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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

See just posted Feb 2012 Aspen Snowmass Market Sales Charts with commentary. Going forward monthly sales snapshots will be published on the 1st Monday of each month.

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”.

Under Contract / Pending (1): MLS# 120366. This link is valid for 30 days until 04/11/2012. Photos and descriptions of under contracts are not posted unless special circumstances or significance dictate.

Closed (4): MLS# 123765, 124567, 113946, 122173. This link is valid for 30 days until 04/11/2012.

Aspen Snowmass Solds Last Week:

MLS #123765 – Aspen, Red Mountain, Pitkin Green single family home, 999 Willoughby Way, Aspen, CO: Sold Price: $16,000,000/$1,590 sq ft unfurnished. More details below photos.

MLS #123765 – Aspen, Red Mountain, Pitkin Green single family home, 999 Willoughby Way, Aspen, CO: Sold Price: $16,000,000/$1,590 sq ft unfurnished; Asking Price: $19,950,000. (Original Price: 19,950,000 and 77 days on the market since 12/28/2011 although it had been privately marketed since the summer.) This is a 2005 built, 7 bedroom/7 bath/1 half bath, 10,060 sq ft single family home with 3 car garage. Broker comments are, “This exceptional home is located in the prestigious Pitkin Green area of Aspen. The unique property enjoys panoramic views of Aspen, Highlands and Buttermilk ski mountains as well as Independence Pass. The large flat site is a rarity in the Pitkin Green neighborhood and offers serenity only a few minutes from the heart of downtown Aspen. Abundant amenities include a theater, wine room, large recreation room with access to the exceptional landscaped garden and extensive stone paved decks. Expansive outdoor entertainment areas include a barbeque, fireplace, fire pit, Jacuzzi and rock sided stream. The generous master suite includes a wood paneled library, large walk in closets and two fireplaces. Details and Amenities: Seven bedrooms, seven baths, two half bath.” 2010 Taxes: $29,106. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 02/01/2012; Sold Date: 03/01/2012. (Photos and broker comments courtesy of Joshua & Co.)

MLS #113946 – Snowmass Village, Wood Run Place condo, 425 Wood Run Road, Snowmass Village, CO: Sold Price: $1,725,000/$991 sq ft furnished. More details below photos.

MLS #113946 – Snowmass Village, Wood Run Place condo, 425 Wood Run Road, Snowmass Village, CO: Sold Price: $1,725,000/$991 sq ft furnished; Asking Price: $1,995,000. (Original Price: $2,900,000 and 1,080 days on the market since 08/28/2008.) This is a 1983 built/2008 remodeled, 3 bedroom/3 bath/1 half bath, 1,739 sq ft condo with assigned underground parking. Broker comments are, “Step right out, literally, of your front door onto the slopes from this beautifully remodeled 3 bedroom/3.5 bath condominium with custom design and exceptional decor. This unit has been completely remodeled in 2008 from the studs with the finest of finishes. Offered completely furnished. Convenient to both the Snowmass Village Mall and new Base Village with direct ski access to Fanny Hill. Assigned underground parking. Hiking and biking trails abound out your door in the summer time. It’s hard to resist.” 2011 Taxes: $4,176; HOA Dues: $27,143 Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 02/03/2012; Sold Date: 03/08/2012. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

MLS #122173 – Aspen, East Aspen, Redwood condo, 550 S. Riverside Avenue Unit 2, Aspen, CO: Sold Price: $450,000/$891 sq ft unfurnished. More details below photos.

MLS #122173 – Aspen, East Aspen, Redwood condo, 550 S. Riverside Avenue Unit 2, Aspen, CO: Sold Price: $450,000/$891 sq ft unfurnished; Asking Price: $475,000. (Original Price: $725,000 and 328 days on the market since 06/23/2010.) This is a 1960 built, 1 bedroom/1 bath, 505 sq ft condo. Broker comments are, “Listen to the sound of the river from this cozy one bedroom on the east edge of town. Walking distance to the core. Small, private 5 unit complex surrounded by aspen trees. Plenty of parking and storage. Low HOA dues.” 2011 Taxes: $1,554; HOA Dues: $400-450 Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 02/02/2012; Sold Date: 03/05/2012. (Photos and broker comments courtesy of Setterfield & Bright.)

NO PHOTOS IN MLS.

MLS #124567 – Aspen, Aspen Mountain backside single family lot, CO: Sold Price: $3,300,000/$165,000 acre; Asking Price: $3,300,000. (Original Price: $3,300,000 and 87 days on the market since 11/01/2011.) This is a 20 acre mining claim – (2) 10 acre claims – near Picnic Point on the back side of Aspen Mountain. Access is by snowmobile in winter and development potential is limited to 1,000 sq ft cabin falling under Pitkin County Land Use Code regulations for Rural and Remote. More details may follow. Under Contract Date: 12/07/2011; Sold Date: 01/27/2012.

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 one of the different subscription options in banner at the top of page:

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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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