Aspen, the premier US ski resort, has seen an upturn in sales activity in 2015. More than 80 properties changed hands in the first nine months of 2015, nine of these were above US$10.6m, according to the latest data from our US residential partners Douglas Elliman.
A four mountain resort, Aspen mountain itself generates the strongest volume of property enquiries and commands the highest property prices, with values around US$3,000 per sq ft. By comparison, a luxury home on one of the neighbouring mountains of Snowmass, Buttermilk and Highlands ranges from US$1,000 to US$2,000 per sq ft.
Residential prices in Aspen rose by 3.9% in the 12 months to September 2015.
Each resort has its own distinct appeal. Aspen Highlands is favoured by the locals, Snowmass appeals to families and Buttermilk is considered the best mountain for beginners.
Aspen: US$7.45m (click on image for full details)
Property demand is primarily domestic but international interest is on the rise. Alongside those Europeans seeking a ski retreat (primarily German, French and British) Australian and Chinese enquiries are strengthening.
A truly year-round resort, Aspen offers a programme of events from Jazz Aspen, Food & Wine Classic, the Aspen Music Festival and the Aspen Institute’s Ideas Festival in the summer months. The X Games, Wintersköl and World Cup Ski Championships dominate the winter months. All help put Aspen on the radar of international buyers.
Aspen, due to its cooler climate, is also popular with Texans and Californians in the summer months.
The Aspen-Pitkin Co. Airport is located less than four miles from the heart of Aspen and has a more regular service from major carriers than any other regional ski town airport in North America. In the winter, its regular, weekly flights number more than 170. In addition to regular service from Denver, Aspen sees more than 20 flights a week from Chicago and Los Angeles.
Note: The luxury market corresponds to the top 10% of the housing market in value terms