The past week, two (2) downtown Aspen condos went under contract at Chateau Snow and Chateau Eau Claire. Under contracts/Pending sales are often an indicator of future activity, since these are typically expected to close in 30-60 days. There has been very little Aspen Core condo activity this year, see The Estin Report: 1st Half 2009 State of the Aspen Snowmass Market for specific details. Two units under contract does not make a trend, but it may be an interesting event to be aware of. Prices on condos are coming off their highs significantly, and it seems to me that there are real buyer opportunities.

Closed (4): 109362, 107619, 109416, 100644

  • MLS # 109362 – 311 S. Aspen #5, Cooper Street Lofts. Originl Price: $1.249M; Ask Price: $1.095M; Sold Price: $995,000/$1,147 sqft.(-20% off original price). Newly remodeled contemporary top floor 1Bedrm/1Ba, 847 sqft, Aspen Mtn views, 2-3 blocks to center downtown.185days on market.
  • MLS # 107619 – 400 W. Hopkins #5, Orig. Price: $2.8M; Ask Price: $2M; Sold Price: $1.9M/$1,283 sqft. (-32% off Original Price). 3Bdrms/2Ba, 1,480 sqft, 1970’s condo space in small 5-6 unit “Scott Bldg”, 9’ceilings, 4-5 blocks to downtown core. in quiet W. Hopkins location. 303 days on the market.
  • MLS # 107619 – 404 S. Galena #313, Independence Square Condo/Hotel. Original Price: $585,000; Sold Price: $510,000/$1,275 sq ft. (-13%from Original Price). This is a 400 sqft top floor large studio with lots of light and Aspen Mtn views and views of Aspen downtown Galena St Mall. Located above the Ralph Lauren/Polo store in dead-center Aspen, these units provide solid rental income with ultra convenient downtown guest accommodations. 172 days on the market. There are currently ( ) other units available in the complex. Call or email me for additional details and the financials.
  • MLS # 100644 – 36 E. Ridge Ln, Ridge Run Subdivision, Snowmass Village. Original Price: $2.95M; Ask Price:$2.495M; Sold Price: $1.95M/$634 sqft.(-34% off Original Price). Single family 4Bdrm/4Bath, 3047 sqft home. 700 days on the market.

Under Contract/Pending(6): 105171, 111820, 108982, 108781, 106618, 106861

  • MLS # 105171 – 82 Eastwood, Eastwood section of the Mountain Valley Subdivision, Aspen. Original Price: $ 8.75M; Ask Price: $6.25M$1,073 sqft. Brand new 2008 mountain contemporary home 5B/4Ba. 433 days on the market.
  • MLS # 111820 – 39 Boomerang Rd #C8115, Aspen Highlands. Original Price: $1.195M/$404 sqft. 54 days on the market. I do not know anything about this but suspect it is deed restricted housing the the developers of the redeveloped Highlands Village were required to set aside by Pitkin County as affordable housing and the seller is disposing some of his holdings after failure in litigation to have these units reversed to free market.
  • MLS # 108982 – 926 Waters Ave.#301, Chateau Snow Condos,Aspen Core. Origianl Price: $1.695M; Ask Price: $1.55M/$1,269 sqft. Top floor 2bdrms/2bath, 1,221 sqft condo two blocks from Gondola, in small 9 unit complex. 201 days on market
  • MLS # 108781 – 400 Woods Rd, Crestwood Condo #D1206, Snowmass Village. Original Price: $750,000; Ask Price: $635,000/$944 sqft. This is 1 bdrm/1Bath, 672 sq ft condo. 221 days on the market.
  • MLS # 106618 – 1034 E. Cooper #2, Chateau Ea Claire, on the Roaring Fork River, Aspen Downtown. Original Price: $3.2M; Ask Price: $1.95M/$1,350 sqft (-39% off Original price). Beautifully remodeled river facing 3Bdrm/2Bath, 1,444 sq ft condo. 366 day s on the market. This was a spec remodel, and seller has been very motivated.Great river and town location, but compromised as it is a corner unit also facing busy Cooper Street which is likely reason it has not sold until now.
  • MLS # 106861 – 37 Five Trees, Five Trees Subdivision between Meadowood and Aspen Highlands. Original Price: $$4.995M; Ask Price: $4.495M. This is a vacant lot sale. 353 days on market.