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Home All-Stars: America’s Most Wanted

January 1, 2006

Aspen
Even with an average home sale price of $2.1 million in 2005, there has been no shortage of buyers anxious to own a place that offers stunning views of Colorado’s Aspen Mountains, top-drawer skiing, fabulous shopping and dining, plus access to Aspen’s glittery, star-studded lifestyle. What is often overlooked is the fact that Aspen’s reputation is disproportionately larger than its population, which consists of about 6,000 residents. The result: a fairly tight second-home market.

A five-bedroom, 8,500-square-foot home on the market for $7 million through Aspen Land & Homes, Sotheby’s International Realty. Photograph courtesy of Aspen Land & Home. (Click image to enlarge)

"The inventory isn’t huge, but there always seems to be fabulous properties coming up for sale," says Carol Dopkin, of Carol Dopkin Real Estate.

Expect to pay about $1,000 per square foot, and more if the views are particularly stellar. For those wanting to buy close to downtown Aspen, the city’s so-called "upper east side," at the base of Red Mountain, is home to Fox Crossing, a new development of freestanding homes just a five-minute walk from the nightlife. Homes range from $3.8 million to $8.2 million and come with concierge service, parking privileges at the Little Nell Hotel and ski lockers at Aspen Mountain. Those seeking more room to roam tend to head toward Woody Creek and ranch communities like Chapparall, where homesites are larger than 35 acres and have access to state-of-the-art barns and an equestrian center.

Some of the best values, according to Dopkin, are about a 10-minute drive west of downtown Aspen, in McLain Flats or White Horse Springs, where traffic is not an issue and the slopes at Snowmass are within easy striking distance. Homes here average $5 million to $7 million, although one of the newer properties, valued at about $20 million, is a 12,000-square-foot showcase on 16 acres with a guesthouse, barn, three ponds and a waterfall.

Naples
What a difference a couple of decades makes. While the Southwest Florida resort town of Naples has always attracted its fair share of well-to-do seasonal visitors, it long lacked the critical mass and cultural oomph enjoyed across the state by Palm Beach. But with a delightful downtown chock-full of galleries and restaurants, an annual charity wine festival that surpasses the one in Napa, not to mention world-class golf courses galore, this sun-dappled destination has begun to outshine its Atlantic coast counterpart, especially when it comes to investing in resort real estate. According to the Office of Federal Housing Enterprise Oversight, the Naples-Marco Island metro area was number one in the nation for home-price appreciation during most of 2005, with its median home price of $490,000 rising about 36 percent higher than in 2004.

A residence in Naples. Photograph by Tom Harper Photography. (Click image to enlarge)

"Despite those flashy figures, I think we tend to attract a type of buyer who is not influenced by speculation buying," says Michele Harrison, president of the Naples Area Board of Realtors. "Naples has been a destination for second- and third-home buyers for many years and it has been steadily growing. It is not a blip or a bubble."

Deciding where to buy in Naples means choosing between beachfront and golf-adjacent. The most expensive real estate is in Port Royal, the tony neighborhood that was developed just south of downtown Naples after World War II, where oceanfront homes can reach the $30 million mark. The last developable parcel along prestigious Gulfshore Boulevard will soon be home to Aria, an 18-story condominium overlooking Park Shore Beach and Venetian Bay. Its 52 residences, ranging from 3,173 to 4,777 square feet, start at $1.65 million, and its 13 penthouse residences, ranging from 4,000 to 5,080 square feet, are priced up to $4.85 million.

A boat dock and glass-tiled pool are two luxe features in this $15.9 million Naples home offered by Premier Properties of Southwest Florida. Photograph by Tom Harper Photography. (Click image to enlarge)

The residential communities developed by the Bonita Bay Group have proven popular with second-home buyers, especially Mediterra, a 1,697-acre community planned for up to 950 residences and two Tom Fazio—designed courses. Coach homes in Mediterra start at $450,000 with custom homes ranging from $1.6 million to more than $7 million.

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