Ski Town Property Prices Hit All Time High Following COVID Lockdown

Emily Crofton | | Industry NewsIndustry News
Park City, UT. Photo credit: In The Snow

There is no question that the coronavirus pandemic has changed our daily lives and the way society functions. Millions of people have lost their jobs, businesses have been forced to shut down, and schools have drastically adjusted their educational approach. One of the most noticeable changes as a result of the virus has been the number of employees now working remotely. With the option to work from almost anywhere, people are beginning to rethink where they live.

As we enter the second half of the year facing the coronavirus, millions of Americans are fleeing the city to seek solace in the mountains. Realizing their office can be wherever they please, ski towns are witnessing a drastic influx of people. As a result, the housing market has experienced a “mini-boom”, with property prices hitting record highs. In particular, luxury homes in ski resort areas have been selling for prices up to $27-million.

Contemporary Aspen mansion that sold for $27 million. Photo credit: Fox Business

In Aspen, Colorado, properties are selling at top dollar at an alarming rate, real estate agents report. For example, a woodsy, nine-bedroom log house, built on land once home to impoverished silver-miners in 2006, sold for $5 million just a few years before, is now available for sale for $45 million. It is now ranked amongst the priciest homes for sale in Aspen, featuring a multi-level home theatre, multiple bars, and a rooftop hot tub.

Whether it be full-time residencies or second home destinations, these high-end homes are flying off the market. Heather Sinclair, founder, and managing partner at The Agency’s Aspen office commented on the recent sales by saying, “We have people coming who are fleeing California, New York–the market’s been very busy.” With the future unknown and the pandemic still affecting our lives, the housing market will only continue to see a rise in high-end sales.

$45 million luxury log cabin in Aspen, CO. Photo credit: Mansion Global

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