Luxury real estate demand surges in Aspen, Park City

As the coronavirus pandemic kept millions of nonessential workers home, many New Yorkers have been looking to relocate to Aspen, while Park City has been more popular with people escaping city life in Los Angeles or San Francisco. It started with people looking for vacation rentals, but as inventory has shrunk, it’s prompted a “buying mode” according to Mauricio Umansky, founder and CEO of real estate firm The Agency.

“People have realized that you can work from home,” he said. “And the big question has become: where do you want to sequester with your family in the event that this ever happens again? And so I think people are looking for space and looking for areas where there’s a lot less density.”

Even before the coronavirus, real estate was trending upward in both Aspen and Park City. The median sale price of single-family homes in Aspen rose sharply in the second half of 2019, according to the Aspen Board of Realtors, and the median single-family home price in greater Park City rose 12 percent in 2019, according to the Park City Board of Realtors.

See video at https://www.foxbusiness.com.

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