Real Estate Falls In Aspen

by Deidre Woollard (RSS feed)
Nov 23rd 2008 at 6:02PM

Everyone talks about the price of real estate in New York and Southern California but what about the luxury retreat of Aspen, Colorado? The economic crisis has hit the winter retreat hard lately. The Aspen Daily News reveals that October had the lowest monthly volume of real-estate sales in Aspen since December 2004. Sales this year through October are down 47 percent compared to 2007.

The numbers are pretty dramatic. While over the past couple years real estate sales have had some $200 and $300 million months, this year's biggest month, August, brought just $160 million. The October property transactions in Pitkin County were a little more than half that at $86.5 million. Development in Aspen has slowed meaning that fractional and condo units aren't being closed on as quickly. Real estate brokers are telling people that it's a buyers market for those interested in making a deal in Aspen. You'll still pay millions for a luxury ski home, just a few less million than you would have a few years ago.

Tags: aspen, colorado, real estate, RealEstate

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Reader Comments (Page 1 of 1)

Jack Nov 24th 2008 4:12AM

Is over the time of fat cows, and yet we stubbornly build, build, build. We need to start upgrading the existing building and certifiy them where possible, making it more sustainable and efficient energy, but nobody thinks to this problem. There was accustomed to easy money construction when there are great possibilities in recoveries, if you know how to do. Our Company works remotely by providing our know-how to designers and businesses to the area, providing not only technical solutions but also a support to the final customer to understand the real needs. Stop to built boxes more or less luxurious, but frequently with low level construction parameters. The crisis has allowed people to wake up and begin to decide how to spend their money, is that the poor to the rich, so businesses will bring in or head to work well and offer good products at fixed prices, or the crisis will continue! It is time that end this massacre. Have been devastated marvelous areas by constructions and then leave once disfigured. Today people are sensitive to the environment, so we adjust the manufacturers and municipalities that have agreed to eat the territory for money.