ASPEN INSIDER

September 2025

Flying Dog Ranch West, a 229-acre working cattle ranch near Carbondale, Colorado, offers a rare combination of agricultural heritage and mountain luxury. Located just minutes from downtown Carbondale and 30 miles from Aspen, the property features 180 acres of irrigated farmland, a quarter-mile of Crystal River frontage, and coveted senior water rights dating to the 1880s. The ranch includes three homes (ranging from a historic 19th-century cabin to a four-bedroom main residence), an event barn, artist's studio with forge, and greenhouse. With approvals already in place for additional construction and its proximity to Mount Sopris in the scenic Roaring Fork Valley, this property represents both a working ranch and family compound opportunity in one of Colorado's most desirable regions.

Co-listed with Gabe Molnar (Douglas Elliman), Michael Shook and Joe Risi (both of Home Waters Real Estate Group)

Located in the pristine Capitol Creek Valley just 30 minutes outside Aspen, St. Benedict's Monastery represents the largest holding in the immediate Snowmass/Aspen area. The property sits in a picturesque ranching valley surrounded by the lofty peaks of the Elk Mountain Range. Known for its peace and privacy, Trappist monks have lived and managed this idyllic ranch for over 68 years. Wildlife and cattle have co-existed for years, and the ranch and adjoining protected lands have retained the same natural habitat and rural characteristics today as they did when the monks first arrived. Three creeks meander through the ranch for more than five miles and irrigated meadows hold historic water rights. This is an excellent opportunity for conservation and hunting, as the property sits in Colorado Game Management Unit 43. This exquisite and tranquil land is the perfect backdrop for hiking, horseback riding, snowshoeing, snowmobiling, and more.

Co-listed with Kenneth Mirr and the Mirr Ranch Group.

Situated on almost 24 pristine acres in the picturesque Emma agricultural valley, Triple M Ranch represents the pinnacle of Colorado mountain living. This gated estate showcases breathtaking views of Mt. Sopris and sweeping vistas toward Missouri Heights, all while maintaining complete privacy and tranquility behind its own private bridge entrance. The property's crown jewel—a stunning 5,000-square-foot Scandinavian-inspired main residence—is currently under construction with completion scheduled for December 2025, offering buyers the rare opportunity to customize their dream home to perfection. This exceptional ranch also includes an equestrian/recreation facility and a 1 bedroom CDU.

Bring your toys and horses to this 44 acre, one-of-a-kind playground. Access thru the only exclusive gated area of Missouri Heights (Spring Park Meadows) but without the constraints of an HOA. Enjoy 360 degree views of the entire Elk Mountain range, ski resorts from Aspen to Sunlight, Basalt and Red Table Mountains, and Cottonwood Pass. Ten minutes from supermarkets, restaurants, schools, and public amenities. Hundreds of miles of trails for mountain biking, dirt biking, and horse riding out the front gate. Can this property be replicated anywhere else?

Unless otherwise noted, these are recent sales from the Aspen Glenwood MLS, not my listing or buyer.

ASPEN

Single Family Homes

The Aspen single-family home market is gaining momentum after working through earlier inventory challenges. With homes currently listed at a median price of $16.1 million, the market is showing clear signs of recovery—buyer activity is steadily increasing and properties are selling significantly faster than last year, with days on market dropping 37% from 276 to 174 days compared to August 2024.

Year-to-date performance has been impressive, with new listings up 25% and sales up 15% compared to 2024, while median sale prices have climbed 6% to $13 million. At $3,698 per square foot and with 112 homes currently available, the market is in a promising transitional phase where strengthening demand is beginning to absorb excess inventory, setting the stage for potential price appreciation as supply and demand reach better equilibrium.

Adding exceptional prominence to the market, the most expensive residential listing in the United States debuted in Aspen last month—a spectacular 74.1-acre estate priced at $300 million, further cementing Aspen's status as America's premier luxury real estate destination.

Townhomes & Condos

The Aspen townhouse and condo market presents a more cautious narrative, reflecting a period of market recalibration. With a median list price of $3.995 million—approximately one-quarter of single-family home prices—this segment has experienced a pullback in activity, with new listings down 10% and sales declining 6% year-to-date compared to 2024.

Despite reduced transaction volume, price stability remains strong, with median sales prices rising nearly 11% to $3.325 million, indicating sustained buyer confidence in underlying values. The market has shown some deceleration, with properties taking 28% longer to sell at an average of 160 days in August. Currently, 65 properties are available for sale, down 7% from the previous year, suggesting that while buyer urgency has moderated, inventory discipline is helping maintain price integrity in this luxury segment.

BASALT

Single Family Homes:

With a median list price of $3.6 million and current inventory of 36 homes, Basalt's single family home market is showing signs of transitioning from buyer-favorable conditions toward a more balanced state. Sales activity has declined substantially, with sold listings down 40% year-to-date and median sales prices falling 10% to $2.23 million. However, homes are selling significantly faster when they do transact, with days on market dropping to 39 days in August 2025—a 42% improvement from the previous August. Market dynamics suggest a potential turning point, as home sales have been consistently outpacing new inventory additions for several weeks, which could lead to upward pressure on pricing as conditions shift from the current buyer-friendly environment toward a more seller-favorable market.

Townhomes & Condos:

The townhouse and condominium market presents a starkly different picture, demonstrating robust activity and strong price appreciation throughout 2025. With a median list price of $1.375 million and steady inventory of 49 properties, this segment has shown significant momentum. Sales activity has surged dramatically, with sold listings up 74% year-to-date and new listings doubling at 100% year-to-date, driving the median sales price to $1.6 million—a substantial 46% increase from the previous year. While properties are taking moderately longer to sell, with days on market rising to 67 days (up 16% from August 2024 and 65% year-to-date), the overall market fundamentals remain strong. Despite recent price plateauing, the positive sales-to-inventory ratio suggests that upward price momentum may resume if current trends persist, positioning this segment as notably more active and appreciating compared to the single family home market.

If you're interested in exploring investment opportunities beyond Aspen, I'd be delighted to introduce you to experienced professionals with strong performance histories. I maintain a network of trusted colleagues throughout the United States and internationally whom I can connect you with.

Contact me for all of your real estate needs.

I offer complimentary, no obligation property evaluations.

I'm always eager to share the Roaring Fork Valley's many hidden gems with you and your family or friends.

630 E HYMAN AVE, STE 101, ASPEN, CO 81611. 970.925.8810. © 2025 DOUGLAS ELLIMAN REAL ESTATE. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT OR ZONING EXPERT. EQUAL HOUSING OPPORTUNITY.