Aspen real estate has always had a prized place in the upper tears of the price scale. But which allows us to judge whether real estate is expensive or affordable. There are two different ways to measure this: real estate can seem cheap or expensive compared to the budget you have to buy a property and it can seem reasonable or excessively expensive compared to other luxury real estate in other resorts like Deer Valley or Utah.
The first case has to do with your personal finances. Your budget sets the tone. If you have $300,000 to spend on a condo, then Aspen or Snowmass is definitely going to look expensive. On the other hand, if your budget is $3 million, comparing Aspen properties to other luxury ski destinations will show you that prices are on par with or below the competition.
Aspen condos in the city’s central core range from $1,300 to $1,900 per square foot, depending on all the usual criteria, like location or state of upkeep. Prices in Vail, Colorado are about the same for the Lionshead and Vail Village developments. International property prices, for example in Dublin, have far outpaced Aspen. For international buyers, Aspen can feel like a bargain.
The weakness of the US dollar is helping to make US properties look attractive to buyers from the Eurozone or British citizens.
Aspen and Snowmass with their few thousand single-family homes and 5,000 condominiums between them are on a par with standard Manhattan real estate. This is not comparing Aspen to the Fifth Avenue co-ops that command prices up to $6,000 per square foot. Manhattan, with its millions of homes, is priced on par with luxury resorts like Aspen and Snowmass. This should ensure that Aspen real estate does well in the future.