What’s the Big Deal: $12.1 million for Eagle Pines mansion
The Aspen Times
Editor’s note: “What’s the Big Deal?” runs Sundays and is based on the most expensive property transaction recorded in Pitkin County through 3 p.m. each Friday.
Price: $12.1 million
Date recorded: June 15
Address: 200 Eagle Pines Drive, Aspen
Buyer: 200 Eagle Pines Drive LLC
Seller: Joan and Lawrence Altman
Property type: Single-family residential
Year built: Built in 2004, remodeled in 2012
Total heated area: 9,255 square feet
Total land: 5.5 acres
Features: Seven bedrooms, seven full baths, three half-baths, in-home fitness center, spa and hot tub, horse riding/stables
Property tax bill: $27,679.76
• It’s no secret that real estate sales are slumping this year, following last year’s $2 billion haul in property transactions. To wit: Aspen had 11 total sales compared with twice as many in May 2015. But in his newsletter issued last week, broker James Benvenuto noted May’s dollar volume was down just 11 percent.
“This is due in large part to a significant rise in price per square foot,” Benvenuto reported. “Last year in May the average price per square foot for a property was $1,083.87, while this year it cost on average $1,460.43. That is a massive 35 percent increase.”
A similar trend played out in May in Snowmass Village, which had six sales compared with 17 in May 2015. Dollar volume in May, however, was up 8 percent.
“Again, one may attribute this to the skyrocketing increase in price per square foot, which was up 29 percent,” the newsletter said. “The average price per square foot this May was $939.66. Last year it was $725.82.”
• While price per square foot saw double-digit surges in May, the first five months of the year in Aspen and Snowmass are still down 48 percent in overall sales volume.
That’s according to Andrew Ernemann, whose recent newsletter warned: “It’s really no surprise after six straight years of increasing sales and a few years of increasing prices that the local real estate market would sputter. In the face of early 2016 domestic and global economic uncertainty, an upcoming presidential election and still-wavering oil prices, one might expect real estate buyers’ confidence to be shaken.”
• Pitkin County ranked No. 1 in Colorado for mortgage refinancing, based on the most money saved per loan, in 2015. That’s according to New York financial technology firm SmartAsset, which released its study this month. The study showed that 256 loans were refinanced in Pitkin County in 2015, with an average of $13,388 in annual savings per loan. However, that’s likely due to the fact that the county’s average refinanced loans were the highest in the state — $993,141, according to the study.
With many lingering questions still surrounding the fate of Aspen’s historic Old Powerhouse, City Council decided during Monday’s work session to hold off on providing staff direction on moving the preservation project forward until more information can be presented.