{"id":31810,"date":"2017-01-24T03:33:51","date_gmt":"2017-01-24T08:33:51","guid":{"rendered":"https:\/\/thatdope.com\/travel\/property-investment-in-aspen-colorado-purchasing-a-home-in-the-famous-american-ski-resorts\/"},"modified":"2017-01-24T03:33:51","modified_gmt":"2017-01-24T08:33:51","slug":"property-investment-in-aspen-colorado-purchasing-a-home-in-the-famous-american-ski-resorts","status":"publish","type":"post","link":"https:\/\/thatdope.com\/travel\/property-investment-in-aspen-colorado-purchasing-a-home-in-the-famous-american-ski-resorts\/","title":{"rendered":"Property investment in Aspen, Colorado: Purchasing a home in the famous American ski resorts"},"content":{"rendered":"

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This West End home offers mountain views and easy access to town<\/p>\n<\/div>\n

Located three hours from Denver<\/a>, Colorado, Aspen is America\u2019s most famous ski resort. The mountain town offers premier ski trails and year-round alpine adventures<\/a>, but is equally famous for its sprawling celebrity mansions and some of the country\u2019s most expensive real estate. After prices and sales volumes plummeted during the recession\u2014 according to Knight Frank\u2019s Global Ski Price Index<\/a>, luxury prices in Aspen hit US$2,694 per square foot in 2008, before falling 36 percent over the next 18 months\u2014the market is booming again. This year, January marked the best month for home sales in Aspen since 2007.<\/p>\n

According to a report published by Douglas Elliman, the second quarter of median sales price in Aspen jumped 46 percent to US$3,200,000 from the prior year quarter, making it the highest first quarter result in five years. Aspen\u2019s average price per square foot has also increased to US$1,377, the highest it has been in a decade. Homes in the centre of town are going for US$18.5 million, feeding the impression that the boom is back, at least among UHNWIs.<\/p>\n

\n\"Aspen<\/p>\n

Sopris Creek<\/p>\n<\/div>\n

Aspen, like the Hamptons<\/a>, is known as a playground for America\u2019s rich and famous.\u00a0According to local records, 50 of the world\u2019s 1,826 billionaires own property in the county in which Aspen is located. Ranked by wealth, the list leads with the Koch brothers, best known for backing libertarian and Republican political causes in the US. Charles Koch has a US$5.8 million home, while David Koch has two houses worth a combined US$12.7 million and the third Koch brother Bill recently put an estate about 16 kilometres from Aspen on the market for US$100 million.<\/p>\n

Despite the plethora of multi-million dollar estates, agents say Aspen has managed to maintain its quaint alpine atmosphere. \u201cPeople are drawn to Aspen because it has retained most of its small-town history and charm,\u201d says Gary Feldman, a broker with Aspen Snowmass Sotheby\u2019s International Realty. \u201cAspen is not a manufactured ski resort like Vail. It had its beginning as a silver mining town in the\u00a0mid-1800s. In fact, the largest silver nugget ever mined was from an Aspen mine.\u201d Unlike many other ski resort towns, Aspen also draws a surprising number of visitors during summer months. Winter rentals bring approximately 25,000 people to Aspen (which has a permanent population of 6,000), while the population during July and August increases to around 30,000. This means renting out properties is lucrative even outside of high ski season. \u201cThe best-kept secret about Aspen is the summer,\u201d says Feldman. It is often said that people come to Aspen for the skiing but stay for the summer. The rental market is very active with many properties finding renters within a few days.\u201d<\/p>\n

\n\"Aspen<\/p>\n

Elk Mountain Lodge includes 28 bedrooms, 30 bathrooms, an indoor sports court and several spas<\/p>\n<\/div>\n

Development in Aspen has been regulated by stringent anti-growth measures since the early 1970s and this has helped to keep supply\u00a0in check\u2014the area is dominated by single-family homes and the occasional low-rise condominium. One Aspen<\/a>, a new-build project located at the base of Aspen Mountain will feature 14 townhouses finished with Colorado stone, rich millwork, expansive picture windows and extensive metal detailing. The units range from 4,067sf to 5,772sf with prices between US$10 million and US$16 million.<\/p>\n

For single-family homes, properties on Willoughby Way at the base of Red Mountain, also known locally as \u201cBillionaire\u2019s Row\u201d, command the highest prices in Aspen and offer large lots and often upwards of 8,000 to 15,000sf of\u00a0finished space with views of Aspen, the four ski areas and Mount Sopris. Properties located in Aspen core and in the West End are also popular. Sotheby\u2019s Realty is currently marketing a three-bedroom property on the corner of Francis and Fifth Street in Aspen\u2019s West End. The home features views of Smuggler Mountain, Aspen Mountain and Shadow Mountain and is listed for US$5.75 million.<\/p>\n

Market Trends <\/strong><\/p>\n