Private Showing: select homes from our global scouting, reviewed for multi-base living. Shown to qualified buyers by private conversation.
October 2026
Above the clouds on the Zugspitze, October 2026.
Garmisch at a Third of Aspen's Price
Five new homes on the Kurpark, permitted to rent. From €1.09 million ($1.22 million).
I raced downhill here in 1987 with the Air Force Alpine Ski Team. This October I stood on the Zugspitze again, above a sea of cloud, and it felt like heaven.
Garmisch-Partenkirchen sits in the Bavarian Alps, about 90 minutes south of Munich by train, beneath Germany’s highest peak and a short ride from the Austrian border. It was our first mountain stop on our Alps tour this fall, scouting the region for STR, MTR and pied-à-terre buyers, and we shared what we found in our scouting report.
The catch: holiday rentals need a permit, and the town rarely grants one. Here’s one that caught our eye. Zugspitz Estate has the permit.
At a glance
Where | In the heart of town, on the Kurpark |
What | 5 new homes, 1 to 2 bedrooms |
From | €1.09M ($1.22M) |
The edge | Permitted to rent to holiday guests, with open mountain views in the center of town |
Versus Aspen | About a third of the price per sq ft |
Terms | Nothing due until handover · financing for qualified buyers |
Status | All five available · seen on the ground, October 2026 |
Zugspitz Estate in winter. Rendering: Black Swan Properties.
Why this one. We walked the towns and villages of the Alps this fall, from Munich to Milan, sizing up each one as a pied-à-terre base: the local feel, the train links, and what it takes to own and rent from afar. This is the one we’re showing.
The town approved all five homes as holiday rentals in February 2026, and I’ve seen the permit. Next door, six of nine homes sold without one. One sold for €1.19M ($1.33M). Its twin in this building, on the same floor, at nearly the same size and the same price, can host guests.
Same home. One permit.
On the Kurpark, in the heart of town. Rendering: Black Swan Properties.
The homes
Five lock-and-leave homes, sized for a pied-à-terre, in one of Germany's most coveted mountain towns. Tap one to ask about it.
Cäcila 1 · 1 bed · 80 m² (861 sq ft) · €1.09M ($1.22M)
Cäcilia 2 · 2 bed · 90 m² (969 sq ft) · €1.19M ($1.33M)
Cäcilia 3 · 1 bed · 80 m² (861 sq ft) · €1.12M ($1.25M)
Cäcilia 4 · 2 bed · 90 m² (969 sq ft) · €1.22M ($1.37M)
Cäcilia 5 · 2 bed · 136 m² (1,464 sq ft) · €2.10M ($2.35M)
The value. In May, a 900 sq ft one-bedroom in downtown Aspen sold for $3.85 million, about $4,280 a square foot. Cäcilia 1, a new 861 sq ft one-bedroom, is $1.22 million, about $1,420. And where Aspen has four mountains, Garmisch has about ten ski areas within 90 minutes by train, across two countries, from glacier skiing on the Zugspitze to quiet family hills.
The build. Built to the standard you’d expect in Aspen or Vail: solid wood windows floor to ceiling, full-height wood doors, wide oak floors, and every trade local.
A finished living room at Zugspitz Estate, with the Wetterstein peaks through the glass. Photo: Black Swan Properties.
How the base pays for itself
The one-bedroom, paid in cash
Hold it | about €7,275 ($8,148) a year, under 1% of the price, before a single booking |
Live it | one to three months a year in the Alps |
Cover it | about six weeks of bookings pays the year's costs |
The rest | rent it for income, or trade it for stays in homes elsewhere |
To question | six weeks assumes these new homes on the park book above the town's average nightly rate. Test it with the rental manager before you buy. |
Napkin math, not advice. Assumes a cash purchase, €275 ($308) a night, and 65% kept after management. Hold costs are the building fee and property tax from the building's budget, plus our estimate for utilities, insurance, and repairs. Buying costs run 5.5% to 9%. Germany doesn't tax gains after 10 years; US taxes still apply, so see a CPA. Prices as of October 2026; €1 = $1.12.
Why now. Prices are off their peak, and global uncertainty has made European buyers more cautious. In a class-A market where little like this can be built, a softer market is opening a window to negotiate.
Why own it. Not for yield. For peace, preservation, and optionality, if the mountains are where you want to be.
A quieter life. Clean mountain air, church bells instead of traffic, and streets you can walk at night without a second thought. Mornings here feel like a gift.
The Alps as your playground. Garmisch-Classic and the Zugspitze in town, with Mittenwald, Seefeld, Ehrwald, Lermoos, Berwang, and Innsbruck’s Nordkette a train ride away. The ski bus stops at your doorstep. In summer, swim the Eibsee and hike or ride from the door.
Easy to reach. About 75 minutes by car from Munich Airport, much of it on autobahn with no speed limit, or 90 minutes by train from Munich.
Asset preservation. New construction on central land, in euros, in a town where little like it can be built. A place to park equity, not trade it.
Optionality. Stay when you want, rent when you don’t, trade weeks for homes elsewhere. Sell one day, or hand it down.
The Zugspitze from the garden. Image: Black Swan Properties.
Your months here. December, first tracks on the Zugspitze and the Christmas market in town. February, a different mountain every day, by train. October, gold larches and quiet trails after the crowds leave. Then lock the door, fly home from Munich, and let the bookings carry the year. On a clear morning before you go, ride to the top and stand above the clouds once more.
Zugspitz Estate at night. Rendering: Black Swan Properties.
Five homes on the Kurpark. One private conversation.
If one could be your base, let’s talk. I reply personally within two business days and, if it fits, introduce you to the developer’s CEO and local rental management.
Two minutes. Your details stay with me.
See you above the clouds,
Andy Thoms
Founder, STR Scout
Three decades at the closing table. Every home and project is reviewed before it reaches you, as a starting point for your own diligence.
P.S. Stay tuned for our next Scouting Report through the Alps. Next stop: Bolzano, where the Dolomites meet Italy.
About Private Showing. After three decades in real estate, I know most homes don’t make the cut. Private Showing shares the ones that do, from our scouting around the world, with qualified buyers by private conversation. STR Scout, published by Argos Media LLC, represents no buyer or seller. Sellers may pay us a referral or marketing fee; it never changes your price or what we write. Prices and details come from the seller, and figures are estimates. This is information, not investment, tax, or legal advice. Do your own diligence before you buy.