Aspen's real estate market
Yesterday, one of my best clients disclosed to me that he was not in a position to buy anything right now, it would probably be 6 months before he could move forward. This was a shock to me as he is always ready, willing and able to buy on a moments notice. Real estate prices have dropped 22 percent in the last couple of months and 30 percent from this time last year. Those who will not lower the prices on their homes here in Aspen, are not selling those homes. There are still some sales going on but nothing like it was. I have talked to many real estate agents here in the valley, they all say the same thing. We are showing properties but nobody is coming forward to purchase at this time. They are waiting, I've heard from many buyers that they are waiting for the election. Does anybody have any comments on this? It seems that real estate in the mid valley - Basalt, El Jebel - is seeing more action than the rest of the valley. Their prices have doubled in the last year and they are not dropping. We don't see many foreclosures up here, not like the rest of the state where it is in critical mode. In fact, I don't know of any around here at all. Aspen is considered a Disneyland, a playground for the rich and famous. They are still coming to visit but not buying at the moment. The rest of the valley is considered the workers home, where we all live and commute to Aspen every day. Since the prices in Aspen are so high, the millionaires and billionaires are now looking down valley for a deal causing the worker bees to migrate farther down the valley to live. The price of a home in El Jebel has now topped $1.4 million. How many working people do you know that can afford payments on $1.4 million? I know I can't and won't even consider that. Alot of my friends are now purchasing homes in New Castle and Silt, which is an hour and a half drive to work every day! I sure hope that things start to turn around pretty soon up here. We aren't as bad as the rest of the country, we are kind of in a bubble up here but it is starting to trickle to our valley from what I am seeing.
Comments (4)Subscribe to CommentsComment