In general, business has picked up in town. More people are here and there are buyers looking at properties, thankfully, but an observation. The town, the streets, retail shops feel empty … almost like off-season, but the ski mountains and restaurants are actually crowded! It’s Spring Break time, and everyone’s skiing and dining!! Priorities have realigned. Not shopping nor looking frenziedly at real estate as it’s been in past four years. There are actually lines at the Aspen Mtn Gondola. And a calmness. In many ways, a sign of health for sure

As of Mid-March, there are signs that the national housing market is stabilizing and the cycle is in its advanced state. See Goldman Sachs’ Feb. 2009 Market Update on the Housing Sector and see the WSJ Graph of Recessions. “History suggests we are well past the half-way mark”, GS reports. It is well known that Aspen real estate has typically been “last in, first out” of national downturns.

Past Weeks Sales Activity

Closed (3): (This link will no longer be available after 4/14/09)

  • MLS #103572: 381 Ridge Rd, Snowmass (Deerbrook #C-3). Ask Price: $3.075M; Sold Price: $2.35M/$802 sq ft (-24% off ask). 4 bdrm/4ba, 2,994 sq ft, built 1990. Ski-in/ski-out slope side next to ski lift. Days on market (DOM):386. Buyer is also paying $150K special assessment.
  • MLS #108654: 119 E. Cooper #10 (Winfield Arms Condo), Ask Price: $475,000; Sold Price:$455,000/$1,459 Sq Ft, (-4% off ask). Studio condo in downtown Aspen, 312 sq ft, Days on Market:67.
  • MLS #106118: Lot sale. TBD Snowmass Creek Rd. Ask Price: $4.75M; Sold Price $4.1M (-14% off ask). Days on Market 246. This is the first lot sale in 2009, With this sale, there have been only a total of 6 lot sales since Jan 1, 2008. See vacant land notes.

Under Contracts (4): (This link will no longer be available after 4/14/09)

  • MLS #108891: 117 N. Monarch #1 (Le Votaux Condos). Ask Price: $2.495M. Beautiful large contemporary 2007 remodel: 3 bdrm/3 bath, 1,900 sq ft with private large outdoor courtyard with garden and small lawn area. This was purchased 3/8/2007 as fixer-upper. Gutted and remodeled and placed back on market 20 months later on 12/27/08 at $3.995M. It was reduced to its present price on 1/6/2009. Days on Market: 437.
  • MLS #104949: 800 S. Mill #205 (Fasching Haus Condos). Ask Price: 895,000. ($1,171 sq ft). 2 bdrm/2bath, 764 sq ft condo at base of Aspen Mtn, in-town. Days on Market 301.
  • MLS #107540: 790 W. Hallam #3 (Aspen West Condo). Ask Price: $599,000 ($1,089 sq ft). In- town studio, 550 sq ft, outdoor patio. Days on Market: 168.
  • MLS #103524: 1377 Sage Court (Red Butte Subdivision). Ask Price: $6.999M/$766 sq ft. (-42% from original ask price,$12M).New single family home, built 2007, 7B/6ba,9,131 sq ft with separate guest quarters located in river front subdivision, but this property is across the street from river.This is a distressed developer sale. On the market for more than 2 1/4 years.