The Estin Report Aspen Snowmass Weekly Real Estate Sales and Statistics: Closed (16) and Under Contract / Pending (8): Aug 26 – Sept 02, 2012

Scroll down page for photos and details of sold and under contract (pending) Aspen properties in the past 4 weeks. For earlier dates, use the down arrow to the blog archives and search by date. Or use SearchEstinAspen to search by topic, address, date etc. If it’s about Aspen real estate, it should be here.

The Estin Report: August 2012 Market Snapshot Aspen Snowmass Real Estate (link to exec. summary , full charts and tables. rev. v6 posted Sept. 4, 12. See Pg 2 for Summer 2012 versus Summer 2011 comparison).

Excerpt: Summer 2012 compared to summer 2011:

Posted Sept. 4, 12. The Estin Report © August 2012 www.EstinAspen.com

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

Last week was exceptionally busy as a number of pending properties that had been under contract for quite a while finally closed. There were (2) big ticket Red Mountain home sales at $15MM and $17.25MM, (2) in-town 1-bdrm bargains in the $400K-550K range and the sale of a fantastic Red Mtn view lot at $5.25MM. Also, (2) Historic West End corner lots (teardown, older home properties) went under contract continuing this year’s dominant trend of strong vacant land sales.

At times, the sale of a specific property warrants more discussion than the usual property details provide. The sale of a highly motivated 2008 spec built home at 802 Gibson Ave. is of particuar note and see the property details below for additional comments.

Under Contract / Pending (8): MLS #: 121367, 126127, 111869, 121096, 118086, 121782, 125245, 125764. This link is valid for 30 days until 10/02/2012. Photos and descriptions of under contracts are not posted unless special circumstances or significance dictate.

Closed (16): MLS #:117262, 117882, 119960, 120514, 121180, 121537, 123666, 123955, 124775, 124876, 125870, 125943, 126015, 126060, 126491, 126606. This link is valid for 30 days until 10/02/2012.

Aspen Snowmass Solds Last Week:

MLS #117882 – Aspen, Central Core single family home, 802 Gibson Avenue, Aspen, CO: Sold Price: $4,225,000/$532 sq ft unfurnished, (-68% off the original 2006 pre-construction price). More details below photos.

MLS #117882 – Aspen, Central Core single family home, 802 Gibson Avenue, Aspen, CO: Sold Price: $4,225,000/$532 sq ft unfurnished (-68% off the original 2006 pre-construction price.); Asking Price: $5,500,000. (Original Price: $13,160,000 and 2,170 days on the market since 12/29/2006.) This is a 2008 spec built, 5 bedroom/5 bath/3 half bath, 7,940 sq ft single family home with 2 car garage on 0.22 acres. It is located within easy walking distance to downtown Aspen, Clarks Market, Theatre in the Park, the Rio Grande, Hunter Creek and the Smuggler Mountain Trails – all of which belong to Aspen’s most popular daily exercise routes, and it has major front and center Aspen Mountain views from the main living quarters.

This home was part of a 2006 corner lot split development project (Link is valid for 30 days until Oct. 2, 12. MLS # 102345, 117883, 117882) adjacent to the Smuggler Mobile Home Park creating (3) residential lots where there had once been (2). The development tested the market for luxury multi-unit development in the Smuggler area much the way the Fox Crossing project did – and continues to – across the street. This home backed up to the Smuggler Trailer court and fronted Gibson St with a minimal street set-back.

An adjacent contemporary 2004 home at 101 Maple Ave. (Link is valid for 30 days until Oct. 2, 12. MLS # 111498.), built within the outer perimeter of the mobile park itself on a trailer sized lot of approx. 3,300 sq ft and not part of the (3) home Gibson Ave. project, sold disappointingly in a bank short sale on Oct. 1, 10 at $1.85MM/$552 sq ft, a -51% discount from its original $3.75MM ask price.

Initially, in the heady market days of 2006, both the Gibson Ave. and Fox Crossing projects were received positively with significant pre-construction sales. But as the economy faltered, so too did these projects which were part of this specific Smuggler area’s transition to ultra high-end homes and townhomes.

In April 2012, there were (2) notable Fox Crossing auction sales (See April 22 – 29, 12 and April 15 – 22, 12 blog posts) at greatly discounted prices. And now, the sale of this property at -68% off the original 2006 pre-construction price.

This is likely the single greatest discount-to-original-price Aspen single family spec home sale since the Crisis began almost four years ago. It is also probably a marker as the last of the distressed, highly motivated spec home sales from the 2006-2009 construction period. It is considered a positive sign that the market “gets cleansed ” of troubled inventory such as this. And it is a sad tale as well.

The broker’s comments are, “Elegant new home with unobstructed views of Aspen Mountain. Reclaimed hand-hewn wood floors along with heavy timbers give this mountain contemporary home a sense of warmth unlike any other home in Aspen. Numerous luxuries include exquisitely designed wine room, wet bar, media room & professional appliances including 48 Sub-Zero refrigerator/freezer, 48 Wolf gas range top & two Asko dishwashers. Unbeatable views with unparalleled value adds this home to every savvy home buyers radar. Just $692 per sq ft. The least expensive new construction single family home in Aspen.” 2011 Taxes: $15,986. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 06/20/2012; Sold Date: 08/21/2012. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

MLS #124876 – Aspen, East Core single family home, 1016 E. Hopkins Avenue, Aspen, CO: Sold Price: $8,500,000/$1,569 sq ft furnished. More details below photos.

MLS #124876 – Aspen, East Core area, single family home, 1016 E. Hopkins Avenue, Aspen, CO: Sold Price: $8,500,000/$1,569 sq ft furnished; Asking Price: $9,950,000. (Original Price: $11,500,000 and 648 days on the market since 04/05/2010.) This is a 2005 built, 5 bedroom/5 bath/3 half bath, 5,417 sq ft single family home with 2 car garage on 0.1 acres. Broker comments are, “Located on a quiet cul-de-sac in downtown Aspen, this wonderful family residence w/a contemporary design is just steps from everything! Highly desirable features include generous living spaces, main floor master suite w/private deck, large kitchen w/high end appliances & island eating area, warm furnishings, quality finishes, custom details, one touch lighting, AMX A/V system, barrel vaulted wood ceiling in the great room & high ceilings throughout, large south-facing picture windows, fantastic family room w/large screen TV, bar, billiards table & wine room, office, elevator, A/C, radiant heat, humidification system, central vacuum system, multiple gas fireplaces, 2 car garage + add’l off-street parking, rooftop deck, irrigated landscaping, all day sun, & direct views of Aspen Mountain.” 2011 Taxes: $7,324. City of Aspen Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 07/19/2012; Sold Date: 08/30/2012. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

MLS #123666 – Aspen, Central Core, Chateau Chaumont condo, 731 E. Durant Avenue #24, Aspen, CO: Sold Price: $410,000/$608 sq ft furnished. More details below photos.

MLS #123666 – Aspen, Central Core, Chateau Chaumont condo, 731 E. Durant Avenue #24, Aspen, CO: Sold Price: $410,000/$608 sq ft furnished; Asking Price: $450,000. (Original Price: $585,000 and 436 days on the market since 06/08/2010.) This is a 1968 built/2008 remodeled, 1 bedroom/1 bath/1 half bath, 674 sq ft condo. An excellent deal. Broker comments are, “Great opportunity to buy at 1999 prices. This spacious 1 bedroom is only 1 block to gondola. Lots of closets, in unit washer/dryer, tasteful remodel.” 2011 Taxes: $949; HOA Dues: $7,121 Yr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 06/20/2012; Sold Date: 08/23/2012. (Photos and broker comments courtesy of Frias Properties of Aspen.)

MLS #121537 – Aspen, Central Core, Fifth Avenue Condo, 800 S. Mill Street 1a, Aspen, CO: Sold Price: $550,000/$756 sq ft furnished. More details below photos.

MLS #121537 – Aspen, Central Core, Fifth Avenue Condo, 800 S. Mill Street 1a, Aspen, CO: Sold Price: $550,000/$756 sq ft furnished; Asking Price: $599,000. (Original Price: $1,100,000 and 706 days on the market since 09/10/2007.) This is a 1969 built/1995 remodeled, 2 bedroom/1 bath, 727 sq ft condo. Broker comments are, “This corner, two bedroom is up-to-date and easy to reach. Less than two blocks to Aspen’s core and ski to with-in 200 feet of unit.” 2011 Taxes: $1,398; HOA Dues: $1987 Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 07/02/2012; Sold Date: 08/31/2012. (Photos and broker comments courtesy of BJ Adams & Co.)

MLS #125870 – Aspen,Central Core, Kessler condo, 950 E. Durant Street 3, Aspen, CO: Sold Price: $608,000/$1,057 sq ft furnished. More details below photos.

MLS #125870 – Aspen,Central Core, Kessler condo, 950 E. Durant Street 3, Aspen, CO: Sold Price: $608,000/$1,057 sq ft furnished; Asking Price: $625,000. (Original Price: $899,000 and 1,110 days on the market since 08/13/2009.) This is a 1961 built/2007 remodeled, 1 bedroom/1 bath, 575 sq ft condo. Broker comments are, “Rare opportunity to own at the small exclusive Kessler complex. Walk to the Gondola and town from this beautifully remodeled one bedroom top floor condominium. Storage loft and vaulted ceilings. Top of the line appliances. Off street parking. Low association fees.” 2011 Taxes: $1,563; HOA Dues: $504 Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 07/18/2012; Sold Date: 08/31/2012. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

MLS #124775 – Aspen, Central Core, Obermeyer Place condo, 501 Rio Grande Place, 201, Aspen, CO: Sold Price: $3,475,000/$1,326 sq ft furnished. More details below photos.

MLS #124775 – Aspen, Central Core, Obermeyer Place condo, 501 Rio Grande Place, 201, Aspen, CO: Sold Price: $3,475,000/$1,326 sq ft furnished; Asking Price: $3,850,000. (Original Price: $3,850,000 and 158 days on the market since 03/23/2012.) This is a 2006 built, 3 bedroom/3 bath/1 half bath, 2,620 sq ft condo with 2 car garage. Broker’s comments, “Fantastic 3 bedroom, 3.5 bath corner unit. Elegant and contemporary condo, fully furnished, exquisite accessories. Incredible views of Roaring Fork River and Red Mountain. Underground parking and storage. This is a must see.” 2011 Taxes: $7,789; HOA Dues: $4,057 Qtr. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 07/30/2012; Sold Date: 08/27/2012. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

MLS #126491 – Aspen, Central Core condo, 204 W. Hyman Avenue #3, Aspen, CO: Sold Price: $793,250/$686 sq ft furnished. More details below photos.

MLS #126491 – Aspen, Central Core condo, 204 W. Hyman Avenue #3, Aspen, CO: Sold Price: $793,250/$686 sq ft furnished; Asking Price: $845,000. (Original Price: $845,000 and 37 days on the market since 07/18/2012.) This is a 1971 built/2012 partially remodeled, 2 bedroom/1 bath/1 half bath, 1,190 sq ft condo. Broker comments are, “You want good value – here it is… $710/sq ft. Lovely 2 bedroom 2 level condo with lots of light, a small 4 unit building on a quiet street. Just a 5 minute walk to the core! There are 4 balconies, low HOA fees, off street parking,wood burning fireplace new paint and new carpeting and flooring. Nice patio area.” 2011 Taxes: $3,448; HOA Dues: $425 Mo. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 08/11/2012; Sold Date: 08/22/2012. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

MLS #117262 – Aspen, West Aspen, Owl Creek duplex, 1044 Owl Creek Road, Aspen, CO: Sold Price: $2,500,000/833 sq ft furnished. More details below photos.

MLS #117262 – Aspen, West Aspen, Owl Creek duplex, 1044 Owl Creek Road, Aspen, CO: Sold Price: $2,500,000/$833 sq ft furnished; Asking Price: $2,995,000. (Original Price: $2,995,000 and 785 days on the market since 07/05/2010.) This is a 2002 built, 3 bedroom/3 bath, 2,998 sq ft duplex with 1 car garage on 4.5 acres located in a draw with limited open views. Broker comments are, “Designed by Studio B Architects and beautifully maintained, this fabulous duplex lives like a single family home. Features include a contemporary style, clean lines, 3 bedrooms, 3 baths, 2998 square feet, high end finishes, hardwood floors, gas fireplaces, office, abundant storage, one car garage, excellent outdoor spaces, large yard, wraparound deck, hot tub, and end of the road privacy on 4.5 acres. The perfect “lock & leave” or full time home, located on Owl Creek Road directly between Aspen & Snowmass Village.” 2011 Taxes: $4,930. Under Contract Date: 01/12/2012; Sold Date: 08/28/2012. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

MLS #123955 – Aspen, West End single family home, 314 W. Main Street, Aspen, CO: Sold Price: $1,450,000/$888 sq ft unfurnished. More details below photos.

MLS #123955 – Aspen, West End single family home, 314 W. Main Street, Aspen, CO: Sold Price: $1,450,000/$888 sq ft unfurnished; Asking Price: $1,675,000. Original Price: $2,900,000 and 1,410 days on the market since 06/05/2007.) This is an 1886 built/1985 remodeled, 1 bedroom/1 bath/1 half bath, 1,632 sq ft single family home with commercial space on lower level situated on 0.1 acres. Broker comments are, ” Location. Location. Easy walking distance to Aspen’s central core. Combine your resources…Mixed Use zoning permits both residential and commercial opportunities. This means you can work and live in the same location. Classic period carriage house is centrally located on the sunny side of Main Street and strategically set back to offer privacy. Good structural integrity. Two-story, historic carriage house with contemporary commercial space on first level. Second level features vaulted ceiling, charming 1-bedroom plus loft, living/dining area w/ gas log fireplace and full kitchen. Terrific southern exposure with Aspen Mountain views and high visibility on Main Street! 1031 Exchange. Excluded:4 attached bookshelves, 2 wall cabinets, 2 hooks, 4 stained glass windows.” 2011 Taxes: $3,527. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 07/04/2012; Sold Date: 08/29/2012. (Photos and broker comments courtesy of Coldwell Banker Mason Morse.)

MLS #125943 – Aspen, Bank Owned Property: West Aspen, Pitkin Mesa duplex, 1085 Cemetery Lane, Unit A, Aspen, CO: Sold Price: $1,615,000/$563 sq ft. More details below photos.

MLS #125943 – Aspen, Bank Owned Property: West Aspen, Pitkin Mesa duplex, 1085 Cemetery Lane, Unit A, Aspen, CO: Sold Price: $1,615,000/$563 sq ft; Asking Price: $1,700,000. (Original Price: $2,575,000 and 247 days on the market since 11/15/2011.) This is a REO sale of a 1980 built/2008 remodeled, 3 bedroom/3 bath/1 half bath, 2,864 sq ft duplex with 1 car garage on 0.18 acres. Broker comments are, “Nicely updated half-duplex located on Cemetery Lane with 3 bedrooms, 3-1/2 bathrooms, and den/media room with wet bar. This property was completely renovated in 2001 with additional updates in 2008 and features beautiful cherry hardwood floors, granite and marble counters throughout, top of the line kitchen appliances, attached 1-car garage, two laundry areas, vaulted ceilings with skylights and nice mountain views. There is a large, flat backyard area with a hot tub/spa, sprinkler system, and landscaping.” 2011 Taxes: $4,774. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. (Photos and broker comments courtesy of Merritt Group.)

MLS #126015 – Aspen, East Aspen, Mountain Valley duplex, 449 Mountain Laurel Drive #3, Aspen, CO: Sold Price: $1,525,000/$678 sq ft unfurnished. More details below photos.

MLS #126015 – Aspen, East Aspen, Mountain Valley duplex, 449 Mountain Laurel Drive #3, Aspen, CO: Sold Price: $1,525,000/$678 sq ft unfurnished; Asking Price: $1,750,000. (Original Price: $2,100,000 and 530 days on the market since 08/04/2010.) This is a 1971 built, 3 bedroom/2 bath/1 half bath, 2,249 sq ft duplex with assigned gargage on 0.41 acres. No broker comments. 2011 Taxes: $4,183; HOA Dues: $1,500 + $225 Yr. Under Contract Date: 07/27/2012; Sold Date: 08/28/2012. (Photos and broker comments courtesy of Aspen Estates.)

MLS #120514 – Aspen, Red Mountain, Red Mountain Ranch single family home sold at – or near – lot value, 200 E. Reds Road, Aspen, CO: Sold Price: $5,250,000/$1,018 sq ft unfurnished. More details below photos.

MLS #120514 – Aspen, Red Mountain, Red Mountain Ranch single family home sold at – or near – lot value, 200 E. Reds Road, Aspen, CO: Sold Price: $5,250,000/$1,018 sq ft unfurnished; Asking Price: $5,700,000. (Original Price: $6,900,000 and 510 days on the market since 10/13/2011.) This is a single family lot with an existing home offering a development opportunity. The existing home is 1977 built/1996 remodel, 4 bedroom/3 bath, 4,933 sq ft with 2 car garage on 0.93 acres. 2011 Taxes: $15,492. Under Contract Date: 07/26/2012; Sold Date: 08/30/2012. (Photos and broker comments courtesy of Frias Properties.)

MLS #121180 – Aspen, Red Mountain, Red Mountain Ranch single family home, 142 E. Reds Road, Aspen, CO: Sold Price: $17,250,000/$2,190 sq ft furnished. More details below photos.

MLS #121180 – Aspen, Red Mountain, Red Mountain Ranch single family home, 142 E. Reds Road, Aspen, CO: Sold Price: $17,250,000/$2,190 sq ft furnished; Asking Price: $20,000,000. (Original Price: $25,000,000 and 463 days on the market since 05/27/2011.) This is a 1996 built/2007 remodeled, 5 bedroom/5 bath/1 half bath, 7,874 sq ft single family home with 2 car garage on 1.15 acres. Broker comments are, “This one has a view that will take your breath away,” stated renowned New York interior designer Charlotte Moss, decorator of “Sky High” on East Reds Road on Red Mountain. This five bedroom home has straight on views of Aspen Mountain. An expansive deck stretches the full length of the house from dining room to the master bedroom. The interiors are quintessential Charlotte Moss blending English, French and American influences into gracious backgrounds for elegant living. You will see she has succeeded in bringing a European chalet feel from the Alps to the Rockies.” 2011 Taxes: $24,054; HOA Dues: $2,054 Yr. Under Contract Date: 07/15/2012; Sold Date: 08/31/2012. (Photos and broker comments courtesy of Aspen Associates Realty Group.)

MLS #126606 – Aspen, Red Mountain, Red Mountain single family home, 18 West Reds Road, Aspen, CO: Sold Price: $15,000,000/$1,483 sq ft partially furnished. More details below photos.

MLS #126606 – Aspen, Red Mountain, Red Mountain single family home with historic guest house, 18 West Reds Road, Aspen, CO: Sold Price: $15,000,000/$1,483 sq ft partially furnished; Asking Price: $19,500,000. (Original Price: $23,000,000 and 970 days on the market since 06/23/2009.) This is a 2009 built, 7 bedroom/7 bath/3 half bath, 10,109 sq ft single family home with 2 car garage on 1 acre. Broker comments are, “The combination of a new custom estate with an impeccably restored 1888 Victorian guest house with historical significance make this property a rare find! Enjoy year-round entertaining on the large flat lawn & snowmelt patios with English country garden landscaping, and spectacular views of Aspen Mountain & beyond from virtually every room of the main home. Refined elegance is exemplified with an interior design by Linda Bedell, while sophisticated architecture & state of the art technology are found throughout. Main house has 5 above grade bedrooms, 5 full baths, 3 half baths, 5 fireplaces, Waterworks white marble bathrooms, Smart Home wiring, wine room, media room, A/C, radiant heat, and a two car garage. The guest house has 2 bedrooms & 2 baths.” 2011 Taxes: $24,469. Under Contract Date: 08/22/2012; Sold Date: 08/28/2012. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

MLS #126060 – Woody Creek, Bank Owned Property: Woody Creek single family home, 156 Letey Lane, Woody Creek, CO: Sold Price: $1,074,000/$252 sq ft unfurnished. More details below photos.

MLS #126060 – Woody Creek, Bank Owned Property: Woody Creek single family home, 156 Letey Lane, Woody Creek, CO: Sold Price: $1,074,000/$252 sq ft unfurnished; Asking Price: $1,099,000. (Original Price: $2,900,000 and 654 days on the market since 06/21/2010.) This is a REO sale of a1986 built, 3 bedroom/4 bath, 4,250 sq ft single family home with 2 car garage on 6 acres. Broker comments are, “This is a great opportunity for a horse lover. Six acres with easy access to Rio Grande trail and other riding trails and has a small stream that runs in front of the house. A 4,250 square foot house in the Aspen school district, and a rural Woody Creek location.” 2011 Taxes: $6,405. Under Contract Date: 08/06/2012; Sold Date: 08/31/2012. (Photo and broker comments courtesy of Aspen Snowmass Sotheby’s.)

MLS #119960 – Snowmass Village, Crestwood condo, 400 Wood Road E-2110, Snowmass Village, CO: Sold Price: $300,000/$500 sq ft furnished. More details below photos.

MLS #119960 – Snowmass Village, Crestwood condo, 400 Wood Road E-2110, Snowmass Village, CO: Sold Price: $300,000/$500 sq ft furnished; Asking Price: $399,000. (Original Price: $525,000 and 534 days on the market since 03/01/2011.) This is a 1970 built, 1 bedroom/1 bath, 600 sq ft condo. Broker comments are, ” Located on the ski slopes of Snowmass. Easy access to ski hill. Delightful one bedroom with nice views. In the popular Elm building and a corner location with a wrap around deck and additional glass. Overlooks a common area with a running stream in the summer from the snow melt. Excellent management with rental potential. Pools and hot tub adjacent. Seller wants offers.” 2011 Taxes: $1,397; HOA Dues: $10,867 Yr. Town of Snowmass Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 07/05/2012; Sold Date: 08/16/2012. (Photos and broker comments courtesy of Aspen Snowmass Sotheby’s.)

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Aspen Snowmass Real Estate Weekly Market Update Report Closed and Under Contract