3 Important Things To Consider When Buying Real Estate Property in Aspen, CO

With annual music festivals, high-end boutiques, five-star restaurants, and unparalleled outdoor sports during winter and summer, it’s no surprise that more and more people are moving to Aspen. This area has something for everyone! If you’re considering buying real estate property in Aspen, CO, these are important things to consider. Did you know that Aspen Signature Vacation Rentals is partnered with Berkshire Hathaway Homeservice Signature Properties? We’d be thrilled to help you find your dream home.

3 Tips for Buying Real Estate Property in Aspen, CO

Without a doubt, Aspen is one of the most desirable places to own a home in the country. Before you make your investment, take a look at our helpful notes.

Is Aspen Colorado a Good Place To Live?

To answer this question simply—yes! Aspen is a one-of-a-kind place to live. Did you know that Aspen is compiled of a collection of neighborhoods? It’s crucial that you pick the best community for you and your family. Whether that includes a specific school system, proximity to slopes, local businesses, etc., that’s up to you.

  • Central Core – Located in the heart of Aspen, makes it an ideal place for both vacationers and families who want to call Aspen home
  • East Aspen – Relaxed environment, picturesque mountain views year-round
  • Mclain Flats – A 10-minute drive from Downtown Aspen, allowing the community both privacy and proximity to city life • Old Snowmass – Live in a serene environment while enjoying an expansive playground just outside your doorstep
  • Smuggler – Located at the base of Smuggler Mountain, a famous mining area in the early 1900s
  • Snowmass Village – The perfect spot for outdoor enthusiasts, offering a wide variety of singlefamily homes to stylish condominiums
  • West Aspen – Family-friendly neighborhood equipped with modern facilities, granting residents a comfortable lifestyle
  • The West End – A quaint community, known for canopied streets, historic houses, and beautiful summer gardens
  • Woody Creek – One of Aspen’s greatest hidden gems is this rustic community, which offers seclusion from the outside world

How Much Does the Average House in Aspen Cost?

Purchasing a home in Aspen is a great investment! When shopping for property, it’s essential to know the median price of homes in Aspen, so you can be sure you’re spending the right amount of money. Through May 2022, the median single family home price in Aspen was $13,750,00. The median sales price in Aspen has increased 44% over the past year. Want more information about our markets?  Click here to view market data reports.

You might be wondering, “Is Aspen a cheap place to live?” or “Is Aspen an expensive place to live?” Well, that all depends on what your household income is and what you consider to be affordable. Before buying, take note of the area’s property taxes and see if it is within your budget:

  • In Aspen, properties are reassessed every odd-numbered year, according to the Pitkin County assessor’s office.
  • Residential property values are based on comparable sales in the two years preceding the assessment.
  • Once the property’s actual value is established, it’s multiplied by the assessment rate to get the assessed value. The assessment rate is 7.15%.
  • The assessed value is then multiplied by the mill levy to get the tax amount.
  • In Aspen, the mill levy, a kind of tax rate, is 4.95 (this includes the general property tax, which goes to fund local services, schools, and infrastructure, as well as the storm water fund to help keep polluted water from reaching local rivers and lakes).

What Are the Types of Homes for Sale in Aspen?

You’ll find properties ranging in size and shape throughout Aspen’s neighborhoods. What’s the perfect property for you? Condos are ideal for smaller families or people staying in the area seasonally. Single family homes grant you far more privacy, space, and investment opportunities. In recent years, there has been increased interest in condos and townhomes, perhaps because they present lower initial costs while still growing your property’s value over time.

Whether you decide to buy a condominium or a free-standing home in Aspen, you can’t go wrong! Weigh the pros and cons and determine the best option for you.

We’re Here For You and Your Home-Buying Journey

Aspen Signature Vacation Rentals is proud to partner with Berkshire Hathaway Homeservice Signature Properties. Our brokerage team consists of long-time locals who have extensive knowledge of the Roaring Fork Valley, from Independence Pass to Glenwood Canyon. As Aspen Board of Realtors members, our brokers have access to every real estate listing within the Multiple Listing Service (MLS), assuring that they will find you your dream home. Whether you’re searching for an expansive single family home or condo for sale in Aspen, CO, we’re here to help!

Get started buying real estate in Aspen.