Recession has knocked development cold, cast doubt on some projects. "The poor condition of the economy — and its effects on the housing market — are responsible for the lack of construction rather than a lack of approvals.", said Basalt Town Council woman Jacque Whitsitt
ASPEN BASALT REAL ESTATE — Once the economy perks up and the demand for housing returns, Basalt developers will be in a position to deliver.The problem is no one knows when that will happen. The national economy keeps stumbling along and the local real estate market has stabilized, at best, after transactions and dollar volume nose-dived over the last 18 months.Meanwhile, developers are sitting on approvals for between 440 and 500 residences that are approved but unbuilt, a report prepared by the town planning department shows. The town government in recent years has also approved a 54-unit lodge, 20,000 square feet of warehouse space, and 313,000 square feet of commercial space.
By Scott Condon, May 8, 2010, Aspen Times