This is a description of Aspen's neighborhoods, and, in particular cases, of specific development activity occurring in some of them.

Aspen Core
Bordered by Roaring Fork River on the North and East side, Aspen Mtn on the South, Paepke Park to the West, this is central downtown living. This area has become arguably Aspen’s most desired location for obvious proximity-to-everything reasons. The trade-off for in-town living is that there’s simply not much single family, townhome or duplex inventory downtown, and it’s unlikely there ever will be because of the stringent zoning limitations. Almost all of Aspen’s condo inventory is located in the Core. It is characterized by high demand, low supply, Gondola and walk to skiing proximity but very few actual ski in/ski-out properties. Close to 90% of the condo projects in Aspen were built in the 60’s, 70’s and early 80’s. They look ‘old’ and ‘tired’ even though these projects are revitalized every 10-15 years with exterior make-overs. Most owners extensively update their interiors, and, most absolutely, these remodeled "new" units are in the greatest demand and command the highest price per sq. ft.  and sell the quickest. The best bang for one's buck - the highest premium - is to make one's unit drop-dead gorgeous if considering resale.

Red Mountain
This is one of Aspen’s pre-eminent locations due to its proximity to town and stunning views overlooking Aspen and surrounding mountains. It is the area ‘behind’ or North of the Hotel Jerome: the houses are perched on the hillside looking down on the town. Vacant land values start at $5-7M.

Aspen’s Historic West End Avoid traffic, like the Core this is in-town living in a beautiful historic Aspen neighborhood, walking/biking distance to downtown, Aspen Music Festival, Aspen Institute, This has long been considered one of Aspen’s most prestigious areas. Dotted with historic, Victorian mining homes and landmarks, it is ‘old’ Aspen preserved, dressed-up and convenient to everywhere. Prices start in the low $3M's for a vacant lot if available. House sizes max. out at the Pitkin County limit of 5,750 sq. ft. but look much smaller as much of their sq. footage has been built sub-grade, a mandate from the Aspen P&Z to preserve the both the historic look of homes above grade and the small town quality of the neighborhood while allowing home-owners to go big sub-grade. Most of the homes one sees from the street on the West End are actually double the size with their below grade "hidden" component.

East Aspen Area

Smuggler
As the Aspen Core area and the West End are so desirable, there’s also limited inventory. "Smuggler" is the closest area to downtown Aspen outside of the Core and West End. Its appeal lies in killer views of Aspen Mountain, walking proximity to downtown, hiking trails, the Rio Grande Trail along the Roaring Fork River. The area is known for its mixed use of dwelling units – affordable single family homes, duplexes, condos, apartment buildings - as well as brand new $6-8M home properties. It’s a potpourri of funkiness and high quality that may represent great value and opportunity or not. Two or three home sites in this general area belonged to Ken Lay of Enron fame. There is a new development here, Fox Crossing of approximately (20) new home sites and townhomes to be completed in 2009/2010 that will offer proximity to town, new construction and wonderful Aspen Mountain views. Prices are $4.5M-7M.

Mountain Valley, Knollwood/Eastwood and Aspen Club area(s)
This area, like Cemetery/Snowbunny Lane area, is in transition from old 60's and 70's ski homes to new 5,000 sq foot second homes.Many home sites have Aspen Mountain views (and Town of Aspen),along with a 3 minute drive into town. The area has garnered the nickname, "poor man's Red Mountain", but it's much nicer than that name belies. Since early 2000, teardown homes have been  bought up by builders/developers who are transforming the Knollwood/Mtn Valley area with 4000-6000 sq ft homes priced at $5M-8M plus. The teardown lot price range is in the low $2M's (possibly less) to low $3M's. As a qualification, the western portion of this area with Aspen Mountain and town views is the area of much of the redevelopment focus - specifically Knollwood and Eastwood; the eastern portion of Mountain Valley with Northstar Preserve and East Independence views are less active at present. Many of Aspen's professional 'locals' used to live in this once more affordable area, similar to the Cemetery Ln area.

East Hwy 82/Independence Area
This is the area east of Mountain Valley heading towards Independence Pass. It’s characterized by a beautiful valley floor running along the Roaring Fork drainage. The area’s focal point is North Star Preserve, a 175 acre tract of open space located about 1.5 miles east of Aspen on the Roaring Fork River. It is a quiet, peaceful area very close to town. Capitalizing on the lack of density, congestion, traffic and lots of open space, the area is slowly undergoing renewal as older homes are replaced with newer projects. Typically, views are somewhat more limited - and different - on this side of town, but it is more relaxed and has a feeling of being ‘away from the ‘hustle and bustle’ while still within 2-5 minutes to downtown.The area alongside the Preserve itself is becoming Aspen's new "Gold Coast" with a few rarified multi-million dollar homes bordering one of Aspen's most beautiful natural areas and wetlands open space.

Aspen Highlands Area

Aspen Highlands Village
Along the slopes of the Aspen Highlands Ski Area are two distinct trailside newer (1999/2000) neighborhoods that overlook Aspen Highlands Village, which was designed by renowned Robert A.M. Stern Architects. Together these neighborhoods offer a limited number of home sites, 31 in total. Looking up the ski mountain on the the leftside (north), Twelve of these lots are located adjacent to the Thunderbowl ski run and have broad views that sweep through Maroon Creek, the red cliffs of Tiehack, Red Mountain and the Roaring Fork valley. On the right side of the mountain (south), the other 19 lots are folded into the more secluded Maroon neighborhood, located south of the Village at the base of Lower Stein ski trail. Much of this terrain is heavily forested and, as a result, these homes and home sites enjoy wooded privacy and views that reach deep into the valley toward the Maroon Bells, as well as the grounds of Maroon Creek below.

The Highlands Area amenities include: walk/bike proximity to the ARC, the Aspen Recreation Center (a gorgeous facility where every indoor sport activity imaginable is offered to residents and visitors); 24 hr/on-call free taxi/limo service door-to-door for Highlands Village & Five Tree residents; ski-in/ski-out, ski-to-school proximity to Aspen District Schools.
The area is characterized by newer homes at excellent value within reasonable close proximity to Aspen. Importantly,the area is on the "correct" side of the roundabout meaning that traffic merges here heading into Aspen, rather than stopping at the roundabout ...an significant traffic consideration.

Five Trees
Located just outside the Aspen City limits west of town towards Aspen Highlands and the schools, formerly known as the Moore Family PUD, this 40-site single-family development was developed by Hines Resorts in the late 1990's, the group that developed the new Aspen Highlands Village. Five Trees and Maroon Creek areas are Aspen's newest subdivisions. Wonderfully located between Meadowood and Highlands Ski Area, Five Trees is convenient to Aspen, the local schools, and Highlands skiing. A neighborhood chairlift connects Five Trees with the Thunderbowl side of the Aspen Highlands Ski Area. Area amenities include: walk/bike proximity to ARC, the Aspen Recreation Center (every sports imaginable is offered here to town residents); bike path to Aspen, open spaces, 24 hr/on-call free taxi/limo service door-to-door for Five Tree residents; ski-in/ski-out, ski-to-school proximity to Aspen District Schools, Amazing western sunset views.

Meadowood
This is a residential area above the Aspen School District that has many older homes with some properties offering ski-in (to the Five Trees chairlift), possibly ski-out. The area is in rapid and significant transition from older 60's-80's ski homes to substantial newer second homes due to the value being added by its close proximity to the newer neighborhood development and the A described above,  Aspen Highlands Village, Five Trees and the ARC, the Aspen Rec Center. The area has a beautiful open meadow common area with a small but very visible pond and tennis courts for residents. There are walking/biking trails, public transportation directly into downtown Aspen and the nearby ARC,( http://www.aspenrecreation.com )

West Aspen Area
Snow Bunny and Cemetery Lane Area: Close to town, gold course views, bike paths, on the public bus route. Lot values here are likely to be higher priced than the Mountain Valley area on the other east side of town, priced in the high $2M -mid $3M,versus low $2M-low $3M respectively ... especially those properties that border the Aspen Golf course and offer beautiful views south directly up the Maroon Bells and Pyramid Peak. Again, this is an area in transition. There’s a lot of ‘old 60's - 80's housing inventory’ here that’s getting torn down and rebuilt with multi-million dollar homes. Specific to this area is that there are a number of duplex zoned lots making it attractive to builder/developers who are tearing older down single family homes on these duplex lots ($3.5M -$4.5M), replacing them with duplexes and duplex townhomes. Like the Mountain Valley area, many of Aspens professional locals used to live in this once "more affordable" area.They, however, are slowly being squeezed out by the rising values here.

West Buttermilk and Owl Creek Area

Owl Creek
This is a stunning small Colorado ‘park’, a vast stretch of open space between Aspen and Snowmass south of the Aspen Airport. Commonly referred to as the “back way” to Snowmass. It's one of the most beautiful areas in Aspen with views of sprawling Colorado ranch type vistas surrounded by major peaks. Estates in Owl Creek have big acreage (10+ acres), big square footage and provide elegant ranch style living in an unmatched setting. The most expensive real estate transaction in Aspen’s history took place here, with the sale of Mandalay Ranch, 600 acres+, for $49M in the summer of 2004. In early 2009 an Owl Creek property, MLS # 102392, was listed at $58M.

West Buttermilk
This area shares the same mountainside as Buttermilk Ski Area. Some of its exposures face NW looking across Buttermilk towards Starwood and McLain Flats Rd. Other more spectacular views face SW looking over Owl Creek with stunning Mt. Daly and Snowmass Peak views and sunsets.

Maroon Creek Area

Maroon Creek Single Family Homes
This is Aspen's newest and most elegant golf course neighborhood. Situated between the Buttermilk Tiehack ski lift and the Maroon Creek Club’s Tom Fazio 18-hole championship golf course, and between downtown Aspen and the airport, this area borders 370 acres of open meadow, aspen groves and pine forests. Maroon Creek is a secluded and private neighborhood of 43 home sites, ranging in size from ¼ acre to 3 acres. Homes  are large, majestic and new.There is a pedesrtian bridge crossing Maroon Creek providing easy access to the ARC, Aspen Recreation Center, and a bike/walkway to Meadowood, Aspen Highlands and further into town.

Maroon Creek Townhomes
Located next to the chairlift on Tiehack, this 16-unit complex offers views of Tiehack, Highlands and the Maroon Creek/Roaring Fork corridor, ski-in access from Tiehack lift, underground parking, and beautiful landscaping. Walk to the chairlift and the 12th tee of the award-winning Maroon Creek golf course. The 4,50- 5,500 sq. ft.Townhomes were designed by Bill Poss with the high quality stone and frame construction, high ceilings and wonderful architectural detailing.

Club Side at Maroon Creek
The Clubside townhomes at Maroon Creek, located adjacent to The Maroon Creek Club, one of the world’s most prestigious private country clubs, were designed by Bill Poss and Associates and offer “truly livable” floor plans. Created in a duplex configuration with only 10 feet of common party wall between, each unit offers a very private 6,500 square feet of living space, decks, and generous 2-car garages and golf cart storage. Every Clubside unit faces south and each has sweeping views of the neighboring mountain peaks from Independence Pass to Aspen Mountain, Aspen Highlands, Tiehack Mountain and Buttermilk. The interiors by Robert Trown and Associates provide large, gracious spaces, vaulted ceilings and expansive windows, all carefully designed to represent the feeling of a single family home. Finished with old world European style with stone and wood, these homes offer a new standard in mountain living.

Maroon Greens
The Maroon Greens Townhomes are eleven of the finest deluxe townhomes in Aspen. Located between the base of the Buttermilk/Tiehack ski area and the 12th fairway of the Maroon Creek Club Golf course, these units offer golf course frontage and ski-in access. Each unit has private underground 2-car garages as well as golf cart storage and guest parking.

Starwood and McLain Flats Area

Starwood
This is Aspen’s first, and still only, gated community made famous by resident John Denver’s song, “Starwood in Aspen”. Prince Bandhar's 55,000 sq. ft home is in Starwood. Situated above McLain Flats Rd, 10-12 minutes to downtown Aspen, the area offers unsurpassed views of all four of Aspen’s Ski mountains, plus Mt Sopris down valley as well. Built in 1980’s thru mid ‘90’s, the homes are generally ‘older’ and the area is experiencing somewhat of a rebirth. While newer Aspen development attention was focused on the Maroon Creek, Five Trees, and the Highlands areas for the past 10 years, Stanwood’s ‘star’ waned, or was forgotten. And as more buyers have sought closer in-town living, Starwood has also been burdened by a perception that it's too far from the action. But it’s an area clearly on the rebound as buyers perceive value and opportunity here on a relative cost basis in an extraordinarily beautiful and unique setting. It's the ultimate majestic big Colorado mountain views setting.  Along with Red Mountain, McLain Flats, Starwood's 180 degree panoramic mountain views in a mature Aspen grove and open field environment are unrivaled.

McLain Flats
McLain Flats Rd. is the “back road” to Woody Creek, paralleling Highway 82, but on a high agricultural plateau once home to Aspen’s most pastoral high mountain ranches. The road is known to locals for its breathtaking panoramic views of all of Aspen’s major mountains and peaks iwith a more farm/ranch type setting. This is one of Aspen’s most beautiful places because of the views and agricultural feeling. Lot sizes tend to be 3-10 acres, horses are allowed, and house sizes tend to be larger …there are presently five +10,000 sq. ft. new homes in the area including a few of developer Bob Bowden's View his properties  (especially #108484  for $29.5M and read my Jan 4-11, 2009 blog entry)  with abundant water rights and amazing mountain views.  Cher had a wonderful adobe style ranch here and downtown retail impresario, Boogie Weinglass has his Merry-Go-Round Ranch here as well..

Woody Creek Area
Woody Creek: Approximately 5-6 miles to downtown Aspen, this area had been made famous as the home of Hunter S. Thompson and other well-known celebrities. The reasons for its popularity are varied: remote but close to Aspen, the ‘renegade’ spirit of the place, it’s charming, funky Woody Creek Tavern as the community’s nerve center, a fair amount of riverfront properties, verdant small valley floors such as Little Woody Creek and the Lenado Mining Road. A funky and elegant mix of artists, cowboys, and entrepreneurs live here, and its mystique carries on.

Snowmass Village (SMV)
Snowmass Village and Snowmass Base Village: In Snowmass, the new Base Village was approved Spring 2005 and construction began that summer. Even though one can find relative value in Snowmass compared with Aspen, speculation fever hit Snowmass as buyers swallowed up any condos within the concentric circles of the new Base. Record prices were being paid for units close to the new Base Village and were fueled by expectations of future value being created.  The development build-out has been postponed due to the economic meltdown and probably will not be completed 2011 - 2013. There are a number of pre-construction opportunities where 10-15% down is required and the full balance not due until construction completion 24-30 months out. For more info, go to: http://www.aspensnowmass.com/snowmass/base_village2.cfm

Snowmass (SMV) single family homes: SMV was made famous by its many ski in/ski out properties considered to be some of the best designed and most desired ski properties in North America. The combination of ski in/ski out homes, the huge family friendly infrastructure of the ski resort and its proximity to Aspen make this one of the most sought after ski real estate areas in the country.