The Most Expensive Town in America

Defying the national housing slump, Aspen’s prices are rising. Why the glitzy ski enclave is outpacing the Hamptons, Beverly Hills and Palm Beach.

By NANCY KEATES

Aspen, Colo.

The lowest-priced single-family home on the market in Aspen is listed for $559,000. It’s located in a trailer park.

Love to ski and have $48.5 million burning a hole in your pocket? Then a fabulous mansion in Aspen adjacent to the ski slopes that just hit the market might be perfect for you. Candace Jackson has details.

While most housing markets in the rest of the country continue to struggle with anemic demand and foreclosures—and sales at many other luxury ski resorts are still sluggish—Aspen has forged its own orbit. The average home price in this mountain town has increased over the past four years, to $6 million in 2010 from $5.4 million in 2006, according to multiple-listings data. The median price for single-family homes is now the highest in the country at $4.6 million, says San Francisco-based Altos Research, surpassing the Hamptons, Beverly Hills and Palm Beach.

Sales of luxury Aspen estates—the sorts of over-the-top places with leather walls and outdoor heated infinity pools—have remained remarkably healthy, thanks in part to foreign buyers. Of the 25 real-estate transactions recorded by Pitkin County for the week of Jan. 19 to 25, five were buyers from abroad, including three Australians and people from Turkey and Hong Kong.

Last month, a home in the Maroon Creek neighborhood with an indoor heated swimming pool, basketball court and outdoor hot tub overlooking a waterfall sold for $13 million. The buyer was Russian Alexander Zanadvorov, the 40-year-old owner of Sedmoi Kontinent, a chain of supermarkets.

Read the article and view the slide show: http://online.wsj.com/article/SB10001424052748703775704576162553297928260.html?mod=WSJ_RealEstate_LeftTopNews

Use our map search tool to find all Denver area homes for sale.

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About dherries
Dave and Sally Herries and The RealtyColorado Team - Real Estate Broker serving the metro-Denver area. Offering properties in urban, sub-urban and rural areas. Our mission statement is "Enriching lives through real estate."

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