ASPEN, Colo.—A demographer says the super-rich are likely to have less impact on Aspen’s economy in the future and that tourists and retirees will play a bigger role. Jim Westkott, the former senior demographer for Colorado state government, told local officials Wednesday the recession has changed his outlook for Aspen and other resort areas.
Many wealthy homeowners who made up a large part of the Aspen market four years ago lost a lot of money in the recession and are unlikely to recover that wealth in the near future, he said, according to reports in The Aspen Times and the Aspen Daily News.
He predicted the development of large, expensive second homes will decline because future retirees with Aspen aspirations can no longer afford to retire or live part-time there. …read more