A view from Red Mountain

Residents of this hillside enclave on Aspen’s north side, just a few minutes’ drive from downtown, are willing to pay a premium for the expansive views and the cachet of a Red Mountain address. After all, this is where billionaire retail magnate Les Wexner, Miguel and Jackie Bezos (parents of Amazon founder Jeff Bezos), and shopping center developer Stanley Kroenke (who’s also the husband of Walmart heiress Ann Walton) have homes. Most properties face toward south and west, enjoying all-day sun. The unobstructed views take in town, Aspen Mountain, and peaks in the Elk Range.

All of those factors make Red Mountain consistently one of the highest performing neighborhoods on the market, despite an aging inventory. Brokers say the area sees continued pressure with a short list of new homes for sale and increasing land prices for what few parcels are left. Last year’s average cost per square foot rang in at $2,225.

“The desirable inventory for new buyers is thin,” says Shane. “If someone is willing to spend $13 million to $40 million for a second or third home, they have an expectation. They want a state-of-the-art house.”

And that’s where teardowns and remodels come into play. Aspen-based architect Jamie Brewster McLeod says requests for intensive remodels and new building is the greatest she’s ever seen in just about every neighborhood, but particularly on Red Mountain.

“The market demand on construction itself is extremely high,” she says.  “People are having a hard time finding lots, and there’s sticker shock when they do.”

Still, single-family home sales here were up 100 percent in 2017 versus the previous year, with 12 houses changing hands. When it comes to this level of exclusivity, criteria like lifestyle and prestige tend to outrank price.

Stats

Number of active listings at press time: 25

Active average home price:
$15.8 million

Number of homes sold in 2017: 12

Average price of homes sold in 2017:
$12.3 million

Average number of days on the market: 287

 

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