Italian immigrants who migrated to the upper valley in the late 19th century originally settled at the Woody Creek homestead. The Craig family purchased the property in 1964 and for nearly five decades have upheld the environmental quality of the land and preserved about 600 acres in conservation. An adjoining property with 210 acres is available on the market separately.

“Over the past 46 years, the Craig Family has served as custodians of the land and have worked hard to preserve its breathtaking landscape, scenic vistas, wildlife habitat, historic agricultural uses and precious open space,” said Ed Foran, co-listing broker at Mason Morse Real Estate.  “Without question, this ranch is an amazing opportunity for someone who wishes to continue the family’s legacy of stewardship and conservation of wild spaces.”

Several diverse ecosystems found in the Rocky Mountains thrive at the Craig Ranch, from the valley’s riparian habitat of Woody Creek, to acorn and berry-laden mountain shrublands eventually bordering spruce-fir forests at almost 10,000 feet. The ranch shelters elk, mule deer, black bear, eagles, hawks, game birds, migrating birds and waterfowl.

Recreational opportunities, such as hunting, hiking, horseback riding and Nordic skiing, abound throughout the property.  In addition, the ranch features 1 mile of frontage on both sides of Woody Creek that offers excellent fly-fishing for Brook, Rainbow and Brown Trout.

The Craig Ranch is a compelling investment and/or family legacy ranch in a highly sought after resort destination. This unique property is being offered at $43,000,000. For more information on this legendary ranch listing, go to The Craig Ranch at www.masonmorse.com.

Mason Morse Real Estate is an established leader in real estate in the Roaring Fork Valley. Established in 1961 with over 70 sales professionals, Mason Morse has been bringing buyers and sellers together for almost fifty years. Mason Morse is a member of Who’s Who in Luxury Real Estate and is the exclusive Regent in Aspen and Snowmass to LuxuryRealEstate.com. Mason Morse has five offices from Aspen to Glenwood Springs.

• Overall, the residential market outlook in the upper Roaring Fork Valley is promising. Q210 has experienced a markedly higher dollar volume of sales and increased sales transactions when compared to both Q110 and Q209 in all property types. The trend line is categorically more positive than a year ago. Single family homes represent the dominant sales type in both Aspen and Snowmass Village, boosted particularly by a Q210 jump in sales in the $4M to 6M dollar range in Aspen.
  
• Although this quarterly and half year 2010 analysis of the Aspen Snowmass residential market is positive, we are a far cry from the peak 2006…and 2007 prices exist no more. Those days are gone.
  
• The June 25, 2010 sale of Aspen Lakes Ranch at $24.5 million is the highest priced residential sale in a year, yet another example of the continued strength of the high end luxury market in Aspen, its unique quality and lifestyle.
  
•  There have been 16 sales over $6 million in the first 6 months of this year compared to 11 in the same period a year ago, a 45% increase. (These numbers were revised 7/10/10). Single family home sales show the largest increases across the board, with 84% increase in total dollar volume from Q209 and a 56% increase in median sale price from $3,848,711 in 2009 to $6,000,000 in 2010. There have been some big notable purchases which are skewing upwards the average and median numbers.
  
• In 1H10, 20 of the total 43 sold single family homes,  or 47%, were either brand new or remodeled since  2005; in 1H09, 14 of the total 28 single family homes sold, or 50%,  were either brand new or remodeled since  2005 reinforcing the fact that “new” product is what’s selling and this “newer” inventory is being depleted.
  
• In Q2 2010, single family homes warrant 26% more of their original price than they did in Q2 2009. This reflects the fact that properties are becoming more realistically priced and the significant distance between ask and sold price appears to be narrowing. Pricing remains a considerable challenge as so many personal and subjective factors dictate actual sold events rather than solid market data. In general, relevant sales comparisons continue to be difficult to find.
  
• Condominiums have historically been a much larger percentage of sales than single family homes. Yet in the past two years, there have been more single family home sales than condos suggesting that the condo market continues to be stressed, most likely over-priced and more dependant on lending sources/mortgages than the single family home segment.
  
• Most single family home sales in Aspen occurred above $4M in Q210, suggesting a stronger luxury single family home market than might have been thought. The number of sales of single family home remained relatively strong through 15M, dropping off at 15M and above. Notably, in Q209 41% of sales occurred above 4M, while in Q210 81% of sales occurred above 4M.
  
• Snowmass Village sales still struggle: construction is halted, developer lending sources reportedly non-existent and uncertainty with the build-out of the new Snowmass Base Village continues. But uncertainty is opportunity.

For the complete report and Tim Estin’s weekly blog on the Aspen Snowmass residential market for single family homes, condos, townhomes, duplexes, vacant land and more, go to:  www.EstinAspen.com

Disclaimer:  The statements made in The Estin Report and on Tim Estin’s blog represent the opinions of the author not Mason Morse Real Estate. They should not be relied upon exclusively to make real estate decisions. A potential buyer and/or seller is advised to make an independent investigation of the market and of each property before deciding to purchase or to sell. 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 by 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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ASPEN,CO – Mason Morse Real Estate is proud to announce the sale of Aspen Lakes Ranch for $24.5 million. Brian Hazen, Vice President/Broker Associate of Mason Morse represented the Buyer. The sale represents the highest priced single family home sale in the Aspen/Snowmass market since July of 2009. “I judge Aspen by its quality of life and whether it’s still desirable, and I think the sale gives proof that we are a very, very desirable place, and people are still looking for a good value” said Hazen. Aspen Lakes Ranch has seven bedrooms and 8 1/2 baths. Between the single-family home and the guest house, the property, which sits on 8.9 acres, spans 13,068 square feet and features rare senior water rights, 3 ponds, multiple waterfalls and stunning views.

Over the past year, 4 single-family homes in the Aspen area have sold for more than $15 million, Brian Hazen and Mason Morse Real Estate have brokered two of them. Please visit us online at www.masonmorse.com to learn more about us.

Brief Description: (for full information and repulations, go to AspenPitkin.com)

The new regulations will be monitored at the time a property deed within the County is transferred. Sellers are advised to have their septic system pumped in preparation of selling their property. In other words, if you plan to sell your house, you need to get this taken care of because it is not the buyers responsibility, it is the seller’s. Buyers will request and expect to have this done. It should be anticipated by seller as a normal seller expense.

If the septic system is new within the past (5) years (per date of Building Permit), the County will waive the new regulations.

As of July 1st, 2010 the following Pitkin County Septic Regulation change will take place:

1) Pitkin County will issue a list of approved vendors who will certify that septic systems meet County requirements.
2) Pitkin County will NOT grandfather in non-conforming properties. As example, steel tanks will not be acceptable.
2) In order for a septic system to get certified, the tank and leech field will be examined:
 a) Sellers should pull a copy of their Septic Permit in advance of listing the property to find out where the septic tank and leech field is located. Typically, this is done by a “stomp and sniff” test looking for soft, wet soil on the property.
 b) Tank Size and type, location of tank to the house and location of the leech field: Size is determined by the # of bedrooms in a house. If a home owner has added a bedroom (s), the   County will make them redo the septic.
 c) Type of Tank: Steel tanks are not legal anymore. This will particularly affect homes built in the 70′s or earlier. Concrete or plastic is the acceptable type now.
 d) Water Well and Septic: They must be minimum of 100′ apart from one another.
 e) Size of Leech Field: determined by a Perc Test which measures water absorption in the soil…i.e how long does it take water to leech out of the soil?

 For last week’s Aspen Snowmass real estate market activity, see Tim Estin’s weekly blog.

Disclaimer:  The statements made  in this blog post do not represent the opinions of Mason Morse Real Estate. They are the opinions of Tim Estin, the author,  and should not be relied upon exclusively to make real estate decisions. A potential buyer and/or seller is advised to make an independent investigation of the market and of each property before deciding to purchase or to sell. 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 by 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“

Click image for complete report.

(Revised 6/22/10 at 4:30PM. Added a new page 7 with charts comparing 2004 – 2010 YTD Sales across Asset Classes: single family homes, condos and  vacant land .)

Excerpt:

“At present, vacant land sales are generally moribund for a variety of reasons as noted in this report. Most importantly, it is because: 1) buyers perceive they can buy new finished product – single family homes – at less than replacement value; 2) credit doesn’t exist and builders/developers have been cut out of the market.

Because there continues to be sufficient inventory of great homes available for purchase, although rapidly thinning, and not to mention the hassles of the permitting and building process with a particularly onerous Pitkin County Land Use Code, buyers, in general, do not want to buy land and build at present. In addition, credit markets continue to be locked up making many land purchases all but impossible.

Buyers sense that the “hidden” land costs are being discounted within the overall sales price of finished product whereas only recently are actual vacant lots getting realistically discounted on the retail end.  A buyer of a new single family home is effectively paying wholesale for land and benefiting greatly from the bad economic environment of builder/developers stuck with product.

When the cost of land combined with construction costs (now off 20-30%) is markedly cheaper than buying a new home, at say $900 – $1,100 sq ft, vacant land sales should theoretically start to pick up. This, and the freeing up of bank funds for new construction, should be the inflection point when vacant land sales turn.

In summer 2010 in Aspen’s Historic West End,  we are now seeing vacant lots listed at $2.5 -$3M. The last vacant lot sold in April 2009 at $3.3M for a 7500 sf lot to an end user, a buyer who intends to build their own home.  Pre-meltdown days, these lots would have been in the $4-$5M territory.

In the Mountain Valley area in east Aspen, there is a very motivated lot available at $2.2M and two others at $2.5M and $2.8M. There are others priced under $2M…these were lots priced in the $2.5- $3.5M range in the heyday.

On McLain Flats, a 13 acre parcel with abundant water rights, amazing mountain views and 10-15,000 sq ft home and barn approvals sold in the spring for $4.5M to another end user who will build their dream home. There are currently 2vacant lots on Trentaz  Dr that if purchased together represent 24 acres with  vested rights to build up to 19,000sf FAR priced at $5.95M (reduced from ($7.95M) or, individually 11 and 13 acres, priced at $2.975M each. (reduced from $4M ea.)

Double Bar X/Stage Rd a new Aspen subdivision of 1-3 acre lots near the Maroon Creek Club sold during their early 2007 launch between $4.5M- $6.8M. In summer and fall 2009, there were 3 sales of these lots at $3M-$3.2M with a ‘bonus’ lot thrown in as a second purchase to one buyer at $2M. According to Randy Gold, a well-respected local appraiser, “it’s tough to know how much  values in this project, and in the market at large, have really declined but 25-50% seems reasonable”

“The moment vacant land starts to sell,we’ll know the market has turned” says a well known local real veteran.

There are some fantastic lot deals now, and those in the know are waking up to this.

Go to this and other Estin Reports: www.EstinAspen.com

An article appeared in the Denver Post today titled, “Builder Applies Green Vision to Aspen” about a new home for sale in Aspen called the “Vision House”, a state of the art, industry endorsed green-built, sustainable designed single family home.  ‘It is a beautiful home, and the green elements are impressive but with a green-built home, what kind of premium are buyers willing to pay?’ asked Tim Estin, an Aspen broker who recently visited the property.” The article was thin on substance and this post hopes to add to a discussion on the economic value of green built features to a potential buyer.

Description and Photos: Vision House MLS 115741 (Link valid for 30 days until 07/06/10) – 101 Byers Court, Aspen, CO: Built 2010, 6 bedrooms/6.6 bath, 6,682 sq ft, 3-car garage, big open space and mountain views. Ask Price: $13,995,000. The property is located on the edge of White Horse Springs open space off McLain Flats Rd. The list broker’s description, “Aspen’s first and only luxury LEED Gold home…Built on a two and a half acre building site with adjoining acres of open space. Stunning views of the four ski mountains and the continental divide. Additional features: Kolbe and Kolbe Windows, NanaWall Window, Solar Photo Voltaic system, GeoExchange System, Solar thermal Hot Water, Radiant Floor Heat, Re-Circulation Loop and Motion Sensor Activation for hot water, Concrete roof tiles, Beetle Kill Siding, Acoustic Floor Mats, LED lights, Lite Touch Lighting Controls, Whole House Control System, American Clay plaster walls and No and Low VOC paints. ” (Photos and description courtesy of Wendy Lucas Real Estate).

While the house buying process can be extremely subjective, there are many obvious environmental and self-sustaining positives for green building.  But how can these be quantified from a cost/benefit perspective for prospective buyers in order to justify paying more for a green home than a traditionally built one? Some benefits to an owner that I believe could be measured, at least hypothetically, by a developer or builder are:

•  State and county tax incentives and/or credits for building green? for green features?
•  Mortgage incentives?
•  What is the cost benefit to a green home owner for selling unused energy “back to the grid”?
•  ”Net zero”: the Aspen Vision House is apparently net zero, meaning it can operate totally ‘off the grid”…what’s the savings to a   homeowner for this aside from not being subject to energy cost fluctuations and the fact that the house is self-sustaining?
•  As the market for “green” home building and methods steadily expands, doesn’t it follow that their costs will just as steadily, or perhaps exponentially, decrease? 

I received an email this morning from Connie O’Murray, RPA, LEED AP, Green Globes Professional and Vice President/GM of Jones Lang LaSalle Americas, Inc. in Denver.  Were it not for Connie’s note, I most likely would not be posting this entry as I know little about the topic but I think it’s an interesting discussion.

She writes, “I read with interest the article in today’s Denver Post about the Aspen Vision House. Your comments about pricing such an animal intrigued me, as we have been facing the same challenges in commercial leasing and investment sales. What we have found in this side of the industry is that sustainability features are becoming the norm, rather than the exception, in our clients’ expectations…But, for the most part, they don’t want to pay extra for them. It will be interesting to see how residential real estate evolves, but I suspect that the premium that a buyer will pay for green features will be small, unless the motivation for the acquisition is for other than environmental reasons.

I hesitate to comment too much on this, as residential real estate isn’t my forte, but I’m fairly knowledgeable on environmental sustainability, so I’ll speak to it the best I can.

I think that the questions you posed are right on target. Many of the incentives out there benefit the builder of new construction or a homeowner that renovates an existing residence. In other words, the financial benefits are realized when the features are installed. Most utility companies and governmental agencies have incentives/rebates available. The Colorado Governor’s Energy Office, as well as the EPA (Energy Star) and USGBC all have a wealth of information on their websites.

For the purchaser or owner of a green home, the primary benefits will be in the reduced cost of operating the home by virtue of reduced energy consumption, credits to homeowner insurance, etc. Xcel Energy, for instance, is implementing a new rate structure that penalizes higher consumption through a tiered rate structure. I think we’ll start seeing more of this. If residential is anything at all like commercial, the challenge after purchasing a green property is to ensure that the operations of the home are consistent with it’s design, or it won’t perform up to its original projections. For instance, if the home has a programmable heating and cooling system but the homeowner doesn’t program it, then the full benefit of the design won’t be realized.

Coincidentally, I just learned through the WSJ of a site that allows you to enter a home’s data and get “scored” on the overall energy efficiency of the home.  www.microsoft-hohm.com. Your readers may find it useful and I would be interested in seeing how the Aspen Vision House scores using this system.

Another reason to “go green”, by the way, is to avoid governmental mandates by voluntarily implementing energy saving measures. Anyway, I hope you find my comments helpful.” Connie O’Murray, RPA, LEED AP

There is another twist as well – The real reason green may be  hard to “quantify” is the relative youth of the industry and incentive programs. For example, its hard to convince a buyer that energy star appliances, geothermal and a solar system will provide an economic benefit over the long term (10 – 20 years) unless you have a commitment from a local energy company or long term national polices (which there aren’t). If local governments made it a mandate that energy could be sold back to the grid for x dollars per kilowatt for x number of years, then the whole project would be much easier to value. This could turn out to be an income generating piece to the project. But…..it seems impossible to get that kind of a commitment from local energy company much less national policy programs, so the whole industry is still a little……fragmented, I guess.

Disclaimer:  The statements made in The Estin Report and on Tim Estin’s blog represent the opinions of the author, not Mason Morse Real Estate, 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

Link to up-to-date Aspen Snowmass real estate news headlines and links.

The Estin Report
Aspen Snowmass Residential Real Estate
1st Quarter 2010 versus 1st Quarter 2009

Jan 1 – March 31, 2010
(See: 1Q10 Summary Chart)
By Tim Estin mba, gri / Broker Associate, Mason Morse RE
Contact: 970.309.6163  – testin@masonmorse.com

The Estin Report is based on Aspen/Glenwood MLS statistics and it relates specifically to Aspen, Snowmass and Woody Creek residential activity. The report is  for upper Roaring Fork Valley activity only, not all of Pitkin County, CO. Quarterly and Annual Estin Reports do not include fractional sales. However, separate and focused Estin Reports have been written on individual projects and developments within the fractional market.
General Comments

In general, real estate activity has been off to such an extent that the data set for 1Q10 – as in prior quarters of the past two years – continues to be small. The reader is cautioned against drawing significant conclusions based on these quarterly results at this point in time.  

We are definitively in a better place now than the same time last year but by historical standards, the improvements, though positive, are slight.

Much as the national economy is starting to show signs of a recovery slowly taking shape, the Aspen and Snowmass real estate environment appears to have seen the worst and activity is increasing especially in March. But prices in general are down significantly and properties for sale are on the market an average 33% longer than a year ago unless realistically priced to begin with.

Bottom line

There is more business going on now than same time last year.

Specific Notes

Here are the numbers comparing 1Q10 to same period a year ago, 1Q09.

Other than Sold Prices (significantly down an average 25% – 40% or more from original ask prices of more than a year ago) and Days On the Market (up significantly approximately +33% – in general, it takes 1/3 longer – from an average 12 months to 16 or more months now to sell a property), the numbers are positive from same time last year:

Total Dollar Volume – up +35%, $120.5MM in 1Q10 versus $89.5MM in 1Q09

Total Number of Solds: up +43% in: (43) in 1Q10 versus (30) in 1Q09
          > 1Q10: (43 ) total – (15) single family homes and (28) condos closed.
          > 1Q09: (30) total – (9) single family homes and (21) condos closed.

Future Activity Indicators – more properties are under contract and more solds.
           >Listings under contract as of 3/31/10 is up +56%, from (39) last year to (61) this year.
           > Local Buyer activity increasing: anecdotally, local buyers who know the market well have started buying. Typically, this is a good sign and indicative of a market bottoming.

Inventory Levels

Inventory of unsold properties is slowly decreasing, a positive sign.
           >The number of active properties on the market is down -16%, from (1,091) last year to (913) this year
           >The number of new listings – properties for sale – on the market is down -36%, from (246) last year to (157) this year.

Negotiations Taking Place

No longer is there a stand-off between buyers and sellers: both sides appear more realistic and there is more negotiating going on.
            >Buyers are no longer making crazy lowball offers (last year “50% off” offers were more common with the thinking, “Well, it happened in Las Vegas”…even though Aspen is not a sand/sun, sub-prime affected area). At present, offers seem to be more realistic and buyers appear more comfortable pulling the “buy’ trigger”. The dust has settled and there are less clouds in the valuation process but good relevant comparables remain few and far between and valuing properties continues to be difficult …. Much of that process is determined by the following factors with those underlined playing an even more important role than ever:  a) location; b) uniqueness of individual property; c) condition of property -  newer is selling much better than older; d) seller motivation; e) availability of buyer(s) for that specific property.

            > Sellers either already have, or are in process of, adjusting to new market realities. Any offer is more likely to be considered as at least a negotiating starting point rather than an insult.

Condo Activity Has Turned Upwards
-    In Aspen: (15) condos closed in 1Q10 versus (8) in 1Q09, +88%. In 1Q08, (13) Aspen condos closed.
-    In Snowmass, (8) condos closed 1Q10 versus (7) in 1Q09, +14 %. (7) of these condos were 3-4 bdrms…buyers are getting more space for less $. For comparison, in 1Q08, (13) condos closed .
-    Snowmass has come from being what some have said dead and buried a year ago to a heartbeat this year. In the spirit of Easter, perhaps we can say ‘some degree of resurrection is taking place’.

Aspen Single Family Home Activity
-    Basically unchanged in terms of # of transactions, (10) in 1Q10 versus (9) in 2009.
-    Smaller homes are selling: avg size in 1Q10 is 3,545 sq ft versus 6,645 sq ft  in 1Q09.
-    Avg Price per sq ft appears to have bottomed out.
          > Last year 1Q09, the sold average was $879 sq ft versus this yr 1Q10, it is $1,024 sq ft. I believe this price/sq ft and the house size differential reflects the fact that last year, developers were unloading inventory – bigger, brand new homes – at significant discounts. New built home inventory has largely been depleted from the marketplace and remaining opportunities are fast disappearing.

Snowmass Single Family Home Activity
-     (5) homes closed in 1Q10 versus (0) sales last year 1Q09.

Sold Price Breakout/Distribution

Total Solds by Price Range
The lower end of the market, under $1.5MM, has been the most active part of the total market
> 0-$1.5M: (17) total units
> $1.5-$3M: (9) units
> $3M – $5M: (8) units
> $5M and Up: (8) units

Aspen
> $0 – $1.5M:  (12) condos sold
> $1.5M -3M: (5) – 1 condo, 2 duplex units, 2 single family homes
> $3M – $5M: (5)  – 1 duplex, 2 townhomes, 2 sf homes
> $5M  and Up: (6) – 2 townhomes, 4 sf homes

Snowmass Village
> $0-$1.5M: (5) condos
> $1.5 – $3M: (4) condos, (1) sf home
> $3M-$5M: (3) sf homes
> $5M and Up: (2)  sf homes both in Two Creeks

Total units sold by month, sf homes and condos

> Mar = 21
> Feb = 11
> Jan = 11

Condo Average and Median Prices – (this section on Aspen Condos was revised on April 5, 2010 2:55 PM)
-    Aspen Condos: avg price in 1Q10 was $759,000 versus $1,835,000 in 1Q09; median price was $705,000 in 1Q10 versus $1,285,000 in 1Q09. While condo prices have come down generally 10-20% from original ask prices of more than a year ago, these average and median price numbers reflect the fact that a majority of the Aspen condo sales in 1Q10 have been the under $1.5M and consequently, the size of the sold units is much smaller than in the prior year.
-    Snowmass Condo: avg price in 1Q10 was $996,000 versus $952,000 in 1Q09; median price was 792,000 in 1Q10 versus $410,000 in 1Q09.

Aspen Single Family Homes: shows signs of improvement
-    The average price per sq ft of an Aspen home increased +16.5% from 1Q09, from $879 sq ft to $1,024 sq ft now.
-    The median price per sq ft of an Aspen home increased +20% from 1Q09, from $804 sq ft to $968 sq ft now.

Aspen Condos: price/sq ft is down significantly
-    The average price per sq ft of an Aspen condo decreased – 50% from 1Q09, from $1,406 sq ft to $939 sq ft now.
-    The median price per sq ft of an Aspen condo decreased -37% from 1Q09, from $1,429 sq ft to $907 sq ft now.

Snowmass Single Family Homes & Condo: little change
-    As there were no Snowmass single family home sales in 1Q09, there is no data to compare.
-    For Snowmass condos, although there has been an increase in condo sales, there has been little change in price per sq ft. Snowmass condos sold at an average $853 sq ft in 1Q10, ($843 sq ft in 1Q09) and at a median price in 1Q10 of $794 sq ft ($766 in 1Q09).

Vacant Lot Sales

Almost non-existent. Reasons: a) no banks will lend/tight credit; b) single family home sales have come down to – in some cases getting close to, or better than, replacement value; c) builders are basically out of market at this time.

Annual Vacant Land Sold Comparison since 2004

-    1Q10 = (3) sales, total $11M
-    2009 = (14) sales, total $37M
-    2008 = (9) sales, total $26M
-    2007 = (47) sales, total $246M
-    2006 = (56) sales, total $204M
-    2005 = (63) sales, total $204M
-    2004 = (47) sales, total $102M

Disclaimer:  The statements made in The Estin Report and on Tim Estin’s blog represent the opinions of the author not Mason Morse Real Estate, and they 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 at testin@masonmorse.com. 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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The following article is related to an interview with Heath Calhoun. He trains with Challenge Aspen during the winter. Amazing person and athlete. He lost his legs in Iraq.

Challenge Aspen is an organization in Aspen dedicated to impacting lives by presenting meaningful recreational, cultural and competitive experiences to individuals faced with cognitive or physical challenges. Learn more at http://www.challengeaspen.org/index.cfm

Iraq vet chases gold for the red, white and blue

March 12: The first wounded Iraq war veteran to compete in the Paralympic Winter Games, alpine skier Heath Calhoun, will carry the flag for the US Paralympic Team at the upcoming opening ceremonies. NBC’s Peter Alexander reports.

http://www.msnbc.msn.com/id/3032619/vp/35844514#35844514