between. The Estin Reports are released quarterly, annually and also special reports. For blog archives, scroll down to bottom of this page and search by date or topic. Search this site by Aspen and Snowmass topic in SearchEstinAspen.com in the menu bar. Follow @EstinAspen on twitter for Aspen Snowmass real estate news, market updates, statistics, commentary and reports or subscribe to RSS feeds.

In today’s paper, Aspen Times Weekly Feb. 13, 2011, “Aspen-Area Economy Begins to Turn the Corner”
02/13/11 AT Weekly Cover,”Aspen-area economy begins to turn the corner”

Edited excerpt to reflect 01/08/11 Estin Report 2010 full year revision:
ASPEN REAL ESTATE — Tim Estin, an Aspen broker associate for Mason Morse Real Estate, believes the Aspen-Snowmass Village real estate market bottomed out in 2009…Sales of condominiums and single family homes over $250,000 in the upper Roaring Fork Valley – which almost entirely includes Aspen and Snowmass Village – was up, “In 2010, the overall market has risen 20% in gross dollar volume from 2009, and unit sales of all property types included in this report has risen a convincing 26%. Additionally, the overall listing inventory has declined by 11%,” he said, “while the sale price per square foot continued to decline and the average number of days on market continued to increase…I believe, finally, it can be substantiated that there’s light at the end of a long, painful most recent two years,” he wrote in “The Estin Report: 2010 Year End, Aspen Snowmass Real Estate.”
By Scott Condon, Feb. 13, 2011 Aspen Times Weekly

Link to article

See the complete report, The Estin Report: 2010 Full Year Aspen Snowmass Real Estate (rev. 01/08/2011 to reflect all sales through Dec 31, 2010). The Estin Report: Aspen Snowmass Real Estate 4th Quarter 2010 will be released soon.)

Last Week’s Market Highlights – Aspen and Snowmass Real Estate Sales and Under Contract Activity: Last week’s real estate sales activity appears below for the upper Roaring Fork Valley for all property types over $250,000 excluding fractionals in Aspen, Snowmass Village, Woody Creek and Old Snowmass (although Residences at Little Nell and Dancing Bear are included due to their higher fractional price points). Because the MLS links below expire after 30 days, photos and written descriptions of the closed properties are posted to preserve an archive of sold market activity.

Spreadsheet Summary of Last Week’s Aspen Real Estate Sales Statistics, see The Estin Report: Aspen Snowmass Weekly Sales Statistics, Feb. 6 – 13, 2011

Closed (5): MLS’# 114105, 106251, 119705, 112300, 114013. This link is valid for 30 days until 3/8/2011

MLS #114105 – Smuggler Mtn single family home, 201 Sesame St, Aspen, CO: Sold Price: $20,000,000/$1,808 sq ft; Ask and Original Price: $29,995,000 (On the market for 608 days since 12/15/2009). This is a stunning contemporary 2006 home built at the base of Smuggler Mountain with sweeping soutgh and west facing views of town, the ski mountains and Mt Sopris. It is 11,061 sq ft with 7 bedrooms/7 baths/3 half baths, 4+ car garage on almost .42 acres with gated driveway. The list broker comments, “Modern meets majestic. With painterly, panoramic views of Aspen Mountain, Independence Pass and Mt. Sopris, this 7-bedroom residence features a wonderful flow of interior to outdoor living. Every detail of this designer masterpiece is crafted with exquisite materials from around the world. Enjoy the chic sophistication of living and entertaining all within walking distance to town. Complete with 2 firepits, swimming pool, 2 hot tubs, expansive decks, a 10,000 bottle wine storage area and private gate.Directions: First right on Smuggler Mountain Road – through gate. ” 2008 Taxes: $35,323 Yr. Under Contract Date: 01/27/2011; Sold Date: 02/10/2011. (Photos and description courtesy of CB The Aspen Brokers)

MLS #112300 – Meadow Ranch condo, 201 Meadow Ranch Dr, Snowmass Village, CO: Sold Price: $700,000/$416 sq ft; Ask Price: $750,000 /$446 sq ft. (Original Price: $995,000 and on the market for 571 days since 07/09/2009). This is a 1977 built, 1,681 sq ft, 3 bedroom/2.5 bath condo. The list broker comments, “LOCATION, LOCATION, LOCATION, VIEWS,VIEWS,VIEWS, along with tons of opportunity in this privately located Meadow Ranch half duplex. Light and bright with all natural sunlight, room to expand by enclosing one of the two sun filled decks. Approximately 400 sq. ft. of storage or work space in the basement area with access from outside or inside. A great investment and a wonderful remodel project, when desired, for your prudent Buyer. Owner is retired and is now looking to relocate…Directions: Owl Creek Road to Meadow Ranch Dr., Follow it to Meadow Ranch. Directory sign is on right. Go to the 8th walkway on the LEFT, unit #201 is all the way to the end. ” 2008 Taxes: $2,509 Yr; HOA Dues: $1,292 Qtr. Under Contract Date: 12/10/2010; Sold Date: 02/08/2011. (Photos and description courtesy of SDS Real Estate).

MLS #114013 – Snowmass single family home, 626 Faraway Rd, Snowmass Village, CO: Sold Price:$1,500,000/$365 sq ft; Ask Price: $$1,750,000/$426 sq ft (Original price: $3,695,000 and on the market for 1876 days since 6/15/2007). This is a 1977 built 2007 remodeled home with 5 bedrooms/4.5 baths, 4,105 sq ft on .7 acres with 2-car garage. Broker comments, “Comfortable Mountain home in lower Ridge Run. Expanded and remodeled in 2007. Private yet convenient to village, only .6 miles from Brush Cr Rd.” 2009 Taxes: $7,759; HOA Dues: $75 Yr. Under contract Date: 12/10/2010; Sold Date: 2/08/2011. (Photos and description courtesy of Chafin Light RE SMV))

MLS #106251 – Red Mountain home, 155 Nighthawk Dr, Aspen CO: Sold Price: $4,050,000/$999 sq ft; Ask Price: $3,995,000/$985 sq ft. (Original Price: $7,900,000 and on the market for 1170 days since 5/18/2007). This is a 1999 built/2008 remodeled 4 bedroom/3.5 bath, 4,063 sq ft home on .7 acres with a 2-car garage. The list broker comments, “An amazing deal in one of Aspen’s most exclusive areas! Enjoy stunning views from Independence Pass to Mt. Sopris with Aspen Mountain perfectly framed from this well maintained and remodeled home with end of the road privacy. Features include 3 bedrooms plus office/bunkroom, 3.5 baths, 4053 sq ft, gas fireplaces, granite counters & stainless steel appliances in the kitchen, new marble bathrooms, warm log accents, 5 private patios, 2 hot tubs, fenced yards, and an extra large 2 car garage.Directions: Red Mtn Road, left on Draw Dr, right on Nighthawk. On the end on the left. ” 2009 Taxes: $8,459 Yr; Under Contract Date: 12/18/2010; Sold Date:02/07/2011. (Photos and description courtesy of Morris & Fyrwald, Sotheby’s International Realty).

According to Pitkin County Assessor records published today in the Aspen Daily News, the Red Mountain transaction above appears to be a trade for the Starwood vacant lot below. These two transactions all occurred on the same date 2/7/11:

Grantor (seller): West Sopris Ranch LLC
Grantee (buyer): Knaus Investments LTD, Houston, Texas
Property: Ridge of Red Mountain, lot 10, replat 2
Cost: $4.05 million

Grantor (seller): Knaus Properties LLC
Grantee (buyer): West Sopris Ranch LLC, Snowmass Village
Property: Starwood 5, lot R42
Cost: $2.2 million


MLS #119705 – Starwood vacant lot, 579 Starwood Dr, Aspen, CO: Sold Price: $2,200,000; Ask Price: $2,200,00. (This lot sold for $3,100,000 on 11/08/2006). 2010 Taxes: 12,354 Yr. On Market Date: 2/7/11; Under Contract and Sold Date: 2/7/11. (Photos and description courtesy of Morris & Fyrwald, Sotheby’s International Realty)

Under Contract / Pending (5): MLS# 117414, 119033, 118961, 115244, 116712 This link is valid for 30 days until 3/15/2011. Photos and descriptions of Under contract properties are not posted unless special circumstances dictate.

Tim welcomes your business, inquiries and comments. Email him or call 970.920.7387. Subscribe to The Estin Report and Tim Estin’s AspenRealEstate Blog.com on twitter @EstinAspen by clicking “Join the conversation” button below or click subscribe button in the menu bar on left:

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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 by email.T he Estin Report is copyrighted 2011 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”