If there was any doubt that the luxury real estate industry is facing financial issues, the latest casualty in Aspen, Sotheby’s International Realty, should dispell that notion.
Sotheby’s closed their doors on Feb 13th, after running into financial difficulties and the franchise will be taken over by a former rival, Morris and Fyrwald Real Estate.
The luxury ski resort business has been hard hit by the financial crisis, and the value of sales in Aspen fell 46% in 2008, with the trend continuing.
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