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The Estin Report Aspen Snowmass Weekly Real Estate Market Update: Closed (5) and Under Contract (8): Mar 25 - Apr 1, 12

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Coldwell Banker Mason Morse Aspen broker Tim Estins complete post on the prior week's Aspen property sales is released Monday mornings at his website and at times during the week. The Estin Reports: State of the Aspen Market are available there also. These CBMM postings are condensed. For the latest Aspen real estate news, sales statistics and market activity, follow him on twitter @EstinAspen. He welcomes your inquiries, comments and business. Call 970.920.7387 or email: testin@masonmore.com

The Estin Report: March Monthly Sales Snapshot (published 1st Monday of each month) will be published later Mon April 2 or Tuesday April 3rd at Tim's website.


Go to EstinAspen.com for executive summary and full report

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 scheduled 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 (8): MLS# 123284, 118550, 124040, 110129, 124650, 120458, 122917, 123013. This link is valid for 30 days until 05/01/2012. Photos and descriptions of under contracts are not posted unless special circumstances or significance dictate.

Closed (5): MLS# 122406, 123792, 123338 124875, 118863. This link is valid for 30 days until 05/01/2012.

Exceptional Aspen Commercial Property Under Contract Last Week:

MLS #118550 - Aspen, Central Core, Aspen Townsite commercial building, "Bidwell Building", 434 E. Cooper Avenue (Center of Downtown Aspen), Aspen, CO: Asking Price: $27,000,000. More details below photos.

MLS #118550 - Aspen, Central Core, Aspen Townsite commercial building, , "Bidwell Building", 434 E. Cooper Avenue, Aspen, CO: Asking Price: $27,000,000. (Original Price: $30,000,000 and 526 days on the market since 10/18/2010.) This is a 1965 built commercial building designed by reknowned Aspen architect Fritz Benedict, with multiple retail, restaurant and office tenants occupying a total of 16,954 sq ft. Broker comments are, "100% A+ location commercial building with many possibilities. Tenants include Kemosabe, Sports Center, Keating Gallery, Hunter Bar, Le Tub and office tenants." 2011 Taxes: $119,411. City of Aspen RETT Transfer Tax of approx. 1.5% payable by buyer. Under Contract Date: 03/24/2012; Proposed Close Date: 09/24/2012. (Photos and broker comments courtesy of Setterfield & Bright.)

Select Aspen Snowmass Solds Last Week:

MLS #122406 - Aspen, McLain Flats, Starwood single family home, 70 Larson Drive, Aspen, CO: Sold Price: $7,800,000 /$982 sq ft furnished. More details below photos.

MLS #122406 - Aspen, McLain Flats, Starwood single family home, 70 Larson Drive, Aspen, CO: Sold Price: $7,800,000/$982 sq ft furnished; Asking Price: $8,750,000. (Original Price: $11,850,000 and 581 days on the market since 08/16/2010.) This is a developer spec built 2008 built/2010 remodeled, 5 bedroom/5 bath/2 half bath, 7,940 sq ft single family home on 2.63 acres with 2 car garage. It sold as a bank short sale on 7/2/10 for $5.5M/$757 sq ft. The buyer did some minor remodel work then turned around and put it back on market at $11.85M. Even at sold price $7.8M, a tidy profit. The broker comments are, "This newly constructed home sits at top of Starwood, Aspen's only gated community, with spectacular views of all four ski mountains and the entire Elk Range. With no detail overlooked, this fully furnished home features a country kitchen with an outdoor cooking center, state of the art home theater, full home sound and lighting, wine storage and tasting room, multiple family/entertaining spaces, extensive outdoor entertaining areas, air conditioning, radiant heat, elevator, and hot tub. Starwood also offers tennis courts, cross country skiing and common pastures to board your horses." 2011 Taxes: $25,179; HOA Dues: $500 Yr. Under Contract Date: 02/28/2012; Sold Date: 03/30/2012. (Photos and broker comments courtesy of Aspen Snowmass Sotheby's.)

MLS #118863 - Snowmass Village, Pines At Owl Creek single family ski in/ski out home, 564 Mountain Crest Lane, Snowmass Village, CO: Sold Price: $5,750,000/$1,041 sq ft partially furnished. More details below photos.

MLS #118863 - Snowmass Village, Pines At Owl Creek single family home, 564 Mountain Crest Lane, Snowmass Village, CO: Sold Price: $5,750,000/$1,041 sq ft partially furnished; Asking Price: $6,925,000. (Original Price: $9,950,000 and 927 days on the market since 07/01/2009.) This is a 2008 built, 6 bedroom/6 bath/1 half bath, 5,520 sq ft single family home with 3 car garage in the prestigous Pines at Owl Creek area - known for newer and somewhat larger Snowmass ski-in/out homes. Broker comments are, "Beautifully designed ski in/ski out home with great views. Large living space built for entertaining. Large decks with two outdoor fireplaces, stone and hardwood flooring, two master bedroom suites, large bunk room, brand new construction." 2011 Taxes: $22,802; HOA Dues: $5,404 Yr. Town of Snowmass Village Transfer Tax of approx. 1.0% payable by buyer. Under Contract Date: 03/14/2012; Sold Date: 03/30/2012. (Photos and broker comments courtesy of Alpine Real Estate, Inc.)

Disclaimer: The statements made in The Estin Report and on Tim Estin's blog represent the opinions of the author not Coldwell Banker 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 testin@masonmorse.com. The Estin Report is copyrighted 2012 and all rights reserved. Use is permitted subject to the following attribution: "The Estin Report: State of the Aspen Market, By Aspen broker Tim Estin, mba, gri."


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