Last week, Aspen and Snowmass Village real estate activity was dominated by ‘lower end’, local and “starter” Aspen home purchases. For single family homes, this means under $3M in Aspen and under $2M in Snowmass; for 1 Bdrm Aspen condos, this is under $500,000. This is a theme which has characterized most of the transactions in the past 2-3 months. Locals are perceiving values at the low end and are making bold, aggressive bids. And savy higher end buyers familiar with the Aspen market are making bids (not necessarily closing prices) generally 25-40% off original pricing from a year or longer ago.

Closed (4):107134, 105216,106306, 110188

  • MLS # 107134 – 130 Primrose Path, Meadowood Subdivision, Aspen. Ask Price: $2.9M; Sold Price: $2.55M/$1,110 sq ft (-12% off ask; -35% off Original Price). 4Bdrm/3 Ba, 2296 sq ft single family 1972 home on large 1/2 acre lot with a small stream running through it. Nice small “starter home” under $3M, great lot. Sold at essentially lot value for Meadowood. 279 days on market.(Meadowood is one of Aspens more established neighborhoods: great for kids, open spaces, large family lots, close to Aspen’s schools. To read more, see Meadowood in neighborhood descriptions)
  • MLS # 110188 – 920 W. Hallam, on Hwy 82 between “S” turn and Castle Creek Bridge. Ask Price: $1.995M; Sold Price $1.9M (-5% off ask price). Small historic Victorian home, remodeled 3B/2Ba, 1926 sq ft. Another sale to a local as Aspen starter home under $2M. On market more than 464 days, originally listed at $3.475M.
    For pricing insight, follow the downward price history of this property since August 2007:
    > Originally listed Aug 2007 at $3.475M (author’s note:unrealistically high price)
    > Price lowered Oct 2008 to $2.795M
    > Price lowered May 2009 from $2.795M to $1.995M, -32%
  • MLS # 106306 – 210 E. Cooper #1-A, downtown Aspen Core condo. Ask Price: $1.4M; Sold Price: $1.3/$1,333 sq ft, (-7% off ask price; -42% off Original Price $2.25M), stunningly remodeled contemporary, 2 Bdrm/2Ba, 975 sq ft. 326 days on market. Look at the discount from original price …this is a remodeled property in the new “happening” part of town near the new 2008 (2008) Limelight, The Monarch condos and Dancing Bear (2008 & 2009) developments just one block west of central Wagner Park.
  • MLS # 105216 – 420 E. Pacific Ave. Alpine Grove Condo, Aspen Airport Business Center. Ask Price: $589,000; Sold Price: $550,000/$720 sq ft (-7% off ask price; -17% off Original Price $665,000.) 2bdrm/1Ba, 763 sq ft, 371 days on the market.Another local taking advantage of the lowest entry level prices we have seen in 3-4 years.

Under Contract/Pending (2):109862,109433

  • MLS # 109862 – 1300 Mountain View Dr., Mountain Valley Subdivision, Aspen. Ask Price: $2,995,000./$928 sq ft. 4Bdrm/3Ba, 3225 sq ft, single family home. 97 days on market

  • MLS # 109433 – 690 Carriage Way, Timberline Lodge #317, Snowmass Village condo. Ask Price: $449,500./$954 sq ft., 1 Bdrm/1Ba, 471 sq ft, 114 days on market.

Noteworthy Price Reductions:

  • MLS # 107336 – 499 Epply Dr, Starwood Subdivision, Aspen. Old Price: $18,750,000.; New Price: $13,750,000. (-27%). 6 Bdrm/6Ba, 11,051 sq ft, Built 1979/remodeled 2007, indoor pool, gorgeous views, 2 acres. 269 days on the market.

Disclaimer: The statements made in The Estin Report represent the opinions of the author and should not be relied upon to make real estate decisions. Information concerning particular real estate opportunities can be requested from Tim Estin at 970.920.7387 or at testin@masonmorse.com. A potential buyer is advised to make an independent investigation of the market and of each property before deciding to purchase. 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. For reproduction use of any parts of The Estin Report, the author requests direct attribution as follows, “The Estin Report By Tim Estin at www.EstinAspen.com” or please contact him directly. All rights are reserved and the articles and blog posts are copyrighted.