Aspen, Colorado is a gorgeous mountain town with plenty of amazing skiing, hiking and outdoor activities. It’s not exactly the most affordable place to live in the country, but it is one of the most exclusive. Many choose Aspen as their home for the privacy, while others purchase an Aspen property as a vacation home.
Aspen provides plenty of exclusivity and luxury wrapped into a small town package. Real estate in Aspen has always increased in price and the high demand keeps the elite obsessed with the area. Here are nine of the top reasons to buy a home in Aspen, Colorado.
Home Prices Increase More than Just About Anywhere Else
Aspen real estate doesn’t lose value, it gains and it gains big. The only other market in the United States increasing at larger percentages has been New York City. In 2014, Aspen saw home sale prices increase by 16%, which was only beat by NYC at 18.8%. Last year may not have been as high, but the median sales price was $1.2 million, which is a 10% increase since 2013.
These statistics, along with the allure of the rich and famous, make Aspen one of the most stable real estate markets on the planet.
Condos Provide Access to Everything
Even though Aspen draws to mind the picture of a massive mountain home, there are plenty of other options throughout the city. Luxury condos found throughout the downtown area provide access to everything.
The AJAX gondola is found within walking distance, along with amazing restaurants, shopping and plenty of nightlife. The downtown core provides condos starting between $500K and $750K per bedroom with some of the most centralized locations in the area.
A Consistent Boomtown
While areas of the country, such as the Silicon Valley or Austin, Texas, have been named at boomtowns, the name eventually fades. Most real estate markets have ups and downs and while Aspen may not be completely immune to the ups and downs, it has been a boomtown since it was created in 1879.
It all started with the silver veins found within the mountains. When the silver value dropped in the late 1800s, the next big thing for the city was the incredible snow found on the mountains. It wasn’t long after when the first Aspen chairlift was installed in 1939. Ever since, skiers have come to the mountains near Aspen to enjoy some of the finest skiing in the world.
Aspen has been a boomtown for more than a century. Even the downs in the market keep real estate prices steady.
One of the Greenest Towns on the Planet
Aspen, Colorado is a very green city with the electrical system using more than 75% renewable energy. About 27% of the renewable energy comes from solar and wind, while another 51% comes from hydroelectric power. This has helped the city reduce the carbon footprint by more than 9.2 million pounds!
The schools serving Aspen, Colorado are not just above average for the state of Colorado. Instead, they are known as some of the top in the entire state. Aspen High School is the highest ranked High School in the state and even ranks 59th in the United States, according to the US News & World Report.
The teacher to student ratio is very good with about 600 students in the high school and 39 teachers. This gives the school an average class size of about 15, which makes it equivalent to a private school. The students even gain access to the Aspen Highlands for skiing from the school’s own ski lift.
Purchase Land and Build a Dream Home
If price isn’t an object, purchasing land in Aspen may provide the opportunity to build your own dream home. Plenty of land is found in very secluded areas for building. Most land listings start around $500K and they can go up to more than $10 million.
The best part, Aspen is home to very talented builders and architects. This allows for the purchase of land to be transformed into a beautiful dream home with amazing views.
Most Amazing Mountain Views
If you were to take in the view from the mountains found in Aspen and try to find a view just as stunning, you’d be hard-pressed to match it. Many of the large mountain-side mansions provide incredible views you just cannot find anywhere else. Throughout the winter and the summer, residents living full time in Aspen enjoy incredible views.
Very Friendly for Vacation Rentals
Since a large portion of the buyers of Aspen real estate don’t plan to stay year-round, it’s important to turn the property into a source of income. While the winter may seem like the season for vacation rentals, Aspen tourism is rather stable year-round.
Last year was the busiest summer Aspen has ever experienced. Businesses are growing and the economy in Aspen has experienced plenty of growth, as well. For those looking to rent their Aspen homes when they are not visiting, it’s very possible to turn a profit.
Tons of Open Space
Aspen is home to more than 110,000 acres of open space throughout the area. The acquisition of the open space found around Aspen was approved by voters in 2001. This approval allowed for Pitkin County Open Space to become dedicated to protecting, enhancing and preserving the nature found around the area. The open space includes forested areas, wetlands, shrub lands, plenty of trails and so much more.
Living in Aspen provides many benefits not found anywhere else in the country. From the views to the more than stable market, there are plenty of great reasons to buy real estate in Aspen, Colorado. Even if you only plan to spend a few weeks or months within the town, you can rent your home to vacationers and let it make you money.
Whether you buy land and build a dream home or you buy an existing home, living in Aspen provides one of the most unique and exclusive destinations in the United States. It’s a playground for the rich and famous, while offering options for year-round residents and many other buyers.