“…It’s the tippy-top of Pitkin County’s real estate market that has taken a huge hit this year. In 2015 there were 30 residential properties sold for $10 million or more. This year that segment is off by more than 60 percent, according to Tim Estin, who published his most recent market analysis (e.g. The Estin Report) on July 8. And he said the trend is by no means unique to this market.
“The luxury sales declines correspond with what one hears about other high end real estate markets around the country,” Estin wrote. “Sales are either off considerably or have stopped — foreign buyers have dried up, uncertainty prevails and there is an abundance of high priced inventory.”
By Madeleine Osberger, July 11, 2016 ADN