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RELEASED JAN 9. 2011: THE ESTIN REPORT: STATE OF THE ASPEN REAL ESTATE MARKET 2011 YEAR AND 4TH QUARTER

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The Estin Report: State of the Aspen Market 2011 Year and 4th Quarter

Tim Estin is an active Aspen real estate broker with Coldwell Banker Mason Morse located in the center of Aspen. This blog, www.AspenRealEstateBlog.com or Tim Estin’s blog, is released Monday mornings and sometimes in-between. The Estin Reports are released quarterly or semi-annually, annually and also special reports. For blog archives, scroll to bottom of this page and search by date or topic. Or search this site in SearchEstinAspen.com on the menu bar. If it’s about Aspen real estate, chances are there’s something about it here.

Last Week’s Market Highlights – Aspen Snowmass real estate weekly sales statistics and under contract activity appears below for all Aspen, Snowmass Village, Woody Creek and Old Snowmass properties over $250,000 in the upper Roaring Fork Valley excluding fractionals. Because the MLS links below expire after 30 days, photos and written descriptions of closed properties with excellent photography are posted here to preserve a public archive of sold market activity. For past sales, scroll to page bottom and search by time period.

Market Commentary – Jan 2012 moved dramatically ahead of Jan 2011, +45% in units sold and +24% in dollar volume , on top of 2011 gains over 2010 for the year, +15% in dollar volume and +25% in unit sales .

Under Contract / Pending (12): MLS# 124023, 123928, 123644, 122662, 123435, 111755, 122414, 123849, 122173, 123937, 120977, 123634. This link is valid for 30 days until 03/05/2012. Photos and descriptions of under contracts are not posted unless special circumstances or significance dictate.

Closed (9): MLS# 115037, 117103, 119104, 123077, 120194, 124124, 114690, 120763, 123097 . This link is valid for 30 days until 03/05/2012.

Aspen Snowmass Solds Last Week:

MLS #115037 – Aspen, Central Core, East Aspen Addition single family home, 934 E. Cooper Avenue, Aspen, CO: Sold Price: $4,500,000/$1,053 sq ft partially furnished. More details below photos.

MLS #115037 – Aspen, Central Core, East Aspen Addition single family home, 934 E. Cooper Avenue, Aspen, CO: Sold Price: $4,500,000/$1,053 sq ft partially furnished; Ask Price: $4,950,000. (Original Price: $7,995,000 and 706 days on the market since 02/20/2010.) This is 1995 built, 5 bedroom/5 bath/2 half bath, 4,270 sq ft single family home with 2 car garage. Broker comments are, “A Masterpiece…romanticized Victorian architecture meets state of the art design and antique appointments. Undoubtedly one of the most unique residences in all of Aspen. Outfitted with late 19th and early 20th Century antiques purchased throughout the world. This incredible residence features a roof top deck with hot tub and dining area with stunning views of Aspen Mountain. Other features and details too numerous to list. A must see.” 2010 Taxes: $13,694. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 01/06/2012; Sold Date: 01/27/2012. (Photos and broker comments courtesy of Coldwell Banker Mason Morse.)

MLS #117103 – Aspen, Central Core Penthouse Condo facing the proposed Aspen Art Museum, 630 E. Hyman Avenue, Aspen, CO: Sold Price: $5,175,000/$2,070 sq ft unfurnished. More details below photos.

MLS #117103 – Aspen, Central Core Penthouse Condo facing proposed Aspen Art Museum, 630 E. Hyman Avenue, Aspen, CO: Sold Price: $5,175,000/$2,070 sq ft unfurnished; Ask Price: $5,500,000. (Original Price: $5,500,000 and 575 days on the market since 06/24/2010.) This is a 2011 built, 3 bedroom/3 bath/1 half bath, 2,500 sq ft penthouse condo across the street from the proposed new Aspen Art Museum with 2 car garage. Broker comments are, “This stylish and elegant top-floor, contemporary penthouse located two blocks from the gondola is fully approved and ready for construction! Thoughtful design includes a functional floorplan all on one level with stunning, top-of-the-line finishes. 3 bedrooms + study and 1700 sq ft of snowmelted outdoor living space located right off the main area wrapping the south and east sides of the home. Floor to ceiling windows with jaw-dropping views of Aspen Mountain, Independence Pass and Hunter Creek; incredible all day sun. Private 2-car garage and plenty of storage with elevator access to the penthouse. An extraordinary opportunity in downtown Aspen that’re sure to generate wow.” 2011 Taxes: TBD; HOA Dues: TBD. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 08/20/2010; Sold Date: 01/20/2012. (Photos and broker comments courtesy of BJ Adams.)

MLS #119104 – Aspen, Central core, Clarendon Townhome, 625 West End #13, Aspen, CO: Sold Price: $2,530,000/$1,396 sq ft. More details below photos.

MLS #119104 – Aspen, Central core, Clarendon Townhome, 625 West End #13, Aspen, CO: Sold Price: $2,530,000/$1,396 sq ft; Ask Price: $2,700,000. (Original Price: $3,995,000 and 2,357 days on the market since 06/05/2008.) This is a 1976 built/2010 remodeled, 3 bedroom/3 bath, 1,812 sq ft condo. Broker comments are, “All new kitchen – Summer 2010. Sophisticated 2-story townhome – renovated in 2007 and fully furnished/accessorized in a contemporary style. Views of Ajax from master bedroom, A/C in master. Beautiful grounds. Small, quiet complex. Adjacent to Glory Hole Park. Walk to gondola, town center, Aspen Club easily. Pool, spa, resident manager.” 2011 Taxes: $5,987; HOA Dues: $14,029 Yr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 12/27/2011; Sold Date: 01/26/2012. (Photos and broker comments courtesy of BJ Adams.)

MLS #123077 – Aspen, West End half duplex home, 229 W. Smuggler Street, Aspen, CO: Sold Price: $2,500,000/$920 sq ft unfurnished. More details below photos.

MLS #123077 – Aspen, West End half duplex home, 229 W. Smuggler Street, Aspen, CO: Sold Price: $2,500,000/$920 sq ft unfurnished; Ask Price: $3,395,000. (Original Price: $3,395,000 and 103 days on the market since 10/19/2011.) This is an 1888 built, 3 bedroom/2 bath, 2,716 sq ft single family home with off-street parking. Broker comments are, “Charming Victorian that fronts Triangle Park, off street parking at the rear of the property access from the alley. The home sits on a condominiumized 9,000 square foot lot.” 2011 Taxes: $5,518. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 11/30/2011; Sold Date: 01/30/2012. (Photos and broker comments courtesy of Morris & Fyrwald, Sotheby’s Intl Realty.)

MLS #120194 – Snowmass, Snowmass Creek single family homes plus apartment with acreage, 4100-4104 Snowmass Creek Drive, Snowmass, CO: Sold Price: $5,600,000/$1,496 sq ft unfurnished. More details below photos.

MLS #120194 – Snowmass, Snowmass Creek single family homes plus apartment with acreage, 4100-4104 Snowmass Creek Drive, Snowmass, CO: Sold Price: $5,600,000/$1,496 sq ft unfurnished; Ask Price: $7,995,000. (Original Price: $9,975,000 and 680 days on the market since 03/01/2010.) This property is comprised of 73 acres with 2, 1978 built single family homes, 2 bedroom/2 bath; 3 bedroom/3 bath and a 1 bedroom/2bath apartment with 3 bay garage. Broker comments are, “Total of 73.16 acres divided into 2 parcels, each allowing 5750 square feet or 8250 square feet with TDRs. 3/4 miles of Snowmass Creek forms the Property’s eastern boundary. Flat irrigated pastures are ready for horses. Sweeping views of the Snowmass ski area and Elk Mountain Range. Improvements include 2 residences plus guest apartment, 3 bay garage, various outbuildings, horse stalls, 1800s historic milking barn, tack room, irrigation ditches, fencing, landscaping, walking paths and picnic areas along the river. The last time this property sold was 60+ years ago. This is a once-in-a-generation opportunity to purchase a Property featuring acreage, views, river frontage and senior water rights (dating to the 1800’s) located only 20 minutes from Aspen.” 2010 Taxes: $5,958. Under Contract Date: 10/21/2011; Sold Date: 01/25/2012. (Photos and broker comments courtesy of Peak Properties of Aspen.)

MLS #124124 – Snowmass Village, Top of Village condo, 855 Carriage Way #204, Snowmass Village, CO: Sold Price: $1,285,000/$886 sq ft furnished. More details below photo.

MLS #124124 – Snowmass Village, Top of Village condo, 855 Carriage Way #204, Snowmass Village, CO: Sold Price: $1,285,000/$886 sq ft furnished; Ask Price: $1,285,000. (Original Price: $1,285,000 and 29 days on the market since 02/01/2012.) This is a 1974 built, 3 bedroom/3 bath, 1,450 sq ft condo. 2010 Taxes: $4,923. Under Contract Date: 0102/2012; Sold Date: 01/31/2012. Town of Snowmass Village Transfer Tax of approx. 1% payable by buyer. (Photo courtesy of Chaffin Light R.E.)

MLS #120763 – Aspen, East Aspen single family river front home, 329 Park Avenue, Aspen, CO: Sold Price: $4,000,000/$800 sq ft furnished. More details below photos.

MLS #120763 – Aspen, East Aspen single family river front home, 329 Park Avenue, Aspen, CO: Sold Price: $4,000,000/$800 sq ft furnished; Ask Price: $4,995,000. (Original Price: $6,950,000 and 631 days on the market since 02/18/2010.) This is a 1998 built, 4 bedroom/4 bath/2 half bath, 4,994 sq ft single family home on the Roaring Fork River with 3 car garage. Broker comments are, “Old world charm and modern comfort merge to form this spacious mountain sanctuary. This immaculately well maintained home perched on a high bank of the Roaring Fork River affording Aspen Mountain views in addition to all the sights and sounds of the river is a short 5 minute walk to town. Old world charm framed by mountain, river and trees make this an irreplaceable property.” 2010 Taxes: $16,582. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. (Photos and broker comments courtesy of Coldwell Banker Mason Morse.)

MLS #114690 – Aspen, Red Mountain, Ridge of Red Mountain single family home, 75 Bennett Court, Aspen, CO: Sold Price: $2,250,000/$768 sq ft unfurnished. More details below photos.

MLS #114690 – Aspen, Red Mountain, Ridge of Red Mountain single family home, 75 Bennett Court, Aspen, CO: Sold Price: $2,250,000/$768 sq ft unfurnished; Ask Price: $2,490,000. (Original Price: $4,295,000 and 729 days on the market since 02/04/2010.) This is a 1981 built, 4 bedroom/3 bath, 2,830 sq ft older single family home with 2 car garage. Broker comments are, “A rare opportunity to own on Red Mountain in this price range. Priced at land value, the house has great potential as a renovation and is very livable while a new dream home is planned. Five minute drive to town but the privacy and views that make Red Mountain highly coveted. Wonderfully large deck for entertaining. Oversized two car garage. Expansion potential 1759 square feet without buying a TDR and adding below grade space.” 2010 Taxes: $7,711; HOA Dues: Approx. $800 Yr. Under Contract Date: 12/14/2011; Sold Date: 01/31/2012. (Photos and broker comments courtesy of Whitman Fine Properties.)

NO PHOTO AVAILABLE

MLS #123097 – Aspen, Central Core, Little Nell condo, 611 S. West End Street 5, Aspen, CO: Sold Price: $550,000; Ask Price: $585,000. (Original Price: $799,000 and 488 days on the market since 06/30/2010.) This is a 1968 built/2011 remodeled, 1 bedroom/1 bath, 611 sq ft condo. Broker comments are, “Complex going through a complete exterior remodel rennovation, to be completed by January. Great location, next to Glory Hole Park. Easy walk to town and gondola. Pets ok. Good rental. Wood-burning fireplace, 1 assigned parking space.” 2010 Taxes: $2,148; HOA Dues: $1,000 Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 11/19/2011; Sold Date: 01/30/2012. (Broker comments courtesy of Morris & Fyrwald, Sotheby’s Intl. Realty.)

Tim Estin welcomes your business, inquiries and comments. Email: [email protected] or call 970.920.7387. Subscribe to The Estin Report and Tim Estin’s AspenRealEstateBlog.com on twitter @EstinAspen by clicking “Join the conversation” button below or click subscribe button in the menu bar on left:

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Disclaimer: The statements made in The Estin Report and on Tim Estin’s blog represent the opinions of the author and should not be relied upon exclusively to make real estate decisions. A potential buyer and/or seller is advised to make an independent investigation of the market and of each property before deciding to purchase or to sell. To the extent the statements made herein report facts or conclusions taken from other sources, the information is believed by the author to be reliable, however, the author makes no guarantee concerning the accuracy of the facts and conclusions reported herein. Information concerning particular real estate opportunities can be requested from Tim Estin at 970.920.7387 or Email him. The Estin Report is copyrighted 2012 and all rights reserved. Use is permitted subject to the following attribution: “The Estin Report: State of the Aspen Real Estate Market, By Aspen broker Tim Estin, mba, gri.”

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