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Aspen & Park City See Surge in Luxury Real Estate Demand This Summer

by | Jun 16, 2020

It’s no wonder the mountains are calling, with endless woodsy trails to roam and plenty of room to social distance. In the recent article, Luxury real estate demand surges in Aspen, Park City, Fox Business interviewed The Agency Founder and CEO Mauricio Umansky, who says a lot of folks are skipping international travel this summer and choosing to escape to the Colorado and Utah mountain towns, which are already among coveted year-round escapes for the luxury market.

“A lot of traveling to Europe this year is probably nonexistent … And so I think a lot of Americans are looking where to enjoy the summer,” Mauricio tells Fox Business. He says prices for luxury properties in ski towns, such as Aspen and Park City, are “through the roof,” as demand has surged and supply remains low with the pandemic hastening the trend of the wealthy vacationing there year-round.

In Aspen, the luxury rental market is currently experiencing a very high demand for summer rentals. Among the available inventory is 501 W. Hopkins Avenue, a stunning mountain retreat that sleeps up to 14 people (pictured below), featuring four fireplaces, a private hot tub, game room, home theater and sweeping views of Shadow Mountain. Represented by The Agency Aspen’s Managing Partners Lisa Hatem and Heather Sinclair, the home is offered at $10,000 a month.

Heather notes that one rental listing they hold is rented in June and July for $130,000 a month. In the past three weeks, the Aspen office received six full-price offers for June, July and/or August. They also received a name-your-price offer for the entire summer, which the owner declined.

Offering some of the best skiing, hiking and biking, the scenic mountain town of Park City is a popular destination for A-List celebrities and film industry elite during the Sundance Film Festival. Since the start of the pandemic, Park City has seen an influx of activity at the upper end of the market. Park City offers easy access from major cities on the West Coast, including Los Angeles and San Francisco, and with many people transitioning to working remotely, Park City has become a very viable option.

Among The Agency Park City’s portfolio is 2755 Telemark Drive, a five-bedroom, contemporary home (pictured below) situated in The Solamere subdivision. Represented by Mike Mazzone and Zackary Hable and offered at $20,000 a month, the house was completed in 2018, featuring a workout room with dry sauna, great room with full wet bar and a glass wine room.

The Agency’s Park City team says that for the most part, many people still have high values in their portfolios and are looking to take advantage of the pricing in Park City, which is relatively low compared to their own markets in larger cities. Second homes can be enjoyed and then rented year-round and during the film festival. Over the past three weeks, showings in the upper end of the market have increased, and properties and land are trading. 

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