ASPEN — The decline in the Aspen-area real estate market has been more severe than previously forecast, and appears likely to remain in a down cycle for another 18 to 24 months, according to a prognostication Wednesday. “We are not going to know where the bottom was,” said Randy Gold of Aspen Appraisal Group Ltd., “until we are well on the road to recovery.”
By Wyatt Haupt Jr., Dec 18, 2008, Aspen Times
He made his comments before an industry group of more than 150 at a luncheon hosted by the Aspen Board of Realtors at the Hotel Jerome.
Gold said the Aspen and Snowmass Village real estate market has been rocked by some of the same economic factors that have hurt other areas. He said that those factors have also debunked an Aspen myth.
“In past recessions our market really suffered very little,” he said. “This time it is more broad based.”
In support of his claim, Gold pointed out three major components of the local market — single-family housing, condominiums and lots — have suffered dramatic drops in sales while listings have swelled.
Single-family home sales in Aspen are off about 36 percent through the first 11 months of this year, when compared with the same period a year ago. At the same time, listings have jumped about 24 percent.
Link to full article
Also, see Tim Estin’s Blog entries 12/20/08 – 12/22/08 with notes from Randy Gold / Aspen Appraisal Group’s presentation regarding commercial, vacant land/lots and residential Aspen Snowmass real estate