Red Mountain Flip Job at 260 Wrights Rd Sells at $21M/$3,664 SF Furn for 200%+ Gross Return in 28 Mos.

Aspen Real Estate Market  Last Week’s Sales: Feb 19 – 26, 23 – Week 8

Closed (5): MLS#s: 178116, 177924, 174077, 177502, 177687. This link is valid until 3/28/2023. 

Under Contract/Pending (10): MLS#s: 176443, 176570, 176215, 178267, 177758, 176696, 175645, 176268, 177434, 176898. This link is valid until 3/28/2023.

See other Aspen real estate market weekly blog postings, monthly 10-page market snapshots and bi-annual 32-pg market reports. The print version 2022 Year in Review H2 & YR 2022 (through Dec 6, 22) was released on Dec 19, 22 and is available outdoors  at Sotheby’s at 300 S Spring St #100 and Sotheby’s at 415 E. Hyman Ave, around town and at the airport. The online version (through Dec 31, 22) was posted Jan 10, 23.

Sold Properties Last Week.

MLS # 178116 – Red Mountain, 260 Wrights Road Road, Aspen, CO; Sold Price: $21,00,0,000/$3,664 sq ft; furnished. Sold Date: 02/23/2023. More details below photos.

 

MLS # 178116 – Red Mountain, 260 Wrights Road Road, Aspen, CO; Sold Price: $21,000,000/$3,664 sq ft; furnished. Sold Date: 02/23/2023. Ask Price: $23,950,000. (Original Price: $23,950,000 and on the market since 02/01/2023. This is a 1991 built and 2022 remodeled, 5 bedroom/5 bath/2 half-bath, 5,730 sq ft single-family home with 2 car garage on a 46,295  sq ft lot, or 1.06 acres. Tim’s comments: In short, this is a recently remodeled, prime Red Mountain view home overlooking the town of Aspen and all four ski areas. Stupendous and glorious. The home has an open living floor plan with wraparound decks and strategically located bedrooms for privacy. High end systems prevail in most areas of the home: Waterworks fixtures in marbled bathrooms, Pella windows and doors, Gaggenau appliances, Savant controls, Lutron automatic shades, Sonos surround sound and central AC. Brief history: This Red Mountain Aspen home was purchased in Oct 2020 at $6.95M, remodeled in 2021 and then listed at $12,800,000 in Mar 2021. It was subsequently withdrawn and listed on/off again in Sept 2022 at $21.9M once the remodel work had been completed. From the date of purchase at $6.95M on 10/20/20 to this sale at $21M,the gross return before remodel costs was 200%+ in 28 months. This is not including rental income, if any. For a remarkable flip job before / after history, see the listing & price history in my 260 Wrights Road entry in the flip jobs section of this website.  2023 Taxes: $16,687. Under Contract Date: 02/01/2023; Sold Date: 02/23/2023. (Photos courtesy of Douglas Elliman.)

Property and Listing History 260 Wrights Road Road, Aspen, CO 81611

MLS #	Status	Price	% Change	Date	DOM	Address
178116	Closed	$21,000,000	-4.10%	2/23/2023	22	260 Wrights Road Road
+	Closed	$23,950,000		2/23/2023	0
+	New	$23,950,000		2/1/2023	22
176748	Cancelled	$21,900,000	71.10%	2/27/2023	124	260 Wrights Road
+	Cancelled	$21,900,000		2/27/2023
+	Withdrawn	$21,900,000		10/5/2022	92
+	Active	$21,900,000		9/5/2022	123
+	New	$21,900,000    (2021/2022 remodel)		9/4/2022	124
+	Expired	$21,900,000		9/2/2022	125
169239	Expired	$12,800,000	108.10%	3/14/2022	43	260 Wrights Road
+	Expired	$12,800,000		3/14/2022
+	Withdrawn	$12,800,000		4/27/2021
+	New	$12,800,000		3/26/2021	31
162481	Closed	$6,150,000	-11.50%	10/20/2020	306	260 Wrights Road
+	Closed	$6,950,000		10/20/2020	0
+	Pending	$6,950,000		9/3/2020	47
+	New	$6,950,000		12/19/2019	306
151776	Expired	$6,950,000		11/12/2019	711	260 Wrights Road
+	Expired	$6,950,000		11/12/2019
+	Withdrawn	$6,950,000		10/25/2019	0
+	Open House	$6,950,000		9/5/2019	50
+	Price Change	$6,950,000	-8.60%	7/26/2019	91
+	Price Change	$7,600,000	-15.10%	4/22/2019	186
+	Price Change	$8,950,000	-2.70%	5/9/2018	534
+	New	$9,200,000		11/30/2017	694

 

MLS # 177924 – Ute East, East Aspen, 1271 Ute Avenue, Aspen, CO; Sold Price: $15,240,000/$3,505 sq ft; unfurnished. Sold Date: 15,240,000. More details below photos.

MLS # 177924 – Ute East, East Aspen, 1271 Ute Avenue, Aspen, CO; Sold Price: $15,240,000/$3,505 sq ft; unfurnished. Sold Date: 15,240,000. Ask Price: $15,950,000. (Original Price: $15,950,000 and on the market since 01/09/2023). This is a 1995 built, 4 bedroom/4 bath/1 half-bath, 4,347 sq ft single-family home with 3 car garage on a 32,234  sq ft lot, or 0.74 acres. Tim’s comments: Located a few walkable blocks east of the Aspen Mountain Gondola and the downtown Core, this is a rare, craftsman constructed mountain home with ski in access. 2021 Taxes: $30,555. Under Contract Date: 01/13/2023; Sold Date: 02/21/2023. (Photos and broker comments courtesy of Compass)

MLS # 174077 – Knollwood, East Aspen, 137 Westview Drive, Aspen, CO; Sold Price: $9,250,000/$1,696 sq ft; furnished. Sold Date: 02/21/2023. More details below photos.

MLS # 174077 – Knollwood, East Aspen, 137 Westview Drive, Aspen, CO; Sold Price: $9,250,000/$1,696 sq ft; furnished. Sold Date: 02/21/2023. Ask Price: $10,500,000. (Original Price: $13,900,000 and on the market since 03/17/2022). This is a 2008 built, 4 bedroom/4 bath/2 half-bath, 5,451 sq ft single-family home with 2 car garage on a 17,600  sq ft lot, or 0.4 acres. Tim’s comments: Family home located one mile east of town on a large 16,000 sq ft lot with a large flat play area for kids. The floorplan consists of the primary bedroom on the main level along with eat-in kitchen and dining area.  Three other ensuite bedrooms and a lower deck entertainment room with pool table and state of the art home theatre. A separate mudroom opens to the 2 car garage with extra storage. 2022 Taxes: $26,487. Under Contract Date: 02/01/2023; Sold Date: 02/21/2023. (Photos and broker comments courtesy of Douglas Elliman Real Estate)

MLS # 177502 – Fifth Ave Condo, Central Core, 800 S Mill Street 206, Aspen, CO; Sold Price: $3,750,000/$3,101 sq ft; furnished. Sold Date: 02/17/2023. More details below photos.

MLS # 177502 – Fifth Ave Condo, Central Core, 800 S Mill Street 206, Aspen, CO; Sold Price: $3,750,000/$3,101 sq ft; furnished. Sold Date: 02/17/2023. Ask Price: $4,100,000. (Original Price: $4,100,000 and on the market since 11/21/2022). This is a 1965 built, 3 bedroom/3 bath, 1,209 sq ft single-family home. Tim’s  comments: Larger 3 bedroom Fifth Avenue condo facing south and the lower portion of Aspen Mountain. The open living area features exposed wood beams, gas or log fireplace and open kitchen. The primary en-suite bedroom offers flexibility with a lock off feature that can be locked off while renting out the remaining 2  bedroom unit. 2021 Taxes: $6,839; HOA Dues: $15,987. Under Contract Date: 01/04/2023; Sold Date: 02/17/2023. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty)

MLS # 177687 – Capitol Peak, Snowmass Village, 90 Carriage Way 3316, Snowmass Village, CO; Sold Price: $1,085,000/$1,820 sq ft; furnished. Sold Date: 02/23/2023. More details below photos.

MLS # 177687 – Capitol Peak, Snowmass Village, 90 Carriage Way 3316, Snowmass Village, CO; Sold Price: $1,085,000/$1,820 sq ft; furnished. Sold Date: 02/23/2023. Ask Price: $1,100,000. (Original Price: $1,100,000 and on the market since 12/14/2022). This is a 2008 built, 1 bedroom/1 bath, 596 sq ft condo with common car garage.Tim’s comments: Remodeled one-bedroom Capitol Peak condo unit overlooking the streets of the recently finished out Snowmass Base Village and with views of the Snowmass ski area’s Hanging Valley and Cirque. Walk out the door ski access to the Elk Camp Gondola with ground floor personal ski  storage locker and locked fenced bike and outdoor gear area. Capitol Peak was built in 2008 and was one of the two initial Base Village developments in the heart of the new village. The building’s amenities include two stainless steel dual temp hot tubs, a fitness gym, common game room, gated entry, and walk-out ski room. 2022 Taxes: $4,110; HOA Dues: $12,800. Under Contract Date: 12/19/2022; Sold Date: 02/23/2023. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s International Realty)

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