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ASPEN REAL ESTATE
FALL 2025
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CLICK ON IMAGES TO SEE LINKS
November 24, 2025
The Aspen market experienced a noticeable slowdown over the summer, with many properties undergoing significant price adjustments.
However, this fall marked a clear shift in momentum, as several high-value properties went under contract or sold (a lot of them in November, which is considered the off-season), signaling renewed confidence at the top of the market.
When big number sales occur ($40-$60m), it often sends a strong message to the broader marketplace: discerning buyers continue to believe in Aspen’s long-term value. This confidence typically cascades through the market, influencing activity across price ranges.
Today, we are seeing more closings than price reductions, a key indicator of increasing stability and a market that is regaining its footing.
Considering that a lot of these high priced sales occurred in November, which is the off-season, this may be a sign of a strong winter season ahead.
There are still some properties that can be bought at a significant price reduction, but the market appears to be turning, so if you are thinking of buying, this may be a good time to get that deal. Please reach out for a list of properties that may be overpriced and could be ready for an aggressive offer.
With another rate cut anticipated in December, Aspen could be poised for continued upward momentum. Buying into a rising market is often a strategic approach for those looking to time their entry effectively.
While Fed rate movements do not directly influence Aspen mortgage activity—since most transactions are cash—they do impact the business interests and investment portfolios of the high-net-worth buyers who purchase here. Lower rates tend to bolster overall financial confidence, creating a sense of stability and optimism that supports stronger buying decisions in Aspen.
As that confidence expands, it often becomes a catalyst for broader market appreciation, helping to drive values upward across the board.
(Make sure to click this link at the bottom of the email to see the whole newsletter: [Message clipped] View entire message)
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210 S West End St | Core | $58,250,000 | Sold in September OFF MARKET
8 bedrooms | 8 baths | | 8,200 sq ft | 9,000 sq ft lot | Built 2021 | $7,100/sq ft
This home has resold 3 times off market since being built in 2021, proving that newer larger home close to the Core carry an exceptional premium, appreciation and liquidity, regardless of where the market is. Prior to this sale, it sold for $55M in December 2024 and $48.7M in April 2024.
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15 Little Cloud | Core | $45,548,560 | Sold in November OFF MARKET
5 bedrooms | 6 baths | | 7,500 sq ft | 19,000 sq ft lot | Built 2016 | $6,100/sq ft
This home located in the private gated Little Cloud neighborhood that backs up to Shadow Mountain and and is a few minutes walk to everything in town. One of the largest lots in the Core, the unusual thing about it is that it is zoned as County and not City, which is more lax on building restrictions and thus more valuable. Prior sale $25m in Nov 2023.
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615 E Hopkins Ave | Core | $40,000,000 | Sold in November OFF MARKET
4 bedrooms | 5 baths | | 5,000 sq ft | Built 1989/Remodeled 2020 | $8,000/sq ft
Elegantly remodeled NY style duplex across from the Spring Cafe. 3 levels of high end remodeled interior with stunning views of Ajax and a patio. Prior sale $17.9m in May 2023.
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395 E Red Rd | Red Mountain | $37,750,000 | Sold in November
6 bedrooms | 8 baths | | 7,200 sq ft | Lot 33,000 sq ft | Built 2025 | $6,300/sq ft
This is a stunning spec home from a developer. Listed for $45m in 2025.
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9 & 17 Ullr Way| East Aspen | $35,500,000 | Sold in November
4 bedrooms | 6 baths | 5,000 sq ft | Built 2022 | $6,800/sq ft | 3 acres
An unusually high price per square foot for this quiet remote residence near the gate for the entrance to the Independence Pass. Listed for $55m in 2024.
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1330 W Buttermilk Rd | West Aspen | $23,500,000 | Sold in November
6 bedrooms | 9 baths | 11,000 sq ft | Built 2002 | $2,000/sq ft | 2 acres
European style estate that came with a pool, gym, spa, office, library and two separate cellars for red and white wine with a tasting room. Listed for $49m in 2023.
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910 White Star Dr | McLain Flats | $27,000,000 | Sold in November
8 bedrooms | 10 baths | | 9,300 sq ft | 10 acres | 1993/2002 | $2,900/sq ft
This ranch went to auction after being listed on the market for 1,5 years first at $55m, then at $45m. In my opinion, this was the deal of the year, as many properties have sold or are under contract for much more. This was a beautiful horse ranch, part of a 200 acre development shared among several owners. Flat land with great water rights, a professional horse barn and riding arena.
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Aspen’s market continues to show strong momentum over the past 12 months, with notable gains in both sales volume and pricing efficiency. Listings were up year over year from 176 to 185, a 5% increase. When prices are rising faster than new listings and demand remains strong, it typically indicates that you are buying into a rising market, especially if the sales volume is rising and days on market are falling.
Market Highlights Year Over Year (Nov 1, 2024
Overall Sales Volume
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2024: $1.7B
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2025: $2.0B
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↑ 17% increase
Average Sale Price
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2024: $9,900,000 or $3,100/sq ft
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2025: $10,00,000 or $3,400/sq ft
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↑ 10% increase in $/sq ft
Average Days on Market
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2024: 195 days
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2025: 169 days
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↓ 13% faster sales
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1310 Red Butte Dr | West Aspen | $58,500,000
5 bedrooms | 7 baths | | 9,700 sq ft | 0.8 acre | Built in 2017 | $6,000/sq ft
This home is on the river off of Cemetery Lane.
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1650 McLain Flats Rd | McLain Flats | $44,000,000
10 bedrooms | 13 baths | | 27,000 sq ft | 21 acres | Built in 1986 | $1,600/sq ft
This ranch is similar to 910 White Star Dr in proximity to town, flat acreage and larger home. However this home is more of a teardown. The main home is around 9,000 sq ft and the rest of the square footage comes from the 16,000 sq ft athletic facility with a basketball, tennis, racquetball courts, swimming pool, running track, game/lounge room, massage and steam room and gym.
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411 Pearl Ct | West End | $29,500,000
5 bedrooms | 6 baths | | 5,600 sq ft | 5,500 sq ft lot | Built in 2024 | $5,300/sq ft
Stunning brand new home from the same developer who built 395 E Reds Rd.
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130 Primrose Path | Meadowood | $27,000,000
6 bedrooms | 8 baths | | 7,200 sq ft | 0.6 acres | Built in 2018 | $3,800/sq ft
Developer’s personal high end home in an upcoming neighborhood of Meadowood that is becoming popular for it’s privacy and views, just a few minutes drive from town at the roundabout. You can walk or bike to town from it over the Marolt open space.
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103 W Bleeker | West End | $25,000,000
5 bedrooms | 7 baths | | 4,850 sq ft | Built in 2025 | $5,200/sq ft
Three of these White Elephant Hotel townhomes are under contract, with the owners having access to the amenities of the new hotel set to open Feb 3, 2026.
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ASPEN
The Aspen real estate market continues to demonstrate remarkable resilience and strength. Recent insights from top brokers indicate that closings are surpassing last year’s figures, positioning the market for an even stronger year ahead.
The median sales price is up 10%, with median days on market at 122. Following a slower summer, a surge in activity in August through October re-energized the market.
Aspen remains uniquely complex to price, given shifts in demolition, new construction, and short-term rental dynamics.
The market is gradually trending toward a more balanced buyer/seller environment, although properties with short-term rental potential continue to trade at a premium.
Overall, Aspen’s market remains exceptionally solid and highly desirable.
Half of the listings sell in about 4 months on average, 12% in 3-4 months, 17% in 2-3 months, 13% in 1-2 months and about 6% within 30 days.
SNOWMASS
Snowmass continues to attract aspirational buyers seeking both appreciation and lifestyle. In the latest developments, Cirque and Aura — 21 and 46 residences respectively — went under contract since 2023.
In January 2025, Stratos launched 89 residences. 73 went under contract within the first month. Resales, such as Cirque 651, highlight the strong demand: originally purchased from the developer for $11.7M, it resold for $15M in less than a year.
Average pricing at Aura and Cirque ranges from $4,500 – $5,500/sq ft, bypassing some Aspen areas pricing. Many of these buyers purchased at favorable rates during development and are not highly motivated to sell, underlining the market’s stability.
Buyer demographics reveal a significant international presence, with over 20% of buyers and renters from abroad, and international buyers paying premiums above U.S. purchasers.
Overall, clients are increasingly focused on long-term appreciation and lifestyle, rather than short-term returns, with a trend in collecting several properties in the Snowmass areas.
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161 Stillwater Dr | East Aspen | $300,000,000
18 bedrooms | 24 baths | | 27,000 sq ft | Built 1994/2022 | $11,000/sq ft | 74 acres
A record breaking listing for Aspen, the value of this property lies in the large acreage so close to town and the size and number of four existing homes (18,000 sq ft main house, 5,000 sq ft guest house, and two cottages of 2,500 and 1,000 sq ft), as well as the rare opportunity to develop another 19,750 sq home, which would be unattainable under the current build code (maxed out at 9,250 sq ft).
In addition to these remarkable features, this is a riverfront property bordering public land, a private lake and an 80 foot infinity swimming pool (another feature virtually extinct from new construction in Aspen thanks to the hostile building code). This is a one of a kind legacy estate that almost never comes on the market.
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350 Eagle Park Dr | West Aspen | $60,000,000
7 bedrooms | 12 baths | | 14,000 sq ft | Built 1995/2021 | $4,300/sq ft | 15 acres
This is one of the most unusual homes I have seen in Aspen, which says a lot. It looks like you’ve walked into a “1001 Arabian Nights” fairytale. It is rumored that the home took $30m to build in the 90s! Due to all the concrete that was used to build this home. The replacement cost of this home would be way more today than the list price.
Despite the hard shell, the interior is so inviting and captivating. From the length of the home (a NY city block!), to the winter garden with a fountain in the middle of the home, to custom art work hanging from the ceiling and throughout the home, this estate is one impressive masterpiece. Set at the end of the driveway with exceptional privacy on 15 acres, this a trophy asset for someone who wants what nobody else has.
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1162 Tiehack Rd | West Aspen | $42,000,000
6 bedrooms | 9 baths | | 8,000 sq ft | Built 2006/2014 | $5,300/sq ft | 1 acre
As listing prices continue to soar, it is interesting to see that homes over $5,000/sq ft that were reserved for Core, West End and Red Mountain homes are starting to garner that amount in areas such as Tiehack/Highlands, as buyers tend to value land and privacy than proximity to town.
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10 Little Highlands Way | Conundrum | $32,000,000
6 bedrooms | 9 baths | | 8,000 sq ft | Built in 2006/2014 | $5,300/sq ft | 1 acre
For those who value privacy and peace offered by nature but who still want to be close to town, this traditional log style home may be the perfect retreat. Set on three acres with a pond and a stream running through it, it is surrounded by the National Forest, yet only 10 minutes from town.
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531 Moore Dr | Fivetrees | $29,600,000
6 bedrooms | 7 baths | 7,500 sq ft | Built 2003/2023 | $3,900/sq ft | 0.8 acres
Developer built and owned home with direct ski in/out access in Highlands.
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156 Eppley Dr | Starwood | $28,900,000
5 bedrooms | 7 baths | 8,000 sq ft | Built 1974/2024 | $3,500/sq ft | 2 acres
Cozy family home in the private and gated Starwood community, with jaw-dropping views.
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The most anticipated development in Aspen is the new Chalet Alpina Resort at Lift 1A. The residences will come with all the high end amenities one can dream of - private restaurants, club, pool, fitness center, ski concierge, housekeeping and a concierge who could take care of everything for you from groceries to parking your car.
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There will be six residences - Chalet Alpina Mountain Homes - offered for sale. These will be truly ski in/out one level residences with 4 bedrooms and 4,5 baths. Only one will have a rooftop deck. They are not releasing pricing yet, however it is estimated that the prices of these residences will be upwards of $35m - $50m or $10,000 to $15,000/sq ft.
The Chalet Alpina Resort, Residences & Club will offer fractional ownership of two, three and four bedroom condos in 1/8ths of a share (6 weeks of use per year). Two penthouses - a two and a four bedroom one, will have a private rooftop deck facing Ajax. These will most likely be bought out by one owner. The shares are estimated to range around $3m to $5m for 1/8th share.
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The Interior Design team for this project is by Martin Brudnizki Design Studio out of London and New York renowned for their design of Annabel’s, The Royal Academy of Arts, Four Seasons, Six Senses and LVMH. The design is warm, lavish and inviting.
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Construction is anticipated to start in the spring and the project is estimated to be completed in 3,5 to 4,5 years. The development is by IRONGATE the developer behind the exquisite Costa Palmas development in Cabo.
Their vision is to create a six star resort in Aspen. Prices of new developments near Ajax have doubled in value over the last few years, like One Aspen townhomes, so this could be an impressive investment opportunity.
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Please reach out for a brochure or to schedule a private tour of their residence designed office at [email protected] or 970-355-8734.
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Use Your Aspen Home for $10,000 Travel Credit
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If you’ve seen the recent WSJ article about rising hotel costs, you know they are at an all time high. So how do you keep traveling the world if you have villa taste but the prices for them are skyrocketing?
Try ThirdHome - a home exchange program that allows use to use your vacation home while it’s sitting empty to travel the world in luxury. We are talking castles, ski chalets, beach villas, yachts and private islands that are on everyone’s dream list. Imagine only paying 10% of the rental rate for these gems…
The way it works is you let other home owners stay in your vacation home in exchange for “Keys” to travel to any of the 20,000 homes up to $60M in 100 countries on their website. The number of Keys you get depends on the value of your home. Aspen homes are extremely valuable, so you could earn enough credits to book the most expensive properties around the world.
All you need to do is send them photos of your home and offer at least 2 weeks a year to be part of the program. The more weeks you offer, the more Keys you get. All owners get reviewed after staying at a property, so you can rest assured your home will be in good hands. Then you can use the Keys to travel the world.
The only cost is $295/year and a booking fee, which is around $495 or $795/week for most properties. It’s like paying 90% off the amount you would typically pay for a high end rental!
Through the end of the year they are offering an exclusive bonus - if you sign up your home (photos can be taken with your phone), you get a waived $2,500 initiation fee and 5 Keys to book your next vacation (a $7,500 value), for a total of $10,000 in credits.
Click here to start your vacation “dream board”. I have already traveled with this program to St John and am at a dreamy Bahamas resort now and am loving how easy and affordable it is!
Sign up here to start traveling the world at a fraction of the cost. Or feel free to call me to help walk you through it.
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Another exciting addition to the Aspen travel scene is the semi-private jet company AERO, where you can book a seat on a private jet and fly around the country privately without robbing a bank =).
Aspen - LA has been their main route and they just opened up Aspen to New York!
LA flights are around $2,000 and NYC ~ $5,000.
Next time you fly, use my 10% off discount KSENIA10.
Their other routes include Maui, Cabo, Napa Valley, Sun Valley, Las Vegas, Herber Valley and Thermal.
Book at Aero.com.
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If you need to get a creative holiday gift for someone who has it all - a new addition to Aspen’s expanded Dior store now offers the service of designing a bespoke Dior inspired porcelain tableware.
With 35 hues to choose from and motifs from Napoleon III chairs that embraced guests at historic Christian Dior salons in Paris and the wallpaper handpicked by Christian Dior on the walls of his first boutique on Avenue Montaigne, your gift will stand out from the rest.
Carolina Cerlat is the manager of the Aspen boutique and can be reached at 970-306-2731 or [email protected] for your personalized design appointment.
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Cheers from Bahamas (booked through ThirdHome) and Happy Thanksgiving!
Ksenia Tyutrina
Owner Broker
970-355-8734
[email protected]
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If you are looking for off market Aspen homes over $10M, please reach out for a list of 80 properties.
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