A report today from Aspen Colorado showed the real estate market for Pitkin County is finally slowing down. Local real estate agents state that the national credit and lending crisis is not causing any direct impact on the market, as Aspen’s customers usually pay cash, no matter what the price, although some prospects seem to be waiting to see how the national climate may affect their portfolios so perhaps there exists an "indirect" impact. It seems to me that local sales in Aspen might be experiencing a necessary correction after an incredibly busy first half of the year.
The real estate market there topped $2 billion in sales by the end of September, according to a monthly analysis by Land Title Guarantee Co. This total breaks last year’s (2006) record pace and it is the first time the $2 billion barrier was topped by the end of the third quarter. But, a month later in October, sales slowed significantly – down 37% over last year. Sales were at $183.36 million in October 2007 compared to $289.64 million in sales for the same time in 2006.
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