Is Snowmass Real Estate Overpriced Compared to Aspen?
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by: TobyMunk
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Word Count: 335
Snowmass is the little twin sister of the world renown town of Aspen, Colorado. In the past real estate values have always lagged behind Aspen prices by 30%-40%. As Aspen breached the $1,000 per square foot barrier Snowmass condos and single-family homes were trading hands at $600-$700 per square foot.
With the approval of the new Snowmass Base Village a few years back, a wave of excitement has gripped the local real estate market. Older rental properties have seen major renovations and the overall standard of dwelling is seeing a phase of massive improvements.
The main difference between Aspen real estate and Snowmass real estate is that a large proportion of Snowmass homes are close to skiing, ski-in ski-out properties or slope-side properties. That is one thing that Aspen cannot offer. Therefore Snowmass ski properties are fetching prices long reserved for prime real estate in Aspen. The fact that Two Creeks or The Pines in Snowmass fetch prices of $2,000 per square foot is not an indication that Snowmass is overpriced. There are just very few comparables in Aspen that match the ski access of these homes.
Comparing like for like it seems that Snowmass is now trading at a discount of about 10%-20% to Aspen prices. New construction condominiums in the new Snowmass Base Village is probably priced on par with Aspen properties. It has become clear that Snowmass is no longer just the bedroom community to Aspen. During winter it definitely offers the some of the best skiing of the four area ski mountains. It is a much more family oriented town and has found its own nitch in the resort market.
Aspen and Snowmass have become two distinct down and their real estate cannot be compared like for like. Therefore even at a reduced discount to Aspen it seems the market is comfortable pricing Snowmass real estate very close to Aspen real estate prices.
If this is unreasonable is anybodies judgment. For now it seems the old days of discounted Snowmass real estate are over.
About the Author
After a 10 year career in derivatives trading Toby Munk relocated to Colorado to pursue a career in Aspen Colorado Real Estate. Explore more information on Snowmass MLS search and Snomwass Colorado Real Estate listings.
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