Real Estate

We repeat the old joke – now at the expense of Forbes Magazine: How do you make a small fortune in Aspen real estate?

Start with a large fortune.

There is no other way to explain the recent Forbes article alternatively headlined “Why Aspen Prices Holding Up” or “Why Prices Are Up in Aspen.”

Both December and January have shown falling sales numbers in the Aspen/Glenwood MLS. December '08 had 83 sales versus 81 in '09. January '09 had 108 versus a meager 67 this year.

A gloomy global economy has not deterred the purchase of a residence at the base of Red Mountain in Aspen, Colorado for a staggering $43,000,000.

Multimillion Dollar Homes at the Base of Red Mountain, including 421 Willoughby Way

Aspen-based real estate broker Jen Engel announced the closing of the purchase on Monday, July 13th via a press release and blog post. The sale was arranged and coordinated by Christie's Great Estates affiliate Joshua & Co. The 21,477 square foot estate is located on a 4.5 slender acres at 421 Willoughby Way on Red Mountain.

Elk Song Ranch
$58,000,000

Nestled into 67 acres off Owl Creek Road between Aspen and Snowmass, the Elk Song Ranch croons to the tune of 58,000,000 dollars for a posh estate with 20,000 square feet. Available exclusively through Sotheby’s International, Elk Song Ranch is a seven-bedroom hideaway with large pond, private trails, and mountain views. The rustic wood trim interior is inspired by the Colorado high country lifestyle. The luxurious list of creature comforts includes a great room with a sunken bar, a billiard room, a theater, an outdoor swimming pool, multiple sitting areas, a well-appointed great room,. an exercise room, and an outdoor space with a hot tub.