Tim Estin is an active Aspen real estate broker with 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, annually and also special reports. For blog archives, scroll down to bottom of this page and search by date or topic. Search this site by Aspen and Snowmass topic in SearchEstinAspen.com in the menu bar. Follow @EstinAspen on twitter for Aspen Snowmass real estate news, market updates, statistics, commentary and reports or subscribe to RSS feeds.

Link to: The Estin Report: Aspen Snowmass 2010 Year End Summary

General Comments: Of note last week is the fact that 3 of the 4 closings were distressed sales. Our market has not been driven by these sales, but it remains to be seen the extent to which – if any – they will impact non-distressed sales and prices. In general, market activity continues to pick-up as we move full throttle into the spring break season. Since Jan 31st, there have been (6) big money Aspen real estate transactions over $14MM: Read the 2/19/11 Aspen Real estate Market Update with two important Estin Report Aspen trend graphs, MLS property links, photos and descriptions to these (6) properties.

Last Week’s Market Highlights – Aspen 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 on Tim’s website to preserve an archive of sold market activity.

Spreadsheet Summary: The Estin Report: Aspen Snowmass Weekly Sales Statistics, Mar 6 – 13, 2011

Closed (4): Closed (4): MLS #117414, 116010, 117334, 106889. This link is valid for 30 days until 4/12/2011.

MLS #116010 – Single family home short sale in Little Elk Creek Subdivision, 106 Haystack Lane Snowmass, CO: Sold Price: $575,000/$210 sq ft; Ask Price: $720,000/$263 sq ft. (Original List Price:$1,795,000 and on the market 1,508 days since 10/03/2006). This is a painful short sale of a 1972 built/2003 remodel, 3 bedroom/2.5 bath, 2,734 sq ft home on 1.13 acres in Old Snowmass. The brokers comments are, “Affordability in Old Snowmass is here. Seller loss is your gain. This home was purchased in 2006 at $1,525,000. Take advantage of this up-to-date market price. It will not last long. Stunning views encompass outdoor living at its finest. A retreat unlike any other.” 2009 Taxes: $6,483 Yr; HOA Dues: $580 Qtr. Sold Date:03/04/11; Under Contract Date: 11/08/10. (Photos and description courtesy of Morris & Fyrwald, Sotheby’s Intl Realty).

MLS #106889 – Half duplex spec home bank sale, 1240 Snowbunny Lane Unit A Aspen, CO: Sold Price: $3,100,00/$ 658 sq ft; Ask Price: $3,495,000/$742 sq ft. (Original Price: $6,950,000 and 945 days on the market since 8/5/08). This is a spec built duplex project completed in mid-2008. It is a bank owned sale of 5 bdrm/5 bath/2 half baths, 4710 sq ft 3-level home on a 1/3 acre with a 2-car garage. The brokers comments are, “This new rustic mountain half duplex offers big views towards Independence Pass and Red Mountain over undeveloped land, as well as a seasonal stream. This five-bedroom, seven-bath unit is designed to live as a single family home. All of the luxuries you would expect from a new Aspen home are present including air conditioning,radiant heat, study, wine cellar, media room and a large family recreational room.”. 2009 Taxes: $13,448 Yr; Sold Date: 03/08/11; Under Contract Date: 02/18/11. (Photos and description courtesy of Aspen Associates Realty Group LLC).

MLS #117334 – Half duplex spec home in Mountain Valley subdivision, 138 Lupine, Aspen CO: Sold Price: $3,490,000/$825 sq ft; Ask and Original Price: $4,295,000/$1,015 sq ft. and 241 days on the market since 07/09/10. The brokers comments are, “Just completed in Mountain Valley, this 2010 mountain contemporary duplex features 5 bedrooms, 5 full baths, 2 half baths, 4228 square feet, open floor plan, high end finishes, vaulted ceilings, two laundry areas, radiant heat, air conditioning, large patios, outdoor entertaining area with built-in state of the art BBQ, deck, and a 2 car garage.” 2009 Taxes: $10,284Yr; HOA Dues: $200Yr. Sold Date:03/07/11; Under Contract Date: 01/04/11. (Photos and Description courtesy of Morris & Fyrwald, Sotheby’s Intl Realty).

MLS #117414 – Single family Snowmass Village home, 71 N. Ridge Ln, Snowmass Village, CO: Sold Price: $2,500,000/$669 sq ft; Ask Price: $2,895,000/$774 sq ft. (Original Price:$3,195,000 and 250 days on the market since ). This is a 1989 built/2010 remodeled, 4 bedroom/4.5 bath, 3,739 sq ft home on almost 1 acre with a 2-car garage. The broker writes, “Designed by local architect, Graeme Means and rebuilt by Toby Morse. Virtually a brand new home sited among the trees in quiet lower Ridge Run. Every room designed to take in the great outdoors. Covered patio, many decks, big open great room, gourmet kitchen, huge garage for cars, storage and toys. Easy natural landscaping, 2nd popcorn kitchen for the kids.” 2010 Taxes: $5,662 YR; HOA Dues: $125Yr. Sold Date:3/08/11; Under Contract Date:01/21/2011. Town of Snowmass Village Transfer Tax of 1% payable by buyer. (Photos and description courtesy of BJ Adams and Company).

Under Contract / Pending (4): MLS# 115984, 111104, 117040, 119941. This link is valid for 30 days until 4/12/2011. Photos and descriptions of under contract 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.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 by email.The Estin Report is copyrighted 2011 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”