Red Mountain home outside of Aspen nets $30 million
The local real estate market got a jolt Monday with the $30 million sale of a Red Mountain residence, the biggest single-family home sale so far this year and in all of 2016 in Pitkin County.
Located at 343 Willoughby Lane, the palatial home was acquired by Mochen Strata, a limited liability company based in Houston, according to property records. The same LLC also bought a Maroon Creek home for $9.5 million in May 2014, records show.
The selling group was listed as Trustee Howard C. Draft and the Howard Craig Draft Trust. Draft, CEO of the global advertising agency Foote, Cone & Belding, bought the Willoughby property in August 1998 for $6.5 million and built a 9,600-square-foot home there in 2012.
This week’s price eclipsed February’s $24.4 million purchase of a single-family home at 455 Sunnyside Lane, as well as the $29.5 million acquisition of a Red Mountain home in December 2015, which had been the county’s most expensive home deal in nearly the past year and a half.
Marketing material for the Willoughby home describes it as having a “stunning master suite, four generous en suite guest bedrooms, 6.5 baths, gourmet kitchen, office with fireplace, spa-like massage room with Hammam steam room, 2,000 bottle wine storage, media room, exercise room, hot tub and three-car garage. In addition to state-of-the-art lighting and electronics, the dining room opens onto an outdoor patio (with fireplace) via a disappearing glass wall to bring the outdoors in. The property is finished off with a sun-filled pool and spa area to enjoy the ultimate privacy or host the year’s best party.”
The Willoughby transaction translated to $3,120 per square foot, according to the Multiple Listing Service, which also noted the property originally went up for sale Jan. 15, 2016, for $42.5 million and most recently was marketed for $36.5 million.
Meanwhile, Pitkin County has recorded six single-family transactions of at least $10 million this year, including a $15.2 million deal April 18, $13.5 million on April 5 and $14.9 million on March 30, property records show.
From Jan. 1 through March 31, Aspen saw $176.8 million in sales of single-family homes and lots as well as condos and townhomes, according to broker Andrew Ernemann. The same period last year saw $114.9 million in sales.
Craig Morris, Gary Feldman and Lex Tarumianz, all of Aspen Snowmass Sotheby’s International Realty, represented the seller in the Willoughby deal. Husband-and-wife team Tracy and Bubba Eggleston, also of the Sotheby’s Aspen office, worked on the buyer’s behalf.
Morris said the sale “tells me that with the lull we had last year, we’re making it up with the upper-high-end this year.”
Morris said several theories support this year’s bounceback for real estate.
“I’m sure the election had something to do with it,” he said. “Just getting past the election and letting all of that settle down just seems the most logical answer to me. And obviously the economy has been steady.”
Last year saw a total of $1.4 billion in property transactions for all of Pitkin County, which came after 2015 brought in more than $2 billion in sales.
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