1) The Estin Report: 2Q2010 Aspen Snowmass Residential Summary published on July 2, 2010. Revised pgs 1,9 &10 July 10, 2010.

Click image for report

2) Last Week’s Market 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, (although Residences at Little Nell and Dancing Bear are included due to their higher fractional price points), in Aspen, Snowmass Village, Woody Creek and Old Snowmass. Because the MLS link(s) to photos and property details expire after 30 days, photos and descriptions of the closed properties are posted to preserve an archive of sold market activity.

For a spreadsheet summary of the past week’s activity, see The Estin Report: Aspen Snowmass Weekly Sales Statistics June 27 – July 4, 2010

Closed (6): MLS’# 114349, 105720, 106455, 114035, 116419, 112518 THis link is valid for 30 days until 08/03/10.

MLS # 114349 – 385 Pine Crest Drive, Pine at Owl Creek Sub, Snowmass Village, CO: Sold Price: $9,000,000./$1,689 sq ft; Ask and Original Price: $11,500,000./$2,168 sq ft (171 days on the market since 1/11/2010). Ski-in/ski-out, Owl Creek Snowmass home built 2001., 5,328 sq ft, 5 bdrm/5 ba, 2hba. Listing broker says, “An absolutely beautifully designed and appointed ski in/out home meticulously maintained. Modern clean lines with the best views in the Pines. Sweeping vistas of the Hanging Wall, Cirque, KT Gully, and the Rim. Custom furniture,cabinetry, everything throughout. There is nothing like this on the market. Light, bright, clean.” 2009 Taxes: $22,398; HOA Dues: $90 yr.(Photos and description courtesy of BJ Adams & Co)

MLS # 105720 – 501 W. Hallam, Historic West End, Aspen, CO: Sold Price: $3,500,000./$952 sq ft; Ask and original price: $3,900,00./$1,034 sq ft, (On the market for 749 days since 6/12/2008). This is arguably lot value plus some premium perhaps for 6 bdrm/5 ba home, 3,673 sq ft structure with 858 sq ft garage, built 1960/remodel 1973. Listing broker’s remarks, “This prime spot is a 6000 sq. ft. lot on one of the best corners in the desirable West End. According to city code you have the option of building your personal residence as a single family home or a duplex development. interesting and rare opportunity for a developer or end-user within walking distance to downtown.” (Photos and description courtesy of Morris & Fyrwald, Sotheby’s Intl Realty)

MLS # 106455 – 1151 Willoughby Way, Base Red Mtn, Aspen, CO: Sold Price: $10,800,000./$1,443 sq ft; Ask Price: $12,750,000. (Original price: $13,850,000. and 711 days on the market since 7/17/2008). This is 5-star location, 1992 built/2007 remodel 6 bdrm/6 ba, 2 hba, 74,483 sq ft prestigious Pitkin Green home. Listing broker comments, “This Red Mountain setting is privacy perfected. Meticulously remodeled in mountain contemporary style the striking home features sweeping Aspen Mountain views. Highlights include a separate master wing with a sitting room and office, formal living and dining rooms, a state-of-the-art kitchen and four guest suites with outside access. A mountainside pool and spa, as well as generous patios, offer opportunity for outdoor recreation and entertaining. A two-car garage with a caretaker unit tops things off.” 2007 Taxes: $19,135.; HOA Dues: $1,500 yr.(Photos and description courtesy of Joshua and Co.)

MLS # 114035 – 137 Stellar Ln, Ridge Run Sub, Snowmass Village, Aspen, CO: Sold Price: $1,750,000/$614 sq ft; Ask Price: $2,795,000./$980 sq ft (Original price: $$2,795,000 and 191 days on the market since 12/7/2009). This is a 1977 built/2008 remodel, 2,853 sq ft, 4 bdrm/4bath. Listing broker says, “Completely remodeled, 4 bedroom home in Ridge Run features panoramic views in the wintertime and private,treed serenity in summer and autumn. Practically brand new inside and out, this is THE home to see under $3M in Snowmass Village.Features include all new 40-year roof, custom wood flooring, immaculate kitchen and pantry, loft/office plus 4 private bedroom suites. There is nothing that compares in the Snowmass single family market for this price.” 2009 Taxes: $6,483.: HOA Dues: $75 yr. (Photos and description courtesy of Chafin Light RE Snowmass)

MLS # 116419 – 70 Larson Dr, Starwood Subdivision, Aspen, CO: Sold Price: $5,500,000/$757 sq ft; Ask Price: $5,495,000. (Original price $12,900,000. and over 726 days on market since 6/18/2008.) This was a spec home built 2008, 0n 2.63 acres with stunning Starwood panoramic views. It is 5 bdrm/5 bath, 2 hba, 7,262 sq ft.on 3 levels. This is arguably one of the top great deals in Aspen since the economic crisis began. Listing broker writes, “New construction at the top of Starwood, with huge views of all 4 ski mountains and the Elk Mountain Range.The luxurious home sits on 2.63 acres, and features 5 bedrooms, 5 full baths, 2 half-baths, 7262 square feet plus a 678 square foot oversized two car garage, large country kitchen, wine room, office, theater, multiple fireplaces, hardwood floors, elevator, air conditioning, radiant heat, extensive patios & decks, hot tub,and the finest materials & finishes throughout. Furnishings are available for separate purchase. This is a short sale.” 2009 Taxes $21,981; HOA Dues $463 yr. (Photos and description courtesy of Morris & Fyrwald, Sotheby’s
Intl Realty)

MLS # 112518 – 0372 Glen Eagles Dr, Aspen Highlands area, Aspen, CO: Sold Price: $6,500,000/$874 sq ft; Ask Price: $6,975,000/$938 sq ft (Original price $7,450,000 and 331 days on the market since 8/3/2009). This is a 1988 built/1999 remodel Aspen Highlands subdivision home on almost an acre with beautifully landscaped grounds. It is 5 bdrm/6.5 ba, 7,435 sq ft on 3 levels. Listing broker says, “This generous home was built on one premise: life is fun! A beautifully CCY-designed “Craftsman”-style house located on the private Highlands-Five Trees ski trail, ideal for the large family who likes to entertain friends. Extraordinary architecture and wood and stone detail, featuring the work of many local artists. Huge windows frame Highlands ski area. Features include antique hickory floors, gorgeous master, large study, family room, billiards room, exercise room, wine cellar, and state-of-the-art theater. Magnificent landscaping and outdoor spaces, including spa, large yard for volleyball, and a stone dining terrace with wood fireplace.” 2009 Taxes: $12,805.: HOA Dues: $2,529 Yr.approximate for maintaining Five Trees Ski Metro District Trails for private ski trail access.(Photos and description courtesy of BJ Adams and Co)

Under Contract/Pending (8): MLS’# 106962, 114786,112515, 107225, 114035, 116794, 115542, 116851 This link is valid for 30 days until 8/3/10.

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, www.EstinAspen.com”