The Wall Street Journal just published an article that I know you will find interesting. In the piece entitled “Top of the Superrich’s Real-Estate Wishlist? New York, Aspen,” the WSJ dives into quantitive data “from a study of ‘ultra-high-net-worth individuals’ – richer still than the 0.1% – [showing] that their swelling ranks are increasingly storing wealth in multimillion-dollar mansions around the world.”
Representing Aspen4Sale, I recently spent time with a small, exclusive group of successful professionals at an illuminating conference in Whistler, BC, Canada. American hedge fund manager, billionaire and owner of real estate in Aspen John Paulson was among the 21 people who spoke at the event. Paulson’s insights and real estate advice proved to be valuable. Here are a few pieces of real estate advice from Aspen real estate advocate and billionaire hedge fund manager John Paulson…
“If you don’t own a home, buy one,” says Paulson. “If you own one home, buy another one. If you own two homes, buy a third.”
Currently, Paulson says he only 22% of his portfolio invested in the stock market and 2% of his portfolio invested in gold. A large majority of his current investments are currently in the real estate market.
“I still think buying a home is the best investment any individual can make,” says John Paulson. “Affordability is still at an all-time high. Buy a home, and, if you can, buy a second home.”
Most importantly, Paulson feels that real estate is the best investment right now. And, Paulson chose to invest in Aspen real estate! The adage that “proximity is power” rings true, and Aspen4Sale has a great home for sale in Starwood, the gated community where John Paulson owns a beautiful estate.
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Whenever I’m in Manhattan and ask a client, “What do you do?” their response is typically: “I work in finance (or publishing, real estate, etc.)” The east coast mindset revolves around work and profession, which I understand because work ethic and tireless commitment to results are two reasons I have been able to cobble together a successful career selling luxury real estate in Aspen. In Aspen, however, I’ll ask someone “What do you do?” and their response is very different than a New Yorker’s response. “I ski, I mountain bike, I love fly fishing, I hike, I collect art, etc.” While we work hard in Aspen, our town’s ethos is equal parts passions, activities and profession, career. The Aspen lifestyle is one of our real estate market’s main selling points.
Aspen4Sale will highlight a handful of lifestyles on-tap in Aspen, Colorado throughout this on-going series. I decided to kickoff the Aspen Lifestyle series focusing on the skiing and snowboarding culture that makes Aspen unique!