Deals that closed in October could have been affected by the credit crisis that evolved in August, said Michael Russo, managing partner at Aspen Sotheby's International Realty.
The credit crunch surfaced when banks and lenders tightened credit because of soaring numbers of defaults on loans, especially to people with weak credit histories.
Well-heeled buyers in the Aspen-area market are "immune" to tightening credit, Russo
said.They often have the financial resources to pay cash for a second, third or fourth home worth millions.
said some would-be buyers in Aspen might have wanted to wait to see if prices of real estate would be affected by national conditions."They wonder if they can buy more for less," he
Some buyers also are likely waiting to see if turbulence in the broader financial markets will impact their portfolios, according to Russo
said 2007 won't be a record breaker, but that shouldn't taint the performance."You're still looking at the second best year," he
However, those statistics are deceiving without digging further, Russo
said.The vast majority of the decline is because of fewer sales of fractional ownership residences.Whole-ownership transactions are off by about 100 sales or 10 percent for the year-to-date.
One striking feature in the Aspen market is the high amount of inventory at and above $8 million, Russo