My newest listing offers a compelling investment opportunity. This two bedroom two bath condominium at 100 East Dean Street in the Aspen downtown core is listed for $1,450,000 which equates to less than $1500 per square foot. If you know Aspen real estate, it is increasing rare to find this price point so close to downtown and skiing.
The complex: Timber Ridge hosts 19 units which are a mix of one and two bedrooms. It sits on the corner of Durant and Dean Streets which is just below Lift 1A on Aspen Mountain. The exterior of the complex is going to be completely overhauled with new stairwells, balconies, and siding. The new design will look similar to the exteriors of the Lift One condos that are trading for excess of $10mm. Work is expected to be performed summer of 2021.
The unit: 2A is 967 square feet and as an end unit, it has extra windows offer western exposure. The main bedroom is very spacious and has a private North facing balcony. While the unit could certainly be cleaned up and made cute with a few basic changes like carpet and bathroom vanities, it is interesting to note another option.
An identical unit in a "sister" building at 210 E. Cooper sold in June of 2019 for $2,335,000 and currently rents short term for $15,000 a month. This project was an extensive remodel with custom finishes including plaster, custom kitchen cabintry, new bathrooms and built in cabinets. Now we know past performance is not a guarantee of future sales, but I love the potential especially given we have a real life before and after.
Buy and hold for a rental investment? Buy for an entry level 2 bedroom for an end user? Buy and remodel for a flip or high end rental? At this price point I believe all of these are an option for success.
Interested in a remodel estimate? I've got one. Let me know if you'd like to review it.