Average sales prices for homes are about 30 percent less than original asking prices

ASPEN — The recession has brought “unprecedented” discounts on real estate prices in Aspen, according to veteran brokers.Single-family home sales prices are about 30 percent off their peak asking price from earlier this decade, while condominium prices are down about 20 percent, according to Brent Waldron, managing broker of Chaffin Light Real Estate in Aspen. That adjustment is “unprecedented” in Aspen, said Waldron, a 33-year veteran of the local real estate industry.Examples of deep discounts abound. A five-bedroom, 8,302-square-foot luxury home called the Estate on Castle Creek sold for $17.5 million last week. It had been on the market for $25 million, so the sale price was 30 percent below the asking price. (The property sold for $23.5 million in June 2007 when it was listed for $25.5 million, according to public records. The discounts aren’t just a recent development. A house at 10 S. Riverside Ave. in Aspen sold in April for $9 million — 35 percent off the $13.75 million asking price.
By Scott Condon

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For more on Aspen real estate discounting, follow The Estin Report and Tim Estin’s blog posts weekly and specifically see: Sept 17, 2009 and Aug 9-12, 2009, amongst others.