Commercial real estate may be reeling in urban city areas. What about upscale ski towns? Booming.
The WSJ reports: “This was the busiest summer selling season ever,” says Ben Fisher, a broker with Summit Sotheby’s International Realty in Park City. The high end there has been particularly strong, with sales of single-family homes over $2 million up 50% between March & August 2020 compared with the same period a year earlier. One house sold for all cash and $350,000 over its $15 million list price just a few days after it went on the market.
In Colorado, Telluride saw the dollar volume of home sales increase 54% through the month of August compared with a year earlier, with $125 million in sales in August alone—a one-month record. Aspen recorded 65 single-family home sales through August this year, up from 50 for the same period in 2019, while the dollar value of the sales were up by 49%. Since March 1, 46 houses over $10 million have sold & 24 are under contract.
“I’ve never seen anything like it. The high end is flying off the shelf,” says David Viehman, a real-estate broker in Jackson Hole, where sales over $3 million are up 55% over a year earlier & there have been 21 sales over $10 million compared with 2019, a 320% increase.
Follow the data. Data is the key. #Inveniam