December 2013

New Price in Sopris Mountain Ranch (Basalt)

New Price in Sopris Mountain Ranch (Basalt)

Previously offered at $2,995,000  -  Now offered at $2,500,000!

3-bedroom/3.5-bath | 6,031+/- sq. ft. | 35.04+/- acres | 3-car garage | Single-Family home

An impeccable ranch style 6,000 square foot custom-built home near the base of Mt. Sopris. Located on one of the finest 35 acre home sites in Sopris Mountain Ranch and surrounded by over 2,000 acres of Colorado's National Forest and public lands. A private and serene setting with stunning panoramic mountain vistas and valley views. A great home for entertaining with a gourmet open-air kitchen, top-of-the-line appliances and finishes. Perfect as a family home or vacation retreat with a cozy wood-burning fireplace in the living room and gas fireplace in the master bedroom and family room. Other features include gym, wine room, wood shop, mud room with ski and boot storage. The master wing includes generous his and her closets, bathroom with soaking tub and ample space for relaxing. There is also a large outdoor hot tub off the master with a patio. Sopris Mountain Ranch offers its homeowners and their guests a clubhouse for overnight stays, a polo field, stables and equestrian facilities. It is just a short drive from Basalt, the Roaring Fork Club, dining and other outdoor sports offerings.

Click here to learn more.

Posted by Brooke on December 31, 2013 in
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A New Perspective - Brooke's Blog

A New Perspective - Brooke's Blog

What better way to start off your day than by seeing Aspen's infamous resident elk herd on Mclain Flats Road? We are surrounded by beauty here in the Roaring Fork valley, and I try not to take it for granted.

(Photo by Brooke)

Posted by Brooke on December 30, 2013 in
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Speaking of Luxury, with Gary Feldman

Speaking of Luxury, with Gary Feldman

The ultra-luxury end of the Aspen/Snowmass real estate market has grown significantly in the last 20 years or so, becoming a market within a market with its own unique trends and characteristics. Likewise, ultra-luxury buyers and sellers are in a class of their own.

Perhaps no one understands this end of the market (currently defined as $10 million and up) and its players better than Gary Feldman, a longtime Aspen luxury real estate broker who joined our team in mid-2013. With the year coming to an end, Gary reflects on where the ultra-luxury market stands, and the unique ways its buyers and sellers work.

The year 2013 was essentially a continuation of Aspen’s luxury market rebound, which has been steadily improving since 2010, says Gary. With five days left in the year, 14 sales have closed for $10 million and up — including a $44 million sale in Wildcat and a $41 million sale on Midnight Mine Road on the back side of Aspen Mountain. That’s compared to 18 sales north of $10 million in 2012.

“What makes it so unusual is because of the nature of luxury real estate, the luxury market usually rebounds the quickest of all segments,” says Gary. In other words, it’s something of an indicator.

image7starwood

The outdoor space is nearly as luxurious as the indoors at Touchstone Ranch, a 35-acre Starwood estate on the market for $18.9 million.

That is indeed the case of this last cycle, which saw a bottoming out of the luxury real estate market in 2009 and a comeback starting in 2010. While the rest of the market was still in recovery, the year 2011 saw a high-water mark reached for ultra-luxury sales — savvy investors were buying properties at significant savings compared to pre-recession times. Then, 2012 appeared to be down until the end of the year, when a flurry of high-end sales closed before changes in the tax code took effect in 2013.

The local luxury market typically goes up for two to three years, levels off and dips for a year, then takes off again, in a kind of stairstep effect, explains Gary. And it’s been more or less on the rise since the 1970s, when local politicians downzoned the county so that luxury real estate became a finite commodity.

Yet the market for ultra high-end homes is still a relatively new one. In the mid-1990s, it was rare to have a sale over $5 million, says Gary, who recalls just four in 1996. And in 2004, when a Wildcat Ranch property sold for $26 million, only a handful of brokers had ever done a deal in that range.

03-Great Room meanwhile

The great room at Meanwhile Ranch, a 56-acre compound on Lower River Road, listed for $15.95 million.

Now, with around 100 properties listed for $10 million plus, it pays to understand what’s going on in that range — and who the players are.

“One of the primary rules for luxury buyers is they’re not buying because they have to,” says Gary. And while that may seem like an obvious thing to say, it’s something to consider, because it leads into the second and third standards of luxury buyers: Because that person is shopping for a second or third or even a fifth home, they want value, and they take their time.

Ultra-luxury buyers are very affluent, successful people who don’t fly in on a whim to drop $20 million on a house, explains Gary. They’re very sophisticated and careful with their purchases, and they’re shrewd like they are in business.

“No matter how many zeros there are in their bank account, a home is still a big purchase,” says Gary.

That means that it takes some time to find the right property. A typical process for a luxury buyer is to have their broker “scour the marketplace” for every possible option, says Gary. They’ll often spend several months, over several visits, considering property. And that’s why it makes sense to have a broker who is experienced with the ultra-luxury product.

On the other side of the deal, it’s important to remember that sellers these days (as opposed to a few years ago) don’t have to sell, so buyers shouldn’t expect a major deal.

“They’ve weathered the storm, and maybe they’d like to sell, but they don’t want to give it away,” says Gary.

On the other hand, ultra-luxury sellers often think their property is more unique — and thus worth more — than it really is, says Gary. But since there are so many properties now in the upper echelons, buyers have plenty of choices in their price range.

Finally, notes Gary, sellers should be aware that international buyers are still few and far between. Despite the fact that international visitation is high (some 20 percent of Aspen Skiing Co.’s business), just 2.4 percent of Aspen buyers come from outside the United States, according to Land Title. And while many Aspen sellers ask that their property be marketed internationally, the potential foreign buyers that are out there will go through local channels if they’re interested.

[Source: http://theaspenskinny.com/2013/12/27/speaking-of-luxury-with-gary-feldman/#more-1195]

Posted by Brooke on December 27, 2013 in
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Land Title Buyer Profile October 2013

Land Title Buyer Profile October 2013

YTD, international: 2.46%, with Australia being the source of most of those buyers (63%), followed by Mexico (9%), then Canada (6%).

Domestically, Texas leads the pack with 21% of buyers, followed by Florida (13%), then New York (5%).

Posted by Brooke on December 23, 2013 in
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Land Title October, 2013 Market Summary

Land Title October, 2013 Market Summary


Please see below for the October 2013 Pitkin County Market Analysis.  

Summary

  • $128,803,398 - total dollars for October, a decrease of 9% from October 2012
  • 100 - total transactions for October, an increase of 30% from October 2012
  • Intervals leveled off for the month, so there are no inflated numbers in the monthly data as a result of that activity
  • Year to date, dollars total $1,116,524,841 a decrease of 3% from same period 2012
  • Year to date, transactions total 1,421, an increase of 139% from same period 2012
  • For the month, Intervals led the way with a total of 36 transactions ($7 million), Aspen posted 32 transactions ($84 million), Snowmass Village 14 ($24 million), Old Snowmass 7 ($3.7 million), Woody Creek 3 ($5.8 million), Baslat 3 ($1.9 million), and Redstone 3 ($1.7 million).  The remaining 2 transactions were quit claim deeds with doc fees totaling $222,050.
  • There were 3 bank sales recorded in the county for October totaling $1.4 million.  This accounted for 3% of the transactions and 1% of the dollars (see page 9 for more details)
  • Year to date, there have been 73 bank sales recorded in the county, totaling $47 million.  This accounts for 5% of the transactions and 4% of the dollars.
  • The average single family home sold price thru October is $3,603,097, a decrease of 14% from full year 2012
  • The median single family home sold price thru October is $2,268,000, a decrease of 19% from full year 2012
  • Interval dollar volume for October was up 59% from October 2012, with a total of $7 million
  • Interval transaction volume for October was up 112% from October 2012, with a total of 36
  • Interval transaction breakdown for October: Hyatt Grand Aspen - 11, Innsbruck - 8, Dancing Bear - 3, Timbers Club - 3, Ritz Carlton - 3, Roaring Fork Club Suites -2, Sanctuary - 2,  St Regis - 1, Roaring Fork Club PUD - 1, Shadow Mountain Lodge -1, and Residences at Snowmass Club - 1.
  • Through October, interval dollar volume totals $65,841,900, an increase of 31% from same period 2012
  • Through October, interval transaction volume totaled 854, an increase of 594% from same period 2012
  • Buyer profile through October: 76% were out of state (domestic), 20% were Local, 2% were International, and 1% Front Range

Loan info for October - all property types:  62% cash sales and 38% were financed

Posted by GaryFeldman on December 22, 2013 in
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A New Perspective - Brooke's Blog

A New Perspective - Brooke's Blog

I walked right out onto the field at Wagner Park, and was the only one without a press pass, hehe. Nacho Figueras and his team took first place at the Piaget World Snow Polo Championship in Aspen earlier today.

(Photo by Brooke) Nacho Figueras, captain of the St. Regis polo team, is in black on the right.

Posted by Brooke on December 20, 2013 in
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Snowmass Village Sale October 30, 2013

Snowmass Village Sale October 30, 2013

86 Saddleback Lane

Horse Ranch, Lot 61

$1,265,000

Single family building site

Asking price $1,350,000

94% of asking price

Photo by Gary Feldman

Posted by GaryFeldman on December 10, 2013 in
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Snowmass Village Sale October 30, 2013

Snowmass Village Sale October 30, 2013

Stonebridge, Unit 933

Snowmass Village

$1,150,000

Two bedrooms/tbree baths

1,324 sf

Sold price per square foot $869

Asking price $1,200,000

96% of asking price

Photo by Gary Feldman

Posted by GaryFeldman on December 10, 2013 in
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Aspen Sale November 13, 2013

Aspen Sale November 13, 2013

59 Maroon Drive

Pyramid View, Lot 9

Aspen

$5,100,000

Four bedrooms/four baths

4,769 sf

Sold price per square foot $1.205

Asking price $5,750,000

89% of asking price

Photo by Gary Feldman

Posted by GaryFeldman on December 10, 2013 in
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