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15 Jan 2015
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Aspen Real Estate Blog

Down-valley living is becoming more and more popular for singles, young families and full-time residents in the Roaring Fork Valley. Those looking to be close to Aspen at a reasonable price often choose Basalt. Basalt offers a lively balance of new and old residences, with Victorians, condominiums and single-family homes. Great single-family neighborhoods close to the Roaring Fork Club, with its championship golf and exclusive private residences make down-valley living more luxurious than previously thought. Combine that with new, interesting restaurants, eclectic shopping and nightlife, and Gold-Medal fishing on the Frying Pan River, and it quickly becomes evident why Basalt is all the rage these days. If that doesn’t do it for you, spend a day or two at nearby Ruedi Reservoir for boating, camping, fishing and hiking!




Aspen real estate

So, what do you need to know about Basalt living and local real estate? What is the current status of the Basalt real estate market, and is it the right time to buy? This week our blog team sits down with Frias broker Jennifer Fulton Bennett to discuss the finer points of Basalt real estate. Below, she gives us the scoop on everything we need to know. Here we go!

Q:  How close to Aspen is Basalt? A: “Aspen is about 25 minutes from Basalt. The VelociRFTA bus offers a quick, convenient and affordable ride with minimal stops between Basalt and Aspen.   It’s also bike-able. The Rio Grande Trail provides a scenic bike route from Basalt up to Aspen.”

Q: If you were to describe  Basalt  to a friend who has never been to the valley, how would you describe it? A: “Basalt is the closest town to Aspen on Highway 82. It offers a quaint mountain town feel with local diners and watering holes. They are making huge improvements over the next few years to improve the entrance and offer more amenities to the locals.”

Q: Why do people like  Basalt?  What’s the allure? A: “Basalt has world class fly-fishing, trails and open space. One can find value in larger homes and more acreage for less money than Aspen.”

Q: What’s it like living down-valley compared to living in Aspen? A: “Living down-valley offers shopping convenience and more affordable, spacious living. There is a larger local, long-term population that many people desire for their community.”

Q: Are there a lot of full-time, live-in residents  in  Basalt  or is it mostly second-home owners? A: “There are more full-time, year round residents in Basalt than Aspen. Second homeowners tend to be interested in the Ruedi  area that offers world-class fly fishing and seasonal boating.”

Q: Are the homes  in  Basalt  original, mostly remodeled or overall new builds? A: “Most of the homes are older; however, the Willits area is the newest development offering brand new homes and retail locations. New developments continue to be planned for Willits and Basalt. With an improved market, we will see the older homes purchased and fixed up.”

Q: How often do buying opportunities come along  in  Basalt?   A: “Good ones, not too often because they are purchased as soon as they hit the market, if not before. Inventory is dwindling as prices continue to rise. The absorption rate for all Basalt condos and homes this past year was about 185 days with and average sale price of $298 per square feet versus last year’s $290 per square feet and 199 days on market.”

Q: From an investment standpoint, why should I buy property  in  Basalt? A: “Basalt is growing and will continue to well into the future. As Aspen implements a strict Urban Grown Boundary, and their price per square foot  continues to increase (last year average sold price per square foot  was $1,150 in Aspen). Basalt offers over-flow and growth encouragement. The local community continues to grow as the Roaring Fork Valley continues to be a desirable market.”

Q: Is now a good time to buy  in  Basalt?   A: “There is no better time than now to buy in Basalt. As inventory dwindles, prices are rising and I do not see an end in sight as long as the retail offerings, such as the Wholefoods shopping center and the new hotel continue to be developed.”

Q: Is there solid rental potential if I buy  in Basalt?   A: “There continues to be solid long-term rental potential as the purchasing price point and interest rates increase. Owners are seeing about a 4 percent return on their rental income.”

Q: Is a home  in  Basalt  a good place to raise a family? A: “Basalt is full of families and year-round residence. The neighborhoods echo of children laughing and riding bikes in the streets. Raising a family in Basalt is more obtainable for those that live and work in the area.”

Q: Tell us about the recreational opportunities  in and around  Basalt.     A: “Basalt has plenty of parks, trails and open space. Crown Mountain Park just approved to enclose the tennis courts as a way to offer more year-round activities and of course the slopes are a quick 25 minutes away. Year-round fly-fishing too!”

Q: Tell us about the recent history of  Basalt. A: “Basalt began as a railroad town in the late 1800s and thrived off of transporting charcoal and fuel to Aspen. Basalt, formerly named Aspen Junction, was named after the basaltic rock formation of Black Mountain located to the North of the town. Soon tents, shacks and kilns began developing this new settlement. In 1901, Basalt was officially incorporated.”

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