The Aspen real estate market continued to surge into the fourth quarter with 2017 sales volume rocketing past 2016’s by nearly 80 percent. The ultra-luxury segment led the wave with seven properties selling for more than $20 million—more than in any other single year as far as the local MLS records go back, and likely in the history of Aspen real estate.
In the already rarified world of Aspen real estate, properties listed and sold for over $20 million occupy a unique place in the market. Although the $20 million threshold may seem a bit arbitrary, the optics for market watchers are notably different. There’s something about the news of a $20 million-plus sale that generates a distinctive buzz within the real estate community.
And beyond just the sizzle, there’s something about the steak. Homes that sell above $20 million offer next-level experiences, quality, and amenities, with location perhaps being the most critical criteria for properties to make the cut.
Among the neighborhoods represented by the thirty-two sales over $20 million in the last decade, Red Mountain has consistently outperformed others, grabbing thirteen of those sales. With the unique combination of proximity to town, privacy, and drop-dead views of Aspen Mountain, Red Mountain is the standard bearer for the Aspen ultra-luxury segment.
And while the homes themselves are stunning buyers with otherworldly perfection, it was in part Red Mountain land deals that grabbed headlines in 2017.
Tucked between the Roaring Fork River and Rio Grande Trail, 205 Shady Lane is an idyllic two-and-a-half-acre parcel at the base of Red Mountain that sold for a record-setting $27 million. Although there is an existing house on the lot, there’s every expectation that the home will be entirely replaced.
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455 Sunnyside Lane was one of seven sales over $20 million in 2017. The property was developed and listed by Bob Bowden, now of Coldwell Banker Mason Morse; Chris Souki, also of Coldwell Banker Mason Morse, brought the buyer. 455 Sunnyside is a study in Bowden’s ability to sculpt both landscape and home into a category-defining masterpiece of indoor and outdoor living. Through 14,000 square feet, Bowden programs a perfect mix of intimate and expansive spaces. The profound sense of arrival sets the stage for a flawless journey through eight bedrooms, eleven bathrooms, and jaw-dropping amenities including both indoor and outdoor pools that blend seamlessly into the architecture. Bowden elevates the crisp, modern palate with materials that add warmth, subtlety, and personality. Ultimately, like Bowden himself, his homes have a sense of charisma that continues to make them a pillar of the Aspen ultra-luxury real estate landscape.
Just across Red Mountain Road from Shady Lane, the Rubey subdivision has been making headlines for over a year with a tantalizing mix of river access, views, and oversized lots. Rubey Lot Five, a nearly twelve-acre parcel along Hunter Creek with views from Independence Pass to Mount Sopris and rights to build a 20,000-square-foot home, traded this year for a cool $22 million.
Both the Rubey subdivision and Shady Lane offer the unique amenity of being a breezy stroll away from downtown Aspen.
While Red Mountain remains the epicenter of the ultra-luxury segment, McLain Flats has risen over the last decade and is second only to Red Mountain on the scoreboard, with seven $20 million sales since 2007.
Luxury home developer Bob Bowden could be credited with almost single-handedly putting McLain Flats on the ultra-luxury map, having listed a series of new homes on Sunnyside Lane in what has become known as Aspen Lakes, the most recent of which sold for over $24 million in early 2017.
Despite the banner year for sales over $20 million, the supply remains healthy with notable new spec homes coming to market in the West End, on Red Mountain, and at the Maroon Creek Club.