With US residential property prices in a slump and amid fears of recession, wealthy investors may be reluctant to buy new vacation homes. But one market, while not immune to these issues, seems to be attracting interest: ultra-luxurious private residence clubs, where prices are often more than $1,000 per square foot.

The Residences at The Little Nell, for example, is a private residence club at the base of Aspen mountain. A year ago, a one-eighth share in a three-bedroom unit was $1.37m. Now the price is $1.7m, with a $20,000 annual fee including utilities, maintenance, liability insurance, property taxes, rubbish and snow removal and transport from the airport. The four-bedroom units, priced at $3m, are sold out – and the building isn’t finished.