Foreclosures have been hitting all segments of the real estate market in Pitkin County since the recession began in 2008. Unpaid balances range from $68,500 on a Centennial condo to the $520 million Snowmass Base Village foreclosure.Another prominent property on the foreclosure list is the Dancing Bear fractional ownership development in Aspen, which according to records owes $53 million. In 2009, foreclosures were filed on high-profile properties such as the Hotel Jerome and six Snowmass Village properties — including two lodges and one commercial center — that were sold at auction to Base Village developer Related WestPac for $110 million.
ASPEN REAL; ESTATE – Last year broke the record for the number of foreclosure filings in Pitkin and Garfield counties in 2010. Pitkin County finished the year with 144 foreclosures, an increase from 2009 which ended with 105, according to Tiffany Wancura, chief deputy public trustee for the county.The previous record in Pitkin County was set in 1982, when 143 properties went into foreclosure. That was followed closely by 130 foreclosure filings in 1983. Both 1985 and 2009 had 105 foreclosures.In every other year since the county started keeping records in 1973, there have been fewer than 100 foreclosures, and in most years, fewer than 50. The 10-year average for foreclosure filings is 24, and the 25-year average is 40.
By Catherine Lutz, Jan 3, 2011, Aspen Daily News