The great recession during 2006 to 2010 through the entire real state industry into a great slump. It was much difficult for everybody to get back up, to recover from the destruction that had been caused. During the mid to late 2000s, the subprime mortgage crisis had caused devastation in the banks, driving its effects to mutual funds, pensions and so much more. All of this eventually caused the great depression and the great recession. The financial crisis was way above people’s head. There was not one way of getting back up. All the financial markets had fallen. This economic crisis had its effects on Aspen and every country in the world.
What made Aspen so popular?
Aspen area real estate was flourishing. Till 2006, people would die to the right time to buy houses. Aspen has always been extremely popular among elites. The two main causes for its popularity are the history of the place and the geography. Aspen is situated a little far from Denver – takes a 4-hour drive to get there. Hence, it is one of the very few isolated ski towns. The place is almost like heaven to people. There’s enough nastiness, buzz, and serenity to make it ideal for just about anybody. Aspen has been popular for the expensiveness. As per history, the wealthy people happened to mythologize the place, thus making it a cycle of visits by the wealthy and the rich. All these reasons had an amazing impact on Aspen’s real estate. The average cost of a house in that area was around $2.7 Million back in 2006. Then, something annihilated all of it. The great recession.
How is Aspen area real estate doing now?
Today, after around 7-8 years of recession, Aspen area real estate is getting back up. The country is not flourishing amazingly, but there have been changes, and step by step it is getting there and eventually, Aspen will be where it was, if not somewhere better, in no time.