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RELEASED JAN 9. 2011: THE ESTIN REPORT: STATE OF THE ASPEN REAL ESTATE MARKET 2011 YEAR AND 4TH QUARTER

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The Estin Report: State of the Aspen Market 2011 Year and 4th Quarter

Tim Estin is an active Aspen real estate broker with Coldwell Banker Mason Morse located in the center of Aspen. This blog, www.AspenRealEstateBlog.com 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 SearchEstinAspen.com on the menu bar. If it’s about Aspen real estate, chances are there’s something about it here.

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.

Under Contract / Pending (6): MLS# 124040, 115247, 121490, 109042, 98741, 117573 . This link is valid for 30 days until 2/29/2012. Photos and descriptions of under contracts are not posted unless special circumstances or significance dictate.

Closed (6): MLS# 114121, 120861, 122327, 119454, 122237, 117190. This link is valid for 30 days until 2/29//2012.

Aspen Snowmass Solds Last Week:

MLS #119454 – Aspen, West End, Hallam Addition single family home, 600 N. Third Street, Aspen, CO: Sold Price: $6,750,000/$1,175 sq ft unfurnished. More details below photos.

MLS #119454 – Aspen, West End, Hallam Addition single family home, 600 N. Third Street, Aspen, CO: Sold Price: $6,750,000/$1,175 sq ft unfurnished; Ask Price: $9,500,000. (Original Price: $12,500,000 and 374 days on the market since 01/19/2011.) This is a bankruptcy estate sale of a 1990 built/2009 beautiful contemporary remodel, 4 bedroom/4 bath/2 half bath, 5,744 sq ft single family home with 2 car garage. Broker comments are, “For that Buyer looking for the ultimate in contemporary style and design. Completely renovated in 2010 by Rowland and Broughton this West End home on a corner lot features exquisite finishes. Museum lighting, plaster walls, black granite floors, Porro Italian closet design in master, TRE-Piu doors, forced air, A/C-ready, and radiant heat, reverse osmosis, Boffi fixtures, elevator, 2-car heated garage and more. Fourth bedroom is currently used as a playroom. It is plumbed for full bath.” 2010 Taxes: $13,662. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 12/08/2011; Sold Date: 01/20/2012. (Photos and broker comments courtesy of SDS R.E.)

MLS #114121 – Aspen, East Aspen single family home, 257 Park Avenue, Aspen, CO: Sold Price: $4,025,000/$1,012 sq ft furnished. More details below photos.

MLS #114121 – Aspen, East Aspen single family home, 257 Park Avenue, Aspen, CO: Sold Price: $4,025,000/$1,012 sq ft furnished; Ask Price: $5,995,000. (Original Price: $5,995,000 and 771 days on the market since 12/16/2009.) This is a bankruptcy estate (same estate as above, 600 N Third) sale 2005 built, 4 bedroom/3 bath/1 half bath, 3,601 sq ft single family home with 2 car garage. Broker comments are, “The ultimate chic, contemporary home for indoor/outdoor living two blocks from downtown Aspen. Perfect for entertaining, special features include media room; multiple whirlpool tubs; snowmelt drive, walks and patio; great art walls and niches; a large pool/spa; and a courtyard with stunning zen gardens. Amazing Aspen Mountain views. A sexy 375 sq. ft. heated, lighted outdoor cabana provides for year-round enjoyment and privacy with its own living room, built-in TV, and outdoor kitchen complete with grill and fire pit.” 2010 Taxes: $14,717. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 12/08/2011; Sold Date: 01/20/2012. (Photos and broker comments courtesy of SDS R.E.)

MLS #120861 – Aspen, Red Mountain, Pitkin Green single family lot, 972 Willoughby Way, Aspen, CO: Sold Price: $5,750,000. More details below photos.

MLS #120861 – Aspen, Red Mountain, Pitkin Green single family lot, 972 Willoughby Way, Aspen, CO: Sold Price: $5,750,000; Ask Price: $6,900,000. (Original Price: $6,900,000 and 260 days on the market since 05/05/2011.) This is a 1.57 acre single family lot located in the Pitkin Green subdivision on Aspen’s Red Mountain. Broker comments are, “Prestigious location on Willoughby Way. A rare find in today’s world, this 1.57 acre building site offers end-of-the-road privacy with Aspen’s favorite views…the ski slopes and Maroon Bells. Enjoy the luxury of south-facing sun, plus the advantage of mature trees. The gentle topography at the site of the existing house is the perfect spot for a new home. Under the new Pitkin County Code, 12,890 sq. ft. of FAR is allowed. (TDR’s are required to achieve this buildout). Call for all zoning details. If you believe Pitkin Green is the best-of-the-best, this site is even more special.” 2010 Taxes: $49,707. Under Contract Date: 09/27/2011; Sold Date: 01/20/2012. (Photos and broker comments courtesy of Chaffin Light R.E.)

MLS #122327 – Aspen, Red Mountain, Green Acres single family home, 250 Willoughby Way, Aspen, CO: Sold Price: $6,000,000/$1,153 sq ft unfurnished. More details below photos.

MLS #122327 – Aspen, Red Mountain, Green Acres single family home, 250 Willoughby Way, Aspen, CO: Sold Price: $6,000,000/$1,153 sq ft unfurnished; Ask Price: $6,250,000. (Original Price: $8,900,000 and 165 days on the market since 08/08/2011.) This is a redevelopment opportunity – an older 1967 built, 4 bedroom/3 bath, 4,494 sq ft single family home with 2 car garage. Broker comments are, “This is a Phenomenal Willoughby Way location never previously exposed to the market. South facing riverside property with panoramic views from Independence Pass to Mt. Sopris. One acre property runs from Willoughby Way to the middle of the Roaring Fork River. Ten minute walk to Institute, Music Tent, Clark’s Market and Post Office.” 2010 Taxes: $12,934. Under Contract Date: 12/06/2011; Sold Date: 01/20/2012. (Photos and broker comments courtesy of Aspen Business Brokers.)

MLS #122237 – Snowmass Village, Ridge Run duplex, 53 N. Ridge Lane #A, Snowmass Village, CO: Sold Price: $1,790,000/$785 sq ft unfurnished. More details below photos.

MLS #122237 – Snowmass Village, Ridge Run duplex, 53 N. Ridge Lane #A, Snowmass Village, CO: Sold Price: $1,790,000/$785 sq ft unfurnished; Ask Price: $1,890,000. (Original Price: $1,990,000 and 177 days on the market since 08/01/2011.) This is a 2011 built, 3 bedroom/3 bath/1 half bath, 2,278 sq ft duplex with 2 car garage. Broker comments are, “Unit #A is now available – the last unit in this complex. Unit #B is sold. This brand new luxury Semrau Building & Design duplex on North Ridge Lane features state of the art Aspen quality/environmental upgrades. The latest cutting edge features in this 2278 square foot, three bedroom, 3 1/2 bath residence include; glass stair treads, a solar heating system powering the in-floor radiant heat, domestic hot water, and snowmelt system, aluminum clad floor for heat conservation, recycled sinks from engine blocks, automated solar shades, natural clay wall finish, and much more. Great views complement the partially covered deck off the living area and the two car garage/extra storage areas make for a comfortable living experience.” 2010 Taxes: $6,000; Town of Snowmass Village Transfer Tax of approx. 1% payable by buyer. Under Contract Date: 01/07/2012; Sold Date: 01/25/2012. (Photos and broker comments courtesy of Coldwell Banker Mason Morse. Tim Estin represented the buyer.)

MLS #117190 – Snowmass Village, Ridge Run single family home, 1970 Faraway Road, Snowmass Village, CO: Sold Price: $4,500,000/$894 sq ft furnished. More details below photos.

MLS #117190 – Snowmass Village, Ridge Run single family home, 1970 Faraway Road, Snowmass Village, CO: Sold Price: $4,500,000/$894 sq ft furnished; Ask Price: $4,750,000. (Original Price: $6,995,000 and 1,503 days on the market since 12/12/2007.) This is a 1985 built/2006 remodeled, 5 bedroom/5 bath/2 half bath, 5,030 sq ft single family home with 3 car garage. Broker comments are, “Simply the Best. Completely renovated brand new 5 bedroom/5 bath/2 half bath ultra luxurious ski in/ski out home. Includes high tech media room, grand marble entry with oversized double entry doors,commercial quality kithcn with Viking appliances, steamshowers in the master and guest master baths, walnut floors, venetian plaster walls, beautiful granite and stone throughout. Ski in/ski out is via West Fork ski run just below Elk Camp. A must see to appreciate all the fine details.” 2010 Taxes: $17,504; HOA Dues: $90 Yr. Town of Snowmass Village Transfer Tax of approx. 1% payable by buyer. Under Contract Date: 01/09/2012; Sold Date: 01/23/2012. (Photos and broker comments courtesy of Chaffin Light R.E.)

Tim Estin welcomes your business, inquiries and comments. Email: [email protected] or call 970.920.7387. Subscribe to The Estin Report and Tim Estin’s AspenRealEstateBlog.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 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 Aspen broker Tim Estin, mba, gri.”

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