An Avalanche of Price Cuts: As luxury ski areas go into deep freeze, sellers capitulate to market realities.
“ANOTHER PRICE REDUCTION!” shrieked a recent email to Aspen, Colo., real-estate agents in bold red 48-point font, advertising the fact that a large home in the exclusive community of Starwood was now asking $9.95 million, 38% less than its original $15.95 million asking price. “CONTRARY TO RUMORS, 101 STEIN IS NOT UNDER CONTRACT!” screamed another, in lime-green size 24 font, about a ski-in, ski-out townhouse now asking $4.8 million, down from $7.4 million. But the biggest shocker, says an Aspen broker, was the email reporting the markdown of a mansion on Red Mountain—a prestigious area of a prestigious town—to $19.9 million from $28 million.Fall has long been considered a good time to hunt for good ski deals, from season passes to condominium rentals. But this year, the biggest discounting isn’t just on lift tickets and goggles; it’s on custom-built homes with views and slopeside condos with Jacuzzi tubs. “This is really unheard of,” the broker said. “Sellers are finally getting desperate.”
By Nancy Keates, Oct 30, 2009 WSJ