Is the Aspen real estate market changing now that the economy is slowing and inflation is on the rise?
There are certain real estate markets that always prosper in hard times. Aspen, Palm Beach and The Hamptons (The Golden Triangle) are three that immediately come to mind. In Aspen and Palm Beach, property has been capped by geography and or government and demand is global resulting in a never-ending upward pressure on prices.
In Aspen, the latest tidal wave surge in prices has been a result of the following market forces converging. UHNW buyers are replacing HNW buyers. The pandemic, tele-commuting, generational wealth transfer and young billionaires in internet and inheritance and out-of-control property taxes in major metropolitan areas all are contributing factors resulting in Aspen's first $100,000,000 residential listing at the base of Aspen Mountain. Click here to see the $50,000,000+ Aspen homes for sale.
While the best properties continue to set record prices, we are seeing more homes on the market and sporadic price reductions. As the market "cools", mediocre homes in average locations may see a leveling off or a reduction in asking prices.