While activity has picked up, there were some notable sales last week that broke through long dormant property categories…Significantly, a single family ski-in/ski-out lot closed for $3M in Two Creeks Subdivision, Snowmass Village,This is the first Snowmass vacant lot sale since 8/23/07. (See:The Estin Report: Aspen Snowmass Vacant Lot Sales Chart 2004-2009. This chart will be updated soon with 1st Quarter 2010 vacant lot sales.). And there were (3) Aspen commercial sales last week, the first commercial sales of the 2009/2010 winter ski season.
Here is this past week’s Aspen and Snowmass Village real estate sales activity for all property types over $250,000 excluding fractionals.
Closed (9): MLS#:’ 98087 & 111085, 110120, 99765, 113475, 113519, 113624, 114144, 113316 Link is valid for 30 days until 4/20/10
MLS # 98087 & 111085- Commercial/Mixed Use – 518 W. Main St, Aspen, CO: This is a mixed use commercial/residential property owned by two elderly dueling sisters who couldn’t agree on whether to sell (only 1/2 of the house was for sale for years), and then once they agreed to sell together, they disagreed on price, forever. It’s impressive it has sold! (Read 4/2/10 Aspen Daily News article on this property). It is a 7,500 multi-use development site with historic preservation incentives if the old structure is kept on the property. Ask Price for both interests was originally $1.8M and $1.3M; Sold Price respectively was $1M and $975,000. (Photo courtesy of Pitkin Realty and Sterling Homes and the Aspen/Glenwood MLS)
MLS # 113316 – Commercial Leasehold – 215 S. Monarch St #202a,b,c,d, Park Central Bldg, Downtown Aspen, CO: This is a commercial leasehold. Sold Price: $925,000. Listing brokers says, ” This office space (built 1985) is approx. 1,050 SF of space located on the 2nd floor with great views looking south west at Aspen Mountain and Wagner Park. The space consists of four (4) private office spaces, a kitchen area, storage, reception area and large private balcony. This office is ideal for all professionals.” (Photos courtesy of Frias Properties and the Aspen/Glenwood MLS)
MLS # 110120 – Top of Mill Townhome – 917 S. Mill St, Downtown, Aspen, CO: Sold Price: $6.85M/$1,041 sq ft; Ask Price: $9.995M/$1,519 sq ft (Original Price was $11.295M and 361 days on market). This is a 3 bdrm/4.5 bath, 6,578 sq ft 2004 built townhome located at the top of Mill Street, which is the bottom of Aspen Mountain. It is as close to ski-in/ski-out as one can get within the City of Aspen…and there is very little direct ski-in/out property available in Aspen. (Photos courtesy of Boone & Co Real Estate and the Aspen/Glenwood MLS)
MLS # 99765 – Aspen West End Duplex – 521-A-N. Seventh, Historic West End Aspen, CO: Sold Price: $2.5M/$952 sq ft; Ask Price: $2.95M/$1,124 sq ft (Original Ask Price: $4.5M and 973 days on the market). This is a 1/2 Duplex built in 1993, 3 bdrms/3.5 baths, 2,625 sq ft with a wonderful outdoor patio and yard for entertaining. Listing broker property comments are, “1/2 duplex that lives like a house within an easy stroll to Music tent. Chef’s kitchen, 3 fireplaces, wine room, open living area, gorgeous patio with built in grill and terraced garden. Lower level space is A.D.U. Air conditioned throughout.” …When it first came on market, it was disclosed the property had an Entran II issue. This eventually was mitigated by sellers but buyers weren’t interested until it had been fixed – an important lesson to sellers: get “issues”, the “broken” or perceived “bad” stuff fixed! Buyers of 2nd homes don’t want hassles! In mid-fall 2008, amidst the financial market meltdown, the price was reduced dramatically to $2.995M. The seller became motivated and the property was soon under contract near ask price for more than a year with a lease-to-purchase arrangement. So effectively, for the past year, it’s been off the market. But at the scheduled closing the end of Jan ’10, the buyer walked from a considerable earnest money deposit because of his inability to sell a property in Texas. The contract fell out in early Feb., and prospective buyers quickly swooped in as there is little inventory in Aspen’s Historic West End in $2M-$3M category. This was ripe for the pick’in. It was purchased by a long-time successful local with multiple Aspen real estate holdings looking to downsize, to be closer in to town and ideally, to be within close proximity to the summer Aspen Music Festival. (Photos courtesy of Mason Morse Real Estate and the Aspen/Glenwood MLS)
Note: It is often said that “when locals start buying they often know or sense what normal second home buyers don’t…there are deals to be had …and when they start to purchase, it’s usually a tip-off that we may be near bottom of this cycle.”
MLS # 113475 – Tbd Two Creeks Dr, Vacant Lot in Two Creeks Subdivision, Snowmass Village: Sold Price:$3M; Ask Price: $3.995M (Original Price: $4.65M and 156 days on the market. This is a significant sale because it is the first Snowmass vacant lot sale since 8/23/07. (See: The Estin Report: Vacant Lot Sales Chart 2004-2009). The listing broker’s comments are “The only homesite available in Two Creeks Subdivision. Rare opportunity to build in Two Creeks on one of the best lots with breathtaking views! Two Creeks is a prestigious neighborhood that offers ski-in, ski-out access to the Two Creeks lift. Just imagine…. sit by the fire in your dream, ski home amidst the aspen trees. Build your mountain retreat up to 5,500 sq. ft. An additional 550 sq. ft. can be purchased totaling 6,050 sq. ft.” (Photos courtesy of Chafin Light Real Estate and the Aspen/Glenwood MLS)
MLS # 113519 0 – Maroon Creek Townhome – 311 Pfister Dr,, Maroon Creek Townhomes, Aspen, CO: Sold Price: $3.4M/$757 sq ft; Ask Price: $4.195M/$934 sq ft (Original Price: $5.495M listed 09/06/2006 until 4/30/09. Then re-listed on 10/21/2009 at $4.995M). This is a 4Bdrm/4.5Bath, 4,492 sq ft, 1997 built with 2-car garage. The listing broker remarks are, “Exceptional 4 bedroom corner townhome with great views of the golf course, Red Mountain and Hunter Creek. This property has an open floor plan on the main level including the living room, dining room and kitchen. Owner upgraded kitchen stone, master bathroom stone and master bedroom closet. Original owner and rarely lived in.” (Photos courtesy of Frias Properties and the Aspen/Glenwood MLS)
MLS #113624 – 55 Upper Woodbridge Road Unit # D-3, Snowmass Mountain Condo , Snowmass Village, CO: Sold Price: $550,000; Ask Price: $599,000/374 sq ft. (Original Price: $910,000 listed 11/03/08, approx 395 days on market). This is a 3 bdrm/3 bath, 1,600 sq ft 1973 built/2007 remodeled condo. HOA dues are $2,914 qtr and 2008 Taxes are $2,903. The listing broker remarks are, “:Beautifully remodeled and furnished throughout. Views towards the Continental Divide from living and dining room and quiet grassy meadows from the bedrooms and upstairs den. Top floor condominium. Free town shuttle stops out front.” (Photos courtesy of BJ Adams & Co and the Aspen/Glenwood MLS)
MLS #114144 – 332 Branding Lane, Horse Ranch Subdivision, Snowmass Village, CO: Sold Price: $3M/$860 sq ft; Ask & Original Price: $3.35M/$961 sq ft 89 days on the market. This is a 4 bedroom/4.5 bath, 3,485 sq ft 2001 built home in Snowmass Village’s 2nd newest subdivision, Horse Ranch, developed in the late 1990’s.The listing broker remarks are, “Close to nature on the hillside, you are surrounded by beautiful gardens and the sound of running water from the waterfall. This is one of the nicest homes in Horse Ranch. Furnished beautifully, with open floor plan, gourmet kitchen, deck and covered patio complete with hot tub and views of the Snowmass Valley. Private and tranquil master bedroom wing, fireplaces in every bedroom, family room with big screen TV and office create a warm and inviting family home. Located in beautiful Horse Ranch and wonderful views”. (Photos courtesy of Chafin Light Real Estate and the Aspen/Glenwood MLS)
Under Contract/Pending (6): MLS#’s:109635, 111929, 106493, 115171, 108846, 109802 Link is valid for 30 days until 4/20/10. Photos of under contract properties are not posted unless special circumstances dictate.