ASPEN REAL ESTATE – Conventional wisdom used to hold that Aspen would be the last affected by a recession, would not feel it as deeply and would rebound faster than the nation as a whole.That conventional wisdom has been scrapped by the great recession. In the five years prior to the crash in the fall of 2008, Aspen had been through a period of frantic economic activity centered on luxury real estate sales and development, with property values nearly doubling in the overheated market. Approvals for new homes, condos, fractional residence projects and other forms of luxury development piled up like never before.The recession quickly put an end to this type of speculative activity. Projects that received approvals the earliest might have been lucky enough to finish, but many of those are languishing with unsold inventory. Many projects, like the ones highlighted below, were undergoing construction or preconstruction when the recession hit. Lenders that had said they would be there when the bubble was inflating pulled back. Nearly two years later, Aspen is still struggling with the unfinished business.
By Curtis Wackerle, June 6, 2010 Aspen Daily News
Link to article
Stalled Project List
- Dancing Bear
- Stage 3 Main Street
- Snowmass Base Village – Related Westpac