Aspen & Aspen Highlands Condominiums – History, Growth, and Future

Aspen and Aspen Highlands have one of the earliest and most influential condominium markets in the Rocky Mountains. The condo story here begins in the early 1960s, expands through the 1970s ski boom, and today is shaped by high prices, strict land-use rules, and growing environmental pressures.

Early Condominium Era (1960s–1970s)

Colorado formally recognized condominium ownership with the state Condominium Ownership Act in 1963, which allowed individual ownership of “air-space” units in multi-unit buildings plus shared common elements. Even slightly before and around that time, Aspen developers were pioneering this new form of ownership.

The building widely cited as Aspen’s and Colorado’s first condominium complex is Der Berghof, built in 1962 on a hillside above the downtown core. It originally contained a dozen compact units and served as a stepping stone into Aspen’s rising real-estate market.^1,2

In 1963, architect Fritz Benedict designed the Aspen Alps Condominiums at the base of Aspen Mountain, one of Colorado’s earliest ski-in/ski-out condo projects. Benedict went on to design several major Aspen complexes, including Aspen Square (1967) and The Gant (1972), which became Aspen’s largest condo complex at the time and helped anchor the city’s shift toward denser, resort-oriented housing.^3,4

Key Early Condo Projects

The first generation of Aspen condominiums was therefore concentrated in and just above the historic core, tightly linked to the base of Aspen Mountain and within easy walking distance of lifts, shops, and restaurants.

Expansion to Aspen Highlands

Aspen Highlands long operated as a day-ski mountain. A true base-area “village” with substantial residential development emerged later, through the Aspen Highlands Village Planned Unit Development (PUD) in the late 1990s and early 2000s.⁵

The centerpiece of this next phase is the Ritz-Carlton Club, Aspen Highlands, a fractional-ownership complex of luxury two- and three-bedroom residences directly at the base of Highlands, with full services and shared amenities.^6–9 This base village plan is flanked by two residential neighborhoods of single-family houses and townhouses, many with direct ski access.¹⁰

In contrast to the early in-town complexes, Aspen Highlands’ condo-style development arrived as a master-planned, branded village with a strong focus on high-end fractional ownership and luxury amenities.

Where Condos Have Been Built Over Time

First Generation Locations

• Hillsides above the Core – Early projects such as Der Berghof on E. Cooper Avenue.
• Base of Aspen Mountain – Aspen Alps and later complexes clustering around the original lifts.
• Downtown Core blocks – Aspen Square and numerous small buildings along Durant, Cooper, and surrounding streets.

Recent and Current Patterns

• Infill and Redevelopment in the Core – Older 1960s–1970s buildings are frequently gutted, expanded, or combined into far more expensive, modern condos and penthouses.
• High-End Condo-Hotel and Fractional Projects – Branded residences near the lifts in Aspen and at Aspen Highlands (such as the Ritz-Carlton Club) dominate recent additions.^6–9
• Townhomes in East and West Aspen – Small groups of attached units built since the 1990s function as modern “condos in townhouse form,” spreading condo-style ownership away from the tight downtown grid.

Approximate Number of Condo Units Today

Census and market data indicate that Aspen contains on the order of 6,000+ housing units in total, with a large share in multi-unit buildings, and a high percentage of units used as seasonal or occasional homes rather than primary residences.^11,12 Real-estate directories list dozens of separate Aspen condo complexes, many in the 20–80-unit range, plus large projects such as The Gant and Aspen Alps.

Taken together, these sources suggest that Aspen and Aspen Highlands likely contain roughly 2,000 to 3,000 condo, townhome, and similar attached units when free-market, fractional, and deed-restricted condominium-style housing is included. This is an informed estimate rather than an official census.

Prices: Then and Now

Early Pricing (1960s–1970s)

During the early 1960s, the median price of a new home in the United States was around $18,000, rising into the $20,000–$30,000 range by the early 1970s.¹³ Aspen’s first condominium units carried a resort premium but were still priced in the tens of thousands of dollars, not millions. Exact average condo prices from that era are not widely published, but historical accounts describe early condos as accessible stepping stones into the Aspen market rather than ultra-luxury assets.^1,2

Modern Pricing (2020s)

Recent broker reports show that Aspen’s condo market is now among the most expensive of any ski resort in the world. Market summaries for 2024–2025 report:

• A median Aspen condo sale price around $2.7–3.0 million, with average prices often above that level and many sales far higher.^14,15
• Average prices per square foot for Aspen condos on the order of $3,000–3,600 per sq ft, depending on building and location.^14–16
• Individual units in older complexes such as Aspen Alps and Der Berghof, once relatively modest, now trading in the multi-million-dollar range following extensive remodels.^2,4,17

In nominal terms, Aspen condo prices have increased by roughly two orders of magnitude since the first buildings of the 1960s. Even after adjusting for inflation, the gain is dramatic, driven by tight supply, strict growth limits, and global demand for luxury ski-resort property.¹⁸

Environmental Footprint: Condos vs. 7,000 sq ft Homes

From an environmental standpoint, attached housing such as condos and townhomes is generally far more energy-efficient per household than large detached houses. Studies summarized by the U.S. Environmental Protection Agency and other researchers show that:

• An average multifamily unit uses about half the household energy of an average single-family detached home, mainly because units are smaller and share walls, floors, and ceilings.^19–21
• Detached single-family homes tend to be significantly larger in floor area, so total energy use per household and per person is higher even when per-square-foot usage is similar.²¹

In Aspen’s climate, a typical condominium of around 1,000–2,500 square feet, sharing walls and roof structures with neighboring units, will therefore have a substantially smaller energy and resource footprint than a 7,000-square-foot luxury home with large window walls, multiple fireplaces, expansive landscaping, and other energy-intensive features.

In addition, multi-unit buildings use less land, roadway, and utility infrastructure per household than scattered large-lot homes, which further reduces overall environmental impacts.

Regulation: Early Era vs. Today

1960s–1970s Framework

• State law: Colorado’s Condominium Ownership Act of 1963 provided the legal basis for condo ownership but imposed relatively simple requirements on declarations and common-interest structures.^22,23,26
• Local rules: Early Aspen condo projects were approved under much lighter local zoning and building codes than exist today, with fewer growth caps and limited formal requirements for workforce or affordable housing.

Modern Regulatory Landscape

• Colorado Common Interest Ownership Act (CCIOA, effective 1992) governs modern condominium and HOA communities, covering declarations, association powers, owner rights, reserves, and disclosures.^23,26
• City of Aspen growth management and land-use code: Aspen has adopted growth-management systems since the late 1970s that limit the pace and scale of new development, along with detailed rules on height, mass, design, and historic preservation.^18,24
• Affordable housing mitigation: New residential projects generally must provide or fund deed-restricted workforce housing through the Aspen-Pitkin County Housing Authority (APCHA). This requirement has become more stringent over time and significantly shapes modern condo proposals.^24,27
• Updated building and energy codes: New construction is subject to modern energy-efficiency standards, fire codes, and, increasingly, wildfire-mitigation standards, all of which were far less developed in the 1960s.^19,20

As a result, present-day condo and townhome projects in Aspen and Aspen Highlands face far more complex legal, environmental, and affordability rules than the city’s early condo builders encountered.

Rental Use of Condos and Fractionals

Resort-area census data show that a very large share of Aspen’s housing stock is used as seasonal or occasional housing rather than year-round primary residences. The 2020 census found that over 40% of Aspen housing units were vacant on census day, mostly because they were second homes or short-term rentals rather than abandoned properties.¹²

Many condominium and fractional projects (including the Ritz-Carlton Club at Aspen Highlands) are specifically structured to support short-term or seasonal rentals when owners are not in residence, providing a way to offset carrying costs.^6,9,14 At the same time, a portion of the high-end condo stock is held by ultra-wealthy households as rarely used second or third homes and may be rented infrequently or not at all.

Pressures on Future Condo Development

Several forces shape the future of condo and townhome development in Aspen and Aspen Highlands. These include climate change, wildfire and insurance risk, local regulation, infrastructure limits, and the overall cost of resort-area living.

Climate Change and Snowpack

• Long-term studies of Colorado’s snowpack show declines in snow-water equivalent at nearly all long-term monitoring sites since the 1950s, with earlier snowmelt and shorter snow seasons expected over coming decades.^28,29
• Research and reporting focused on Aspen indicate shorter winters, increasing reliance on snowmaking, and concern about the long-term viability of snow-dependent recreation if warming continues.^30–32

Because much of the demand for Aspen condos is tied to winter sports and alpine scenery, persistent declines in reliable snow could eventually affect property values and the logic of additional large-scale condo projects, even though summer tourism and cultural events also play a major role in the local economy.

Wildfire Risk and Insurance Costs

• Across Colorado, wildfire risk is driving steep increases in homeowners’ insurance premiums, and some insurers have become more cautious about writing new policies in high-risk areas.^33–35
• While central Aspen and Aspen Highlands are less exposed than some wildland–urban interface neighborhoods, rising insurance costs and evolving underwriting standards can add another layer of expense and uncertainty to new development and ownership.

Regulatory and Legal Constraints

• Statewide analyses show a sharp decline in new condominium construction in Colorado over the past 15 years, driven by a combination of restrictive zoning, local anti-growth sentiment, and construction-defect litigation risk that makes condo projects comparatively risky for developers.^36–38
• Local land-use controls, growth caps, and affordable-housing mitigation in Aspen further limit new supply and raise the cost of adding free-market condo units.^18,24,27

For the near and medium term, these regulatory and legal factors are often cited as the most immediate brakes on new condo development around Aspen and Aspen Highlands.

Infrastructure, Habitat, and Resort-Cost Pressures

• New development must fit within the capacity of existing water, sewer, storm-drain, and road systems and often faces close scrutiny for impacts on wetlands, streams, wildlife corridors, and viewsheds.²⁴
• Aspen is frequently described in national coverage as one of the world’s most expensive ski-resort property markets, with extremely high costs for housing, skiing, dining, and basic services.^18,39 This narrows the buyer pool to very high-income households and tends to favor a small number of ultra-luxury projects rather than broad, mid-priced condo construction.

Key Points Summary

• First condos: Der Berghof (1962) is widely regarded as Aspen’s first condo building and one of the first in Colorado; Aspen Alps (1963), Aspen Square (1967), and The Gant (1972) followed as major early projects.
• First locations: Hillsides and blocks just above and around the Aspen core, tightly connected to the base of Aspen Mountain.
• Latest locations: Infill and luxury redevelopment in the Aspen core and adjacent neighborhoods, and master-planned village and fractional projects at Aspen Highlands.
• Scale today: Aspen and Aspen Highlands together likely contain roughly 2,000–3,000 condo, townhome, and similar attached units, within a total housing stock of just over 6,000 units.
• Prices: Early condos sold for tens of thousands of dollars; typical Aspen condo sales in 2024–2025 are around $2.7–3.3 million, at roughly $3,000–3,600 per sq ft in prime locations.
• Environmental footprint: Condos and townhomes generally have far lower per-household energy use and land impact than 7,000-square-foot luxury homes.
• Regulation: Current condo development is shaped by the Colorado Condominium Ownership Act, CCIOA, Aspen’s growth-management system, and strong affordable-housing and design requirements.
• Rental use: A large share of Aspen’s condo stock functions as seasonal or occasional housing, with many units rented part of the year through condo-hotel and fractional programs.
• Future risks: Climate-driven changes to snowpack, rising wildfire and insurance risk, and stringent regulatory and cost conditions are key pressures on any further large-scale expansion of condo development in Aspen and Aspen Highlands.

Sources

1. Aspen Sojourner, “Colorado’s First-Ever Condo Complex Reimagined” (Der Berghof, built 1962). <aspensojo.com>
2. Rowland + Broughton, “Case Study – Maison Bianca” (Der Berghof described as Aspen’s first 1962 condo building). <rowlandbroughton.com>
3. History Colorado / architectural biographies and related studies on Fritz Benedict and Aspen Alps (1963). <historycolorado.org>
4. Fritz Benedict bio and modernism studies citing Aspen Alps (1963), Aspen Square (1967), and The Gant (1972) as key condo projects. <estinaspen.com>
5. Aspen Highlands Village PUD documents, describing the base village layout and residential neighborhoods. <apcha.org>
6. Ritz-Carlton Club, Aspen Highlands marketing and resort information, describing the fractional condo residences. <ritzcarltonclub.com>
7. Aspen Snowmass lodging pages for the Ritz-Carlton Club at Aspen Highlands. <aspensnowmass.com>
8. U.S. Census and related profiles for Aspen housing units and values. <censusreporter.org>
9. Aspen Journalism, “2020 census data highlights the relationship between resort communities and downvalley locales” (vacancy and seasonal-home share in Aspen). <aspenjournalism.org>
10. U.S. Census historical data on median new home prices (1960s–1970s). <census.gov>
11. Estin Aspen Snowmass Real Estate, “Q1 & Mar 2024 Market Report,” including Aspen condo median prices and $/sq ft. <estinaspen.com>
12. Insider Aspen, “Client Newsletter 2024,” summarizing average Aspen condo prices and price per square foot. <insideraspen.com>
13. Klug Properties, “Aspen Snowmass Real Estate Market Reports” (average Aspen condo price per square foot). <klugproperties.com>
14. U.S. EPA, “Location Efficiency and Housing Type: Boiling it Down to BTUs” and related summaries on multifamily vs single-family home energy use. <epa.gov>
15. U.S. EIA and HUD summaries of Residential Energy Consumption Survey (RECS) data on multifamily vs detached home energy use. <eia.gov> and <huduser.gov>
16. Colorado Revised Statutes and Colorado Real Estate Manual, Condominium Ownership Act and CCIOA. <dre.colorado.gov>
17. Aspen Journalism and APCHA documentation on Aspen’s affordable-housing and deed-restriction programs. <aspenjournalism.org> and <apcha.org>
18. Colorado State University / HumanNature, “How a changing snowpack is altering Colorado’s environment.” <sustainability.colostate.edu>
19. Aspen Journalism, “Degrees of warming: rising temperatures, shorter winters and a declining snowpack are impacting Aspen’s snow-dependent culture.” <aspenjournalism.org>
20. Colorado State University and other coverage on wildfire risk and rising homeowners’ insurance costs in Colorado. <source.colostate.edu>
21. Common Sense Institute, “The Decline of Condominium Construction in Colorado” and related briefs on construction-defect litigation and zoning constraints. <commonsenseinstituteus.org>
22. Financial Times and other national coverage of Aspen’s ultra-luxury property market and development limits (e.g., “Has Aspen reached peak chic?”). <ft.com>