by John Elliot

April 23, 2009

Times are tough all over right now, especially in the housing market, but Aspen real estate (or more accurately, property values) appear to be holding strong, for now anyway.

Forbes recently named south Aspen's 81611 zip code as "the most expensive neighborhood in the country." The reason for Aspen's rise? Winter, of course!

From Forbes:

The 81611 ZIP code--home to sprawling wood beam and stone ski lodges and on the south end of Aspen--is currently the most expensive neighborhood in the country, boasting a whopping $6.5 million median home sale price. Neighboring Snowmass Village (81615) and Snowmass (81654) aren't far behind: They landed at fourth and seventh place on our list of priciest ZIPs with median prices of $3.99 million and $3.7 million respectively...

...So what gives? How did Aspen end up at the top?

Seasonality. Sales in other luxury markets like Atherton, Calif., (94027) or Beverly Hills (90210) slow in the winter, but in Aspen, the New Year rings in the high season for home sales. That means even in an off-year, Aspen is the nation's top performer. Nationwide, home prices are down, and most places are yet to hit their spring high season. At this time of year, Aspen benefits in national rankings because its highs are compared to other market's lows.

It appears as though winter, in addition to transforming Aspen into a snow-laden paradise & premier travel destination, does wonders for property values.

Well, winter & a down market.

Don't worry, we'll keep you apprised of any plans for televised teen melodrama titled "Snowmass Village 81615."

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