The spike in RLN sales reflects a trend in what is currently selling in the Aspen market — quality and well-located properties.

ASPEN REAL ESTATE – If the local real estate market is still feeling the effects of a down economy, sales at the Residences at Little Nell is not an indication — more than $45 million has been sold in fractional units in less than a year.In the past nine months, the private Residences at Little Nell (RLN) has experienced a spike in sales — indicating a trend that high-end condos are a bright spot in Aspen’s real estate market. There have been 29 RLN transactions since December, grossing a total of $45.77 million in sales revenue, which is up almost 20 percent from the previous year’s sales, according to transactions recorded in the Pitkin County Clerk and Recorder’s Office and RJ Gallagher, managing director of marketing and sales for RLN. The residences are comprised of 26 units — 19 three-bedrooms and seven four-bedrooms — available for fractional ownership, which are sold at 1/8 interests [6 weeks ownership]. There were originally 208 fractional interests available. To date, 73 percent of the total interests have closed, while three more contracts are due to close in the next few months, Gallagher said.
By Dorothy M. Atkins, Aug.30, 2011

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