May 072011

By The Associated Press @ The Denver Post on April 28th, 2011

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

  2 Responses to “Demographer: Super-Rich Declining in Aspen”

  1. Seems these potential demographic scenarios could be easily applied to Sun Valley as well – lots of second homes for the wealthy supported the construction & service industry.

    Does not seem that encouraging anyway you look at it for an influx of young residents to the resort or nearby communities.

    • Thanks for the Sun Valley perspective, David. I think the most interesting take in the article had to do with converting those mega-mansions into “duplexes, co-ops or some type of assisted living facilities as baby boomers begin to retire.” Although it’s hard to envision that being a viable option, I’m sure there would be a need for such type of housing, especially considering how many locals look to one-another for support and community as they grow older. I envision clusters of aging locals becoming housemates in those second-home rentals. ~ Peace

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