Aspen Real Estate's Best Spring Deals

Posted on April 27, 2014 by Mary Kate

Last week at our Aspen Snowmass Sotheby's International Realty Aspen office meeting we discussed the best spring deals currently on the Aspen real estate market. Thank you to my co-worker Adam for organizing the project and to all in our company who participated. The exercise was broken down into five price categories: under one million, one to three million, three to five million, five to ten million and lastly ten million plus.

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The property to receive the most votes priced below one million was Gant K-103, a two bedroom, two bath, 990 square foot, ground floor, standard rated condominium. While the price is attractive, K-103 isn't the best location in the complex, being ground floor, east facing looking at the parking lot, and the unit interior is tired; it's a good entry level price for a near to the core two bedroom at one of Aspen's best condo hotel resort properties. The new Rowland Broughton designed conference center will be completed the end of May and will be a valuable new amenity for owners and guests with a new fitness center and spa as well as food and beverage and new meeting space. I'm surprised that Gant H402 or Gant E403 haven't sold. Gant E403 is a top level, premier rated, vaulted ceiling two bedroom staring at Aspen Mountain with strong rental history; it's one of the best locations and units in the complex priced at $1,595,000. Including my two bedroom Gant J-201 listing there are fifteen total active Gant listings today. With only five sales at The Gant the past year sales activity has been slower. I think there are some great opportunities there today. I anticipate sales activity will increase at The Gant this summer especially when you consider there's not much else available. Only one two-bedroom Aspen Square is for sale today and seven Aspen Alps condo are for sale with three sales pending.
<h3>Aspen Real Estate - Condominiums</h3>
My Aspen Square Studio 305 priced at $699,000 received the second most votes. The bathroom, kitchen, and fireplace have all been completely remodeled. It's sixty-four steps to the Silver Queen Gondola and the average owners return statement in 2013 is stronger than a top rated one bedroom Gant. Also my Gant C-204 listing received a vote priced at $695,000

The next price tier was between one and three million dollars. The top vote getter was Christiana Aspen B-202 at $1,525,000. Christiana Aspen was a Greg Hills project. Other attributes include a large storage area below the unit, pool and jacuzzi. Other than the Main Street traffic noise, it's a convenient location, close to the core. The interior pink walls need paint and there is deferred maintenance being an REO. If you don't mind construction at The Boomerang the next few years it's a good opportunity. Mellon New York foreclosed on B202 last month for just over one million and relisted the property for sale a few weeks ago for $1,525,000. Not many three bedrooms in or close to the core in this price range. Four bedroom, four bath, 2,466 sq. ft. 1050 Matchless Drive Unit 3 received the second highest tally in the one to three million category, just qualifying priced at $2,999,000 - nice contemporary finishes and big Aspen Mtn. views from front deck with small yard, but no garage currently. Cemetery Ln. duplex 1235 Snowbunny priced at $2,190,000 and Dolomite Unit 10 at 650 S. Monarch, priced at $1,995,000, a five bed three bath core condo built in '73, tied for the final spots on the podium.
Moving on to the the next price bracket, three to five million, my 127 Robinson Road property was the winner at $3,495,000, followed by 6,462 sq. ft. Aspen Highlands Village Townhome at 64 Prospector for $4,500,000, and 22 Alice Ln. in third place. for $4,995,000. 22 Alice Ln. has great Aspen Mountain views, a nice yard, and an easy trip to town.
In the five to ten million category there was no clear favorite. 207 S. Original, Silver City Townhome, tied for the lead. It's a completely contemporary remodeled, downtown core, townhouse with a two car garage listed at $5,250,000. 41 Salvation Circle and 2020 Maroon Creek also received the same number of votes. 2020 Maroon Creek's finishes and floor plan are dated, but the riparian setting and views are awesome.
The final segment is ten million plus. The winner was the Dittmer house at 64 Pitkin Way which is a nice Rowland Broughton remodel on a beautifully landscaped nearly one acre, flat yard with views, bordering the Rio Grande Trail and the Roaring Fork River. The old Butera Aspen Club house at 1419 Crystal Lake Road tied Richard Wax's spec home in Pryamid Point at 1580 Tiehack Rd. for second and third. Hard to believe the nearly 23 million dollar Pryamid Point home is considered a bargain. It's brand new with gorgeous, mountain contemporary finishes with a pool that walks out to the yard. The views of Pyramid Peak and Aspen Highlands are spectacular, but so are the views of the Highland parking garage and Chamonix which is why I think it hasn't sold. There are forty-five properties priced above ten million dollars today in Aspen, five of which are under contract. Activity remains slower for homes priced over seven million and further from the downtown core. Fifteen properties have sold the past year priced above ten million dollars, a one third turnover rate, and a thirty-six month absorption rate.
I hope this is helpful information. Please call anytime with questions. Happy off-season!
- See more at: http://www.klugproperties.com/aspen_real_estate_news/aspens-best-spring-deals#sthash.9kTwOKYW.dpuf

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