Aspen immune from housing's pitfalls
March 10, 2011 - A report says one Colorado community has bucked national trends and insulated itself from the price drops and market difficulties that have reduced home sales, encouraging more residents into relocating to the area.
Multiple listing service data showed the average home price in Aspen actually climbed from 2006 to 2010, finishing at $6 million last year, reported the Wall Street Journal. While property values elsewhere tumbled over that same period, Aspen has been able to stay in-demand because of a strong luxury market fueled by rich socialites moving to the U.S. from overseas.
Additionally, since the city has always been a destination for the uber-rich, it never suffered significantly from lack of demand, and a bevy of high-end amenities and resources keep wealthy buyers clamoring for a home in Aspen.
"Aspen is like a small Manhattan," Altunc Kumova, a Turkish buyer who recently bought a fractional condo in the city, told the paper. "You can find almost all upscale brands for shopping and restaurants are excellent. Après-ski in Aspen is very glamorous."
At $4.6 million, the median price for homes in Aspen makes it the most expensive city in America, according to a new report from Altos Research, meaning families moving there will likely need a substantial bank account.
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