Why buy when we’re all going to die?
The Saturday edition of London’s Financial Times is possibly the best newspaper read in the world. Each Saturday edition contains stories on outrageously expensive art, luxury items, vacations and real estate. The most recent edition contained a long article titled “A chill wind blows though Aspen’s property market.” The article began by explained “The world’s priciest ski market is taking a tumble. The median price of the 183 homes sold in Aspen in the year to September was nearly 12% lower than the same period in 2018, according to agents Douglas Elliman.”
The article explains that the inventory of unsold very expensive houses has increased for five quarters in a row. A realtor added that “the rich don’t buy if they think the market is about to run.” Instead they rent.
Fears of the impact of global warming were cited as one of the factors discouraging buyers. What a surprise! Why spend millions on a dwelling in Aspen if one is worried that global warming will make it useless in 10 or 20 years.
Of course, if you listen to Maurice Emmer, climate change is a joke. Maybe Aspen’s real estate agents should retain Emmer. He could tell potential buyers that Aspen property is a real steal today because climate change is a hoax. I am sure his arguments would be more compelling than those of the scientists who predict gloom and doom.
Philip Verleger
Denver