Aspen makes news (not just the Aspen Times) with the nation’s most expensive residential real estate listing
“The heart of the estate is a grand 18,466-square-foot residence fondly known as Little Lake Lodge,” set beside a 6-acre private lake, amongst marked trails for hiking and biking in the summer and groomed for cross-country skiing in the winter. The property is comprised of four parcels for a total of 74 acres all within about a mile of Aspen’s downtown.
Factored into the $300Million price tag is the neighboring vacant lot, Stillwater Lot 2, which has entitlements to build a 19,750 Square Foot residence. The upside is that these entitlements grant a home size well above the current allowable limit of 9,250. The downside is that these entitlements expire in 2 years, leaving much of that lot’s assigned value on a time crunch.
An important distinction to note from USA Today’s write-up is that their reporter states the property’s tax bill on the $300million dollar home will be $131,755 for the new owner when that number is really the 2024 tax bill amount already due in 2025. While it’s a good estimate of what the new owner can expect to pay in 2026, it is not exact given Mill Levies can change every year. The eventual purchase price will come into play if it trades prior to the next reappraisal in 2027, but there is no real way of determining what the new owner will pay in taxes today.
There is a lot of discord online and in the brokerage community regarding the price of this property, but I’d like to know - what do you think of the price? Do you think it’s fair value? Overvalued? Undervalued? Leave a comment below!
Follow along here for more Lifestyle and Real Estate Updates in the Aspen Valley of Colorado, as well as education for Buyers and Sellers. If you or someone you know is looking to buy or sell a home in the Aspen Valley or surrounding areas, I would love to connect and see how I can help! Please reach out to me at (970)556-4710 or michaela@aspenawaits.com for any real estate questions you may have.