Aspen: 60% Second Homes, Suitcase Town

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Let’s face it: the value of property in places like Aspen just doesn’t tumble. It may take a hit from peak pricing, but honestly, will the average price of an Aspen home ever go back to $50,000, where homes were years before the boom? The average Aspen home is now about $6 million and the community is so loaded with second (or multiple) home owners, many of these beasts sit empty most of the time. That does not create good community: at least one developer is putting together a neighborhood where full time residency is required.

Alas, now may be the best time to buy in Aspen, where one local agent says people with serious money always seem to float. And if money gets tight, many second home couples are selling primary homes in the city and moving to Aspen full time, which could alter the city’s dynamics all over again.

This puppy: a mere $35,750,000.