Do you want to live in a low-maintenance, gorgeous home with top-notch amenities? Do you love the mountain air and want to be near numerous year-round activities? Then a home at the Sky Residences at W Aspen might be right for you. Before you delve further, you need to know how the Aspen, Colorado, housing market is performing and the kind of return you can expect from investing in a property. Read on to find out how the Aspen real estate market is expected to perform in 2023 and what this could mean for you as a buyer or investor.
1. The Aspen, Colorado, real estate market
Aspen, Colorado, has one of the country's most highly desired real estate markets. In the spring of 2022, Aspen was experiencing a strong and competitive sellers market, with homes selling faster and inventory size becoming smaller. For example, the average number of days it took to sell Aspen homes was 37, decreasing from 247 days in 2021. Prices for single-family and multi-family Aspen homes rose drastically by 88% and 84% within the past year. Many luxury properties in Aspen are priced anywhere from $3 million dollars to upwards of $100 million dollars. The Aspen luxury market also has the highest entry price, even compared to other highly sought-after destinations such as the Hamptons in New York.
Experts have speculated that home prices will only continue to rise in 2023, though perhaps at a slightly slower pace than seen just a few years ago. This is further exacerbated by the fact that the growth of home prices has slowed down in the latter part of 2022 after the increase in federal mortgage rates and rising inflation. However, in a climate with great demand and competition for luxury homes in the beautiful town of Aspen, you can expect prices for Aspen luxury homes to continue rising.
2. Increased demand and competition for Aspen luxury homes
There are many reasons why home prices in Aspen and Colorado have increased exponentially, particularly over the past few years. When the pandemic hit, many sought a vacation home away from bustling city life, and Aspen was ideal for many. With incredible mountain scenery, an abundance of year-round recreational options, and excellent property tax rates, the appeal for Aspen luxury homes began to take hold in many buyers’ and investors’ minds. The population in Aspen rose from 6.9K to 7.7K in 2020. Since then, even though some inhabitants chose to move back home, many stayed. Over the next eight years, the population is expected to retain a steady upward trajectory as many relocate to experience the beauty of Aspen. Furthermore, in correlation with the positive population growth, the job market is expected to grow at 35.2% over the next 10 years.
Despite the higher cost of living in Aspen, Colorado, compared to many other parts of the state and country, living in a beautiful mountain resort destination is just a small price to pay. There are many things that locals love about living in Aspen. For one, as the city is located in a valley surrounded by mountains, there are countless skiing and other outdoor recreational options. For example, locals love the Aspen Mountain Ski Resort and the Aspen Highlands Ski Resort to ski across the terrain, perfect for beginners, experts, and everyone in between. Many also love to ride in a gondola up a mountain and experience spectacular views of the snowy landscape. There are also many cultural and artsy options, such as the Aspen Art Museum and the Wheeler Opera House. Furthermore, there are plenty of upscale shopping options across the beautiful and infamous Hyman Avenue in Aspen, where you can find many luxury brands such as Alice & Olivia, Brunello Cucinelli, Gucci, and Louis Vuitton.
In addition, many people love living in Aspen, as they can take advantage of the low property tax rate. In fact, Colorado has one of the lowest in the nation at .48%. Buyers and investors can purchase bigger properties while enjoying the benefits of low property tax rates.
3. What’s next for buyers and investors?
The market is thriving for those interested in purchasing their little piece of paradise in Aspen. With great buyer interest, it is an excellent time to consider investing in a luxury home. If you want to purchase a property as a secondary residence, there is no better time with many sellers putting their homes on the market. However, as competition is fierce, you will have to be prepared for the possibility of bidding wars. You might even have to be prepared to act fast. That is why having a strategic plan of action, such as knowing what amenities you would like and how you can plan on purchasing them, can help.
4. Consult The Sky Residences at W Aspen Team
If you are considering moving to Colorado and are wondering if Aspen could be right for you, there might be no better place to start than at The Sky Residences at W Aspen Team. You can choose from a premiere selection of fully-furnished two and three bedroom resort-style residences where you can experience panoramic views. Located close to the mountains and downtown Aspen, you can enjoy all of the luxuries of mountainside living while living in highly-amenitized and fully-furnished spaces. The team at The Sky Residences at W Aspen can guide you on finding the right highly-amenitized property to enjoy all the splendors this small town offers.
Interested in moving to Aspen, Colorado? Schedule a consultation with The Sky Residences at W Aspen team. Their experienced agents can offer expert guidance on everything from investing in a second home property to the endless recreational options in Aspen. This premier team can help you find your little slice of paradise by owning a move-in-ready vacation rental property in the beautiful mountain city of Aspen, Colorado!
