Aspen Camp-aign

While the banking industry was changing, I would watch the banks go under at Implodemeter.com. Before I knew it, I was the next to go along with 11,000 other people from Wachovia/World Savings Wholesale. No matter what these shows on CNBC, 60 Minutes, and other news outlets say, the company was a very special team that understood lending. The CEO’s of Golden West Financial, the Sandler’s always gave a different sense of values for portfolio lending and this industry. Unfortunately, the market changed and as a result, the Sandler’s saw the writing on the wall. The competition was fierce and thus, they decided while they had a solid track record, it was time to move on and consider other options. They sold World Savings to the big dogs at Wachovia and everything went down from there.

Now in 2009, we have seen the real estate market do a complete 360 in comparison to just a few years ago, especially here in South Florida where real estate is the dominating industry. The banking and real estate industry depend on one another and need each other to keep the market going. Therefore, banks that were subprime lenders are now in the toilet and many people are unable to afford homes that they bought years ago. In South Florida, foreclosures are running ramped. They are no longer a shocking way of buying or selling property.

However, after recently going to Aspen, Colorado on a family vacation I was amazed that the people in Aspen are still barely holding on and not dropping their home prices. Many of these properties are second homes and start at a value around a thousand a foot and up. We have to adapt to the new lending rules. If you can’t get people to buy, then you need to offer them a better reason/price so that they will buy. Sellers who can lower their price 40%, win. When you see the current sale comparables, it is ugly. Even Related Westpac has six Snowmass Village Properties that have gone into foreclosure and are being auctioned on August 26th. Therefore, it’s clear that the foreclosure market is hitting the mountain resorts more so now. Thus, it is just a matter of time before Aspen starts to see this domino affect them.

While in Colorado, my sister and I went to the symposium at the Aspen Institute. They were discussing the “State of Real Estate and Development Economy” in the Aspen and Snowmass area. It was evident that the speakers were not thinking outside of the box as the input the people were giving could have been more creative. This goes back a great deal to the fact that the foreclosure market has not hit Aspen like it has in other parts of the country like the sun belts.

Aspen is an amazing town both in the summer and winter months and does not have the exclusiveness stigma it is known for. As a result, to stimulate the town’s economy, they need to market themselves more outside of Aspen. Those who are looking for a great vacation might not know the wonderful things this mountain resort has to offer. Families can find great deals that are out there and the best part of the town is that many of the activities offered are free. A family vacation to Aspen might even cost you less at the end of the day than a trip to Disney World. Therefore, just because one might not own a piece of real estate in the town because the prices have not dropped yet, it is still a destination for the leisure traveler. My sister even made a statement at the symposium giving the idea of creating an Aspen Camp-aign.

If you want that wonderful community feeling with beautiful surroundings, hiking, horseback, rafting, golf, tennis, art, theater, Ducky Derby, Rodeo, and restaurants Aspen/Snowmass has it all for you come and ENJOY!