The last time I was in Aspen, locals were touting their real-estate market as largely immune from the world’s troubles. Aspen is unique, they said. Aspen is surrounded by mountains, so space and land are limited. And rich people from around the world–including Russia, Mexico–were dying to have an Aspen address.So much for that argument. An article by Scott Condon in the Aspen Times says times are so tough in the Colorado town that the local Sotheby’s International Realty office is shutting its doors. “We are going out of business,” partner Michael Russo told the Times. “We couldn’t scale back enough to survive.”
By Robert Frank, Feb. 11, 2009 Blog Post, WSJ

Link to WSJ post