Fractional Ownership in Aspen, Colorado

The average price of a home in Aspen is around $5 million, the average price of a condo in Aspen is around $1.8 million. So what do "normal" people do that want to own in Aspen? Yes, there are lots of people that come to Aspen to visit but they aren't millionaires or billionaires, can they afford to buy a piece of paradise? The answer is yes! My office is located on the Hyman Avenue mall, in Aspen. We have, by far, the largest walk through traffic of all the offices in Aspen. Quite often, I have potential buyers coming in and asking what can they buy for $500,000. There aren't many whole ownerships in Aspen for $500,000, there are a few studios, maybe a one bedroom but they are either in horrible condition and/or in the basement with no windows. I am told, "We love Aspen and have been coming here for years, we wish we could own here but we can't afford it. We should have bought years ago." I hear this so often. A few years ago, the price per square foot topped $1000 and that made it almost impossible for the average visitor to Aspen to afford a place here. Aspen has lots of fractional ownership that are affordable. You can get a brand new, 1120 square foot, 2 bedroom/3 bath, within walking distance to town, for $227,000! True, you only get four weeks per year, but really, how often does one visit anyway? In town, there is the Hyatt, the St. Regis, which is five star and gorgeous, the Innsbruck, a smaller, more personal and brand new place, the Dancing Bear, which is also brand new, still under construction. Outside of town, by Aspen Highlands is the Ritz.

You can buy a one bedroom starting at $93,000 all the way to a three bedroom for $900,000. Most fractional ownership is in the $200,000 - $300,000 category. With 20% down, the banks will finance these fractionals the same as regular real estate, well, like a second home anyway. The interest rates are around 8%. These fractionals are selling like hotcakes! So, yes, when someone comes in and says they wish they could afford to buy something in Aspen, they can, if they are willing to own 4 to 6 weeks per year, on a rotating basis. They Hyatt has fixed weeks and are sold by the week so they are a little more than the others but you get the same week every year. All of the fractional ownership units are top of the line furnishings and finishes with all he amenities including twice a day housekeeping, shuttle service, everything you could need to have a wonderful vacation. Also, most of the fractional ownership projects include exchange programs, so if you wanted to go to, say, Hawaii, for a couple of weeks, you are able to trade for a similar place there. If you have any questions, or are interested in learning more, I am happy to answer any questions!