Pitkin, Eagle Co. property values take a dive in reappraisal – residential values fall 35 percent and more in Basalt/El Jebel; 20-30 percent in Aspen. Aspen’s decreases meet expectations.

ASPEN REAL ESTATE – Colorado counties are required to perform the reappraisals every other year, in the odd years. The values released in May 2009 reflected market conditions for an 18-month period ending June 30, 2008. That was before the recession walloped the Roaring Fork Valley. So, just as many homeowners were feeling the economic pinch and watching market values sag, revaluations for 2009 reflected a boom in valley real estate prices. Many property owners were angry and a record number of appeals were filed in some counties…Now, the reappraisals are reflecting conditions during the Great Recession. Eagle County Assessor Mark Chapin said his office looked at a 24-month period, as allowed by state law, because there were so few sales to base values on. His office looked at sales between July 2008 and June 2010 as a basis for the new values… In Pitkin County, the reappraisals for residential property were 10 to 40 percent lower countywide and 20 to 30 percent lower in the Aspen area, according to Pitkin County Assessor Tom Isaac. “It really varies from neighborhood to neighborhood,” he said.
By Scott Condon, May 3, 2011 Aspen Times

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Courtesy of AT May 3, 2011