The Estin Report - Aspen, Colorado
The Estin Report - Aspen, Colorado The Estin Report - Aspen, Colorado The Estin Report - Aspen, Colorado

  Estin Report
 
Aspen real estate intelligence ©

  

Be informed, be educated, be advised by one the town's best real estate brokers according to local media. Aspen Sotheby's Int'l broker agent Tim Estin MBA, GRI authors the primary market guide for Aspen Snowmass real estate, homes for sale and property info - the #1 trusted Aspen real estate market resource.  Original objective reports and over 14,000 pages of current and archived content. Call Tim for expert guidance and counsel.

       Estin Report
     
Aspen real estate intelligence ©

EstinReportSeal 125res 175x175

Be informed, be educated, be advised by one the town's best real estate brokers according to local media. Aspen Sotheby's Int'l broker agent Tim Estin MBA, GRI authors the primary market guide for Aspen Snowmass real estate, homes for sale and property info - the #1 trusted Aspen real estate market resource. Original reports and over 14,000 pages of current and archived content. For expert guidance and counsel, please call or txt 970.309.6163.

Tim Estin

Tim Estin MBA, GRI
970.309.6163 cell + text

 



Broker Associate
Aspen Snowmass Sotheby's
International Real Estate
300 S.Spring St #100
Aspen, CO 81611

 

Aspen, CO
Mountain Standard Time 
(MST)

 

Estin Report

Mid-Year 2017

Aspen Real Estate

 

"Aspen real estate
is in turn-a-round

mode from a dismal
2016 when global

uncertainty curtailed
buyers' appetite for
luxury high end

2nd home purchases.

Post-election 2016,
an upper-end

Aspen real estate
recovery is in

full bloom. "


Read more...

 

July 2017
Aspen Real Estate
Snapshot

Bottom Line:

 

The Aspen market
continues to be
in hyper-sales
territory. Activity
is and feels
super-charged.
Add to that
momentum, early
August is the
time when buyers
typically get real
estate focused with
summer's ending in
sight. This is the
busiest time of year.
We should see a
steady stream of
offers and under
contracts now
through the end
of September.

Read more...

 

 

(See Interest Rate Historical Chart

since 1790 and

Consumer Price Calculator)

 

 

 

The Estin Report - Aspen, Colorado
The Estin Report - Aspen, Colorado
The Estin Report - Aspen, Colorado

The Castle Creek parcel the city of Aspen recently announced it will buy for $5.4 million to build affordable housing was offered to the city less than a year ago for $2 million less.

Local broker Gwen Dickinson confirmed that she approached the city about buying the property when she held the listing on it last summer. At the time, the one-acre parcel across the road from Aspen Valley Hospital was on the market for $3.4 million. 

Dickinson said the city was initially receptive to her offer, but she did not hear back from them after a while.

Assistant City Manager Bentley Henderson, who is involved in the city's efforts to acquire property for affordable housing, said the city was interested in the property when it was pitched to them. But, in general, when the city is interested in buying property, it takes longer for it to act than a typical private buyer, Henderson said. Sometimes, as the city is going about its review and due diligence process, another buyer comes in and purchases the property.
By Curtis Wackerle, May 28, 2008 Aspen Daily News

The Castle Creek parcel the city of Aspen recently announced it will buy for $5.4 million to build affordable housing was offered to the city less than a year ago for $2 million less.

Local broker Gwen Dickinson confirmed that she approached the city about buying the property when she held the listing on it last summer. At the time, the one-acre parcel across the road from Aspen Valley Hospital was on the market for $3.4 million. 

Dickinson said the city was initially receptive to her offer, but she did not hear back from them after a while.

Assistant City Manager Bentley Henderson, who is involved in the city's efforts to acquire property for affordable housing, said the city was interested in the property when it was pitched to them. But, in general, when the city is interested in buying property, it takes longer for it to act than a typical private buyer, Henderson said. Sometimes, as the city is going about its review and due diligence process, another buyer comes in and purchases the property.


"We have certain constraints we have to go through which is probably what happened with this," Henderson said.

Henderson added that the city did not reconsider the property until "a few weeks ago" when a real estate broker the city works with brought forward the idea. The city is not disclosing the mystery broker's identity.

WF Castle Creek LLC, a partnership of mostly East Coast investors, closed on the property in October for $3.4 million. Local fly-fishing expert and part-time broker Michael Shook and another local man Shook declined to identify also have a small stake.

The property was granted approval in early 2006 for the construction of two single-family homes plus an affordable-housing unit. When the partnership bought the property in October, their plans were to develop the three structures, Shook said.

"We didn't buy it with the intention of selling it to the city," he said, adding that he was not aware that the city had been approached about purchasing the property last summer.

"They probably should have bought it at that time," Shook said.

During the LLC's ownership, a house on the site was demolished, but no other improvements to the site were made, Shook said.

At some point, the group changed their tune and decided to sell the property to the city. Shook noted that the group could have reaped a much greater return on their investment if they had stuck with the plans for the single-family homes.

"We would all rather see affordable housing there than two trophy homes," Shook said.

The city is paying a fair price for the property, he opined.

Aspen Mayor Helen Klanderud said the city began pursuing land purchases for affordable housing in early 2006, when an ad appeared in local newspapers soliciting sellers to approach the city.

In December 2006, the city announced it had a home at 312 W. Hyman under contract for affordable housing. Prior to the sale, the city was attempting to designate the home as historic against the wishes of its owner.

When the Castle Creek purchase was approved at the last City Council meeting, the city also announced it was under contract to purchase another property in the $4 million range. The council has also signaled that it's ready to move on more housing, approving an ordinance that gives the city the authority to reimburse itself for up to $30 million worth of real estate purchases.

"One of the reasons for moving forward more aggressively now is that clearly land and property are not getting less expensive," Klanderud said.

Development consultant Mitch Haas guided the Castle Creek parcel through the approval process for the single-family homes. He said he was surprised to see the city's plans for 15 affordable-housing units on the site, considering the criticism his clients took for the mass that the single-family homes would create on the site.

He said he believes the city is paying more for the site than anyone else would. However, the city's development plans for the site are also likely more than what any private developer could get approved for that parcel

"I applaud the city's effort to buy property and bank land for affordable housing," Haas said. "It's just unfortunate that an extra $2 million of taxpayer money was spent when it didn't need to be."


___________________________
Tim Estin | testin@masonmorse.com | www.EstinAspen.com | 970.920-7387 office


 

 

Tim Estin | www.EstinAspen.com | 970.309.6163 | 300 S.Spring St | Opposite the Aspen Art Museum

The Estin Report - Aspen, Colorado
The Estin Report - Aspen, Colorado

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The Estin Report - Aspen, Colorado
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