Steven Shane's Real Estate Blog | Aspen, CO | Buy a House, Condos, First Time Home Buyers, Housing Market, Seller's Agent, Buyer's Agent

Inside Real Estate
Let Me Help You!
(970) 925-6063
Follow My Blog
stevenshane
Steven Shane
Broker/Owner
    Years of Experience: 15 Years Experience

    One of Aspen’s Top 5% of Brokers
    Member Aspen Board of Realtors
    Member Colorado Assoc. of Realtors
    Member National Assoc. of Realtors

Direct: (970) 925-6063

Office: 970-925-6063



Company Info

SDS Real Estate, Inc.
970-925-6063


Real Estate Tools

Schoolsschools

Communitiescommunities

Calculatorscalculators

 

Caviar Affair Winter 2011/Holiday 2012

Posted by Steven Shane | on Wednesday, December 7th, 2011 at 3:04 pm
Category: Homes.

Caviar Affair Magazine brings to life culinary experiences, world travel, fine spirits, great wine, and style.  Check out the new Caviar Affair Magazine Holiday Issue and don’t miss Steven Shane of SDS Real Estate’s new listing www.WilloughbyWayAspen.com on page 133.

Article Has 0 Comments | Write a Comment


The new “Aspen Exchange” is real estate not cash

Posted by Steven Shane | on Tuesday, December 6th, 2011 at 3:02 pm
Category: Homes.

Aspen Gets Creative With Not One, But Two Exchange Deals This Month and Closes $35 Million in Real Estate Sales in 2011 Including Celebrity Sales

ASPEN, Colo… In a world where cash has always been king but is now super scarce, buyers and sellers in this luxury market still have a burning desire to make deals – especially when there are so many great deals to be had.   So what’s an Aspen dealmaker to do?  Trade on the Aspen Exchange.

In the last three weeks, there have been two multi-million dollar deals made on the Aspen Exchange by Aspen broker Steven Shane of SDS Real Estate, Inc.  In fact, Shane has perfected the Aspen Exchange with three exchange deals in this year alone.

“The hurdle most buyers must overcome is selling an existing property before they can buy another,” said Shane.  “But that doesn’t stop a deal maker from wanting to make deals, so this is where I can help by bringing buyers and sellers together to make something happen.”

In the first exchange, the buyer wanted to buy on Aspen’s famed Buttermilk Mountain.  The only way the buyer was comfortable getting a $6 million home was to sell 8 acres of land he already owned just outside of Aspen. So, Shane created a deal in which the buyer paid $6 million for the new home:  $4 million in cash with an exchange of 8 acres of land valued at $2 million.

Three weeks prior, Shane represented a seller with a home just outside of Aspen in Snowmass listed for $1.9 million. An interested buyer came along who had a condo in downtown Aspen he needed to sell before he could purchase the Snowmass home.  The exchange:  $1.25 million in cash and a $700,000 condo.

Earlier this year, Shane pulled out all the stops last May in structuring a six-sided exchange transaction that closed simultaneously and involved buyers from the United Kingdom, California and Colorado.

And what about all those celebrities who buy homes in Aspen?  Many of them use Shane, but he won’t kiss and tell.  The latest sale was to Aerin Lauder, yes heiress to the Estee Lauder fortune, who’s Aspen home is featured in this month’s Vogue magazine: http://www.vogue.com/magazine/article/mountain-high-aerin-lauders-aspen-home/

Aspen hasn’t missed the economic turndown but Aspen real estate has always been in its own world.  And once again, it is apparent that Aspen marches to the beat of a different real estate drum than the rest of the country, showing strong signs that its luxury market is bouncing back as September 2011 stands as the strongest transaction month this mountain resort town has seen in three years.

Article Has 0 Comments | Write a Comment


Big discounts highlight big Aspen real estate deals

Posted by Steven Shane | on Friday, December 2nd, 2011 at 10:05 pm
Category: Buy a House, Estates, Homes, Luxury Homes, Real Estate, Real Estate Market.
Tags: , , , , , , , ,

ASPEN — The 1 percent apparently fancy Aspen real estate with steep discounts.

That
point was punctuated by a trio of property sales combining for $51.75
million in November, marking three of Pitkin County’s 10 most expensive
real estate deals for the first 11 months of the year. The same three
properties’ original listing prices were a collective $80.9 million.

“There
are still wealthy people in the world who appreciate Aspen and would
like to be here,” said Steven Shane, the listing broker for the
single-family home at 24 Little Cloud Trail, which, packaged with a lot
above it, fetched $16 million.

Follow this link to continue reading the Aspen Times Article: http://www.aspentimes.com/article/20111201/NEWS/111139971/1077&ParentProfile=1058

Article Has 0 Comments | Write a Comment


Real Estate Agency in Colorado

Posted by Steven Shane | on Tuesday, July 7th, 2009 at 11:49 am
Category: Real Estate.
Tags: , , ,

Colorado has several different types of agency relationships under which I can work with you. They are Seller Agency, Buyer Agency or Transaction Brokerage. These apply whether you are a seller, buyer, landlord or tenant. At the time we first get together, I will need to know how you want to work together.

As either a Seller’s Agent or Buyer’s Agent, the Colorado Real Estate Commission requires we have a signed listing agreement from you to be kept on file. If you want me to act as your Transaction Broker, though I’ll ask that you sign an acknowledgement that this is how you want to work, this type of agreement does not have to be in writing. Following are definitions of what each type means to you.

For purposes of this report, seller also means “landlord” (which includes sublandlord) and buyer also means “tenant ” (which includes subtenant).

Seller’s Agent: A seller’s agent (or listing agent) works solely on behalf of the seller to promote the interests of the seller with the utmost good faith, loyalty and fidelity. The agent negotiates on behalf of and acts as an advocate for the seller. The seller’s agent must disclose to potential buyers all adverse material facts actually known by the seller’s agent about the property. A separate written listing agreement is required which sets forth the duties and obligations of the broker and the seller.

Buyer’s Agent: A buyer’s agent works solely on behalf of the buyer to promote the interests of the buyer with the utmost good faith, loyalty and fidelity. The agent negotiates on behalf of and acts as an advocate for the buyer. The buyer’s agent must disclose to potential sellers all adverse material facts actually known by the buyer’s agent including the buyer’s financial ability to perform the terms of the transaction and if a residential property, whether the buyer intends to occupy the property. A separate written buyer agency agreement is required which sets forth the duties and obligations of the broker and the buyer.

Transaction-Broker: A transaction-broker assists the buyer or seller or both throughout a real estate transaction by performing terms of any written or oral agreement, fully informing the parties, presenting all offers and assisting the parties with any contracts, including the closing of the transaction without being an agent or advocate for any of the parties. A transaction-broker must use reasonable skill and care in the performance of any oral or written agreement, and must make the same disclosures as agents about all adverse material facts actually known by the transaction-broker concerning a property or a buyer’s financial ability to perform the terms of a transaction and if a residential property, whether the buyer intends to occupy the property. No written agreement is required.

Customer: A customer is a party to a real estate transaction with whom the broker has no brokerage relationship because such party has not engaged or employed the broker, either as the party’s agent or as the party’s transaction- broker.

Article Has 0 Comments | Write a Comment


Aspen Offers An Abundance Of Condominium Opportunities

Posted by Steven Shane | on Tuesday, June 30th, 2009 at 12:13 pm
Category: Condos.
Tags: , , ,

Depending on what your personal requirements are, Aspen offers an abundance of opportunities including condominiums, fractional ownership opportunities, townhomes, and condominiumized half-duplexes.

Before heading out to look at properties, in addition to number of bedrooms, baths, square footage, and price range, I’ll need to know the following:

1. Do you plan to rent out the property? If so, will it be on a long-term (season or year round) basis or short-term (week-to-week basis)? Some condominium neighborhoods prevent rentals of any shorter time periods than 6 months at a time.  How you plan to use the property will help determine where we look.

2. Do you plan to live in the property year round? If so, do you have pets? How many, what size and type? Some properties have strict requirements and prohibit pets or the number or type of pets permitted.

3. Do you like the feel of a large complex or do you prefer something a little more intimate?

4. What are your parking requirements if any? Again this can range from a private garage, to underground assigned parking to unassigned off-street parking or on-street parking.

5. Would you plan to have a car here, walk everywhere, or does mass transit suit you just as well? This will help determine the location.

6. What do you require in the way of amenities? Some complexes feature full amenities, such as pool, spa, tennis, on-site management, while others have none.  Those with amenities often rent out very well on a short-term basis but have considerably higher association assessments.

7. Do you always come back to Aspen for your vacations at regular times and enjoy first-class accommodations, or do you like to travel to multiple worldwide destinations? If so, a fractional opportunity might be the perfect fit for you.

8. Will you plan to finance your purchase or will you be paying cash? Some types of properties, especially those containing a majority of investment owners are becoming increasingly more difficult on which to obtain conventional financing.

By discussing your needs and desires with me, I’ll be in a better position to save your valuable time and direct you to the best properties to meet your goals.

Article Has 0 Comments | Write a Comment


Aspen Colorado Foreclosures, Short Sales and Deeds in Lieu

Posted by Steven Shane | on Wednesday, June 24th, 2009 at 1:25 pm
Category: Foreclosures, Homes.
Tags: , , , ,

We are often asked about foreclosure opportunities in Aspen. Though more prevalent now that in years past, for 2008 Pitkin County foreclosure filings numbered 30, about twice that of 2007-yet only 5 each year actually made it to auction. For May of 2009, county records indicate 11 properties were in foreclosure proceedings. One notable sale that occurred just prior to auction was the sale of a ski-in/out 13,544 square foot home on Buttermilk Mountain popular during the X Games. Originally listed for $26 million, this home sold during foreclosure proceedings for $12 million, according to an article published in the Aspen Times.

1. Foreclosures. Here a foreclosure occurs when a borrower defaults on an obligation and is sent a Notice of Election and Demand by his/her lender, which is filed with the Public Trustee of Pitkin County. Once that document is filed, potential buyers can request a list of homes about to be auctioned and attempt to purchase those properties. (In the vast majority of cases, these properties are already listed for sale, and a knowledgeable broker will know about them in advance).

The next stage is that the auction date is published in the newspaper 45 to 60 days before the home is sold. The owner has an option to cure by filing a Notice of Intent to Cure. Once purchased at auction, junior lien holders have eight days in which to purchase the property from the buyer for the sale amount plus interest. There is no longer a redemption period in Colorado following the sale.

After foreclosure, if no other buyers come forward, the home is returned to the lender who then lists the property as an REO (Real Estate Owned) opportunity.

2. Short Sales. A short sale occurs when the net proceeds from the sale of a property are not enough to cover the seller’s mortgage obligations and closing costs, and the seller is either unwilling or unable to cover the difference. Some short sellers may be pre-foreclosure. The lender has the right to go after other assets of the borrower to make up for the deficiency. The best time for a borrower to consider short sale options with their lender is when they have had a catastrophic life change, i.e. illness, divorce, death, etc.

3. Deed in Lieu. Another option for borrowers to avoid foreclosure is doing a “deed in lieu” with their lender. Essentially the borrower agrees to give a deed to the lender for the property in satisfaction of the amount due on the loan.

I am very familiar with distressed property and can help guide you through the sale process or help you purchase one of these opportunities.

Article Has 0 Comments | Write a Comment


Homes for Sale in Aspen, Colorado!

Posted by Steven Shane | on Tuesday, June 16th, 2009 at 1:33 pm
Category: Homes for Sale.
Tags: , , , ,

As of this writing in June 2009, according to the Aspen/Glenwood Springs Board of Realtors®, both Aspen and Snowmass Village have available inventory levels as follows:

Aspen Single Family and Half-Duplexes:                                   246

Aspen Condominiums and Townhomes:                                  270

Snowmass Village Single Family and Half-Duplexes:              71

Snowmass Village Condominiums and Townhomes:            130

Of the total Aspen/Snowmass Village homes and half-duplexes currently for sale, the breakdown by price category is as follows:

$1,000,000- $5,000,000                                                                135

$5,000,000-$10,000,000                                                              124

$10,000,000-$20,000,000                                                              42

Over $20,000,000                                                                             15

When considering condominiums or townhomes, the breakdown by price category (excluding fractional properties) is as follows:

$Under $500,000                                                                             31

$500,000 to $1,000,000                                                               140

$1,000,000-$2,500,000                                                                157

$2,500,000-$6,000,000                                                                  59

$6,000,000-$10,000,000                                                                  9

Over $10,000,000                                                                              6

When reviewing the residential prices in our area, it should come as no surprise that more than 75 percent of our buyers pay cash for their purchase here. That being said, however, jumbo loans are available to qualified buyers. Some sellers are also offering owner financing as well. Some buyers are refinancing their primary residences back home in order to use the funding on purchases here. The following lender is a good source to contact for local financing:  www.wellsfargo.com/mortgage. For more information on specifics within the price categories mentioned above, please feel free to call me or go to www.sdsrealestate.com/search.php.

Article Has 0 Comments | Write a Comment


Tips on Buying a House, Condominium or Property in the Aspen Area

Posted by Steven Shane | on Tuesday, May 19th, 2009 at 11:34 am
Category: Buy a House.
Tags: , ,

Thinking of buying a home or other real estate in the Aspen area? I have some tips and background information you should consider.

  1. If you’re thinking of relocating to or moving within our area, please allow me a few days of lead time. Sitting down with you for 30 minutes or so before jumping out to look at properties will end up saving you valuable vacation time and money. I’ll then be able to zero in on what works best for you.
  2. There are different types of agency in Colorado. At our meeting, we will discuss whether you want me to be your buyer’s agent or prefer to work with me as a transaction broker.
  3. Some of the areas in the Roaring Fork Valley have real estate transfer taxes and some do not. I can differentiate these for you. In addition, some properties have rental restrictions imposed, which I can also illuminate for you. Needless to say, if you desire to rent out a property to offset your expenses, you won’t want to waste time looking at a property that has rental limitations.
  4. If you like to have your pets with you, you’ll want me to disclose which properties have restrictions against them and which do not. For example, some condominium properties may restrict all pets or allow one dog, some two dogs, and some a cat but not a dog!
  5. Many of the listings in our area require 24 hours of notice and may only be available to be seen during the day when you may prefer to be skiing or doing something else. Unfortunately when guests are in residence in listed properties, they do not want to be disturbed with showings outside of the hours of 10 a.m. to 3 p.m. and may only permit showings on certain days. The more lead time I have from you, the more choices we’ll be able to get you in to preview. If you hire me as your buyer’s agent, we can also look at properties that are not listed but may be “quietly” for sale.
  6. If you’ve been to our area numerous times or already live here and are familiar with the neighborhoods or communities, please let me know. If not, I am happy to provide you with an overview of the different communities and particular aspects of each in order to help you decide which neighborhoods are the best fit for your needs.
  7. If you will not be paying cash for your property, please let me know upfront. I’ll be happy to provide you with a list of several potential lenders, who may be able to pre-approve you for a loan contingent upon only the property appraisal. This will put you in a better bargaining position in terms of an offer.
  8. Call on me as your local resource. As long-time locals, between my wife and me, we can answer all your questions about the community, various activities, location of amenities and more. We’re happy to welcome you here and share what Aspen has to offer. Most of our clients and customers become our long-terms friends as well!
Article Has 0 Comments | Write a Comment


We Visit Aspen Often and Love it! We Would Like to Buy a Starter Property But Keep it to a Bare Minimum. Any Thoughts?

Posted by Steven Shane | on Tuesday, May 12th, 2009 at 12:33 pm
Category: Questions and Answers.

One of the upsides to Aspen is that a homeowner, if so inclined, can rent their home to offset the carry. So, although a $2,000,000 purchase price seems hefty, if you can net $60,000 in rental income, it is as though you only paid a million dollars for your property. Once the economy and real estate market turn around, you will have a great cost basis and an opportunity to trade up. In addition, we offer fractional properties available from the $200,000 range up or studio hotel rooms nearby with owner financing starting at $159,000.

Article Has 0 Comments | Write a Comment


Is There any Financing Available?

Posted by Steven Shane | on Tuesday, May 12th, 2009 at 12:32 pm
Category: Questions and Answers.

Yes! Conforming loans under $750,000 are available at the lowest interest rates we’ve seen in 30+ years-in the 4% to 5% range. Jumbo loans are also available at rates in the 6 to 7% range. Condominium loans, though still available now, are projected to become more difficult to obtain later in the year. Interest rates are expected to rise on all loans later in the year, so now is a great time to buy.

Article Has 0 Comments | Write a Comment


Market Recap

  • Avg. Sales Price: $5,282,737

  • Avg. Days on Market: 316

Free Market Alerts

Get local reports delivered to you

 
Ask Me a Question

Do you have questions you need Answered?

market alert newsletter

Get free market reports delivered to you. » Sign up today

- Copyright © 2010 Inside Real Estate, LLC

Inside Real Estate does not endorse the agents on this site, and does not guarantee the content submitted by the site's members. Blog and page entries, content, and other information contributed by agents that are members of the site are accountable to the particular agent.