Not entirely unexpected, there’s strong evidence of Aspen – Madoff connections and by this morning, Tues 12/16, two property owners have greatly reduced the prices of their properties because of investment ties to the Wall St fraudster. Unfortunately, I believe there will be a number of Madoff related new listings coming on the market in the next few days to weeks due to the scandal, and these sellers tragically will be highly motivated to sell. See New York Times article on “Madoff Scandal Shaking the Real Estate Industry”
Regarding the dismal, non-existent really, state of real estate in general, one of my favorite clients sent me this you tube link today, “Real Estate Downfall”. The video is entertaining but the whole scandal so tragic as well.
