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Historic Woody Creek Ranch Sells for $27 Million – Second Largest Real Estate Sale of 2013

6/13/2019


The real estate brokers at Portfolio Aspen Properties announce the sale of a historic Woody Creek ranch for $27 million, making it the Aspen’s second highest real estate sale of 2013 behind the $41 million sale of the Jigsaw Ranch on the backside of Aspen Mountain.

A historic 813 acre ranch, known as Aspen Valley Ranch, once listed for $88 million in 2008 sold for just $27 million. Despite price reductions over the years, the owner was unable to find a buyer and the lender, Alpine Bank, foreclosed on its loan in December 2012. An entity called AVR AH, LLC purchased the ranch from Alpine Bank, which closed on August 30, 2013.

Features of the ranch include a 5 bedroom/5+bath main house constructed in 2009, a ranch manager’s cabin, a barn, pastures, senior water rights, trails, and grand views in all directions of the Aspen Valley. Aspen Valley Ranch has historic significance because it has been a working ranch since the late 1800s and included a road dating back to that time that provided access to the public. The owners and the county reached a settlement to the dispute that required the owner to build two new public trails that bypassed the home sites and lead hikers and riders into the BLM land above the Aspen Valley Ranch.

According to Erik Berg, owner of Portfolio Aspen Properties, “the buyer of Aspen Valley Ranch got an exceptional one of a kind property at a bargain price.” He went on to note that “although it’s tough, if you are patient and persistent, you can still find great value in real estate deals in today’s market.

For more information on Aspen and Roaring Fork Valley real estate or Portfolio Aspen Properties please call or email us.


About Portfolio Properties:

Portfolio Aspen Properties draws from the largest and most comprehensive network of available homes in Aspen and the Roaring Fork Valley to make sure its clients see all of the properties that meet their criteria. Portfolio brokers deals for clients looking to buy Aspen property, sell Aspen property, and invest in Aspen property. The company also provides its clients with a diverse collection of high caliber luxury rental properties in the Aspen area.

Originally published in here.

Will Congress Act to Extend Mortgage Forgiveness?

6/12/2019


The real estate brokers at Portfolio Aspen Properties discuss the implications of Congress not extending the Mortgage Forgiveness Debt Relief Act of 2007 by the looming December 31, 2013 deadline, which will mean homeowners that short sell or grant a deed-in-lieu-of-foreclosure may also end up with a substantial tax liability. Typically, when a homeowner short sells or settles with the bank by granting the bank a deed-in-lieu-of-foreclosure, the bank agrees to accept less than the full amount of the loan in return for not having to go through the foreclosure process. For federal income tax purposes, the difference between what is owed on the loan and the lesser amount the lender agrees to accept is the cancellation of debt (COD) amount, which is generally considered taxable ordinary income for the debtor. (I.R.S. Code sec 61(a)(12).) A loan modification can also be considered taxable COD if the modification is significant.

In 2007, Congress passed the Mortgage Forgiveness Debt Relief Act of 2007 (MDDRA) to grant relief to homeowners in the beginning of the housing crisis. MFDRA created exemptions so that homeowners would not have to pay taxes on COD amounts if the loan was on the borrower’s primary residence and other requirements are met.

Currently, the exemptions under MFDRA are set to expire at the end of 2013, in just two months. “With Congress more focused on stopping Obamacare and austerity measures, there is a good chance that the exemptions may not be extended,” states Erik Berg, the owner/broker at Portfolio Aspen Properties.

What does this mean for homeowners? “If you are considering short selling your home or negotiating a loan modification with your lender, now is the time to do it,” says Berg, depending on the situation, the tax liability can be significant and usually homeowners that are considering these options are already having financial hardship.

If you would like to discuss short selling your home in Colorado’s Roaring Fork Valley, or for more information on Aspen and Roaring Fork Valley real estate call us at 970-925-8400.


About Portfolio Aspen Properties
Portfolio Aspen Properties draws from the largest and most comprehensive network of available homes in Aspen and the Roaring Fork Valley to make sure its clients see all of the properties that meet their criteria. Portfolio brokers deals for clients looking to buy Aspen property, sell Aspen property, and invest in Aspen property. The company also provides its clients with a diverse collection of high caliber luxury rental properties in the Aspen area.


Originally published on "Will Congress Act to Extend Mortgage Forgiveness"

Remodeling Projects that Pay Off

5/15/2019


Ever wonder which remodeling projects are worth the investment? Thanks to a survey conducted by the National Association of Realtors in conjunction with the National Association of Remodeling Industry, we’ve got the answers. Interior projects with the greatest cost recovery include hardwood flooring refinish (100%), new wood flooring (91%), insulation upgrade (76%) and HVAC replacement (67%). A complete kitchen renovation, new master suite, bathroom renovation, adding a new bathroom and basement conversion to living area ranked lower in the 50% to 65% range. However, Realtors believe a complete kitchen renovation, kitchen upgrade and bathroom renovation add more value for resale and appeal most to buyers. Exterior upgrades found to have substantial cost recovery are new roofing (109%), new garage door (87%), new fiber cement siding (83%) and new vinyl windows (79%). Realtors also agree that these projects appeal most to buyers and are more likely to add value. Whether or not the cost is recovered, after remodeling 75% of owners have a greater desire to stay in their home, 65% have increased enjoyment in their home and 77% feel a major sense of accomplishment when they think of their completed project. The most common reason for remodeling is to replace worn-out materials, and owners report the single most important result from remodeling is better functionality and livability.

Check out the full report here.

Come for ArtCrush and Crush on Artful Aspen Real Estate

5/14/2019


Aspen real estate professionals, Portfolio Aspen Properties, are excited to welcome visitors to the Aspen area for the annual ArtCrush Festival held July 31 to August 2. In honor of the festival, Portfolio Aspen Properties has arranged to showcase art-inspired properties for visitors to the area.

This annual event is a highlight of the summer season. The three-day event features some of the best artists around. The event features a live auction and net proceeds will benefit the Aspen Art Museum. This year’s benefit will honor Aspen Award for Art Honoree Teresita Fernandez, an artist renowned for her inspiring, experiential, site-specific sculptural installations.

“In the world of high-end real estate, the importance of art in both the architecture and design of a home are essential,” said Erik Berg, owner of Portfolio Aspen Properties. There are unique properties on the market that will intrigue the art aficionados attending ArtCrush this week. The real estate brokers at Portfolio are happy to show visitors the art inspired homes for sale.

Each year ArtCrush draws major arts patrons, gallerists, and artists from across the country and around the globe.

More than 350 of the world’s top art collectors, wine connoisseurs, artists, gallery owners, curators and celebrities come together for three days of events to celebrate the Aspen Art Museum’s ArtCrush summer benefit gala.


About Portfolio Aspen Properties
Portfolio Aspen Properties draws from the largest and most comprehensive network of available homes in Aspen and the Roaring Fork Valley to make sure its clients see all properties that meet their criteria. Portfolio brokers deals for clients looking to buy Aspen property, sell Aspen property, and invest in Aspen property. The company also provides its clients with a diverse collection of high caliber luxury rental properties in the Aspen area.

Aspen Real Estate Sales are Picking up After a Modest Summer

5/10/2019


After a modest start to 2013, the real estate market in the Aspen area is beginning to gain some traction. Thus far, price per square foot is up 5% year over year and inventory is down by 9%. We expect to see more closings in September and through the end of the year as more buyers are patient these days and wait until the summer selling season is coming to an end before making an offer.

If you are interested in buying, selling, investing in or renting real estate in Aspen or the Roaring Fork Valley, call or email us for more information.

About Portfolio Properties

Portfolio Aspen Properties draws from the largest and most comprehensive network of available homes in Aspen and the Roaring Fork Valley to make sure its clients see all of the properties that meet their criteria. Portfolio brokers deals for clients looking to buy Aspen property, sell Aspen property, and invest in Aspen property. The company also provides its clients with a diverse collection of high caliber luxury rental properties in the Aspen area.

What's Up Down Valley?

5/10/2019


Willits Town Center, just about 15 miles west of the roundabout, is becoming more and more of an attraction to Aspenites. Willits has become its own little universe where you can live, work, play, shop, dine, be entertained, and take care of your health and beauty needs. (Staying at the Westin’s Element Hotel could definitely make for a pleasant and convenient weekend getaway.) Though Whole Foods is still a big draw, there are several new businesses that make the short trip down Valley worthwhile. Recently added to an already abundant list of retail stores, restaurants and services were Bookbinders, The Loft, Hollyann, Mezzaluna, Capitol Peak Brewery, Market Street Kitchen, Soak Hot Tubs ; Endless Pools and The Temporary opened this summer, too. Located at 360 Market Street, it is the precursor to the permanent The Arts Campus at Willits. See more below for upcoming events this fall.

With newly constructed rental properties now available and more residential units and commercial space to come (49 more rental units and 2 commercial buildings are being approved), Willits continues to grow into a vibrant and thriving community.

Arts in Aspen heat up as we wind down the summer: Music & Film

5/2/2019


From New York and Hollywood to Aspen?
Meet Aspen Film’s new Executive Director, Susan W.  When people talk about Aspen having top-caliber talent when it comes to the arts, look no farther than Aspen Film. It’s new Executive Director, Susan Wrubel, has worked in almost every facet of the global, independent film industry. A seasoned executive and film producer, she has successfully navigated a multitude of arenas in the film world from film acquisitions, sales, and development, to production, marketing, and distribution. Susan joined Aspen Film in September 2017 as its Executive Director. With the 39th Aspen Filmfest right around the corner (Save the date: September 25-30), we caught up with Susan to talk Hollywood, film, and small-town life. Your career spans 20 years and it seems like you’ve done it all. Why Aspen Film? I have been involved with film festivals before, like the Miami Film Festival and the Rio International Film Festival, but I was always more on industry side, bringing industry guests and trying to forge relationships, but never on the programming side. For 20-plus years, I have been involved in film on the distribution, acquisitions and sales side, most recently as an executive producer, someone who puts people and projects and financing together. The opportunity to join Aspen Film came at the right point in my career. It seemed like a refreshing change to move to a place like Aspen that is so engaged and has so much to offer with its arts and culture being on par with its nature and beauty. The opportunity to helm an organization like Aspen Film truly gives me the ability to all the tools in my toolbox. It felt like everything came full circle for me, moving here.

What are you looking forward to most in your new role?
I’ve always been a facilitator, and more of a producer, but never the person choosing films to be in a program. I’m really excited to be more of a curator and to work in a more intimate setting with a small and talented team.

You’ve spent most of your career in New York and Los Angeles. How do you feel about living in Aspen?
I grew up in a small town. There’s something lovely about walking down the street and seeing familiar faces. People have been incredibly warm, friendly, and welcoming. I thought I might be coming in as an outsider, but this community could not have been more embracing of me. I love the fact that there is such a cultural bent to the town. People are very sophisticated and there is a high level of the arts in general.

What are your plans for Aspen Film?
If you look at music, dance, art, and theatre organizations in Aspen, they are at the top of their game. My goal for Aspen Film is to get us back to that level. We’ve been through a lot of changes in the last year, and we’re in reboot and rebuild mode right now. It’s also important to note that this organization has been here for nearly 40 years. We have a legacy, so we look toward our past with an eye to the future.

Let’s talk about the upcoming Filmfest. Can you give us a preview? What are some of the films you’re most excited about?
I could not be more excited about and proud of this year’s line up. Our Opening Day on September 25th showcases three phenomenal and diverse films, culminating with Steve McQueen’s latest Widows, with Liam Neeson, Colin Farrell and Viola Davis. This is a totally female power film. We have 2018 Palme Or winner Shoplifters, and Cannes 2018 Opening Night presentation Everybody Knows, starting Penelope Cruz and Javier Bardem. Our docs are inspiring and cover everything from the Yazdi genocide to New York’s legendary Studio 54 night club, with the adorable Pick of the Litter about the process for training and selecting guide dog for the blind. We also have a couple of other highly anticipated buzz titles, Jacques Audiard’s The Sisters Brothers with Jake Gyllenhaal and Joaqun Phoenix, and the ensemble masterpiece, What They Had, with Michael Shannon, Hillary Swank, Blythe Danner and Robert Forester. It sounds as though we’ll be hearing a lot about many of our titles as the fall season gets going.

For more information on Aspen Film click here. 

5 tips to Bettering Your Credit Score and Financing Your Next Dream

5/1/2019


Wondering how you will finance your next big investment? The follow article should provide you with a few avenues you can take to improve your credit score, consulting lenders and qualifying for nonconventional loan programs.
-Pay debts off and old bills in full
-Start paying all of your bills on time
-Attempt to keep your credit card debt to 25% or less of your credit line on each card
No new lines of credit
Don’t close any credit card accounts, to avoid using a “higher percentage of your overall credit limit”

Consult a Lender

Lenders can tell you minimum credit scores that you need in order to qualify for particular loan programs. Loans that are FHA-insured will have lower credit score requirements; compared to conventional loans. When you consult a lender, they will look at several factors in the considering you for a mortgage loan. Realtor.com says that these factors include things such as your, debt-to-income ratio, your income and assets, in addition to your job history and the amount of the down payment. For conventional loans, according to Homeguides.com, a lender will evaluate your score, which is determined by your “payment history, your salary history, your current wage, your available credit, the scores other lenders are accepting and the current economic climate.”

FHA and VA Loans
The Federal Housing Administration (FHA) also offers programs that can help those who have lost a home or had their home foreclose, get a new mortgage quicker than they would otherwise. However, the FHA mortgage program requires one to pay mortgage insurance on this loan, for the duration of the loan period. This mortgage insurance is usually higher than private mortgage insurance (1). The FHA and the Veterans Administration (VA) can finance your home loan if you have poor credit as they look at credit scores differently. A minimum credit score required is as low as 580. This only requires you to make a 3.5% down payment (2). The good thing about loans from the VA is that they are 100% financed and set aside for active and retired military, along with their families. Requiring no minimum credit scores, VA loans are a way to help you in your journey of buying a house with a poor credit score (as credit scores affect your mortgage loan interest rate).

Mid-Valley 1st Quarter Market Report

5/1/2019


It’s springtime in the Rocky Mountains. The grass is green, and people are already out riding bikes and admiring the stunning views of snow-capped peaks. As everyone in the Roaring Fork Valley winds down from the winter season and takes some time for a much-needed off-season vacation, we are beginning to prepare for summer fun in the mountains and listing more exceptional properties. As snowfalls graced the ski areas this season, the real estate market managed to maintain 2017’s robust activity in the first quarter of 2018. Activity increased in Basalt in the first quarter of 2018; with 20 transactions versus only 12 in 1Q of 2017. The average price for a single-family home increased 23% to $1,352,500 while the condo/townhome average is down 9% to $501,984. Inventory also increased to 40 new listings compared to 33 in 1Q of 2017. This may be a sign of sellers getting their homes ready for the spring/summer selling season sooner this year. Data also shows that condo/townhome sellers in Basalt continue to obtain a high percentage of their list price at 98.7% compared with single-family home sellers staying in the 94% range. For example, using the averages of a $500,000 list price for a condo and $1,350,000 list price for a single-family home, the closing prices are averaging $492,500 and $1,269,000, respectively. Carbondale’s sales activity was consistent with 1Q of 2017 with 44 sales compared to 43. However, the new listing inventory fell to 59 from 76, with significantly less (33%) to choose from in the single-family home market. There was an increase to the averages of both single-family home sales (36.1%) and condo/townhomes (26.9%) to $878,583 and $560,682 compared to 2017. Based on the rate of sales and current inventory, Carbondale has a 5.5-month supply of single-family homes and a 3.5-month supply of condo/townhomes. Whether you’re buying, selling or renting, now is as good a time as any.

Mitigation Rates Anticipated to Rise

4/30/2019


According to an article recently published in the Aspen Times, city leaders are setting a date to change the going mitigation rate for residential projects while maintaining affordable housing. Currently, the rate is considered to be “far too low" at $76 per square foot for the developer's fee to the city for building affordable housing.

The anticipated rise in rates is due to the fact that construction costs far more than the tax. In Burligame, Phase II went for about $509 per square foot (of livable area). Main Street’s affordable-housing project went for $350 per square foot to initiate, yet after adding construction costs “the total comes out to $520 per square foot”. Local homeowners are now receiving figures and surveys in order to gauge public opinion on affordable-housing-mitigation rates for anticipated residential projects.

An independent company, Boulder Firm RRC Associates, will receive the data submitted as an independent research and conduct a study that will weigh out to be $33,000. These results are anticipated in October or November. Large, multimillion-dollar projects will be unaffected by this snag to professional developments. However, for Aspen homeowners, it will affect their property value. To determine the appropriate level of affordable housing, along with the rate and other logistics, the city council plans on holding an open meeting in the future to go over these concerns.

Read original publication here. 

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