The times they are a-changing. The Aspen Daily News.com reported yesterday that Aspen, Colorado’s real estate market has "evolved" into a buyer’s market. When a single-family home in the West End recently sold for $788 per square foot, buyer’s noticed, so did sellers and everyone else in Aspen. Single family homes in Aspen have sold at $1,500 per sq. foot or more, so this current sale reflects a new reality in these recessionary times.
“Sellers have to realize that could be the bottom for single-family houses in the West End,” said Coldwell Banker broker Tim Mooney in Aspen. “And Realtors have to get real by taking listings that they can sell between $800 and $1,000 a foot. But they’re not. They’re still taking listings at $2,000 a foot, which means they’ll have to lower the price in the first 60 days of the listing.”
The number of local home sales has been so shallow ever since the nation plunged into a recession that many brokers agree it’s too early to tell what the bottom might be here. But they say now is a good time to be an interested buyer.
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