Basalt in Eagle County, Colorado is a small town that provides big benefits. Residents here can live in picturesque surroundings, have easy access to many outdoor activities and amenities, and join tight-knit communities that are often missing in bigger cities. It also has an envious real estate market where there’s the opportunity to land fantastic luxury properties that are truly unique.
Here, we’ll take a look at luxury homes in Basalt, CO, as well as provide some inside knowledge about their benefits and what to keep in mind when looking at the market.
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The Basalt, CO Luxury Real Estate Market
Luxury homes in Basalt are known for their exceptional craftsmanship and attention to detail. Whether it’s a custom log cabin or a modern mountain estate, they are built using the finest materials. Not only that, homes for sale in Basalt, CO, often sit on large, secluded plots. Privacy and seclusion come as a part of the package.
Types of Luxury Homes
- Mountain Estates: These are perfect for those who want space and great mountain vistas. These homes are typically perched on expansive plots, offering plenty of room for privacy and outdoor activities. The design often blends with the natural surroundings, with large windows and open balconies.
- Riverfront Retreats: Here, the soothing sounds of the Fryingpan River are right at your doorstep. These homes combine the beauty of waterfront living with the convenience of modern amenities. Enjoy your morning coffee on the private deck or cast your line for some fishing without leaving your property.
- Equestrian Estates: These luxury homes come with sprawling acres of land, perfectly suited for the equestrian and outdoor lifestyle. Here, you’ll have the perfect retreat, all set against the stunning backdrop of the Rockies.
- Downtown Delights: These homes in Basalt offer easy access to the town’s vibrant culture, restaurants, and shops, all while providing the modern comforts and design elements you’d expect for upscale living.
- Sustainable Sanctuaries: Basalt takes its commitment to sustainability seriously and it extends to luxury homes. You’ll find these homes all have solar panels, energy-efficient design, and sustainable materials.
Luxury homes in Basalt, CO range from the beautiful to the truly spectacular.
High End
At the upper end of the spectrum, at around the $13M-$20M price range, there are some exceptional properties. Properties in the $20M+ come with everything you could ask for from a riverfront luxury property. You’ll have lots of land, set in a prime location, near the town center and all its shops and restaurants, and other great amenities. The finishing will be of the highest quality and the in-home features will all be top-end.
At around the $13M mark, you are still looking at exceptional one-of-a-kind properties. There can be 5 or more beds and 4 or more baths. Again you’re looking at enormous square footage for the house which will be set in beautiful natural surroundings. At this price point, the interiors will be masterfully designed with the finest materials used.
Mid Level
At around the $5M mark, you can still get a riverfront property that has 5 or more bedrooms and around 3 or 4 bathrooms. The location will still be prime and the interiors will be very polished with artful indoors and top appliances.
Entry Level
What’s great about the Basalt real estate market is that there are many luxury homes at the $2M or under price point. Expect 2 to 4 beds and 1 to 3 baths, considerable floor space, and bright and breezy interiors. While these properties represent the more affordable end of the luxury market, they’ll still be placed in gorgeous natural surroundings. You may be slightly closer to your neighbors than with the higher-priced luxury properties but will still have enough space for privacy.
Investing in Basalt, CO
The appreciation of homes in Basalt, CO has been remarkably stable over the last 3 years.
In April 2021, the median sold house price in Basalt was $640,000. A little under 3 years later in January 2024, that figure had risen to $1,497,500, an increase in value of 80%.
What is notable is that during 2022 and much of 2023, when high interest rates plunged many markets into stagnation and even depreciation, Basalt was relatively unscathed. This is not to say that the price of homes didn’t experience a few dips in certain months, this is true of almost every market. However, Basalt experienced very few and minor drops in its median sold price and these were over a very short period in 2022. Since then, the predominant trend has been upward and there is strong confidence that the market will continue to grow.
What’s also notable is that Basalt in the early part of 2024, is very much a buyers market. This can be seen in that homes in Basalt, CO can sell for considerably lower than their asking price, sometimes by as much as 4%.
This presents an investor or homebuyer with a very advantageous opportunity in Basalt, CO. Houses can be had for considerably less than listed but these properties are likely to enjoy continued and stable appreciation.
If you would like to further explore this opportunity, we would recommend working with a real estate agent who truly knows the area and its communities, and who can not only get you the best match but also the best deal.
Benefits of a Luxury Home in Basalt Colorado
A luxury home in Basalt, CO will give you a life that very few are ever privileged to enjoy. It’s green and lush, with charming neighborhoods and some of the best outdoor activities in the US. Aspen and its famed ski resorts are only 29 km away. However, there are a couple of often overlooked benefits for luxury home buyers and investors.
Cost of living and tax
In an index where the national average for the overall cost of living was set at 100, Basalt’s overall score was 153. This would make you think that Basalt would be a very expensive place in which to live. However, if we delve deeper into a breakdown of the categories a more interesting picture emerges.
Groceries were a little more expensive than the national average coming in with a score of 106. Miscellaneous purchases were also high with a score of 154. The biggest difference was in housing which scored a massive 280, which is in line with the median price for a property in Basalt.
A luxury homebuyer or investor will already be expecting to pay considerably more for their properties than the price for standard homes, and then they can take advantage of some other categories that score significantly lower than the national average. Health expenses come in at almost 20% cheaper with a score of 82. Utilities and transportation are almost 10% cheaper at 92 and 87 respectively. Add to this residents in Colorado enjoy a flat 4.40 percent state regardless of how much they make, and those in a position to buy a luxury home are in a very advantageous position.
Generational Wealth
Certain studies have claimed that almost 70% of families who would be classified as wealthy will lose that wealth within 2 generations, and 90% by the third. Even if this is only somewhat true the figures cited are alarming. One way to maintain generational wealth is investment in real estate.
A luxury home in Basalt, CO could be used in a variety of ways. Apart from being a straight-out permanent home, it could be your holiday home, which you could rent out when it’s not being used by you or your family. You might want to invest with the sole purpose of renting out year-round. You could then sell at a later date when the appreciation levels match your required return on investment. Or you could simply turn to your luxury home as the place you want to retire in, and make it your primary and permanent home in your later years.
If you do decide to sell at a later date, you would be able to take that equity or the full amount of how much the value of your property has grown and reinvest it elsewhere. This may be around the same time when the kids are leaving the nest, perhaps setting up their own ventures and in need of that little extra help. Selling a luxury home would provide the funds to downsize to a more manageable home, live as you please, and still have enough to provide the help your kids need as they look to make their own mark or start their own families.
Finding the Perfect Luxury Home
Buying a luxury home can be a tricky venture and certainly, when you are making a financial commitment of this size, there are naturally bigger risks than when you buy a more standard home. With this in mind here are a few considerations to keep in mind before you begin your homebuying venture.
Have a clear goal and vision
Before you start an earnest search for homes for sale in Basalt, CO, get a clear idea of what type of home you want. Are you looking for a cozy retreat, a spacious family home, or a modern masterpiece? Create a list of must-haves and nice-to-haves, including the number of bedrooms, bathrooms, or special features like a private pool or a veranda. This will help you crystalize what’s a deal breaker and what’s negotiable and in turn streamline your search saving you time and effort. It will also help you walk away from properties that may be great but just not right for you.
Set a budget
It’s easy to fall in love with many of the luxury homes in Basalt, CO, and with the multiple tiers of luxury properties, it’s also easy to want one that is just a little out of reach. Here’s where you have to be firm with yourself. Setting and sticking to a feasible budget that takes into consideration not only the initial purchase price but also ongoing expenses such as property taxes, maintenance, and homeowner’s association fees, is a solid path to success.
Work with a trusted real estate agent
While we understand that this may sound self-serving, we cannot recommend highly enough that you work with the best agent you can. An experienced agent can help you navigate through the ins and outs of the Basalt, Colorado real estate market, ensuring a smooth buying experience. They also give you access to a network of trusted people in the industry such as lawyers, lenders, and builders.
What is often overlooked is that real estate agents who have operated in the area for a considerable time often have access to properties that may not be publicly listed. Sometimes sellers wish to sell their homes discreetly, this is more prevalent in the luxury home market. Through their network of agents, and just by their connections to the community, a great agent will often have knowledge and access to homes that are never publicly advertised.
Partner with Heather Sinclair
Heather Sinclair, is a seasoned expert in Colorado real estate with more than two decades of experience and stands ready to guide you through your buying or selling journey in Basalt, CO.
Featured in 2023 America’s Best and The Agency Aspen MVP, Heather Sinclair is a top-producing listing and buyer’s agent. She was also awarded The Agency Chairman Award and The Agency Aspen MVP as well as being part of the 10% of Aspen MLS and Top 50 Women Leaders of Colorado for 2022. With these recognitions and awards, you know you’re in good hands.
If you’d like to explore your options in the Basalt, CO real estate market, don’t hesitate to contact Heather Sinclair and her team today. Reach out to them at 912.270.5730 or send them an email here. You can also leave a message on their contact page.