1. Denver Post Today: An article appeared today in The Denver Post, “Big Chill on Mountain Resort Areas’ Home Sales Beginning to Thaw”, .. “While first-quarter sales in all of Pitkin County were down compared with a year ago, ‘they increased in the Upper Roaring Fork Valley communities of Aspen, Snowmass Village, Woody Creek and Old Snowmass. So far this year, 79 residential properties have closed, a 49 percent increase over the same period a year ago’, said Aspen broker Tim Estin of Mason Morse Real Estate (and The Estin Report and blog on Aspen Snowmass Real Estate).’There are some significant bargains here based on trends and prices,” Estin said. ‘I would definitely say the smart money is recognizing that and there are transactions occurring’ .”

2. To flesh these numbers out a bit more from the Post article, here is a summary of Aspen Snowmass residential real estate sales activity year-to-date (YTD): 01/01/2010 – 5/21/2010 compared to the same period in 2009 – includes all condo and home sales over $250,000 in Aspen, Snowmass, Woody Creek, and Old Snowmass, no fractionals:

01/01/2010 – 05/21/2010 YTD:
Total Closings: (79) closings (+49% over 2009) and $268M dollar volume (+53% over 2009)
Breakdown:
– (39) Condos closed (+70% over 2009) and $76M dollar volume (+69% over 2009)
– (40) Single Family Homes & Duplex/Townhomes closed (+48% over 2009) and $192.2M dollar volume (+48% over 2009)

01/01/2009 – 05/21/2009:
Total Closings: (53) closings and $175.5M dollar volume
Breakdown:
– (23) Condos closed and $$45.4M dollar volume
– (30) Single Family Homes & Duplex/Townhomes closed and $130.1M dollar volume

3. Last Week’s Market Activity

Below is last week’s real estate sales activity for the upper Roaring Fork Valley for all property types over $250,000 excluding fractionals in Aspen, Snowmass Village, Woody Creek and Old Snowmass. The MLS link(s) to photos and property details expire after 30 days so photos and descriptions of the closed properties are posted to preserve an history of sold market activity.

For a spreadsheet summary of the past week’s activity, see The Estin Report: Aspen Snowmass Weekly Sales Statistics May 16 – 23, 2010 (updated on 5/24/10).

Closed (10): MLS#’s 116408, 112430, 103689, 114212, 113819, 99889, 115477, 105482, 114958, 114964. This link is valid for 30 days until 6/22/201.
 – (4) Aspen Homes (includes 2 in McLain Flats; 1 in Woody Creek; 1 distressed (arguably below lot value) sale in Brush Cr Village)
– (1) Snowmass Village home
– (2) Aspen Condos, both incredible deals
– (2) Snowmass Condos at Snowmass Club
– (1) Downtown Aspen Commercial

[No Photo]

MLS # 115408 – 2480 Mclain Flats, Single family home, Aspen, CO: Sold Price: $ 7,000,000/ $1,487 sq ft; Ask Price: $7,000,000. (22 days on the market, sold before MLS). This is a 4 bedroom/4 bath, 4,705 sq ft, 1985 built home. (No Photo furnished, description courtesy of Houston & Gorog)


MLS #112430 – 50 Pine Lane, Single family home, Snowmass Village, CO: Sold Price: $4,896,850/ $1,088 sq ft; Ask Price: $5,500,000. (Original Price: $5,500,000 and 303 days on the market). This is a 5 bedroom/5.5 bath, 4,500 sq ft, 1996 built home. The listing broker says,” This impeccable mountain contemporary home has built-ins and custom furniture throughout. Amazing treed setting with privacy and views. Just a few short steps to the slopes. Brand new media room, gourmet kitchen, great use of space, lots of stone, high-end finishes, and attention to detail.” (Photos and description courtesy of Chaffin Light RE, SMV).


MLS #103689 – 632 E Hopkins 119 South Spring Street, Downtown Commercial Bldg., Aspen, CO: Sold Price: $ 3,100,000/ $ 579.66 sq ft; Ask Price: $ 3,900,000. (Original Price: $ 6,500,000 and 796 days on the market – typo corrected 5/25/10). This commercial property, 5,348 sq ft, was built in 1976. The listing broker says “Great downtown commercial building. Corner location in the C-1 Zone. Stand alone building with 2 current tenants in place. Double street front on both Spring and Hopkins with dedicated parking for tenants.Total square footage includes 760 basement storage. Total Leaseable square footage is 4,588.” (Photos and description courtesy of Mason and Morse, Aspen)


MLS # 114212 – 1990 Mclain Flats Road, Single family home, Aspen, CO: Sold Price: $ 6,000,000/ $1,180 sq ft; Ask Price: $6,950,000. (Original Price: $8,500,000 and 319 days on the market since 5/27/09). This is a 5 bedroom/5 bath, 5,083 sq ft, 2006 built home. The listing broker says “A perfectly crafted classic mountain home on a beautiful 6.45 acre equestrian setting in White Horse Springs. Enjoy expansive views of Aspen Mountain, Buttermilk, Aspen Highlands & Snowmass from inside & outside the spectacular 5083 square foot home that features 5 bedrooms, 5 full baths, 2 half-baths, terrific entertaining spaces, soaring ceilings, wide plank maple floors, gourmet kitchen, luxurious master suite with stone fireplace, stone patio with fire pit, waterfalls, & built-in Viking BBQ, and oversized two car garage. Irrigation rights and a 4 acre fenced pasture for your horses complete the package. Furnishings available for separate purchase.” (Photos and description courtesy of Morris & Frywald, Sotheby’s Intl Realty, Aspen)


MLS #113819 – 725 E Main Street #107, Downtown Condo, Aspen, CO: Sold Price: $395,000 / $1,112 sq ft; Ask Price: $398,800. (Original Price: $525,000 and 405 days on the market). This is a Studio/1 bath condo, 355 sq ft, 1970 built, 2008 remodeled condo/townhouse. The listing broker says “This spectacular remodel includes it all and is the true Aspen pied a terre. Custom furnishings, built-in closets, A/V wiring, steam shower, private deck and entry.” (Photos and description courtesy of Morris & Frywald, Sotheby’s Intl Realty, Aspen)


MLS #99889 – 3966 Lower River Road, Single family home, Snowmass Village, CO: Sold Price: $2,668,000/ $1,099 sq ft; Ask Price: $2,995,000. (Original Price $4,200,000 and 566 days on the market since 11/01/2008). This is a 3 bedroom/3 bath, 2,426 sq ft, 2002 built home. The listing broker says,” New codes will not allow a home to be this close to the river. Top of the line appliances, plaster walls, steam shower, jet tub and much more. 10.5 miles from downtown Aspen, 200 ft of river front. Broker is builder. John Galumbos is architect” (Photos and description courtesy of Laura Maggos Properties)

MLS #115477 – 1185 Juniper Hill Drive, Single family home, Aspen, CO: Sold Price: $ 750,000/ $442 sq ft; Ask Price: $724,900 (Original Price: $724,900 and 49 days on the market). This is a 3 bedroom/2 bath, 1,694 sq ft, 1977 built home. The listing broker says “Single family home in Aspen at an unbeatable value. Located in Brush Creek neighborhood on nearly 2.5 acres with stunning, expansive views. ” (Photos and description courtesy of Mercury Alliance Mountain Properties)


MLS # 105482- 800 E Hopkins Avenue B-5, Single family home, Aspen, CO: Sold Price:$1,625,000/ $1,128 sq ft; Ask Price: $1,725,000. (Original Price: $2,995,000 and 708 days on the market). This is a 3 bedroom/2 bath, 1,440 sq ft, 1974 built, 2007 remodeled home. The listing broker says Great building, great property! 3 bedroom condo boasts a superb top floor corner location. It features lots of custom built-ins, granite and marble counters, a cozy wood burning fireplace, stainless steel appliances, bamboo floors, laundry room with washer & dryer, separate custom pantry, bright light and great views of Aspen Mountain.” (Photos and description courtesy of SDS Real Estate)


MLS #114958 – 408 Snowmass Club Circle 25 Snowmass Village, Condo/Townhouse, Snowmass, CO: Sold Price: $750,000 / $553 sq ft; Ask Price: $795,000. (Original Price: $ 785,000 and 67 days on the market). This condominium/townhouse property, 1,354 sq ft, was built in 1981. The listing broker says ” A fantastic opportunity to own in prestigious Country Club. This three bedroom, two & one-half bath plus loft is being offered for sale for the first time. Priced far below other comparable townhomes, this is ready for your finishing touches. This townhome can be bought and combined with the unit next door to create a fantastic four or five bedroom creekside getaway. An ideal location for a full time resident or a second homeowner.” (Photos and description courtesy of Joshua & Co, SMV)


MLS #114964 – 467 Snowmass Club Circle 26 Snowmass Village, Condo/Townhouse, Snowmass, CO: Sold Price: $615,000/ $571 sq ft; Ask Price: $645,000. (Original Price: $ 635,000 and 77 days on the market). This condominium/ townhouse property, 1,076 sq ft, was built in 1981. The listing broker says ” A fantastic opportunity to own in prestigious Country Club. This two bedroom, two & one-half bath plus loft is being offered for sale for the first time. Priced far below other comparable townhomes, this is ready for your finishing touches. This townhome can be bought and combined with the unit next door to create a fantastic four or five bedroom creekside getaway. An ideal location for a full time resident or a second homeowner.” (Photos and description courtesy Joshua & Co SMV

Under Contract/Pending (6): MLS#’s 109780, 115305, 112119, 114948, 115618, 116419. This link is valid for 30 days until 6/22/2010. Photos of under contract properties are not posted unless special circumstances dictate.

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 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. Information concerning particular real estate opportunities can be requested from Tim Estin at 970.920.7387 or email. The Estin Report is copyrighted 2010 and all rights reserved. Use is permitted subject to the following attribution: “The Estin Report: State of the Aspen Market, By Tim Estin, mba, gri,www.EstinAspen.com”

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