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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)

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 keep 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. 2 – 9, 2011

Closed (8): MLS #113606, 117712, 117853, 118862, 118747, 104431, 119336, 119337. Link is valid for 30 days until 2/7/2011.

MLS #104431 – vacant lot sale in Five Trees Subdivision, 670 Moore Drive Aspen, CO: Sold Price: $1,775,000; Ask Price: $1,995,000. (Original Price: $3,500,000 and 992 days on the market since 04/17/2008). This is a .81 acre single family lot. The broker comments are, “One of the few remaining vacant lots at Five Trees! Gently sloping with nice valley views and private ski access. Build out is 10,000 sq ft (6000 sq ft above grade + 4000 sq ft below grade) plus a 750 sq ft garage. Price includes plans by Robert Trown.” 2009 Taxes: $31,416 (Per MLS entry, should be verified). Under Contract Date: 11/21/10; Sold Date: 01/04/2011. Transfer Tax of approx. 1%-1.5% payable by buyer. (Photos and description courtesy of Morris & Fyrwald, Sotheby’s Intl Realty ).

MLS #113606 – Droste Open Space purchase by Pitkin County of approx. 840 acres, Pitkin County, CO: Sold Price: $17M; Ask Price: $22.95M (Original price: $36.5M and 653 days on the market).Subdivision approval for entire 9 lots, Brush Creek Ranch PUD. 80 acre lots located on the rolling mountain top between Owl Creek subdivision and Brush creek road enjoying the best views in the valley. Conservation easement surrounds the property. Lots 1,2,3 and 8 have 10,000 sqft of FAR. Lots 4,5,6,7 and 9 have 8,250 sqft of FAR. Lots 1,2,3,8,+9 offered at $15MM, Lots 4,5,6,+7 at $10MM. For more on this historic open space purchase preserving the vast open space and ridgeline between Owl Creek Rd and Brush Creek Rd for wildlife conservation and recreational uses, search this site for “Droste Open space” for the multiple archived articles on this subject in the Aspen Real Estate News Archive Section. (Photos and description courtesy of Mason Morse Real Estate).

MLS #117853 – single family home of Red Butte Subdivision, 1145 Black Birch Drive Aspen, CO: Sold Price: $2,700,000/$595 sq ft; Ask Price:$2,995,000/$660 sq ft. (Original Price: $3,295,000 and on the market 136 days since 8/16/10). This is a 1976 built/2005 remodeled 4 bedroom/5 bath, 4,538 sq ft home on a wooded .73 acre lot. The broker writes, “Enchanting four-bedroom home in an aspen grove close to the river. Thoughtfully updated and remodeled including add-ons of a beautiful office, library and a detached large contemporary office/studio above the garage. Access town via the Rio Grande Trail or Cemetery Lane bus. Private, convenient location. Priced for today’s market.” 2009 Taxes: $12,261 YR; HOA Dues: unknown. Under Contract Date: 11/23/10; Sold Date: 12/30/10. City of Aspen RETT Transfer tax of 1.5% applies to buyer. (Photos and description courtesy of Mason Morse Real Estate).

MLS #118862 – bank sale, single family Wildridge Subdivision home, 303 Lemond Place, Snowmass Village, CO: Sold Price: $1,320,000/$478 sq ft; Ask Price: $1,450,000/$525 sq ft. (Original Price: $3,950,000 and 853 days on the market since 07/18/2008). This is a 1971 built 3 bedroom/3.5 bath, 2,763 sq ft home on .4 acre. The broker writes, “BANK OWNED – SOLD AS-IS* BUYER TO VERIFY HOA* ALLOW 72 HRS FOR RESPONSE* REO–Beautiful Wildridge Single Family home with upgrades galore! Stunning views of the Snowmass Ski Slopes. This well maintaIned home features gourmet kitchen, Granite counters, Slate floors, gleaming hardwood floors, vaulted ceilings, 2 fireplaces, wet bar, loft, large master suite w/ 5-piece Limestone master bathroom, oversized garage w/ workspace, hobby room, & so much more. Great location in quiet cul-de-sac just minutes from all that Snowmass Village has to offer. A great value, don’t miss out on this Snowmass Village best buy.” 2009 Taxes: $6,180 Yr; HOA Dues: $90 Yr. Under Contract Date: 11/24/10; Sold Date: 12/28/10.(Photos and description courtesy of Mercury Alliance Mountain Properties ).

MLS #118862 – ski in / ski out Snowmass Interlude Condominium, 70 Gallum Ln #302-A, Snowmass Village, CO: Sold Price: $915,000/$616 sq ft; Ask Price: $1,195,000/$804 sq ft. (Original Price: $1,975,000 and on the market 969 days since 02/19/2008). This is one of the great Snowmass slope-side deals and perhaps representative of the tremendous buyer opportunities in Snowmass right now amidst swelling property inventory, resort uncertainty with the impending Jan. 26th Base Village foreclosure sale, and the sense of seller urgency that comes with only one primary selling season, the winter. This is a 3 bedroom/3 bath, 1,488 sq ft ski in/ ski out condo built originally in 1975 and remodeled in 2000. The brokers comments are, “Easy to show non-rental, top-floor,ski in/ski out, 3 bedroom with panoramic views. Beautifully designed and furnished by Chequers of Aspen in a Scandinavians style. Humidification system,covered parking.” 2009 Taxes: $6,261Yr; HOA Dues: $14,771 Yr. Town of Snowmass Village Transfer Tax of 1% payable by buyer. Under Contract Date: 12/15/10; Sold Date: 01/04/11. (Photos and description courtesy of Chaffin Light Real Estate Snowmass Village).

MLS #119336 & 119337 – Two Residences at the Little Nell fractionals, Base of Aspen Mountain Gondola, Aspen, CO: Sold Prices: $2,600,000 and $1,300,000.

Under Contract / Pending (5): MLS# 118947, 112080, 114555, 11372, 117334. Link is valid for 30 days until 2/7/2011.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 Aspen broker Tim Estin at 970.920.7387 or by email.. The Estin Report is copyrighted 2010 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,”