The Estin Report Aspen Snowmass Weekly Real Estate Market Update: Closed (5) and Under Contract (12): Mar 11 – 18, 2012

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THE ESTIN REPORT: STATE OF THE ASPEN REAL ESTATE MARKET 2011 YEAR AND 4TH QUARTER released Jan 9, 12

Click image or link for executive summary and full report

Tim Estin is an active Aspen real estate broker with Coldwell Banker Mason Morse located in the center of Aspen. This blog, www.AspenRealEstateBlog.com or Tim Estin’s blog, is released Monday mornings and sometimes in-between. The Estin Reports are released quarterly or semi-annually, annually and also special reports. For blog archives, scroll to bottom of this page and search by date or topic. Or search this site in SearchEstinAspen.com on the menu bar. If it’s about Aspen real estate, chances are there’s something about it here.

Last Week’s Market Highlights – Aspen Snowmass real estate weekly sales statistics and under contract activity appears below for all Aspen, Snowmass Village, Woody Creek and Old Snowmass properties over $250,000 in the upper Roaring Fork Valley excluding fractionals. Because the MLS links below expire after 30 days, photos and written descriptions of closed properties with excellent photography are posted here to preserve a public archive of sold market activity. For past sales, scroll to page bottom and search by time period.

Market Commentary

On Sat. March 17th, the Fox Crossing auction was held. A condo listed near $4.1M and threee $2M lots were auctioned. The condo is apparently under contract as is one of the lots. See below for more info on the auction, and call me if you’d like more specific information. These two properties are to close in 30 days.

See recently posted Feb 2012 Aspen Snowmass Market Sales Charts with commentary. Going forward monthly sales snapshots will be published on the 1st Monday of each month.

An article in the Aspen Business Journal three weeks ago provides an in-depth review of data and reports on Aspen real estate 2011 performance and where we are headed. It includes an interview with Tim Estin. See the Feb. 6, 12 article, “Aspen Real Estate: Improvements with Caveats in 2011”.

Under Contract / Pending (12): MLS# 121936, 124303, 124415, 106412, 119261, 120163, 122145, 118863, 123935, 116880, 122674, 123633. . This link is valid for 30 days until 04/18/2012. Photos and descriptions of under contracts are not posted unless special circumstances or significance dictate.

Closed (5): MLS# 120977, 124023, 122064, 111755, 118333. This link is valid for 30 days until 04/18/2012.

Exceptional Property Under Contract Last Week:

MLS #119261 – Snowmass Village, Two Creeks single family home, 21 Burnt Mountain Circle, Snowmass Village, CO: Asking Price: $9,500,000/$1,228 sq ft unfurnished. More details below photos.

MLS #119261 – Snowmass Village, Two Creeks single family home, 21 Burnt Mountain Circle, Snowmass Village, CO: Asking Price: $9,500,000/$1,228 sq ft unfurnished. (Original Price: $8,700,000 and 741 days on the market since 12/29/2010.) This is a 2011 built, 5 bedroom/5 bath/2 half bath, 7,732 sq ft single family home with 2 car garage. Broker comments are, “”The largest & most well located home available in all of Two Creeks. This home defines ‘luxurious convenience’. Perhaps the most easily accessible ski home in Aspen/Snowmass, this property offers unobstructed views of the Hanging Valley Wall and the Two Creeks ski area. With soaring ceilings,great room,family room,media room, billiards room & built in bar, all custom finishes throughout the home are slated for completion and delivery in time for the 2011/2012 ski season. There are absolutely no steps from the driveway, private walkway or garage into the main living area of this stately home, virtually unheard of in a ski-in/ski-out home. Easy access to downtown Aspen via Owl Creek Rd & less than 1/4 mile to the golf resort and 19,000 sq ft health and fitness facility at the Snowmass Club.” 2011 Taxes: $37,184; HOA Dues: $90 Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 03/13/2012; Proposed Close Date: 04/12/2012. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

Fox Crossing Auction Results Last Week:

One luxury spec house and one homesite sold in Saturday’s live auction of properties in Aspen’s Fox Crossing neighborhood. The winning bid for the four-bedroom home at 511 Walnut was $2.95 million plus 10% buyers premium ($3,245,000), and the undeveloped lot sold for $814,000 plus 10%. ($902,000). Another home with seven bedrooms that was originally supposed to get auctioned off went under contract prior to the March 17 auction date…. The winning bid for the 511 Walnut townhome was well shy (-22%) of the most recent MLS list price of $4.15 million and even further from the Pitkin County assessor’s valuation of $5.1 million. The 5,000-square-foot home was originally listed at $7.37 million.

MLS #121936 – Aspen, Smuggler, Fox Crossing single family home, 511 Walnut Street, Aspen, CO: Asking Price: $4,150,000/$817 sq ft unfurnished; Sold at auction for $2,950,000. More details below photos.

MLS #121936 – Aspen, Smuggler, Fox Crossing single family home, 511 Walnut Street, Aspen, CO: Asking Price: $4,150,000/$817 sq ft unfurnished. Under Contract at $2.95M plus 10% buyers premium to close in 30 days from 3/17/12. Call me if you’d like more information. (Original Price: $7,365,000 and 1,437 days on the market since 04/13/2008.) This is a 2008 built, 4 bedroom/4 bath/2 half bath, 5,078 sq ft single family home with 1 car garage. Broker comments are, “Auction. March 17. The hunt is over. Two custom homes and three premier homesites in Fox Crossing. Originally Listed for $7.4M – Aggressive Opening Bid Incentives! From any of the four bedrooms of ”The Olympic”, a 5,078-square-foot home in exclusive Fox Crossing, stunning views of snow-capped mountains are show-stoppers. Nestled at the foot of Red Mountain, a mere 10-minute leisurely stroll from downtown, Fox Crossing is a newly-constructed, high-end private enclave in the heart of Aspen. Also see 537 Race Alley (MLS #121936) and Three Premier Fox Crossing Homesites (MLS #124299, #124301, #124303). Walk to downtown easily from this sunny Aspen location. Enjoy your state of the art air conditioned home with elevator for entertaining in style.” Under Contract Date: 03/17/2012 to close in 30 days. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.) See ABJ 3/20/12 article on the Fox Crossing Auction.

MLS #124303 – Aspen, Smuggler, Fox Crossing single family lot, Aspen, CO: Asking Price:$2,000,000; Sold at auction for $820,000. More info beneath photo.

MLS #124303 – Aspen, Smuggler, Fox Crossing single family lot, Aspen, CO: Asking Price: $2,000,000. One of the three vacant lots available at auction went under contract at $820,000 plus 10% buyers premium to close in 30 days from 3/17/12. Call me if you’d like more information. (Original Price: $2,000,000. and 46 days on the market since 02/14/2012.) This is a 0.14 acre single family lot located in the Fox Crossing subdivision in the Smuggler area of Aspen. Broker comments are, ” Auction. March 17. The hunt is over. Two custom homes and three premier homesites in Fox Crossing. Originally Listed for $2M – Aggressive Opening Bid Incentives! Selling Bidder’s Choice, these three premier homesites – Buildable Lots C, I and J – are ready to become the foundation of your next dream home. Nestled at the foot of Red Mountain, a mere 10-minute leisurely stroll from downtown, Fox Crossing is an exclusive, newly-constructed, high-end private enclave in the heart of Aspen. Also see 511 Walnut Street (MLS #121936) and 537 Race Alley.” 2011 Taxes: $6,116; HOA Dues: $1,112 Yr. Under Contract Date: 03/17/2012 to close in 30 days. (Photo and broker comments courtesy of Aspen Snowmass Sotheby’s.) See ABJ 3/20/12 article on the Fox Crossing Auction.

Fox Crossing Development Plan: The unit sold is just to the west (right) of directional label “Aspen Mountain”. The sold lot is along the edge of the arrow, “Aspen Mountain”.

Aspen Solds Last Week:

MLS #120977 – Aspen, East Aspen, East Meadow Subdivision/Smuggler Area single family home, 63 Smuggler Grove, Aspen, CO: Sold Price: $5,750,000/$937 unfurnished. More details below photos.

MLS #120977 – Aspen, East Aspen, East Meadow Subdivision//Smuggler area, single family home, 63 Smuggler Grove, Aspen, CO: Sold Price: $5,750,000/$937 unfurnished; Asking Price: $7,495,000. (Original Price: $8,900,000 and 311 days on the market since 05/03/2011.) This is a 2009 built, 5 bedroom/5 bath/1 half bath, 6,131 sq ft single family home with 2 car garage. Broker comments are, “Introducing a one of a kind East End 5 Bedroom 5.5 Bathroom masterpiece. This all new home is located 2 minutes from the core and is nestled at the end of a cul-de-sac offering quiet and privacy all but impossible to find within Aspen City Limits. Unobstructed south facing views of Aspen Mountain. Other features include a theater room, Wine Room, South Facing Deck, Professional Kitchen and roof top sunning deck. This house is a must see with amazing attention to detail from the custom exposed steel arches to the intricate lighting design.” 2010 Taxes: $16,431; City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 02/02/2012; Sold Date: 03/09/2012. (Photos and broker comments courtesy of Bob Bowden Properties.)

MLS #124023 – Aspen, Central Core single family home, 820 E. Cooper Avenue, Aspen, CO: Sold Price: $1,255,000/$1,088 sq ft unfurnished. More details below photos.

MLS #124023 – Aspen, Central Core single family home, 820 E. Cooper Avenue, Aspen, CO: Sold Price: $1,255,000/$1,088 sq ft unfurnished; Asking Price: $1,200,000. (Original Price: $1,200,000 and 51 days on the market since 01/23/2012.) This is an 1888 built/2004 remodeled, 2 bedroom/2 bath, 841 sq ft single family home with a 1 bedroom/1 bath, 341 sq ft guest house. Broker comments are, “Just three blocks from the Gondola, this charming Victorian historic on a 3000 square foot lot features 1 bedroom plus a loft/2nd bedroom, 2 baths, 841 square feet, wood-burning fireplace, and views of Aspen Mountain. A 1 bedroom, 1 bath 341 square foot guest house is also located on the property. 2400 square feet of FAR allowed, plus a garage and basement and the possibility of a 500 square foot bonus of FAR from the HPC.” 2011 Taxes: $3,927. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 2/01/2012; Sold Date: 03/14/2012. (Photos and broker comments courtesy of Coldwell Banker Mason Morse.)

MLS #122064 – Aspen, West Aspen single family lot, 1953 Medicine Bow Road, Aspen, CO: Sold Price: $1,000,000/$27,647 ac. More details below photos.

MLS #122064 – Aspen, West Aspen single family lot, 1953 Medicine Bow Road, Aspen, CO: Sold Price: $1,000,000/$27,647 ac; Asking Price: $1,825,000. (Original Price: $1,825,000 and 239 days on the market since 07/19/2011.) This is a 36.17 acre, single family lot. Broker comments are, ” Amazing parcel at the top of Medicine Bow in Brush Creek Village. Spectacular views, well, utilities to site, split rail fence and driveway cut in. Site approved for 10,750sq ft (requires 2 TDR’s) Very easy to see. Call for documents and land approval details.” 2011 Taxes: $9,148. Under Contract Date: 01/05/2012; Sold Date: 03/14/2012. (Photos and broker comments courtesy of BJ Adams & Co.)

MLS #111755 – Aspen, West Aspen/Cemetery Ln area duplex, 1232 Mountain View Drive Unit B, Aspen, CO: Sold Price: $2,500,000/$597 sq ft unfurnished. More details below photos.

MLS #111755 – Aspen, West Aspen/Cemetery Ln area duplex, 1232 Mountain View Drive Unit B, Aspen, CO: Sold Price: $2,500,000/$597 sq ft unfurnished; Asking Price: $2,750,000. (Original Price: $3,950,000 and 998 days on the market since 06/22/2009.) This is a 2008, 5 bedroom/5 bath/1 half bath, 4,184 sq ft duplex with 2 car garage. Broker comments are, “Built by Rasmussen Construction & designed by David Johnston Architects. Traditional mountain-style duplex located on a private cul-de-sac in a great family neighborhood with nice views, southern exposure, great yard with patio spaces, and beautiful exterior entertaining areas. Features include a den, wine room, loft office, alder cabinetry built-ins, radiant heat, air conditioning, separate lower level family room, and a 2 car garage.” 2011 Taxes: $8,007. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 02/01/2012; Sold Date: 03/16/2012. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

MLS #118333 – Aspen, Central Core single family home, 1006 E. Cooper Avenue, Aspen, CO: Sold Price: $1,706,150/$961 sq ft unfurnished. More details below photos.

MLS #118333 – Aspen, Central Core single family home, 1006 E. Cooper Avenue, Aspen, CO: Sold Price: $1,706,150/$961 sq ft unfurnished; Asking Price: $1,995,000. (Original Price: $3,950,000 and 998 days on the market since 09/24/2010.) This is a 1896 built/2010 remodeled, 3 bedroom/3 bath/1 half bath, 1,774 sq ft single family home. Broker comments are, “”Located just 5 blocks from the Aspen Mountain gondola, this charming historic victorian was constructed in 1896 and remodeled in 2010. Lots of love surrounds the property from the very beginning – an “XOXO” design frames the front porch entry of the main house, which features 2 bedrooms plus a sleeping loft, 2 baths, granite countertops, stainless appliances, wood floors, lots of natural light, rear deck, and a fenced yard. The detached guest house features a lofted bedroom, 1 bath, kitchenette with breakfast area, and living room. Live comfortably as is with a total of 1,774 square feet, or develop a new home on the spacious lot with views of Aspen Mountain and Smuggler Mountain. Allowable FAR is 2,776 sq ft. Once design plans are completed, you may apply through the HPC for an additional 500 sq ft, which would make the allowable FAR 3,276 sq ft. You may also apply through the HPC for setback variances. Unused extra square footage may be sold in 250 sq ft increments as a TDR. The home was originally listed for $4.2M with a previous firm. ” 2011 Taxes: $4,396. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 01/13/2012; Sold Date: 03/16/2012. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

Tim Estin welcomes your business, inquiries and comments. Email: tim@estinaspen.com or call 970.920.7387. Subscribe to The Estin Report and Tim Estin’s AspenRealEstateBlog.com on twitter @EstinAspen by clicking “Join the conversation” button below or click one of the different subscription options in banner at the top of page:

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