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Monday, October 1, 2007

New York Times and Forbes.com quote
Peter Kelley of Coldwell Banker, Aspen

(Attention: For current details about the Aspen Real Estate market, please
see our Market Report)

When the New York Times reported on luxury real estate for their December 13, 2002 edition, they contacted Peter Kelley.

The article, written by Walecia Konrad, focuses on how the market for second homes (those in exclusive communities such as Aspen, and priced at $1 million or more) was skyrocketing, but has now begun a slowdown that is good news to buyers.

Konrad writes about how "even brokers in Aspen...who have often been insulated from swings in the market, are seeing less action." She goes on to quote Peter Kelley, who told her that part of the reason sales take time is that many of the high-end homes are sold furnished, "and you have to find somebody who not only wants to spend $4 million to $10 million on a house, but who likes the furniture package or is willing to scrap it."

The article mentions that despite an overall slow rate of sales, Aspen still has motivated sellers. For example, two Aspen ski homes owned by Kenneth Lay, former chairman and CEO of Enron, have been on the market for more than a year. One is now listed for $5.5 million, down from its original asking price of $6,125,000.

Forbes.com writer Betsy Schiffman also contacted Kelley about the Aspen market. In her excellent article she writes: "Peter Kelley, a broker in Aspen, says that over the past 25 years there rarely has been enough inventory to meet demand, but 'the available inventory is now greater than I have seen it in ten or 12 years.' He adds, 'The plateau in pricing represents a buying opportunity for those who have always felt they were priced out of the Aspen real estate market.'

You can obtain the complete text for this article from the New York Times Archive.

Read the complete Forbes.com article here.

Please contact Peter Kelley for the latest opportunities in Aspen, Colorado Real Estate.