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The Estin Report: Aspen Snowmass Real Estate 2010 Full Year

(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 later this week.

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, Jan. 9 – 16, 2011

Closed (6):MLS#’s 112080, 114016, 114875, 112496, 116219,115192 This link is valid for 30 days until 2/21/2011.

Featured Aspen Property Sales this Week:

The first (3) sales below are noteworthy for the following reasons:

1) Vacant river lot sale: a good “sold comp” for Aspen river frontage lots.
2) A beautiful in-town 2001 built contemporary home selling at close to $1,000 sq ft confirming the viewpoint of many that this is the average price/per sq ft number many homes are selling for.
3) But not so quick…! Another fully 2009 remodeled home contemporary home in the same area as the before mentioned selling at $1,469 sq ft rebuking that commonly held belief that homes are only selling in a narrow $1,000 sq ft range. The point is that properties are unique and should be judged on their own merits – or lack of – and pricing generalizations can often be a mistake. It only takes ONE buyer to defy the experts! Another sale last week at 520 S. Original (MLS 115192), a 3 bedroom /3 bath 1,900 sq ft 2010 remodeled condominium only 1 1/2 blocks from the Aspen Mountain Gondola sold for $3,600,000 or $1,875 sq ft.

MLS 112080 – vacant river lot at Morningstar Subdivision 150 Difficult Lane Aspen, CO: Sold Price: $3,100,000; Ask Price: $3,495,000. (Original Price: $3,995,000 and 564 days on the market since 7/09/09). The broker’s comments are, “The McFarlane parcel at Morningstar. Rare 1.35 acres on the Roaring Fork River. Experience paradise on the water with expansive views towards Independence Pass. Approved plans and vesting in place for a 8,250 sq. ft. home.” Under Contract Date:L 01/07/11; Sold Date: 01/18/11. (Photos and description courtesy of CB The Aspen Brokers, LTD).

MLS 114016 – single family home west Aspen, 107 S Seventh Street Aspen, CO: Sold Price: $8,000,000/$958 sq ft;
Ask Price: $9,950,000/$1,197 sq ft. (Original Price: $12,500,000 and 409 days on the market since 12/07/09). This is a 2001 built stunning contemporary home with south and west facing views overlooking Maroon Creek off Seventh St near the S-Turn coming into town. The house is 8,349 sq ft with 5 bedrooms/5.5 baths and a large 2-car garage. The list broker comments are, “Located on over one acre overlooking the Castle Creek River & the mountains of Highlands & Buttermilk, this 8,349 square foot home was inspired by prominent architect Frank Lloyd Wright. Great for entertaining, features include 5 bedrooms, 5.5 baths, two story grand entry, handcrafted iron hand rails, natural materials, custom limestone fireplace, top of the line stainless appliances, high end finishes, integral stained concrete floors, office area, library/study, ADU with separate entry, radiant heat, great storage, multiple decks, sprawling patio, tranquil yard with seasonal stream & beautiful landscaping, and a 2 car garage. Walking distance to downtown Aspen and near biking & hiking trails. “. 2009 Taxes: $18,087 Yr. Under Contract Date: 12/02/10 ; Sold Date:01/20/11. City of Aspen RETT Transfer Tax of 1.5% applies to buyer.(Photos and description courtesy of Morris & Fyrwald, Sotheby’s Intl Realty).

MLS 114875 – single family home west Aspen, 201 S Seventh Street Aspen, CO: Sold Price:$6,250,000/$1,469 sq ft;
Ask Price: $6,950,000/ $1,634 sq ft. (Original Price $7,995,000 and 524 days on the market since 05/29/09). This is a 1985 built/2009 gutted, rebuilt 4,253 sq ft, 5 bedroom/4.5 bath home on .78 acres with a 2-car garage located just west of the Aspen Core on Seventh St near the S-Turn coming into town.The listing broker’s comments are, “On one of the largest lots in the West End (nearly 3/4 acre!) sits a modern and inviting home with clean lines and crisp finishes. Perfectly designed, the home has an uncomplicated floorplan with all above-grade living. An abundance of windows engage the outdoor spaces, which beg for al fresco living. Grassy lawns and stone patios wrap two sides of the home with several sitting areas – including a fire pit and hot tub terrace. A pond and meandering stream complete the serene scene. The home is situated to feel like your own private retreat, yet its location on the Hopkins Ave bike path easily connect you to downtown Aspen. Visit the website: No Transfer Tax”. 2009 Taxes: $10,798 Yr. Under Contract Date: 12/09/10; Sold Date: 01/20/11. (Photos and description courtesy of BJ Adams and Company-Aspen).

MLS 115192 – 520 S. Original St. Aspen, CO: Sold Price: $3,600,000/$1,875 sq ft; Original and Ask Price: $3,950,000/$2,078 sq ft. (On the market for 316 days since 03/08/10) .This is a newly remodeled 3 bedroom/3 bath, 1900 sq ft condo close to the Aspen Mountain Gondola and bordering charming Glory Hole Park. The brokers comments are, “One of the classiest condos in the heart of downtown Aspen! A fabulous contemporary remodel has utilized every square foot of space in this second floor, one level unit that features 3 bedrooms, 3 baths, approximately 1900 square feet, top of the line finishes, stainless appliances, granite counters, walnut floors, plaster walls, air conditioning, radiant heat, floor to ceiling stacked stone gas fireplace, flat screen televisions, beautiful furnishings, and two balconies. Overlooking Glory Hole Park and just 2 blocks to the gondola, the condo is located in a private & quiet four unit complex that has direct views of Aspen Mountain, an elevator, underground parking garage, and assigned off-street parking.” 2009 Taxes: $6,974 Yr; HOA Dues: $18,860 Yr . Under Contract Date: 10/12/10; Sold Date: 01/18/11. (Photos and description courtesy of Morris & Fyrwald, Sotheby’s Intl Realty).

MLS 112496 – studio hotel condo, Independence Square #308, 404 S. Galena, Aspen, CO:Sold Price: $360,000/$1,200 sq ft; Ask Price: $395,000/$1,367sq ft. (Original Price: $475,000 and 537 days on the market since 7/31/09). This is a top floor extensively remodeled 300 sq ft studio condo in a boutique Condo Hotel building in the center of Aspen above the Polo/Ralph Lauren Store. The broker’s comments are, “Top floor remodeled & tastefully furnished unit with views to Independence Pass. Located in the core of Aspen. High ceilings, air-conditioned, strong rental demand, on-site front desk, historic charm, continental breakfast, apres ski wine & cheese. Rooftop deck & hot tub. 2 water color paintings excluded.” 2009 Taxes: $ 909 Yr; HOA Dues: $3,010 Qtr. Under Contract Date: 12/20/10; Sold Date: 1/19/11. City of Aspen RETT Transfer Tax of 1.5% applies to buyer. (Photos and description courtesy of Mason Morse Real Estate).

MLS 116219 – log house, 727 Shield O Road Snowmass, CO. Sold Price: $640,000;
Ask Price: $649,000/$250. sq ft. (Original price $799,000 and 255 days on the market since 05/10/10). This is a 4 bedroom/3 bath, 2,596 sq ft log built home with a 3-car-855 sq ft garage on 2.30 acres. The brokers comments are, “This true log home is just a few miles below the Campground section of Snowmass Ski Area. The floorplan is unusual but lives well. Features include chunky log construction, maple hardwood floors in main living area & kitchen, new stainless GE Profile appliances, custom cherry cabinetry & ”Old World” sink, granite slab kitchen countertops & backsplash, floor-to-ceiling custom red rock wood-burning fireplace, wrap-around deck, & indoor sun room w/ hot tub. Tasteful old west detailing. The 4th bedroom has been set up as a non-conforming apartment. Amazing unobstructed views of Snowmass. Fenced herb garden, landscaped, & 20 minutes to Aspen in a quiet, peaceful setting.” 2009 Taxes: $5,909 Yr; HOA Dues: $1,300 YR. Under Contract Date: 12/19/10; Sold Dte: 01/20/11. (Photos and description courtesy of Morris & Fyrwald, Sotheby’s Intl Realty ).

Under Contract / Pending (7): MLS#’s 118696, 101408, 118952, 118783, 119191, 113518, 119047 This link is valid for 30 days until 2/21/2011.Photos and descriptions of pending properties are not posted unless special circumstances dictate.

Tim Estin welcomes your business, inquiries and comments. Email him or call 970.920.7387. Subscribe to The Estin Report and Tim Estin’s Aspen Real Estate Blog on twitter @EstinAspen or click “Join the conversation” below:

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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.. The 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,”