{"id":2444893,"date":"2019-06-03T00:00:00","date_gmt":"2019-06-03T06:00:00","guid":{"rendered":"https:\/\/www.aspentimes.com\/?p=307370"},"modified":"2019-06-03T00:00:00","modified_gmt":"2019-06-03T06:00:00","slug":"business-monday-aspens-luxury-real-estate-market-holds-its-ground","status":"publish","type":"post","link":"https:\/\/alwaysmountaintime.com\/kspn\/local-news\/business-monday-aspens-luxury-real-estate-market-holds-its-ground\/","title":{"rendered":"Business Monday: Aspen\u2019s luxury real estate market holds its ground"},"content":{"rendered":"
Carrie Wells, Cooper & Aspen St. Victorian, June 29, 2017<\/strong>
Steve Mundinger<\/em><\/figcaption><\/figure>\n

Since May 7, the residential property market in Pitkin County has seen sales transactions worth $11.1 million, $12 million, $15 million, $21.2 million and $22.7 million, figures that harken back to the days before the Great Recession.<\/p>\n

The luxury real estate market in Aspen and Snowmass is doing just fine this year, noted property broker Steven Shane of the Aspen office of New York-based Compass real estate, despite opposite trends in like markets such as Greenwich, Connecticut.<\/p>\n

\u201cNationally, bigger homes and luxury estates have been more difficult to sell,\u201d he said. \u201cAspen has been bucking that trend.\u201d<\/p>\n

\u201cLuxury real estate\u201d in Aspen can come with different definitions, but it typically means sales prices ranging from at least $7.5 million to $10 million.<\/p>\n

Shane represented Owl Creek Ventures LLC, the sellers of a nearly 81-acre piece of land at 1500 Owl Creek Road in Snowmass. The transaction, which closed May 21, was worth $21.2 million.<\/p>\n

The sale translated to $1,808 a square foot for the home that was built in 1998.<\/p>\n

\u201cThere had a been a couple of rooms remodeled,\u201d Shane said, \u201cbut for the most part it was an older home.\u201d<\/p>\n

\u201cSomeone with the financial wherewithal to spend $21.5 (million) on this will be doing some remodeling,\u201d he added.<\/p>\n

The property most recently was marketed for $25.5 million and originally was listed in 2012, with a different broker, for $37.5 million, Shane said.<\/p>\n

\u201cThere have been incremental price reductions since I took the listing (in 2017),\u201d Shane said.<\/p>\n

Sellers of older homes, depending on their motivation level, are more willing to drop prices, \u201cbut with new homes it\u2019s a different story,\u201d Shane said.<\/p>\n

Another notable deal, this one worth $21.95 million, closed in January with the sale of the J.M. Dixon house and guesthouse at 135 E. Cooper Ave., which was built in 1890 and remodeled in 2004.<\/p>\n

On the flipside, two undeveloped lots with development rights at Rubey subdivision have changed ownership this year, including the $24.2 million sale of 4.4-acre lot from Red Mountain Estates Three LLC to Rosy Finches LLC, according to property records.<\/p>\n

Indicators also show luxury sales are up in Pitkin County.<\/p>\n

Chris Klug of Aspen Snowmass Sotheby\u2019s International Realty, in his May 10 newsletter, noted that April saw 10 residential sales of at least $10 million between Aspen and Snowmass Village, compared to eight in April 2018.<\/p>\n

And in its first quarter report, Douglas Elliman Real Estate, also headquartered in New York, said luxury home sales \u2014 as defined by at least $9 million \u2014 were up 7% in the first quarter over the fourth quarter of 2018 in Aspen. The average sales price for luxury property in the first quarter was $13.45 million, compared with the average sales price of $6.8 million for single-family homes in Aspen, according to the report.<\/p>\n

Aspen paced ahead of last year\u2019s property sales for the first four months of the year, with $351.7 million in total sales volume compared with $263.9 million, according to a report from Andrew Ernemann of Sotheby\u2019s.<\/p>\n

rcarrolL@aspentimes.com<\/a><\/p>\n

via:: The Aspen Times<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Carrie Wells, Cooper & Aspen St. Victorian, June 29, 2017Steve Mundinger Since May 7, the residential property market in Pitkin County has seen sales transactions worth $11.1 million, $12 million, $15 million, $21.2 million and $22.7 million, figures that harken back to the days before the Great Recession. The luxury real estate market in Aspen […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[49],"tags":[],"class_list":{"0":"post-2444893","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-local-news"},"acf":[],"publishpress_future_action":{"enabled":false,"date":"2026-06-19 04:40:06","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"KSPN The Valley's Quality Rock","distributor_original_site_url":"https:\/\/alwaysmountaintime.com\/kspn","push-errors":false,"_links":{"self":[{"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/posts\/2444893","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/comments?post=2444893"}],"version-history":[{"count":0,"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/posts\/2444893\/revisions"}],"wp:attachment":[{"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/media?parent=2444893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/categories?post=2444893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/tags?post=2444893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}