Residential Real EstateMarket Conditions
But it looks like no one is safe from the overall slowdown.
An article published earlier this month in The Aspen Times shows that even the posh playground to the world"s rich and famous is feeling the pain of this fickle market.
"The good news for the Aspen real estate industry is that April was the most active month in 2008," the author writes, "The bad news is the dollar volume of sales for the month was still down 32 percent from the same month last year."
Another fancy Colorado resort has also felt the bite of this market"s contraction.
Scott Miller of Vail Daily reports that while the price of local homes has dropped only a little, recent figures show "the pace of sales has slowed more than 40 percent from the same period just a year ago."
It stands to reason that few if any buyers in these high-dollar markets were victims of sub-prime loans, so it"s even more compelling that markets that only cater to well-qualified buyers are suffering. But we can assume that as the market recovers, it will probably be these higher-end locales that see their numbers come back up sooner.