The home at 802 Gibson was one of the last of the new, single-family homes built during the spec-construction wave preceding the recession, he explained. With those homes still on the market, and the sellers getting increasingly motivated to sell and continuing to drop their prices, it put downward price pressure on the rest of the market, particularly older homes that had trouble selling. Now that older inventory won’t have as much competition, Estin pointed out. And, he said, it is a sign that the bottom has been reached.
ASPEN—A spec home in Aspen’s Smuggler neighborhood recently sold for 68 percent less than its original, 2006 pre-construction price—most likely the greatest single-family home discount in the Aspen area since the economic downturn began four years ago, according to one broker’s calculations.Tim Estin, a broker with Coldwell Banker Mason Morse, spent some time doing research and calculations before publishing the sale on his Estin Report real estate blog. He found only one other discounted sale that might have been close—a green-built spec home at W/J that sold for $6 million, a 57 percent discount from the original nearly $14 million price. The five-bedroom, 8,000-square-foot home at 802 Gibson Avenue was the last of the three spec homes called the Aspen View Residences to sell. The home, near the corner of Lone Pine Road and adjacent to the Smuggler trailer park, was put on the market at the end of 2006—at the height of the real estate boom—before its completed construction in 2008—just before the crash. It was originally listed for $13.16 million.
By Catherine Lutz, Sept. 7, 12, ABJ
802 Gibson Avenue, Aspen CO (MLS 117882: Photo courtesy of Aspen Snowmass Sotheby’s)
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