June 2012

Land Title's May, 2012 Summary of Pitkin County Property Sales

Land Title's May, 2012 Summary of Pitkin County Property Sales

Please see below for Land Title's May Pitkin County Market Analysis

Summary for the month of May

  • $100,619,347 - total dollars for May, a decrease of 21% from May 2011
  • 57 - total transactions for May, an increase of 5.6% from May 2011
  • May is the second strongest transaction month thus far in 2012
  • Through May, dollars total $446,503,211 a decrease of 17% from same time period last year
  • Through May, transactions total 270, a decrease of 16% from same time period last year
  • Aspen posted 34 transactions ($81.5 million), Interval Units 12 ($8.2 million), Woody Creek 4 ($6.1 million), Snowmass Village 4 ($4.1 million), Basalt 2 ($556,327), and Redstone 1 ($246,800)
  • There were 3 bank sales (bank as the grantor) for the month, totaling $1 million.  This accounted for 5% of the transactions and 1% of the dollars.
  • 1 - Snowmass Village, 1 - Redstone, 1 - Interval Unit
  • Through May, there have been 18 bank sales, totaling $11.8 million.  This accounts for 6.6% of the transactions and 2.6% of the dollars
  • The average single family home sold price through May is $3,803,995 a decrease of 7% from full year 2011
  • The median single family home sold price through May is $3,275,000 an increase of 17% from full year 2011
  • Interval dollar volume for May was up 21%% from May 2011, with a total of $8,157,000
  • Interval transaction volume for May was down 20% from May 2011, with a total of 12
  • Interval transaction breakdown for May:  Residence at The Little Nell - 4, Ritz Carlton - 2, Timbers - 2, Hyatt Grand -1, Roaring Fork Club PUD - 1, Prospector -1, and Sanctuary -1
  • Through May, interval dollar volume is down 56% from same period 2011 with a total of $21,297,400
Through May, there have been 55 interval transactions, a decrease of 50% from same time period 2011
Posted by gary on June 30, 2012 in
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Aspen Sale June 13, 2012

Aspen Sale June 13, 2012

Le Votaux, Unit 2

Aspen

$2,100,000

Four bedrooms/three baths

$1,090 per square foot

Asking price $2,195,000

96% of asking price

Photo by Gary Feldman at RiverRoar

Posted by gary on June 18, 2012 in
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Old Snowmass Sale June 15, 2012

Old Snowmass Sale June 15, 2012

48 River Bend

Samuelson Subdivision

$2,200,000

Four bedrooms/four baths

$421 per square foot

Asking price $2,650,000

83% of asking price

Photo by Gary Feldman

Posted by gary on June 18, 2012 in
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Aspen Sale May 10, 2012

Aspen Sale May 10, 2012

734 Hunter Creek Road

Red Mountain

Aspen

$5,166,666

Asking price $5,500,000

94% of asking price

Photo by Gary Feldman

Posted by gary on June 18, 2012 in
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Aspen Sale June 5, 2012

Aspen Sale June 5, 2012

135 Miners Trail Road

Aspen

$4,400,000

Asking price $5,100,000

86% of asking price

Photo by Gary Feldman

Posted by gary on June 18, 2012 in
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Aspen Sale June 8, 2012

Aspen Sale June 8, 2012

44971 Highway 82

Aspen

$2,400,000

Asking price $2,850,000

84% of asking price

Photo by Gary Feldman at RiverRoar

Posted by gary on June 18, 2012 in
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Aspen Sale June 8, 2012

Aspen Sale June 8, 2012

Craig Ranch, Parcel 7

Woody Creek

$6,750,000

Building Site

Asking price $8,500,000

79% of asking price

Photo by Gary Feldman at RiverRoar

Posted by gary on June 18, 2012 in
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Aspen Board of Realtors June, 2012 Observer

Aspen Board of Realtors June, 2012 Observer

 

A rundown of the government and business activity over the last month, with particular focus on issues and items that are important to the Real Estate community.

 

Inside this month’s Observer …

                Aspen – Council wants a lodge at Lift 1A, not townhomes

                Snowmass Village – No Little Nell planned for Snowmass …

                Basalt – Valley Road reroute moves ahead over protests …

                Pitkin County – County lifts housing restrictions for Stapleton house restoration …

                ABOR News – CAR study – Economic Impact of Real Estate in Colorado – available online …

 

 

Aspen —

Council wants lodge, not townhomes on South Aspen Street

Aspen City Council would prefer to see a new lodge below Lift 1A on South Aspen Street, rather than the townhome project currently under review.


Councilman Adam Frisch suggested that City Council work with the developer to make the possibility of a lodge more likely. Mayor Mick Ireland agreed that a middle ground that could be found, and both the developer and the city would benefit with further discussions.

 

David Parker, a representative for the applicant, said they spent a year trying to come up with a viable plan for lodging before submitting the current proposal for 14 free market townhomes and affordable housing on the vacant, 2.4 acre parcel. It passed on first reading with a 3-1 vote.

 

Mayor proposes exceptions to 28-foot rule

Mayor Mick Ireland has some ideas about what should be allowed in taller buildings downtown. At City Council's discretion, he says the following conditions should apply:

n  A building exceeding the 28-foot limit must contain hot beds, and retail and service-industry businesses;

n  It must be consistent with scale and mass of the surrounding neighborhood;

n  Mountain views from streets and sidewalks must be preserved;

n  No condominiums or free-market residences.

 

Additionally, Ireland wants to end affordable-housing credits for existing employees at buildings that are being redeveloped, unless those employees have already been accounted for in a previous mitigation agreement.

He also wants to eliminate a provision that allows a developer of a mixed-use building to mitigate for only one of the two uses.

 

Aspen seeks public input about height exemptions

The city of Aspen is using its website and community meetings to solicit ideas for possible exemptions to the recently adopted 28-foot height limit for new buildings in downtown Aspen. Comments can be left on www.aspenpitkin.com, by clicking on the link in the middle of the page that says, “Open City Hall” and follow directions from there.

 

Eagles, caterer forgiven for zoning and housing violations

City Council exempted the Eagles Club and Conundrum Catering from having to pay between $400,000 and $500,000 in affordable housing fees. The catering company has leased the Eagle’s kitchen for the last 12 years, in violation of both zoning and the housing rules. Council is expected to pass a code amendment that names the Eagles as the only exception to the ban on commercial rentals in essential public facilities.

 

Builder ordered to bring home into compliance with zoning

Builder John Olson was ordered to find a way to bring a nearly finished home on Ute Avenue into compliance with city height limits. The building department issued a red tag on the project after an inspection revealed that the building exceeds the 25-foot limit in two places. A sunken patio may be the cause behind the noncompliance.

 

Aspen Athletic Club building up for residential conversion

Plans before City Council call for the conversion of office spaces in the Aspen Athletic Club building into three residential units and a rooftop deck. The building was built in 1976, designed by Aspen architect Robin Molny, a student of the work of Frank Lloyd Wright.  A public hearing is set for June 11.

 

Commercial retail core fully rented

Commercial retail leasing in downtown Aspen continues to show signs of recovery, with nearly every available location accounted for. In the summer of 2011, the retail space vacancy rate was between 2 and 5 percent, while in 2010 it was nearly 10 percent.

 

Aspen sales taxes up for 14th straight month

Sales tax revenues in Aspen posted a gain for the 14th consecutive month, with a 1 percent gain in March over the same period last year. The construction industry posted the highest percentage increase, at 32 percent. Sales of luxury goods declined the most, down 37 percent.

 

Prince Bandar’s Hala Ranch sells for $49 million

The 120-acre luxury Starwood estate developed by Prince Bandar bin Sultan of Saudi Arabia, sold Thursday for $49 million, one of the largest real estate transactions in Pitkin County history.

The buyer is identified as Starwood Mountain Ranch LLC. The corporation purchased “lot 1” on the property for $8 million, and “lot 2” for $41 million. The sale includes the 95-acre Hala Ranch and a neighboring 35-acre parcel.

 

HPC recommends restaurant in historic cabin

The Historic Preservation Commission recommended approval of a new restaurant in the A.G. Sheppard building at the corner of Hopkins Ave. and Monarch Str. The former miner’s cabin, one of the oldest in Aspen, was built in 1883. Hillstone Restaurant Group of Beverly Hills plans an exhibition cooking area, a small bar and seating for 51 patrons in the building.

 

New water ordinance addresses drought options

As expected, City Council adopted an ordinance to encourage water conservation and penalize overuse in the event of a water shortage. The ordinance defines three levels of drought and the various rules and penalties that would go into effect in each case to reduce use.

 

City may codify transportation mitigation rules

The Community Development department is seeking funding and authorization from City Council to develop reliable data on transit and transportation impacts of development, and write clear guidelines for mitigation. Currently, mitigation plans are developed on a case-by-case basis that don’t really address the impacts or community needs, says Chris Bendon, Community Development director.

North Mill Street redesign proposed

Major changes under consideration for North Mill Street would result in narrower lanes, wider sidewalks and new bicycle lanes on either side of the street. The preferred concept presented to City Council last month would also add three pedestrian-activated signal crossings. North Mill Street, from Main Street to where it splits at Gibson Avenue and Red Mountain Road, is one of the busiest streets in town.

 

Blue Vic, Pink House and others awarded for historic preservation work

The Historic Preservation Commission honored three design teams and an artist for their historic preservation work. They include:

n  Stage Fine Homes, Scott Smith Architects, J.D. Black Construction, Shannon Murphy Landscape Architects, Lacroux Streeb, Lynni Hutton, Inc. and KL&A Structural Engineers for restoring the “Blue Vic” at 202 N. Monarch Street, built in 1886.

n  Austin Lawrence Partners, Rowland + Broughton Architecture and Urban Design, John Olson Builder, Binbilla Landscaping, Haas Land Planning and Alpine Bank for restoring the Crandall Building at 630 E. Hyman Ave., built in 1969 and designed by Tom Benton in 1969.

n  Ann Mullins, 1 Friday Design and Lone Pine Construction for preservation of “The Pink House” at 216 E. Hyman, a Victorian-era property once owned by Darcy and Ruth Brown.

n  Gaard Moses, an Aspen-area resident since 1966, was honored with the Elizabeth Paepcke Award for stewardship of Aspen's historic murals and signs as well as his original artwork.

 

 

Snowmass Village —

Aspen Skiing Co. non-committal to Little Nell Snowmass

The final iteration of Base Village may not include the Little Nell Snowmass, a five-star, five-diamond hotel that was planned by the Aspen Skiing Co. The license agreement terminated in late 2010, when the project was in bankruptcy, and the Skico has not recommitted to the project.

 

Starwood adds top executives to Westin Snowmass team

Starwood Hotels & Resorts Worldwide, Inc. has added Tim Johnson and Scott Cochran to its senior leadership team at the new Westin Snowmass Resort, slated to open later this year. Johnson will be in charge of sales and marketing; Cochran food and beverage.

Snowmass Village resident takes on Capital One

Jean Paul Jallifer has sued for injunctive relief against Capital One bank in Pitkin County District Court, alleging the financial institution does not have a clear chain of title to his former residence near Snowmass Village.

Jallifer’s case says documentation the bank produced to prove ownership lacked an endorsement date, and the promissory note was a photocopy with a “stamped” signature that gave no indication of the signer’s relationship to Capital One or Chevy Chase Bank, the original lender. He is also arguing that the federal bailout of banks negates its claims of loss.

 

 

Basalt —

Eagle County moves ahead with controversial road plan in El Jebel

Despite vigorous protests and very little support for a plan to reroute Valley Road in El Jebel through Crown Mountain Park and closer to the Sopris Village neighborhood, the Eagle County Commissioners moved ahead with approvals that would result in the changes.

 

The Crown Mountain Park and Recreation District’s proposal to build a 161,000 square foot recreation facility and the Roaring Fork Transportation Authority’s new 90-car park and ride lot at the site of the former Mermaid restaurant are driving the need for major road and intersection redesigns.

 

RMI moving ahead with relocation plans

Officials from the Rocky Mountain Institute said they expect to submit development plans for a new headquarters in Basalt by the end of the year. RMI officials last year signed an option contract with Basalt to buy .55 acres of downtown land adjacent to Old Town Park, site of the restaurant Tacqueria el Nopal.

 


Basalt to speed up Pan and Fork review process

Basalt officials want to speed up the land use review process for redevelopment of the Pan and Fork Mobile Home Park. Town manager Bill Kane told Town Council that the property needs different treatment because it's owned by a nonprofit that is a partner with the town.

The Roaring Fork Community Development Corp. is proposing to build about 112,000 square feet of retail, residential and office space as well as a hotel. The town owns half of the trailer park property, which will eventually become a park along the Roaring Fork River.

 

Whole Foods on track for summer opening

The real estate investment firm that bought Willits Town Centre last year is ahead of schedule for completion of the building that will house Whole Foods Market, thanks in part to the warm weather last winter. Whole Foods is currently completing the interior, and expects a mid-August opening.

 

Pitkin County —

Owl Creek approval lifts housing restriction in exchange for restoration

Pitkin County agreed to lift affordable housing restrictions and approve a new 5,750 square foot house on 5-acres along Owl Creek Road. In exchange, the developer will restore a historic ranch house built by the Stapleton family in the early 1900s.


The William E. Stapleton house, built in 1913, is in a highly visible locale. It was dedicated as affordable housing under a previous development approval, but has sat empty for years. Once restored, it will serve as a caretaker’s house for the larger home that will be built on the parcel.

 

ACRA board members pledge support to airport expansion

Aspen Chamber Resort Association board members promised to support redevelopment of the Aspen/Pitkin County Airport as a counter to critics who have forced the airport administration to scale back the plan.

 

Negative public feedback resulted in significant reductions the underground parking garage and new private airplane hangars. The plan currently calls for a new 80,000-square-foot terminal, a 750-car underground parking garage, and a fixed-based operator facility on the Owl Creek side of the airport.

 
ACRA board member and Aspen Skiing Co. vice president David Perry urged business leaders to rapidly respond to criticism of the plan.

 

P&Z recommends denial of Shadow Mountain home

The Pitkin County planning and zoning commission recommended denial of a house proposed for the lower slopes of Shadow Mountain, on property once owned by Hans Gramiger.

The application seeks to divide a collection of mining claims into three lots in order to create a 1.6-acre site for a 7,500-square-foot single-family home on a bench of land above W. Hopkins Ave. and Fourth Str. The second parcel of 18 acres would be deeded to the county as open space. The third 10-acre lot, which was subdivided and sold several years ago, contains the former Gramiger house on West Hopkins Ave.

County staff also recommends denial because the home site is in a rock fall area and the driveway encroaches slopes exceeding a 45 percent grade. The county also maintains that Gramiger's sale of the 10 acre-parcel with his house was an illegal subdivision of the land and the remaining acreage has no development rights.

 

X Games here for two more years

The announcement that ESPN’s Winter X Games will be hosted at Buttermilk for at least two more years ended months of speculation that the games might be leaving. The latest contract runs through 2014.

 

Skier numbers down 1.8 percent last season

Aspen Skiing Co.’s skier visits slipped 1.8 percent during the winter of 2011-12 over last year. Season pass use was down. Skier visits at Aspen Highlands fared the worst of all four mountains. Buttermilk, however, saw a bump up in skier visits, in part because of the new high-speed Tiehack chairlift.

Aspen/Snowmass appears to have fared better than most ski areas around the country and the state. Colorado Ski Country USA will release final statewide skier visit figures on June 6.

 

County poised to pass pot rules

Pitkin County officials expect to adopt state-mandated licensing regulations for medical marijuana operations by July 1. The county is considering a new licensing authority and a fee of $1,000 per license.

Posted by gary on June 13, 2012 in
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Aspen Sale June 1, 2012

Aspen Sale June 1, 2012

501 Park Circle

Aspen

$1,450,000

Three bedrooms/two baths

$537 per square foot

Asking price $1,599,000

91% of asking price

Photo by Gary Feldman

Posted by gary on June 05, 2012 in
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Snowmass Sale - June 4, 2012

Snowmass Sale - June 4, 2012

383 Sinclair Road

Snowmass Village

$2,800,000

Five bedrooms/four baths

$670 per square foot

Asking price $2,995,000

93% of asking price

Sold by JOSHUA & CO

Photo by Gary Feldman

Posted by gary on June 05, 2012 in
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