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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 recently 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 (5): MLS# 112798, 118464, 124477, 121525, 123040. This link is valid for 30 days until 04/25/2012. Photos and descriptions of under contracts are not posted unless special circumstances or significance dictate.

Closed (5): MLS# 117573, 114062, 116968, 120089123644. This link is valid for 30 days until 04/25/2012.

Aspen Snowmass Solds Last Week:

MLS #117573 – Aspen, Central Core single family home, 214 W. Cooper Avenue, Aspen, CO: Bank sale – Sold Price: $4,450,000/$917 sq ft unfurnished. More details below photos.

MLS #117573 – Aspen, Central Core single family home, 214 W. Cooper Avenue, Aspen, CO: Sold Price: $4,450,000/$917 sq ft unfurnished; Asking Price: $4,700,000. (Original Price: $11,500,000 and 1,763 days on the market since 10/06/2008.) This is a bank sale. Buyers shown this property frequently commented that they felt it required $500,000 – $1M in upgrade costs above the purchase price. This is a 1978 built/2007 spec remodel, 5 bedroom/5 bath/1 half bath, 4,849 sq ft single family home with 1 car garage. The List broker comments are, “This fabulous 5 bedroom home is perfectly situated right in the core of Aspen with unmatched views of Aspen Mountain! Perfect for the family offering two separate living areas, a billiards/media room, wet bar, 3 fireplaces, patio and deck, a small 1 car/storage area, elevator, hot tub and beautiful finishes.” 2010 Taxes: $16,545. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 01/25/2010; Sold Date: 03/16/2012. (Photos and broker comments courtesy of McKinley Sales.)

MLS #116968 – Snowmass Village, Melton Ranch single family home, 155 Sinclair Road, Snowmass Village, CO: Sold Price: $2,000,000/$585 sq ft furnished. More details below photos.

MLS #116968 – Snowmass Village, Melton Ranch single family home, 155 Sinclair Road, Snowmass Village, CO: Sold Price: $2,000,000/$585 sq ft furnished; Asking Price: $2,495,000. (Original Price: $2,995,000 and 678 days on the market since 06/21/2010.) This is a 1977 built/2004 remodeled, 4 bedroom/3 bath/1 half bath, 3,413 sq ft single family home with 2 car garage. The upstairs open living /kitchen/dining area with a two-sided fireplace and surrounded by Snowmass Mountain views is spectacular. This was a very popular and frequently shown listing. Broker comments are, “Located on the free shuttle route 2 mintues from the mountain, this home was virtually rebuilt in 2004 with new everything and is in immaculate condition. The 180-degree views from every room showcase Snowmass Mt., Snowmass Golf Course, Burnt Mt., Aspen Mt. and the Hunter Creek Valley. Extensive landscaping, high-end custom finishes, and its private location make this home a joy to show! Great value.” 2011 Taxes: $7,079; HOA Dues: $200 Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 01/16/2012; Sold Date: 03/23/2012. (Photos and broker comments courtesy of SDS Real Estate, Inc.)

MLS #114062 – Snowmass Village, Wood Run Place condo, 425 Wood Road 62, Snowmass Village, CO: Sold Price: $2,500,000/$1,028 sq ft furnished. More details below photos.

MLS #114062 – Snowmass Village, Wood Run Place condo, 425 Wood Road 62, Snowmass Village, CO: Sold Price: $2,500,000/$1,028 sq ft furnished; Asking Price: $2,795,000. (Original Price: $3,995,000 and 839 days on the market since 12/11/2009.) This is a 2008 built, 4 bedroom/4 bath/1 half bath, 2,432 sq ft ski-in/ski-out condo with 2 car garage. Broker comments are, “Brand New 4 Bed, 4 1/2 Bath Townhome at Wood Run Place. Fully Furnished and Accessorized! Direct easy ski-in, ski-out access to Fanny Hill. Two Underground Parking Spaces. On site management, front desk. Location, Location, Location. New 4% coop commission, for an acceptable contract through March 31,2012.” 2011 Taxes: $5,519; HOA Dues: $35,639 Yr. Town of Snowmass Village transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 02/22/2012; Sold Date: 03/22/2012. (Photos and broker comments courtesy of Joshua & Co.)

MLS #120089 – Snowmass Village, Top of Village condo, 855 Carriage Way Leaf 402, Snowmass Village, CO: Sold Price: $1,100,000/$758 sq ft furnished. More details below photos.

MLS #120089 – Snowmass Village, Top of Village condo, 855 Carriage Way Leaf 402, Snowmass Village, CO: Sold Price: $1,100,000/$758 sq ft furnished; Asking Price: $1,225,000. (Original Price: $1,950,000 and 810 days on the market since 03/02/2008.) This is a 1974, 3 bedroom/3 bath, 1,450 sq ft ski-in/ski-out condo. Broker comments are, “Highly sought after three bedroom, three bath, point condominium (Front Row) at Top of the Village. Ski Slope views and morning sun are enjoyed from the living room, master bedroom and one guest bedroom. Elevator access, covered parking, pool, jacuzzi and excellent on site management are but a few of the amenities. Price to sell.” 2010 Taxes: $4,431; HOA Dues: $15,000 Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 01/18/2012; Sold Date: 03/19/2012. (Photos and broker comments courtesy of Aspen Snowmass Sotherby’s.)

MLS #123644 – Snowmass Village, Wood Run Place condo, 425 Wood Road 45, Snowmass Village, CO: Sold Price: $475,000/$457 sq ft furnished. More details below photos.

MLS #123644 – Snowmass Village, Wood Run Place condo, 425 Wood Road 45, Snowmass Village, CO: Sold Price: $475,000/$457 sq ft furnished; Asking Price: $499,000. (Original Price: $719,000 and 470 days on the market since 06/29/2010.) This is a 1983 built, 1 bedroom/2bath, 1,038 sq ft condo with 1 car assigned parking. Broker comments are, “One of the best one bedrooms available & one of the best values in Snowmass Village. This condominium is unique as it offers a spacious, open floor plan and is tastefully decorated. The quiet top floor location affords wonderful slope views. Abundant owner storage, the new garage with indoor parking and on-site, private ski lockers. Woodrun Place has a dedicated shuttle service and excellent property management. The exterior of the complex has recently been extensively remodeled. Sleeps four comfortably; six with, an owner’s use only, loft. Excellent cost per square foot value.” 2011 Taxes: $1,871; HOA Dues: $15,856 Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 01/31/2012; Sold Date: 03/15/2012. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

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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