Under Contract/Pending (1): 104357

  • MLS # 104357 – 1035 Cemetery Ln Unit A. Ask Price: $1.465M ($497 sq ft). (Original Price, 4/15/08, $1.95M. Half duplex, 6Bdrm/4Ba, 2950 sq ft, built 1967, 404 days on market. In order for this to be a redevelopment play, the other half of the duplex must be purchased.(See MLS #’s 106635 and 106636). This half unit was purchased by current seller at $1.457M in June 2006. He listed it at $1.95M in April 2008. It’s been on market 404 days.

Closed (3): 105317, 106696, 108529

  • MLS # 105317 – 55 Upper Woodbridge Rd Unit K-4, Snowmass Mountain Condo. Ask Price: $559,000; Sold Price: $520,000/$517 sq. ft. (Original Price: $975,000 in May 2008). 2 Bdrm/2Ba, 1005 sq. ft., Built 1973/remodeled 2004, on market for 640 days.

    Meadowood Subdivision Buzz

  • MLS # 108529 – 151 Heather Ln, Meadowood Subdivision, approx. 1 mile outside City of Aspen limits.Ask Price: $4.95M; Sold Price: $4.425M. This is a 4Bdrm/4Ba, 5,578 sq. ft. single family home built in 1985 on 1.18 acre lot. It had been on the market for almost all of 2007 at $7.95M and then was withdrawn for most of 2008 until being relisted in Dec. ’08 at $4.95M. Talk about unfortunate timing as it was taken off the market for most of 2008.

    In the past seven months, the Meadowood area has had more sales than any other Aspen subdivision. There have been (5) sales and there are presently (2) properties under contract. Reasons? It’s a great family location near the Aspen District schools, the Aspen Recreation Center and there’s plenty of open space, trails and bike paths. The lots are generally large, 1-2 acres and new home developments in the subdivision are allowed additional Floor Area Ratio (FAR), a Pitkin County land use formula for determining the full build out size of a home, of approximately an extra 2,000-2,500 sq. ft. per home site. That extra size allowance has made the area very popular with developers building spec homes, a number of whom have been caught in this downturn.

    Meadowood sales: the recent (5) sales generally reflect substantially discounted sales prices at an average $799 sq.ft. in the range of $691 – $1,017 sq ft. 99130, 99384, 99755, 104196, 108529, 107134, 109816

    Zooming in on Snowmass Village “Starter Homes” Priced $1M-$3M

  • MLS # 106696 – 744 Sinclair, Wildridge Subdivision, Snowmass Village: Ask Price: $1.995M; Sold Price: $1.6M/$483 sq. ft. or -20% off ask and -36% off Original Price: $2.495M in July 2008.. This is a single family home built 1988/partially remodeled in 2004, 3Bdrm/4Ba, 3000 sq ft, on the market for 294 days. It is categorically not a teardown. It has a beautiful redone kitchen and extraordianary views from Snowmass Mountain to Independence Pass and looks over the Snowmass Club and golf course.

    744 Sinclair is a significant sale for the Melton Ranch area, a subdivision in transition as older homes are torn down, new ones built. There have been few sales in the area in the past year and this sale, along with another closing in late April at $1.25M (link below to MLS # 105740 at 55 Meadow Ranch Rd), arguably a teardown but entirely livable, sets a new ‘marker’ for Snowmass “starter” homes. Amazingly, a home directly across the street from 55 Meadow closed on Sept 16, 2008 at $2.75M (see link to both properties below). Even though this $2.75M home probably had at least $350-450,000 in new upgrades (new kitchen, baths, flooring throughout), the downward price pressure caused by this seven month old financial crisis has been acute and painful for sellers. This is an area particularly attractive for good home values within the Aspen School District.

    Between July 1, 2008 – May 24, 2009, there have been a total of (6) Snowmass Village single family home sales in $1M-$3M price range: 105740, 105417, 106696, 109311, 99123, 103622

Dramatic Price Reductions (2): 105171,100740

  • MLS # 105171 – 82 Eastwood Dr, Knollwood/Mountain Valley, one mile east of Aspen. Ask Price: $6.25M/$1,073 sq. ft.,reduced -29% from Original price $8.75M. This is a new 2008 spec home, 5Bdrm/4Ba, 5823 sq. ft. on the market for 364 days.
  • MLS # 100740 – 798 Mountain Laurel, Mountain Valley subdivision teardown/lot sale. Ask Price: $2.5M; off -37% from Original Price of $3.95M, This property is a high up Mtn Valley view lot with a small older home. The views look east to Independence Pass, over Northstar Preserve and west to town and sunsets. On the market for 623 days.The price reduction reflects the fact that most lot values are off by at least 1/3 from their highpoints in 2007 and 2008.