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THE ESTIN REPORT: STATE OF THE ASPEN REAL ESTATE MARKET 2011 YEAR AND 4TH QUARTER released Jan 9, 12

Click image or link for executive summary and full report

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

An article in the Aspen Business Journal three weeks ago provides an in-depth review of data and reports on Aspen real estate 2011 performance and where we are headed. It includes an interview with Tim Estin. See the Feb. 6, 12 article, “Aspen Real Estate: Improvements with Caveats in 2011”.

Last week, two of the three closings were condo bank sales. See details under “Closed” below.

Under Contract / Pending (6): MLS# 114062, 121933, 119568, 124204, 122903, 110066. This link is valid for 30 days until 03/26/2012. Photos and descriptions of under contracts are not posted unless special circumstances or significance dictate.

Closed (3): MLS# 119761, 123849, 123331 . This link is valid for 30 days until 03/26/2012.

Aspen Snowmass Solds Last Week:

MLS #119761 – Snowmass Village, The Pines at Owl Creek single family lot, 920 Pine Crest Drive, Snowmass Village, CO: Sold Price: $4,500,000/$1,145,038 ac. More details below photos.

MLS #119761 – Snowmass Village, The Pines at Owl Creek single family lot, 920 Pine Crest Drive, Snowmass Village, CO: Sold Price: $4,500,000/$1,145,038 ac.; Asking Price: $4,995,000. (Original Price: $4,995,000 and 819 days on the market since 08/29/2008.) This is a 3.93 acre single family lot located in the exclusive Pines at Owl Creek subdivision. Broker comments are, “One of the best locations in Snowmass Village to build a very large home. This 3.93 acre single family lot offers views, privacy, ski access and allowable square footage up to 8,500 square feet at the top of the exclusive Pines Subdivision. This is the last vacant lot that allows this large of a home to be built in the Pines Subdivision. This lot backs up to the White River National Forest to offer even more privacy. Enjoy direct ski-in/ski-out access via the ski easement “Autumn Bypass” located on this lot.” 2011 Taxes: $42,948; HOA Dues: $5,466 Yr. Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 01/06/2012; Sold Date: 02/21/2012. (Photos and broker comments courtesy of Joshua & Co.)

MLS #123849 – Snowmass Village, Ridge condo, 229 Faraway Road #25, Snowmass Village, CO: Sold Price: $785,000/$537 sq ft unfurnished. This was a bank sale. More details below photos.

MLS #123849 – Snowmass Village, Ridge condo, 229 Faraway Road #25, Snowmass Village, CO: Sold Price: $785,000/$537 sq ft unfurnished, bank sale (REO); Asking Price: $799,900. (Original Price: $799,900 and 575 days on the market since 07.05/2010.) This is a 1985 built, 3 bedroom/3 bath, 1,461 sq ft condo. Broker comments are, “Updated 3 bed/3 bath, top floor Ridge condo with remarkable views. This property features vaulted ceilings, open floor plan, wood burning fireplace, and large walk out deck off of Living room and Master bedroom. Additional complex amenities include ski-in access, assigned covered parking, extra storage, pool, and hot tub.” 2010 Taxes: $3,924; HOA Dues: $2,431 Qtr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 02/02/2012; Sold Date: 02/21/2012. (Photos and broker comments courtesy of Merritt Group.)

MLS #123331 – Aspen, Central Core, South Point condo, 205 E. Dean Street 2A, Aspen, CO: $720,000/$704 sq ft unfurnished. This was a bank sale (REO). More details below photos.

MLS #123331 – Aspen, Central Core, South Point condo, 205 E. Dean Street 2A, Aspen, CO: $720,000/$704 sq ft unfurnished, bank sale (REO); Asking Price: $734,900. (Original Price: $749,900 and 822 days on the market since 09/01/2009.) This is a 1967 built, 2 bedroom/2 bath, 1,022 sq ft condo with 1 car underground parking. Broker comments are, “South East corner-unit in South Point with East facing balcony and views of Aspen Mountain. This two-bed/two bath property is 1,022 square feet and has new paint and new carpet, plenty of storage, and a wood fireplace. South Point has underground, secure parking and secure entrances, separate ski storage/locker room, and an elevator. Three blocks to the Gondola and walking distance to everything in town. Sold As-Is.” 2010 Taxes: $3,454; HOA Dues: $4,798 Yr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 01/20/2012; Sold Date: 02/22/2012. (Photos and broker comments courtesy of Merritt Group.)

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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