Posted 2018-01-15 in RealEstate

Aspen - The luxury sky resort in US

We are getting deeper into the 2017-2018 winter season and on JamesEdition we want to continue matching two of our passions: real estate and skiing.
As seen in our first winter edition article "Verbier - Luxury Skiing in the Alps" here at JamesEdition we want to provide you with the hottest winter spots on the globe. We've already talked about one spot in the Alps, but when it comes to the US, there is no other competitor: Aspen. The Best of Snowmass! $ 16,000,000
Here you can find more than 500 km of beautiful slopes in 4 skiing resorts with only one ticket, not many other skiing areas can offer that. This ticket contains, groups Snowmass 237 km, Aspen Highlands 135 km, Aspen Mountain 103 km, Buttermilk Mountain 34 km.

This is an obvious reason why Aspen is increasing its population from the year-round of 6,658 to the high-season point population of 27,000. However, Aspen has been heavily investing in order to turn its tourism into a year-round activity resort. Actually, during the last 5 years, the Aspen Skiing Company has invested $138 M to achieve this purpose.

To the contrary of European destinations where the nationality of the visitors is very plural and despite the good reputation of Aspen, 94% of the skiers are Americans. However, those coming are really HNWI mainly coming from Australia, UK, Eastern Europe and Asia.

When it comes to newly built properties, Aspen has also differences with our prior destination and European ones in general. Chalets are not as popular here as in Europe where they are the crème de la crème. In Aspen, you can find outstanding villas with the most modern technology. However, you will need to have a look at the planning regulations as the new-built properties cannot exceed the 5,750 sq ft.

In order to get a better understanding of the real estate market in Aspen, we had the opportunity to talk with Eric Cohen, a distinguished Broker in Aspen. His experience talk by itself:
Eric is a graduate of the University of Colorado at Boulder and a resident of Colorado for 35 years. As a Broker Associate for Aspen Snowmass Sotheby's International Realty, he has sold over $350 million worth of Roaring Fork Real Estate.
Impresive estate for sale.
What makes Aspen one of the most prestigious Winter Hotspots?
The combination of physical beauty, gorgeous weather, great snow, and Four World Class Mountains on 1 lift ticket have propelled Aspen to its position as a prestigious Winter hotspot.

How did Aspen become one of the most luxurious destinations for winter holidays?
Dating back to the 1950’s and 1960’s when Walter Paepcke proposed the Aspen ideals of “Mind, Body and Spirit”, Aspen has always attracted the upper echelon of personalities from all walks of life be it the business world, political, entertainment, sports or academics. Great thinkers and adventure seekers alike have always made Aspen a ‘go to’ destination.

How did the real estate market develop during the last years in Aspen?
The Aspen real estate market has grown increasingly more valuable since the advent of skiing in the 1960’s. Over the past 20-30 years Aspen has become an increasingly popular year round destination. The numerous outdoor activities, rich cultural landscape and world class dining and shopping have created a huge demand on what is a very limited amount of real estateEast Aspen Townhome $ 4,800,000
What are the events to attend during the season?
ESPN winter X-Games Jan. 25-28. Bud Light Spring Jam March 25- April 1. Full Moon Dinners at the Cliffhouse (4X) on top of Buttermilk Mtn

What is the range in price (in the local currency) of homes in Aspen?
Average starting price and range for a single family home. Single Family Homes in Aspen start at around $3m and can reach $50m+. The average price for a SFH in Aspen sold in 2077 is $6m. Homes and condos average $7,500a sq. ft. and can exceed $3,000 a ft. for new construction in prime locations.

What are the luxe amenities in the neighborhood such as restaurants, shops, spas, private schools?
Aspen is famous for its world-class restaurants and shopping. There are internationally known locations like Matsu Hisa (Nobu) as well as plethora of smaller but no less significant dining options to satisfy almost any craving or budget. Fendi, Gucci and Tesla all have a presence in Aspen, but the local ski shops have the highest level of experience and quality inventory that you can find anywhere in the ski world. The St. Regis and Ritz Carlton have luxurious Spas; or one could take a ½ day trip to the Historic Glenwood Springs natural Hot Springs and Pool.

How is the market doing currently, and what is the outlook in the neighborhood?
The real estate market here continues to increase in value. There is literally no new land for development so new inventory comes through the redevelopment of older product. Most homes in Aspen are 2 or vacation homes. As such there are always people who are looking to sell due to aging and life changes and always people who are excited to have a property of their own.

If you like skiing and you have already read our two Winter Stories, keep an eye on JamesEdition! The third one will be coming soon...