Prices in the Aspen Real Estate Luxury Market
The world over, Aspen is known as a "must-own" town for the ultra wealthy. When you see a 6,000 square foot lot listed in town for $3,250,00, you can not but be reminded of the tried and true real estate axiom; location, location, location!
So how have prices been holding up in the face of this global economic crisis? Well, it is certainly true that sales have fallen significantly - down 40% from 2007. But in terms of prices, somewhat surprisingly, there has not been a significant change. This is perhaps explained by the extraordinary power of the Aspen name. Celebrities, Intellectuals, Business magnates, political leaders and power brokers the world over are drawn to Aspen.
Aspen is a place where, once people visit, they dream of owning a second home or retiring. For many, being right in the heart of town or right next to the ski slopes is the most important factor in their real estate choices. However, a growing number of families are looking just a short twenty minute drive away in the mid-valley area around the increasingly popular town of Basalt; described by many as "the way Aspen used to be". And of course the additional advantage for many is the proximity to the city amenities of Glenwood Springs with its award winning hospital, world famous hot-springs and big-box stores.
Indeed when you make the comparison, the numbers are quite illuminating. Three million dollars can buy you the aforementioned 6,000 square foot vacant lot in downtown Aspen, a twenty year old 1,700 square foot condominium on the slopes at Snowmass or a brand new 6,275 square foot custom luxury home on 3.5 wooded acres in the mid-valley area.
An Aspen home with the Aspen lifestyle at a fraction of the cost - This is where the smart-money is investing in their generational legacy.
Click on the following links to see the different properties:
Ski-in / Ski-out condo in Snowmass
Custom Home 20 minutes from Aspen
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