(Aspen, CO) - A new Basalt real estate company is listing the some of the first foreclosures to reach the resale market in the Roaring Fork Valley.
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Economists tell us that all markets have cycles. A typical market, like a wave, has peaks and troughs. Nobody would deny that in the Aspen / Snowmass area, in the years running up to 2007, we were riding the crest of a big wave of optimism and euphoria as the prices soared higher daily.
The world over, Aspen is known as a "must-own" town for the ultra wealthy. When you see a 6,000 square foot vacant lot listed in town for $3,250,00, you can not but be reminded of the tried and true real estate axiom; location, location, location!
Located in the desirable Ute Place is this 6 bedroom 61/2 bath home. Walk to town and gondola. Large pond and mature landscaping. Property manager and concierge live on-site in a caretakers residence for Ute Place.
For more details you may contact Mason Morse Real Estate
That's right - An $11,000,000 discount and who knows if they'll take less...
Yes, even in Aspen we are seeing foreclsoures - four have been filed so far in '09 - certainly a very small number in comparison to many parts of the country but it shows that even the super wealthy can be affected by the economic downturn.
Recently there has been much talk nationally about “Shadow Inventory”. This refers to home sellers who have either pulled their house off the market or are choosing to wait for the “market to get better” before listing.
A full-page ad in this past Saturday’s Aspen Daily News reads: “A rare opportunity! Own this 18th Century inspired Tuscan Estate Just Minutes From Downtown Aspen.” The casual newspaper browser commuting on a free RFTA bus to a meager 12-dollar-an-hour service industry job in Snowmass Village or Aspen’s downtown core might skim over the price, found in tiny print at the bottom of the page: 43.8 million dollars.