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.

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.

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

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.