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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 (4): MLS #117810, 114805, 118942, 117843. Link is valid for 30 days until 2/14/2011

MLS # 117810 – Maroon Creek Club Condo, 10 Club Circle #5&6, Aspen, CO: Sold Price: $1,050,000/$525 sq ft; Ask Price: $1,300,000/$650 sq ft. (Original Price and 147 days on the market.)This is a 2 bedroom/2 bath, 2,000 sq ft condo unit built in 2000. The list brokers comments are, ” The ultimate opportunity for exclusive country club lifestyle on the golf course and only 5 minutes from downtown Aspen. Located within the Clubhouse at the Maroon Creek Club. This remodeled 2 bedroom with vaulted ceilings and private deck overlooks the driving range and 1st tee box. Members will enjoy a leisurely lifestyle when in house with tennis, dining, swimming, and fitness all on site. When tired of being pampered bike, walk, or drive into town to all that downtown Aspen has to offer. Full golf membership was recently reduced from $400k to $200k and must be purchased in addition to this Millennium Club Membership. Excellent time to buy at this discounted price.This is a Membership Sale not actual Real Estate. Buyer is required to also purchase a full Golf Membership to the Maroon Creek Club for an additional $200,000.” 2009 Taxes: unknown; HOA Dues: $8,625 Qtr. Sold Date:01/06/11; Under Contract Date: 12/01/10. (Photos and description courtesy of Morris & Fyrwald, Sotheby’s Intl Realty)

MLS #114805 – Half duplex, 1560 Silverking Dr, Aspen, CO: Sold Price: $5,100,000./$979.sq ft;
Ask Price: $5,350,000/$1,027 sq ft. (Original Price: $5,700,000 and 333 days on the market.) This is a 2007 built, half duplex, 4 bedrooms/ 5.5 baths, 5,209 sq ft with 2-car garage. The list broker writes, “This mountain contemporary home has Pyramid Peak perfectly framed in the floor to ceiling windows of the living room, dining room, & master suite! Features include top of the line finishes & fixtures, elevator, exercise & media room with billiards, air conditioning, radiant heat, electronic blinds & shades, enormous garage, private patio, and views of Ajax, Highlands & Buttermilk.” 2009 Taxes: $13,618 Yr; HOA dues: unknown. City of Aspen RETT Transfer Tax of 1.5% applies to buyer. Under Contract Date: 8/31/10; Sold Date: 01/14/11. (Photos and description courtesy of Morris & Fyrwald, Sotheby’s Intl Realty).

MLS #118942 – Duplex/Townhome, Shadowview Condo,322 W. Hopkins Unit B, Aspen, CO: Sold Price: $1,655,000/$1,025 sq ft; Ask Price: $1,349,900/$836 sq ft. (Original Price $2,550,000 and 1,031 days on the market since 11/07/07.) This is a bank sale where the price was bid up +23% by competing buyers…an unusual circumstance in today’s market. According to The Estin Report: 4th Quarter 2010 Aspen Snowmass Report (to be released late in week of Jan. 17th, 11), the average Aspen duplex/townhome sold for $985 sq ft. The buyer ended up paying more due to competition and ultimately was very pleased to get the property. It’s interesting to note that this property had been on the market for so long – +1,000 days – yet finally another price reduction to $1,349,900 attracted multiple buyers. If one is a real seller in this market, it is this “sweet spot” price one wants to find in pricing their property in order to generate a fairly immediate swirl of buyer interest. This is a 3 bedroom/ 2.5 bath, 1,615 sq ft unit with 3 levels built in 1975/remodeled in 1993. The broker’s comments are, “Ideally located on quiet West Hopkins Ave. 3 bedrooms, 2.5 bathrooms, all above grade, south facing with great light and views of Shadow Mtn. Walking distance to downtown shops and the ski slopes. Private outdoor patio for entertaining. Covered parking. Bank owned. Please see ‘Documents’ for required language, Disclosures and Addendums prior to submitting an offer. Buyer must provide Proof of Funds for cash offer or Pre-Approval (not Pre-Qual) if conditional upon a loan. Sold in ”as is” condition. ” 2009 Taxes: $5,309 Yr; HOA Dues: $1,725 Qtr. Under Contract Date: 12/17/10; Sold Date: $01/11/11. City of Aspen RETT Transfer Tax of 1.5% applies to buyer. (Photos and description courtesy of Setterfield & Bright).

MLS #117843 – Alpenblick Townhome near base of Aspen Mountain, 711 S. Galena #16, Aspen, CO: Sold Price: $1,225,000/$1,085 sq ft; Ask Price: $1,325,000/$1,174 sq ft. (For this listing period, the property was on the market for 151 days since 8/15/10, but it had been listed for 361 days between 10/8/07 to 10/04/08 at $1,995,000.) This is a 3 bedroom/3 bath, 1,228 sq ft 2-level townhome built in 1965/remodeled in 2000. The broker writes,”This Galena Street side corner 3 bedroom/3 bath is all above grade; includes furnishings, wood fire place, 2 private balconies and less than 2 blocks to the Gondola! Association amenities include: pool, jacuzzi, heated walks, ski & snowboard storage, wireless internet & common parking”.2009 Taxes: $4,231 YR: HOA Dues: $2,815 Qtr. Under Contract Date: 11/08/10; Sold Date: 01/12/11. City of Aspen RETT Transfer Tax of 1.5% applies to buyer.(Photos and description courtesy of BJ Adams and Company-Aspen).

Under Contract / Pending (3): MLS# 114608, 119036, 118556 Link is valid for 30 days until 02/14/2011. Photos and descriptions of under contracts are not posted unless specialcircumstances 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 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.. 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,”