July 2012

Aspen Sale July 10, 2012

Aspen Sale July 10, 2012

The Gant, Unit H-201

Aspen

$1,010,000

Two bedrooms/two baths

$1,046 per square foot

Asking price $1,295,000

78% of asking price

Photo by Gary Feldman

Posted by gary on July 17, 2012 in
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Aspen Sale July 10, 2012

Aspen Sale July 10, 2012

The Gant, Unit C-304

Aspen

$1,625,000

Four bedrooms/three baths

$1,022 per square foot

Asking price $1,700,000

96% of asking price

Photo by Gary Feldman

Posted by gary on July 17, 2012 in
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Aspen Sale May 9, 2012

Aspen Sale May 9, 2012

1270 Mountain View

Aspen

$2,625,000

Five bedrooms/five baths

$681 per square foot

Asking price $2,995,000

88% of asking price

Photo by Gary Feldman

Posted by gary on July 17, 2012 in
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Aspen Sale July 3, 2012

Aspen Sale July 3, 2012

SMB Condos, Unit B

605 West Main, Aspen

$1,000,000

Two bedrooms/two baths

$879 per square foot

Asking price $1,199,000

83% of asking price

Photo by Gary Feldman

Posted by gary on July 17, 2012 in
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Aspen Board of Realtors July, 2012 Observer

Aspen Board of Realtors July, 2012 Observer

ABOR Observer

July 2012

 

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 – Developer discussing lodge on Aspen Street

                Basalt – Town may scrap growth limits

                Pitkin County – Airport master plan remains in limbo

                

Aspen —

Developer, city in discussions about lodge on Aspen Street

David Parker, local representative for the Boston- and Chicago-based owners of the 2.4-acre lot on South Aspen Street once envisioned for the Lodge at Aspen Mountain, has been meeting with city officials about the possibility of building a hotel at the site instead of 14 luxury townhomes.

Boston-based Alcion Ventures, along with the Golub & Co. of Chicago, purchased the site in April 2010 for $15 million from Alpine Bank. The owners are seeking final OK for a residential project that was initially approved in 2003. Vesting rights for the 14 townhomes are set to expire March 2013. They have been extended numerous times to allow the application for the Lodge at Aspen Mountain to be reviewed.

 

On May 29 during the initial land-use review for the townhome proposal, City Council members expressed their preference for lodging on the site below Lift 1A.

 

Supreme Court upholds disputed sale of condo to three buyers

The Colorado Supreme Court ruled that bidders who entered a foreclosure sale separately but then teamed up to purchase an Aspen condominium are not guilty of collusion or bid rigging.

The case of Amos v. Aspen Alps 123, LLC, stems from the foreclosure sale conducted in February 2007 by Equitable Bank of Florida after the former owner defaulted on a $1.6 million loan.

 

Three bidders besides the bank showed up for the auction at the Pitkin County Courthouse. The initial bidding was competitive and the price quickly reached $1.86 million. At that point, however, the three agreed on the spot to form an LLC and jointly purchase the unit for that price.


At issue in the case was whether the agreement, made by three people who had never met before the auction, was merely “joint bidding,” which is permissible, or rose to the level of “bid rigging,” which violates state and federal antitrust laws. In a 6-1 vote, the justices found in favor of the purchasers who formed the LLC, ruling that it was joint bidding, not bid rigging.

 

Taylor Building, others up for redevelopment also under contract

A number of the buildings came in for redevelopment before the city enacted new height limits are also under contract, including the Taylor Building at the northeast corner of Hunter and Hyman, the Mountain Plaza, also know as the Bidwell Building, and the Gap Building. The ordinance that went into effect May 2 set height limits in the commercial core at 28 feet and two stories.

 

Cardot unveils first major new building on Main since recession

The new, mixed-use building at 625 E. Main Street is expected to be ready for occupancy by September. The three-story structure, across from the Concept 600, is comprised of a mix of limestone and wood. It will include commercial space, three free market and two deed-restricted housing units.

 

Chicagoan Jeffrey Cardot purchased the unfinished building at auction for $3.6 million in August 2010 and negotiated a smaller structure than originally approved with the city and neighbors.

 

Council split on what, if anything to do with Entrance to Aspen

A recent discussion between Aspen’s elected officials indicates that little or nothing will change anytime soon with regards to the Entrance to Aspen.

 

Councilman Steve Skadron suggested it is folly to spend time on S-curve traffic snarls that hold up motorists a few minutes during certain times of the year. He said the current entrance is the best alternative — time to declare victory and move on.

Councilman Adam Frisch countered that traffic is a very real issue for motorists stuck in it and pointed out that there are significant environmental consequences of allowing cars to sit idle in traffic everyday. He said a travel-times study would help the public and policymakers arrive at a balanced decision.

Mayor Mick Ireland meanwhile said the city should be exploring methods of getting cars off the streets and emphasizing bicycle usage.

Library expansion in limbo

City Council once again postponed its decision on the proposed expansion of the Pitkin County Library. Council members had concerns about the large canopy that would cover much of Galena Plaza, and other design elements of the project.


Councilmen Adam Frisch and Derek Johnson were willing to approve the plan, but Mayor Mick Ireland and Councilmen Torre and Steve Skadron wanted questions answered.

 

City installs reusable bag banks

The city has installed reusable bag banks around Aspen for on-the-go grocery shoppers. Look for metal baskets with bags that can be picked up for use, or deposited afterward. There is no bag bank at City Market, which declined to participate.

 

 

Basalt —

Town may scrap regulations designed to limit growth

Basalt Town Council directed staff to integrate a scoring system for development applications into the standard land use process, eliminating one round of pre-application review. The council will also consider eliminating competitive aspects of the scoring system, which pits developers against one another.

Basalt in 2009 adopted zoning for free-market residential projects that mirrors Pitkin County's growth-management quota system. But the regulations have never been fully tested, because the town has issued building permits for just three homes and one commercial project since early 2009. The regulations were designed to permit a 2 percent growth rate.

Planners fear that without code revisions, the growth-management system will spur development that might not fit the economy of 2012. There are 600 approved, unbuilt housing units in town limits. If developers allow their vesting to expire, or voluntarily reenter the review process, they currently face more stringent mitigation requirements.

 

By amending the code, it’s hoped that landowners and developers will create projects that fit the current economy.

Special planner hired to speed review of two major projects

The town of Basalt has hired Bill Maron, longtime chairman of the town's Planning and Zoning Commission, as a senior planner to streamline the review of two major projects proposed by nonprofit organizations.

 

One of the projects is the redevelopment of the Pan and Fork Mobile Home Park by the Roaring Fork Community Development Corp. It’s a big project, which seeks 112,000 square feet of commercial, residential and office space, including a hotel. The organization has asked that the town complete its review by the summer of 2013.

The other is the proposal for a continuing-care retirement community from the Aspen Valley Medical Foundation. The medical foundation wants the town to sign off on a campus with 75 apartments and one-story cottages, 20 assisted-living units and a nursing home on 18 acres in the Stott’s Mill subdivision within the next 21 months. If the town can’t meet that deadline, the sale contract contains an opt-out clause, meaning the project may not get built.

 

The town's land-use code allows a shortened review process for projects proposed by nonprofit developers.

 

Stott’s Mill contract puts pressure on Town Council

Aspen Valley Medical Foundation’s contract to purchase 18 acres in the Stott’s Mill neighborhood is contingent on Basalt Town Council approving a proposal for a continuing care facility within 21 months. The contract allows the medical foundation to back out of the deal if the town fails to annex the property and complete the land-use review process.

 

AVMF Executive Director Kris Marsh said the contract is a bit of a “calculated risk” because of the uncertainty of meeting specific deadlines.

 

 

Snowmass Village —

Free bus service to continue four more years

The Elected Officials Transportation Committee agreed to spend $850,000 over the next four years to pay for no-fare bus service between Snowmass Village, Aspen and Woody Creek. Without the subsidy, a round trip bus ride between Aspen and Snowmass Village or Woody Creek would cost $8.

 

Back the future with free TV

Snowmass Village residents now have the option of free television service, thanks to the installation of new translator equipment in the area. The system rebroadcasts 15 channels, including stations from Aspen, Denver and Grand Junction. A rooftop antenna is required to receive the signals.

 

 

Pitkin County —

County to study river in relation to real estate values

Pitkin County is undertaking a study to quantify the Roaring Fork River’s affect on real estate values.

 

Researchers will examine county assessor and sales records, and apply a statistically valid and accepted model for qualitatively assessing the relationship between water and real estate value.


Front Range water managers have statistical models that quantify the economic impact of each acre foot that is diverted from the Western Slope, both in terms of jobs and tax revenue generated.

 

County Attorney John Ely said if Pitkin County can develop a similar model for water left in the river, it would be a powerful tool for elected officials when they review applications that affect the Roaring Fork or its tributaries.

 

Commissioners not yet willing to advance airport plan

Pitkin County commissioners want more information on the design and financing of the airport expansion before sending the facility’s master plan into the public review process.

The plan currently includes a new terminal of up to 80,000 square feet, a 750-car underground parking garage, and a second fixed-based operator.

The commissioners asked for a rendering of the garage and affected view planes, an itemized list of the revenue related to parking and the debt service structure, conceptual designs for two fixed-based operator facilities on the east side of the runway. They also want a timeframe for the financing plan.

 

Plat note from 1974 hinders development

A notation attached to a plat filed 38 years ago may present difficulties for the current owners, who want to build a single family home on the site that housed the Shadowood Apartments.

 

The 1974 plat note restricts the two lots to “existing use and structures,” which at the time included a 2,200-square-foot house and the apartment building. The development application seeks to remove the restrictions.

 

The application calls for a new home of more than 5,000 square feet, restoration of an older house and a new accessory structure that is nearly 2,000 square feet in size. The long abandoned apartment building was recently demolished to make way for the development.

 

County enacts medical marijuana rules

Pitkin County has enacted a licensing regime for medical marijuana businesses that gives the county manager authority to approve or deny license applications. The new rules grandfather in existing businesses.

Some types of medical marijuana businesses are barred in parts of Fryingpan River valley, Redstone’s commercial district and the Snowmass/Capitol Creek area. The neighborhood caucuses requested stricter rules in those areas.

 

Mountain bike access focus of midvalley open space debate

Mountain bike access has become the primary source of contention over the planned purchase by local governments of the Saltonstall property on Hook Spur Lane in Emma.

Ranchers who hold summer grazing permits say increased access by mountain bikers to the Crown, the public lands at the base of Mt. Sopris, will harm their operations by interfering with the dispersion of cattle. The Colorado Department of Parks and Wildlife officer for the region has objected to access plan as well, saying increased access will harm wildlife.

 

Affordable housing sales brisk in first half of 2012

Affordable housing sales are approaching pre-recession levels. There have been 51 units sold for a total of $12.7 million through May of this year, approaching levels not seen since 2007.  Demand is also strong for yet-to-be-built units in phase II of the Burlingame Ranch project. Residents camped out overnight in front of the housing office last month in order to reserve a unit.

Commissioner lobbies Feds on wilderness, Thompson Divide

Pitkin County Commissioner George Newman visited in Washington, D.C. to lobby federal officials to support Sen. Mark Udall’s wilderness proposal, which includes 65,000 acres of public lands in Pitkin County, and to block energy development in the Thompson Divide. Newman visited the capital as part of Great Outdoor’s Week at the invitation of The Wilderness Society.

Posted by gary on July 05, 2012 in
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Aspen Sale June 18, 2012

Aspen Sale June 18, 2012

Glory Hole, Unit F

Aspen

$1,425,000

Three bedrooms/two baths

$1,187 per square foot

Asking price $1,425,000

100% of asking price

Photo by Gary Feldman

Posted by gary on July 02, 2012 in
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Aspen Sale June 28, 2012

Aspen Sale June 28, 2012

101 Byers Court

Aspen

$6,000,000

Five bedrooms/six baths

$883 per square foot

Asking price $6,500,000

92% of asking price

Photo by Gary Feldman

Posted by gary on July 02, 2012 in
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Aspen Sale June 25, 2012

Aspen Sale June 25, 2012

1390 Mayflower Court

Aspen

$2,025,000

Three bedrooms/two baths

$984 per square foot

Asking price $2,390,000

85% of asking price

Photo by Gary Feldman

Posted by gary on July 02, 2012 in
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Snowmass Sale - June 27, 2012

Snowmass Sale - June 27, 2012

1026 Faraway Road

Snowmass Village

$1,825,000

Four bedrooms/four baths

$654 per square foot

Asking price $1,990,000

92% of asking price

Photo of Aspen's Home Retriever by Gary Feldman

Posted by gary on July 02, 2012 in
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Aspen Sale June 25, 2012

Aspen Sale June 25, 2012

922 Castle Creek Road

Aspen

$8,200,000

Four bedrooms/five baths

$1,649 per square foot

Asking price $8,900,000

92% of asking price

Photo by Gary Feldman

Posted by gary on July 02, 2012 in
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