Five Aspen-area sales over $10 million in May
June 3, 2011
ASPEN – The month of May saw five real-estate sales in excess of $10 million in Pitkin County, crowned by the purchase of an Owl Creek Ranch subdivision property for $20.5 million.Known as Black Bear Ranch, the 77-acre property, including a 12,500-square-foot house, was not listed when it was acquired May 31 by Antony Ressler of Encino, Calif.Ressler has a career in finance, and is the co-founder of Apollo Management LP and Ares Management LLC. He was represented by Tony DiLucia of Aspen Associates Realty Group. The seller was Ranch Mariana LLC, which bought the property for $14.7 million in October 2004. The LLC was represented by Joshua Saslove, president of Aspen-based Joshua & Co.Other notable sales last month included the Franck Gougen Trust’s $14 million acquisition of 455 Thunderbowl Lane in Aspen on May 16. The seller was Douglas Forbes Irvine, records show.A day later, on May 17, LNR LLC sold a home a 675 S. Alps Road for $14,050,000 to Icie Jackson LLC. On May 6, Sundance Aspen LLC paid $11.25 million for a property at the Maroon Creek Club. The seller was Knot Tee Time LLC, public data show. And one of the year’s most highly-publicized real-estate deals closed May 25 when the University of Colorado sold the Given Institute property, located at 100 E. Francis St., for $13.8 million to JAMMB LLC, controlled by Aspen resident Jonathan Lewis. Total figures for May aren’t available yet, but April statistics were provided Thursday by Land Title Guarantee Co. On the plus side, the total dollar volume of $119.49 million made April the best month of the year so far. On the other hand, April’s dollar volume was down 29 percent from the same month last year. However, April 2010 included $43 million in commercial sales, the title company’s report said.For the year-to-date – January through April – sales hit $408.62 million for an increase of 8.5 percent over the same period last year, Land Title Guarantee Co. reported.The cumulative number of real estate transactions in the county through April was 269 this year compared to 250 last year. That’s an increase of 7.6 percent.Bank-owned sales, indicating foreclosures and repossessions, haven’t been a big part of the activity in Pitkin County so far this year. There have been 26 sales of properties held by banks through April for a total of $18 million. That represents 4.4 percent of the total dollars, the title company reported.Overall, the median price of single family homes sold in Pitkin County this year through April was $3.075 million, down 3 percent from the full median price in 2010.The average single family home price through April is $4.42 million, up 2 percent from all of 2010.There have been 95 sales of fractional ownership units in Pitkin County so far this year, up 67 percent from last year, Land Title Guarantee Co. reported.