Aspen, CO, the real estate market…Red Hot or Slumping? Let White Elephant Resorts New Luxury Residences Help You Decide
Be careful. Don’t blink. The Aspen real estate market is hot again, at least according to a luxury hotel management group, White Elephant Resorts (WER).
Historically, the Aspen real estate market has been a great investment, with the only real risk being aside. He has racked up ridiculous value gains. According to Jason BlevinsColorado Sun reporter, returns have been a better investment than the S&P 500 and most commodity markets over the past 30 or 40 years!
Over the last year or so, it looks like the variables have changed and the trend is about to change. Today, with record prices, rising mortgage rates, historically low inventory and unit sales down 41% in Aspen/Snowmass combined from last year (210 vs. 354)the market looks set for a downturn.
Despite these red flags, WER jumped at the chance last year to enter the market in 2021 with its purchase of the Aspen Hotel. At attractive price of $37.5 million, the deal firmly planted WER in the Aspen Valley and gave them the footprint they needed for future development.
WER is a renowned hotel group which, according to its website, ‘offers a collection of unique boutique hotels and luxury resorts on Nantucket Island and in Palm Beach, Florida.’ And what sets them apart from their competition is how they create unforgettable luxury vacation experiences by seamlessly tying unique amenities and activities at their guests’ fingertips. here is a list of possibilities for the most curious or simply interested.
In the Aspen Valley, the purchase of WER proved significant not only because of the hotel, but also the rights to develop three 5,000 square foot luxury residences. The houses are located near the Jerome Hotel and within walking distance of the city center. They offer a chalet-style design with an open floor plan and feature high-end appliances and finishes. These gorgeous chalets offer world-class views of Aspen and, like all serious luxury properties, they also have their own elevator!
A significant point of value that WER hopes to capitalize on comes not just from this incredibly luxurious home, but also its privileged access to a wide range of luxury services. Although the residences are not directly affiliated with the White Elephant Hotel, they plan to have similar opportunities which would likely include:
- Hotel concierge
- Private underground parking
- Signature privileges at five-star restaurants
- Private room service
- Access to the hotel pool and spa
- Access to a full list of hotel activities and programs
Speaking with another reporter about WER’s new arrival, Aspen real estate advisor Joran Nemirow had this to say,
“We are absolutely honored and thrilled to bring the White Elephant brand to Aspen. White Elephant hotels are institutions on Nantucket and Palm Beach. Three new cabins will accompany the grand entrance of the White Elephant in Aspen.”
It’s unclear at this time what WER plans to do with the old Aspen Hotel. However, if WER’s other properties in Nantucket or Palm Beach are any indication of their capacity, I think Aspen luxury buyers are expecting something special!
In the meantime, check out these photos!
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