Why Aspen Real Estate is Nothing Special – Price Wise.
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by: TobyMunk
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Word Count: 358
What enables us to judge if Aspen real estate is cheap or expensive. There are two different scales to measure this: One, it might look cheap or expensive compared to the budget you have for buying real estate and secondly it might look cheap or expensive compared to other luxury real estate in other resorts like Vail or Deer Valley.
The first price distinction is a personal matter; it just depends on your budget. If you budget is $100,000 to buy a vacation condo then Aspen will definitely look expensive to you.
But if your budget is $2 million for a two-bedroom condo and you are comparing it to other luxury resort towns you will find that Aspen prices are not outlandish anymore. Back in the heydays of Aspen becoming a hip place its prices always bordered on the insane. It used to really take a leap of faith to buy.
That is what changed. Aspen condominiums in the central core of town range from about $1,400 to $1,800 per square foot depending on level of finish, age and location. Prices in Vail, Colorado are on par with that in the new Lionshead and Vail Village developments. International real estate prices like London and Dublin have far outpaced Aspen and tourists often go bargain hunting for real estate in Aspen.
As Aspen is fast becoming an international destination resort the weak US Dollar is turning real estate prices into bargain basement levels for a large swath of wealthy individuals. The British Pound is hovering around 2:1 to the Dollar and the Euro is at an all time high nearing 1.50:1 to the Dollar.
Aspen and Snowmass with its 5,000 single-family homes and 5,000 condos between them are on an even keel with standard Manhattan Real Estate and we are not talking the Fifth Avenue co-ops that demand prices of up to $6,000 per square foot. Manhattan with its hundreds of thousands of dwellings is priced similar to as luxury resort like Aspen or Snowmass. Just that fact should ensure that real estate in this little town will do well in the future as Aspen is a special place at currently an “un-specialâ€price.
About the Author
After a 10 year career in derivatives trading Toby Munk relocated to Colorado to pursue a career in Aspen Properties. Explore more information on Aspen MLS search and Snomwass Properties.
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