29 Jan '14, 9am

Aspen's luxury real estate revenue drops 37pc in 2013: report - Luxury Daily

Aspen's luxury real estate revenue drops 37pc in 2013: report - Luxury Daily

Aspen Thirteen luxury properties were sold in Aspen in 2013, a 24 percent drop from the year-ago period, according to the Estin Report, an affiliate of Southeby’s International Realty. The total revenue reached $174 million in 2013, compared to $275 million in 2012. Aspen’s luxury real estate diverged more sharply from the trend seen in other markets, where prices flattened out but volume of sales increased. “The selling process remains extremely challenging and competitive and even though inventory levels have dropped 30 percent since peaking in 2009 there still is quite a bit of inventory and competition between listings is intense,” said Tim Estin, broker associate at Aspen Snowmass Sotheby’s International Realty , Aspen. “There’s an expectation that prices will rise eventually because inventory levels have fallen,” he said. “Exactly when that will occur is anyone’s gue...

Full article: http://www.luxurydaily.com/aspens-luxury-real-estate-reve...

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