Second homes: High living in Aspen, even without the snow
— -- Aspen has been a boom town since it was founded in 1879, thanks to rich natural silver deposits. The value of silver waned, but Aspen never did because locals found something even more valuable in the hills: snow. The first ski lift arrived in 1939, and Aspen's second-home popularity — and cost — have soared ever since.
Though Aspen is still known for winter and its fur-coat ski crowd, summer has rapidly increased in popularity. It features the nation's premier annual food and wine event, a large music festival and the intellectually acclaimed Aspen Institute.
Unlike rivals Vail or Jackson, Aspen's ski resort is comprised of three unconnected mountains: in-town Ajax, along with Buttermilk, a beginners' facility, and Aspen Highlands, an expert-oriented mountain, both just outside town. (With its own village 8 miles away, Snowmass is considered an alternative to Aspen rather than one of its neighborhoods.) Many second-home owners choose the town of Aspen itself for its cultural, culinary and retail offerings, says realtor Gary Feldman, managing partner of Joshua & Co./Christie's Great Estates.
Living in the "downtown core" is not cheap: "Condos start between $500,000-$750,000 per bedroom, and the least expensive condo for sale in town right now is $1,050,000 for a two-bedroom, 830 square feet," Feldman says.
Surrounding neighborhoods feature single-family homes, which start around $2 million and go much higher. Feldman has a listing for $60 million, another is offered at $44 million, and eight-figure prices are common.
Though Aspen is not a place for bargain shoppers, Feldman notes that more reasonable options include the Roaring Fork Valley, towns such as Woody Creek and Basalt. One notable choice is the Roaring Fork Club (roaringforkclub.com), a private country club community with the region's best golf course and blue-ribbon fly fishing. Though luxury condos begin around $1.3 million and new high-end cabin homes start at $2.5 million, both are available as fractional ownership. The 60- and 90-day shares begin at $215,000 for condos and $650,000 for larger homes.
