Wealthy Americans buy second homes in this small ski city where the slope property quickly disappears

• Snowmass in Colorado is approaching the completion of its base village of $ 1 billion.

• After its final complex opened at the end of 2027, there will be no land to develop in the base village.

• Wealthy Americans buy the few remaining apartments on the building for millions of dollars.

Three decades ago, Snowmass village was known mainly for its mountain. It was a quiet city where in the winter serious skiers were looking for dust and mountain cyclists flew on paths in the summer.

Snowmass now has a different reputation. He still lures skiers, mountain cyclists and nature lovers, but also attracts those with big pocket books.

This is because the city has added a $ 1 billion development to the bottom of its mountain called Base Snowmass Base Village.

It is home to luxury hotels, exquisite dining, shopping and multimillion -dollar residential complexes.

As Base Village approaches the final construction line, there are only a few luxury condominiums remaining and, once they are sold, there will be no land to develop.

The development of $ 1 billion is approaching the completion

In the last two decades, Snowmass has been developing and building his village of snow masses.

The area is sitting on the road from Snowmass mall, a two-storey complex built in the 1960s. With several restaurants, cafes and shops, this was a limited area for tourists.

In an attempt to turn Snowmass into a popular destination, Aspen Skiing Company bought 11 acres on the road from the mall and plans to develop the base village Snowmass. The hope was that the city would become a place where wealthy visitors could rest, dine, shop and browse the Snowmass Mountain.

“To maintain Snowmass suitable in the world of ski resorts, it was necessary,” Andy Gunnion, managing partner at East West Partners, said, “Business Insider told.

Base Village plans were approved in 2004 after a controversial vote. Construction began and stopped during the recession. At the end of 2016, East West Partners acquired the KSL Capital Partners and Aspen Skiing Company base.

Nearly a decade later, East West Partners ends its final residential structure: Stratos, bilateral, 89-single luxury complex.

Beyond this latest project, Base Village includes nine other residential buildings with amenities such as heated pools, fitness rooms, household, skiing and 24-hour doorman. Complexes also have a ski-in, ski-out-basic bonus in a ski city.

In addition to the residences there is a community center, a hotel, restaurants, an ice rink, a medical clinic and a children’s area.

Gunion said potential buyers were initially skeptical about whether Base Village would be successful after years of stagnation in construction. The first 14 console units sold by East West Partners went for low prices.

“Our profit margins were not great because we just had to start,” Gunion said. “The people who bought early received great offers.”

Gunion said interest has risen over time, especially after Kovid-19’s pandemic. Sales units have not been a challenge in recent years.

For example, the Cirque building, which was completed in 2024 and is part of the Viceroy Hotel, sold by most of its private units within the first two weeks after it was launched for $ 2700 per square foot.

Meanwhile, the first Stratos building will not be completed by the beginning of 2027, and the second was determined in the end of 2027. Although the opening is two years old, the buildings are almost sold. Sales started in late January and only 21 units of the complex with 89 units remain.

Initially, the Stratos units started at $ 2.85 million. The cheapest option is no longer available; Today, units range from $ 2.95 million to $ 30 million.

No cookie buyer

Gunion told BI that buyers are coming from all over the country and the world.

Florida is market # 1, but Gunion said it had a thin margin. Others come from Texas, California, Chicago and New York. He added that international interest was also increasing, especially in Brazilian buyers.

Most of these people are second homeowners or buy apartments as investment. Although they can rest in Snowmass, few owners are full -time residents.

Gunion said this was the expectation of the design and construction of a base village.

“Here is a neighborhood that is for the second homeowners and guests of the resort. This is what Base Village is always intended,” he said.

Once Stratos is completed, Base Village will also be completed, which means that there will be limited new construction in the area.

Wealthy buyers who are interested in a base village will need to buy apartments that are transferred to a higher price or expand their demand outside the ski center.

Either way, luxury seems to be the topic when it comes to Snowmass real estate.

“We have raised the market with all these residences,” Gunion said.

Read the original Business Insider article