Ever considered buying real estate at one of the top resorts like Aspen or Snowmass? If you are thinking of investment property and are looking for the highest percentage returns it makes sense to look at properties just a little outside these luxury resorts.
Single family homes in destinations like Aspen can set you back a minimum of $4,000,000. As more and more people are priced out of these markets they will look at locations near by that are more affordable.
How about saving $2m in return for driving 20 minutes to Aspen. Most people spend more time than that in traffic every morning on their way to work. So a scenic drive to a day on the ski sloped will go by in a breeze.
Basalt is a quaint little town on the Roaring Fork River that offers absolute bargains compared to the steep Aspen prices. If the price per square foot differential stays the same over time the Basalt prices will appreciate proportionally more. With Aspen real estate prices in the range of $1,200 - $1,800 per square foot the $500-$800 price range for Basalt real estate seems almost affordable.
The aim hast to be to buy the best location in the lesser-priced areas near resort towns. As the baby-boomers retire more and more people will opt to buy second homes. If the top resort locations are out of financial reach they will instead opt to buy close to the action.
The Roaring Fork Valley is forecast to see 42% population growth over the next 10 years. With a lot of second homes becoming first homes over time, resort destinations real estate will participate greatly from population growth.
Invest smart and buy at the fringe of what is bound to become geographically closer in perception over time. What used to be unattractive many years ago as it was commonly referred to as Òon another planetÓ is now the next big thing.
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Aspen Sotheby's International Realty - Professional Luxury Aspen Real Estate advice and online Aspen MLS search.
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