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First Pick for the New Year

January 1st, 2010

This is my first pick for a great buy in Aspen Real Estate.  This home is located on the quiet Silverking Drive just off of Cemetery Lane.  With the recent price reduction this home is at the attractive price of about $1,000/sq. foot.Please click to view more information or e-mail me at mike.russo@me.com.1430 Silverking Drive, Aspen COPrice Just Reduced $500,000 to $6,495,000.


 Beds | Baths | Sq. Ft.
 5   6   6,271

Rare Single Family Home On Coveted Silverking Drive. Views Of Pyramid Peak, Easy Walking Distance To Golf Course, Rio Grande Trail And Cross Country Skiing. 5 Minute Drive To Town Or Easy Access To Bus Stop. One-of-a-kind, Must See Back Yard With Bluestone Patio, Water Feature With Year Round Water Fall And Hillside Hot Tub With Stunning Seven Mountain Views. House Has Open, Very Liveable 4-5 Bedroom Floor Plan On Four Levels With Game Room, Media Room, Large Top Floor Guest Suit And Master Bedroom On Main Floor. Chefs Kitchen With View Of Waterfall. Large Great Room, Dinning Room Area With Spectacular Patio And Decks; Perfect For Entertaining Or Quiet Family Bbq. This Home Is Unique, As It Is The Largest Recent Construction Single Family Home In Cemetary Lane Neighborhood.More

Holy Cow Batman!!!!

December 28th, 2009

Below is a recent article by the Aspen Daily News about foreclosures in Garfield County.  In summary 2009 was probably the worst year in the county’s history as far as foreclosures.  On top of it, foreclosures have come to areas in the county that most never expected.Sales in Aspen seem to be picking up and prices are down from the high but have had some basic stability.  The same is not so for Garfield County.  I think that we are still in for one wild ride over 2010 in Garfield.  Many of the homeowners do not have the same financial ability to hold prices like those in Aspen.  Most of the homeowners are regular working people that were able to afford houses in the Roaring Fork Valley by the favorable lending policies in the earlier part of the decade.Hold on and feel free to contact us for our top picks for homes that are priced to sell or bank owned properties in this market.GarCo foreclosures to top 400 this yearby David Frey, Aspen Daily News Correspondent

GLENWOOD SPRINGS — The region’s souring real estate market and sagging economy combined to send foreclosures in Garfield County skyrocketing to more than 400 for the year — as many as the previous four years combined.It’s the highest foreclosure rate in at least the past 30 years, and 64 percent higher than 1985, the last big spike, when foreclosures soared in the aftermath of the oil shale bust that rocked Garfield County.As bad as this year’s foreclosure rate was, though, next year could be as bad or worse.“Everybody I’ve talked to and my own opinion is, I don’t think we’re out of the woods,” said Public Trustee Bob Slade, who oversees foreclosures for the treasurer’s office. “I think we could have as many or even more [next year].”The volume of foreclosures coming in hasn’t slacked off, Slade said, and past experience shows that foreclosures keep coming even after the worst of the economic downturn.Black Sunday, which set in motion the oil shale bust when Exxon closed its Parachute facility and put 2,100 people out of work, came on May 2, 1982, but the peak of foreclosures in the county didn’t come for another three years.Foreclosures have hit across the board in Garfield County, including some premier properties.Snowmass Village developers Related WestPac landed in foreclosure after owing $12.5 million for its Cattle Creek property, the 282-acre tract where it submitted plans for a 1,000-unit development. That foreclosure sale happened on Wednesday.Roaring Fork Lodge, a 106-room hotel and 40-unit luxury condominium project slated on the former Sunlight Racquet Club site in Glenwood, is in foreclosure. That corporation has filed for Chapter 11 bankruptcy protection and owes $3.3 million.Denver-based Village Homes is headed for a trustee sale set for Dec. 30 for $10.3 million in unpaid debts on various New Castle homes.The Ironbridge golf development south of Glenwood had begun foreclosure proceedings on some of its properties.Foreclosures hit tony addresses in Aspen Glen and Missouri Heights, too, and snared real estate agents and mortgage brokers.Glenwood Springs saw the county’s highest dollar volume of foreclosures, according to November numbers, with more than $41 million in foreclosures, but Rifle had by far the most foreclosures, with almost a quarter of the county’s foreclosures filed by Nov. 13.“Certainly it’s bad,” said Rifle Mayor Keith Lambert. “When you’ve got a whole nation reeling under a recession and there’s no end in sight, it’s bad, and it’s bad locally as well, but it’s not the bleak picture it was after Black Sunday.”Lambert said Rifle’s more diversified economy has helped insulate it from the sort of devastating effects it saw in the 1980s.“When we had the bust of ’82, on my street alone we had 60 percent vacancies,” he said. “Battlement Mesa was a modern-day ghost town. We don’t see anything like that. Certainly there are a lot of properties that are changing hands and some of them not through the owner’s choice, but it’s unfortunately the nature of a recession. We’re not invulnerable, as is no other community.”Garfield County’s jump in foreclosures stands in sharp contrast to the booming ’90s. Despite rising real estate prices, the thriving real estate economy kept foreclosures low. Foreclosures tumbled to a low of 14 in 1996 and remained below 50 each year for a decade.Foreclosures climbed in the past decade, peaking at 121 in 2005 before this year’s numbers eclipsed that. Last year saw 108 foreclosures, the fifth highest since the 1985 peak, but less than a third of this year’s.

Two Great Buying Opportunties in Aspen

December 14th, 2009

Here are two of my top choices for buying opportunities in Aspen.  Both of these properties are owned by developers and both have had significant price reductions.  These properties are brand new and have never been lived in.  The home on Larson Drive was orginally priced at $13mm, is located in Starwood and have some of the best views of any home in Aspen.

The home on Sage Ct. is closer to town and has some of the best finishes of any home in town.

I send choices like this to my clients every month in my newsletter.  Please e-mail me at mike.russo@me.com to be added to this list.

70 Larson Drive
Aspen, CO
 $6,495,000  5   5   7,940

Brand New Construction At The Top Of Starwood. Huge Views Of All Four Ski Mountains And The Elk Mountain Range. Everything That You Could Ask For And Expect In A New Luxury Residence. Large Country Kitchen, Elevator, Wine Storage With Tasting Room, Office, Great Room, Media Room, Multiple Fireplaces, Oversized Two Car Garage, Outdoor Spa, And Extensive Patios And Decks. All Bedrooms Are En Suite And Above Grade. Absolutely The Finest Materials And Finishes Throughout. Nothing Was Overlooked!

More


1377 Sage Ct.
Aspen, CO
 $6,999,000  7   6   9,131

This Fabulous New Home Plus Guest House Sits On A 1-acre Corner Lot On A Quiet Street In Aspen. All The Key Living Space Is On The Main/ground Floor. Views Of Aspen Mtn. And Easy Access To The Roaring Fork River And Rio Grand Trail.

More

Legend hangs a sale sign

October 21st, 2008

George and Patty Stranahan, owners of the 245-acre Flying Dog Ranch and quintessential local figures in Aspen and Woody Creek, are selling the property, listed for $56 million. “We’re losing something so special,” a neighbor says of the couple. (Zach Ornitz Special to The Denver Post )

After 40 years of working his Woody Creek ranch, George Stranahan is hanging up the shovel to tell stories.

The 76-year-old heir to the Champ ion spark plug fortune has listed the 245-acre Flying Dog Ranch for $56 million.

“It’s damned hard work taking care of 245 acres,” said Stranahan, who also founded the Flying Dog Brewery. “My kids don’t want to live here, so I’m not doing it for any good reason. I have more than a mile of driveways to plow here. I’ve just been there and done that on the ranch. I don’t need to do it anymore.”

The Flying Dog Ranch, adjacent to the 2.3 million-acre White River National Forest, is among the last remaining undeveloped ranches in the Aspen area, said Ed Zasacky, managing broker of Aspen Sotheby’s International Realty who is listing the property.

While the ranch has been subdivided into four parcels, Zasacky said the property will be sold in its entirety.

“We want to give the eventual buyer all the options possible,” he said. “We don’t want to shoot ourselves in the foot.”

Two of the parcels have conservation easements, but allow barns to be built. The other two parcels allow homes to be built on them.

Zasacky is marketing the property internationally through the Sotheby’s website, the company’s Reside Magazine and local real estate agents.

“Agents are the biggest source of sales around here,” he said.

Even Aspen sales down

Despite the wealth in Aspen, its real estate market has not been immune to the downward spiral plaguing the rest of the state. Volume was down 23 percent in July to $124.5 million compared with the same month last year, according to Coldwell Banker broker Peter Kelley. For the year, dollar volume was down 47 percent to $841.3 million.

Transactions were down 30 percent to 66 compared with July 2007. For the year, transactions are down 32 percent to 519.

Stranahan, who had a strong interest in science from an early age, was not interested in going into the family business co-founded by his grandfather Frank Stranahan in 1903. He earned a Ph.D. in physics at Carnegie Mellon University, worked as a research associate at Purdue, then as an associate professor at Michigan State. Around the time he was 40, Stranahan had had enough.

“It was boring to be a professor,” he said.

Community’s go-to guy

Stranahan relocated to Aspen, where he founded the Aspen Center for Physics in 1962.

Stranahan and his wife, Patty, will be sorely missed around Woody Creek.

“If you had a problem of almost any sort, you could go to George and Patty, and they’d discuss it and listen,” said longtime friend Gaylord Guenin. “The ranch itself was really a huge gathering place for hundreds of people.”

Guenin said he wasn’t surprised when he read in the local paper that the Stranahans were selling the ranch.

“It’s something they’ve been talking about for a few years, but it was like reading an obituary,” Guenin said. “We’re losing something so special.”

At the monthly Woody Creek Caucuses, neighbors gather to discuss what is going on in the community.

“Almost without exception, if we had something before the caucus some of us didn’t quite comprehend, people would say, ‘Well, is George for it or against it?’ ” Guenin said. “That’s the kind of respect he’s given.”

During the 1980s, Stranahan founded the Woody Creek Tavern, and in 1994, he started Flying Dog Brewery, which relocated its brewing operations to Maryland but still is headquartered in Denver. When Stranahan moved Flying Dog to Denver about 14 years ago, he teamed up with John Hickenlooper, now Denver’s mayor, on a bottling operation. Hickenlooper then was brewing Railyard Ale.

“A certain restlessness”

Hickenlooper said Stranahan is among his favorite people to be around.

“He lives life on his own terms,” Hickenlooper said. “He’s a great storyteller, and he’s one of the people who likes a joke more than I do.”

Stranahan also is publisher of the People’s Press, a black- and-white photographer and an investor in Stranahan’s Colorado Whiskey.

“It’s a sign of immaturity and a certain restlessness and adventurousness that is fundamentally immature, but I’ve gotten away with it,” he said. “I’ve never really been behind bars, but I have gone to the sheriff’s department.”

Stranahan plans to move to River Valley Ranch in Carbondale, where he’ll tell his stories to anyone who will listen.

“If you sit at a bar, somebody’s going to let you tell a story,” he said. “I’m trying to figure out what is the proper role of an elder, an older person in the community. How does the community value me and how do I become valuable to the community? Storytelling is fundamentally what it needs to be about, but you have to have good stories.”

Stranahan has a lot of good stories, primarily about his decades in Woody Creek and his longtime friendship with the late “gonzo” journalist Hunter S. Thompson.

“We talked a lot, drank a lot and dynamited a lot,” he said. “We both liked dynamite, and if you’re a rancher, you have access to dynamite.”

He recalls sitting at home one evening drinking a beer after his wife and son had gone to bed. Thompson showed up with a new firearm to show Stranahan.

“He brought his whiskey, a bag of ice and a glass,” Stranahan said. “So I switched to whiskey.”

Stranahan’s then-7-year-old son, Ben, woke up and joined the men, who were talking about guns and politics. The three of them decided it would be a good idea to hold Ben’s pet tarantula.

“We’ve read that it can be done,” he said. “Hunter and I decided this is the moment of courage. Ben’s going to be initiated into manhood.” Thompson reached into his bag and pulled out some lipstick, put it all over his face, Ben’s face and Stranahan’s face.

“Now we are ready to hold the tarantula,” Stranahan said. “We’re holding the tarantula when Patty wakes up — and two of the three of us are drunk, wearing lipstick and playing with a tarantula in her house.

“She turned around and went back to bed. There was nothing else to do.”

State of luxury real estate

May 23rd, 2008

Excellent video of not only the state of luxury real estate in San Francisco.  The interview speaks to the challenge of finding buyers for truly exclusive properties.  With the number of properties in Aspen and other parts of the world increasingly exceeding $30mm the amount of time on market could be extremely long.  The pool of buyers worldwide for this price range is very narrow.  In Aspen’s history we have only seen 4 sales above $30mm and one above $40mm with the sale of Mandalay Ranch in 2004.

Sale of home sets a record for Basalt

May 21st, 2008

Single-family home on Ridge Road sells for $3.4 million, sets mark for Basalt proper



The single-family home at 240 Ridge Road in Basalt broke a record Monday when it sold for $3.4 million. (Courtesy David Marlow)





The Aspen Times
Aspen CO, Colorado

May 17, 2008



BASALT — Times are tough in the local real estate market, but that didn’t prevent the setting of an apparent record for a single-family-home sales price in Basalt this week.

A $3.4 million deal closed May 12 for a house at 240 Ridge Road. The home is in the Basalt Highlands subdivision and sold to the Barbara L. McMahon Living Trust, according to a deed filed with the Eagle County Clerk and Recorder’s office.

The house size is modest, by today’s standards, at 4,184 square feet, three bedrooms and 31⁄2 bathrooms. The interior features 110-year-old reclaimed heart pine floors and a tongue-and-groove ceiling from a mill in North Carolina. The home was sold furnished.

A top selling point was clearly its commanding position at the top of a hillside overlooking Basalt and offering stunning views of Mount Sopris and the valley floor. The house’s location is in Basalt what the top of Red Mountain is in Aspen.

That record sale was confirmed by data tracked by the Aspen-Glenwood Springs Multiple Listing Service (MLS). The previous highest sale price within Basalt’s town boundaries was $3.35 million for a home in the Roaring Fork Club, which sold in January.

Sales of homes in Emma and in the Fryingpan Valley regularly eclipse the $3.4 million mark, but they are outside the town boundaries.

The house was on the market for about one year and was listed at $3.8 million. The home was designed in 2004 by Carbondale architect Doug Muse and he was the only owner prior to this sale. The house isn’t huge, but it uses the site well. It’s not a cabin but it’s rustic enough to match the desires of many people.

This sale shows that the right home, with a great location and finishes, can sell even in a sluggish market. There are qualified buyers out there, and when a house fits their needs and is appropriately priced, they will buy.

Over the years, Basalt has evolved as more of a destination market — rather than one that captures buyers that spill down from Aspen. Much of that evolution occurred since the Roaring Fork Club was developed in 1996 and brought a different kind of buyer to the midvalley market.

The first single-family home sale to top $1 million in Basalt appeared to occur in July 2003 on Riverside Drive, according to MLS statistics. A home there went for almost $1.3 million. Since then there have been roughly 85 sales in Basalt proper that topped that mark.

Wealthy Still Shopping for Vacation Homes

May 13th, 2008

Article by WSJ

May 2, 2008, 1:50 pm
Wealthy Still Shopping for Vacation Homes

The wealthy think the U.S. is in a recession. But they’re still bullish on real estate, according to a new study.
Last month the Harrison Group, a Connecticut-based marketing and consulting firm, conducted an Internet survey of 638 respondents with incomes of $100,000 or more. The company broke the group of respondents into four categories, ranging from “Upper Middle Class” (incomes of between $100,000 and $149,000, 123 respondents) to “Wealthy” (incomes of $500,000 or more, 119 respondents).
The survey found that more than three-quarters of respondents believed the U.S. was in a recession. The wealthy were the most pessimistic, with 81% agreeing that we’re in recession.
Yet the wealthy were also the most cheery about the real-estate market. Of wealthy respondents, 40% said they plan to buy real estate over the next year. That compares with only 17% for the Upper Middle Class.
The rich who plan to buy homes are mainly looking for leisure properties. One-third plan to buy a vacation home, while about a quarter plan to buy third homes. Only about a quarter plan to buy primary homes.
The most obvious explanation for their bullishness is that the wealthy still have money and aren’t as affected by gas hikes, bread prices or job losses. As we’ve seen, the super high end of the real-estate market (properties that cost $20 million ore more) seems to be holding up the best, although all levels have been affected.
Yet some of the wealthy may be expecting big bargains — and they may be disappointed. Lots of people still have wealth, and they’re willing to pay up for rare properties. That means the bargains they’re waiting for at the high end may not appear.
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The real estate winds are shifting published in Aspen Times on May 6, 2008

May 8th, 2008

The real estate winds are shifting
By Mike Russo

Real estate figures released by Land Title for the first quarter of 2008 in Pitkin County show that we are experiencing a new trend in the Aspen/Snowmass market. Transactions through the first quarter were down 33 percent from last year and sales volume was down 52 percent.
Given that volume has seen a greater decline than transactions, we conclude that current purchases are at a lower aver­age sales price than last year.
The average purchase price in Pitkin County for the first quarter of 2007 was $2.44 million versus $1.73 million for the first quarter of 2008. Compare that to the first quarter of 2006 when the average pur­chase price in Pitkin County was $926,505. Also worth noting is that during the record sales year of 2006, the market experienced five times the amount of closed transactions in the fractional con­dominium market. During the first quarter of 2006, fractional sales accounted for 16
percent of the total volume versus a paltry 3 percent in the first quarter of 2007.
Although sales volume is off, compared to a record first quarter of 2007, it is off to a lesser degree compared to 2005 and 2006. The volume difference is -17 percent and -23 percent, respectively.
The blaze of sales volume that occurred in the first quarter of 2007 represented 30 percent of the sales volume reported for the entire year. Going back to 2003, the average percentage of yearly sales volume has been 19 percent in the first quarter.
Although the year did not finish like a lion, 2007 was still the second best year on record, finishing the year at $2.5 billion, about 4.5 percent less than 2006.
So what does it all mean? The real estate market in our valley is still vibrant and not in the dire straits that some observers suggest. We are still seeing a large number of consumers looking to purchase property in the Aspen/Snowmass market.
The challenge in the marketplace today is the disparity between buyers and sell­ers. With news of the threatening reces­sion, a credit crisis that remains tenuous at best, followed by a national housing crisis and inflationary fears, among other con­cerns, the Aspen valley market continues to hold its ground in pricing.
A recent seller of a home in Wildcat Ridge exemplified the Aspen real estate market when he was quoted nearly two years ago in the Wall Street Journal as say­ing,“ If we don’t get the right price, we won’t sell.”
So how has the wind shifted? Of the 207 consumers that chose to purchase in Pitkin County this year, they decided they still wanted a property in our county, but on average decided to spend less than the buyers of last year.
(Michael S. Russo is president of Aspen Sotheby’s International Realty He can be reached at .)

2007 Proves Another Great Year in Aspen Real Estate

January 5th, 2008

THE SKY IS FALLING, THE SKY IS FALLING…….This has been the battle cry we have been hearing due to the national housing markets. Everyone is trying to peer into our numbers and say the Aspen/Roaring Fork Valley market is declining. What has been falling is snow. We have had over 100 inches in December which has made for a very strong holiday season.

Pitkin County/Aspen have posted numbers through November of $2.32 billion, which is $60mm short of the sales volume through November of 2006. We are expecting December to come in with about $180 mm in sales which will bring our year to about $2.5 billion and about $130 mm less than 2006 overall.

The newspapers have been talking about the decline in transactions by about 30%. This number counts fractional sales which is a moving target in our market. The sales in Pitkin County for whole ownership are down about 12%. While the numbers would suggest a steep decline in fractional sales, I believe that is another anomaly.

Fractional sales showed record volumes in 2006 based on years of pre-sales with the Hyatt. We have had a number of transactions go under contract for the Residence at Little Nell and the Dancing Bear that will not show in our transaction numbers or sales volume until the projects are complete and the contracts closed. When the contracts of The Residence at Little Nell close they alone will represent over $300 mm in sales volume. The amount of sales from that project alone would represent 11.5% of the sales volume of our best year ever in 2006.

Our market has seen the highest number of $10 mm plus sales in 2007 with 19 transactions. We have also experienced appreciation on a sq. foot basis ranging from 13% in the Central Core of Aspen to 17% in Snowmass Village.

While 2007 represented a 12% decline in whole ownership transactions and a slight decline in sales volume it still represented the second best year in Aspen real estate history. There is a lot of buzz in the Aspen market with a large influx of international money and we are expecting another solid year of price appreciation in our market.

Aspen Glen Video

September 10th, 2007

 
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