While many home buyers are struggling to purchase houses due to record-high mortgage rates, the ultra-rich continue to flock to the Aspen luxury market in Colorado. A top broker from the real estate company Douglas Elliman, Raife Bass, said the ultra-luxury market in the elite ski town is “stronger than ever” in a recent report on ski property markets across the globe.
“As it continues to get more difficult and more expensive to build here, buyers show a willingness to pay record prices for turn-key homes,” said Bass in the report by Knight Frank.
It’s no secret that the rich and famous love Aspen. It’s been the part-time home of star power couple Goldie Hawn and Kurt Russell for about 40 years. It sees celebrity visitors such as Kendall Jenner, Mariah Carey and Gigi Hadid. Aspen’s Red Mountain has even been dubbed “Billionaire Mountain” — its homes boasting owners from Walmart heir Ann Walton Kroenke to the parents of Amazon billionaire Jeff Bezos.
And it seems America's most expensive ski town is attracting even more of the wealthy. A higher portion of Aspen’s homes have gone to rich buyers this year. Homes sales above $10 million in Aspen made up about 40% of total sales between January and August 2023, compared to around 30% the prior year. Nine homes above $10 million sold in October alone, according to Zillow. Meanwhile, low inventory of luxury homes compared to the rest of the market will continue to push up prices, according to Bass.
“While general inventory levels have increased, top of the line, move-in ready inventory is still low and trading fast, at record prices,” he said.
Homes in the city are also going for record-high prices. In September, a home that sold for $76 million marked the priciest sale to date in the ski town. This summer, an Aspen home asking $105 million set records for the highest listing price in the city to date and marked the second attempt at a triple digit sale in the resort town. The mountain mansion has yet to sell but is maintaining its original asking price.
Laura Bratton | themessenger.com | November 8, 2023