Condominiums in the Aspens are dropping in price and getting snapped up by investors and first-time homebuyers at prices not seen in 5 years. A Four Seasons condo listed in the $4.5M range just went under contract and a monster spec home on Fall Creek Road listed at $4.95M is now listed as pending.
A short sale in a NE 40 in Rafter J just closed for $375K, probably a good deal as the prices are almost 50% off their peak.
I have said it before, I think that just as we were in an anomaly: financing for everyone, boom times and 20% annual appreciation, we are now in a time where there is little financing, investors are just willing to get out with a small loss to simplify, and prices for the first time in 30 years have suffered a massive reduction. This next year will be about shoring up balance sheets, creating value and increasing cash flow—inventory will drop, prices will hit a point where the numbers are substantially less than replacement value, banks will begin lending money to qualified buyers, and prices will increase again to return to basic fundamentals.