A recent auction at the Fox Crossing subdivision was one of the bright spots in first quarter 2012 sales in Pitkin County. The Auction drew 17 bidders, according to Concierge Auctions, the firm that oversaw the sale of one luxury spec home and one building lot.

ASPEN REAL ESTATE – After two years of strong gains in the first quarter, real estate sales volume in the upper Roaring Fork Valley (Aspen, Snowmass Village, Woody Creek, and Old Snowmass) was down 28 percent in the first quarter of 2012, according to Tim Estin of Coldwell Banker Mason Morse [in The Estin Report on the Aspen real estate market]. The number of sales, which has also jumped by double digits in 2010 and 2011, was down 27 percent. “In particular, Q1 2012 has not had the big ticket sales, Aspen and Snowmass home sales over $5 million and $10 million plus that we experienced the same time last year,” Estin wrote. He found only one sale over $10 million in the upper valley in the first three months of 2012, compared to six during the same time frame in 2011. He found seven sales over $5 million in early 2012 compared to 12 in early 2011.
By Catherine Lutz, April 11, 2012 ABJ

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One luxury spec house and one homesite sold in Saturday’s, March 17, 12, live auction of properties in Aspen’s Fox Crossing neighborhood. The winning bid for the four-bedroom home at 511 Walnut was $2.95 million plus 10% buyers premium ($3,245,000), and the undeveloped lot sold for $814,000 plus 10%. ($902,000). Another home with seven bedrooms that was originally supposed to get auctioned off went under contract prior to the March 17 auction date…. The winning bid for the 511 Walnut townhome was well shy (-22%) of the most recent MLS list price of $4.15 million and even further from the Pitkin County assessor’s valuation of $5.1 million. The 5,000-square-foot home was originally listed at $7.37 million. See more details on the Fox Crossing auction on The Estin Report 03/19/12 blog post.