Colorado

May 3, 2010 5:31 PM by Bea Karnes, News First 5

Aspen homes drop $1 million

Even uber rich Aspen isn't immune from the Great Recession.

A real estate appraisal company says the median sales price of a single-family home dropped $1 million last year. The number of single-family homes sold fell 8 percent.

The report by Aspen Appraisal Group says property prices normally don't decline during an economic downturn, although the number of sales does.

The report also notes a glut of commercial space, with about 90,000 square feet available for a vacancy rate of about 7 percent.

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