Aspen Glen bounces back with sales pushing $2 million mark
May 9, 2002
After suffering through a slump in 2001, Aspen Glen’s real estate sales have sizzled so far this year and racked up some of the highest home-sale prices ever in the midvalley.
Sales of three houses pushed the $2 million mark at the gated, luxury golf community, signifying just how strong the midvalley market can be, according to real estate agents.
All three houses closed in March, according to Aspen Glen marketing director Susan Linden. A 4,400-square-foot house sold for $1.85 million; a 5,500-square-foot house sold for $1.92 million; and a 5,000-square-foot house went for $1.995 million.
Sales of $2 million homes have been rare in the midvalley, according to data kept by the Aspen Board of Realtors. Aspen Glen cracked the mark with the $2.15 million sale of a four-bedroom, four-bath house with Roaring Fork River frontage in December 2000.
A 2,500-square-foot, three-bedroom, three-bath luxury cabin sold for $2.35 million at the Roaring Fork Club in Basalt last year. An adjacent cabin sold for $2 million.
High-dollar sales appeared unlikely for Aspen Glen after the slump of 2001. The number of single-family home lots sold fell from 32 in 2000 to 14 last year while home sales fell from 19 to 15 last year.
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But this year, sales are significantly above projections, according to Linden. She said 10 homes have been sold so far. In addition, there is a listing for a riverfront home at $2.4 million.
Linden said Aspen Glen has 43 homes currently under design review or under construction. About 30 percent of the homes under construction are by spec builders, she estimated. Spec activity is often an indicator of how confident the real estate industry is in an area’s economy or in a specific project.
There are 112 single-family houses or townhomes completed in the luxury project. Aspen Glen has approvals for about 630 residences.
Linden said the project has attracted a lot of buyers who had put their plans on hold for a while after the national economy faltered and the terrorist attacks in New York City.
Aspen Glen has also benefited from the overhaul of the Snowmass Village golf course. The course will be affected by closures for the next two summers, so some members there have shopped for alternatives, she said.
Overall, single-family home sales in the midvalley and downvalley markets by members of the Aspen Board of Realtors is on par with 2001 figures. There were 43 sales of homes during the first quarter of each year.