Wingo ranch sale: Sign of the times
December 5, 2009
BASALT – A midvalley development whose separate components were on the market for nearly $16 million a couple of years ago sold as a whole recently for $6 million.
A Texas real estate investor purchased a spec house and four undeveloped lots at the Wingo Junction Ranch, according to Ted Borchelt, a broker associate with Chaffin Light Real Estate. He was the real estate agent for the buyer.
The ranch exemplified the boom and bust of midvalley real estate. A developer acquired four transferable development rights in September 2006 to earn approvals from Pitkin County for additional homes. A spec house was constructed on one of the five lots and listed for $8 million. Four undeveloped lots were listed for $1.9 million each.
Wingo Junction Ranch is located on the north side of Highway 82 by the pedestrian bridge, about a mile east of Basalt. The large lots are tucked out of view of Highway 82.
“It’s kind of a hidden gem up there,” Borchelt said.
The property includes a 5-acre common parcel of Roaring Fork River frontage, so it’s a fisherman’s dream. It’s also close to the Roaring Fork Club, a private golf development.
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The developer of Wingo Junction Ranch ran into financial problems in the recession before the 8,000-square-foot house and lots were sold. Borchelt said a subsidiary of Alpine Bank took possession of the property with a deed in lieu of foreclosure.
“It never went to foreclosure,” he said.
The property sold Nov. 24 in two separate transactions totaling $6 million. Wingo Junction Homeowners Association LLC and Wingo Junction Land Co. LLC sold three lots and two parcels to Roaring Fork Meadows LLC for $3.7 million.
Wingo Junction Land Co. also sold two lots to the Ned S. Holmes Profit Sharing Plan for $2.3 million.
Borchelt declined to discuss his client other than to say he is a real estate investor and developer from Texas. Ned S. Holmes is the common link among the buying entities. He is listed as one of the trustees of Roaring Fork Meadows.
Jon Tollefson, president of the Aspen Alpine Bank branch, was listed as a trustee for one of the selling entities.
Borchelt said he thought the sale was significant because it showed that real estate inventors are shopping and buying when the price is right.
“I think it’s good news for the midvalley market,” he said.
The original asking price for the spec house and the lots was probably a bit high, even when the market was hot, Borchelt said. Nevertheless, the final sales price represents a substantial discount.
The buyer intends to build his own house in the ranch and likely keep a couple of the other lots for development, Borchelt said.