Monday, January 26, 2009

Aspen Sales Drop for Multi-Million Dollar Vacation Homes

Aspen, welcome to the real real-estate world.

The dollar volume of Pitkin County (Aspen) real estate sales was down nearly 50 percent in 2008 compared to 2007, according to the Aspen Times. “You’re probably not in much of a mood to spend $10 million on a second home in Aspen,” Timberline Bank President Mike Taets told the paper, referring to wealthy corporate honchos.

The paper suggests that attitude is related to the rest of the not so filthy rich world. "When a CEO of a struggling company spends millions on a vacation home, it sends the wrong message to that company’s employees," it says.

Taets believes that real estate buyers are out there, waiting to see the relative bargains they might pick up as sales stagnate. "They want 30 percent or so off the top prices from 12 to 18 months ago. Patient sellers aren’t giving in, so it creates a logjam," it paraphrases Taet as saying.

Shopping? The brand new home finished last summer pictured about is listed at $60-million by Joshua & Co. in Aspen

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