There is no denying to it that Aspen homes are very expensive. An average home costs more than $4 million, and most of the elegant mansions and picturesque residences sit empty for the remainder of the year.
Though the whole town was caught in recession in 2008 after the slow market on Wall Street and the national real estate crisis, sales finally went down to 60 per cent. However, as of this time, the market has recovered significantly and the asking price for an Aspen home is up to $10 million.
So how does the working class survive here? It’s not that easy, for sure. Asking price for rent can rival those in Manhattan and San Francisco. The local authority realized that the employees there need affordable housing. Their solution is to make a lottery and whoever wins in the lottery will only pay a small amount of its asking price in the free market. Should the winner sell it later on, he cannot sell it in the free market. Even so, you will need Aspen realtors to help you find the perfect home that is right for you! Below are our top two neighborhoods to keep in mind as you search for your dream mountain home.
1 ) The West End
The West End has the beauty no other place can rival. Its homes are Victorian style inspired with yards that are so carefully maintained. At some point, the lawns are full of activities. Kids were playing while their parents were mowing the lawns. There were picnics and cocktail parties in every neighborhood. Today, on the other hand, the neighboors would only show up few weeks in a year. The West End has become famous also because of the Aspen Music Festival and School and the Aspen Institute. The Aspen Music Festival is being held each summer for nine weeks playing classical songs patronized by music lovers around the world. The Aspen Institute on the other hand holds the renowned Ideas Fest every July which attracts a lot of well-known members of the royalty. Famous landmarks in the West End include the Yellow Brick Schoolhouse and the Red Brick Center for the Arts.
2) The East End
This is a stark contrast to the West End. Here you can see aging properties owned by different classes and demographics. This is the home of the locals. However, it also shares a picturesque view of Aspen Mountain and Snyder Park is a paradise for kids and picnic goers. The whole town can be toured either by foot, a bike or a bus.