Kelsey Brunner/ The Aspen Times
News | July 18, 2020
Tim Estin works in the local Aspen real estate market and is seeing the “Great Urban Exodus” unfold in the current real estate market.
There’s been a perfect storm of events over the past few months that has led to people opting to flee city life for the relative isolation of the smaller towns, including Aspen. Demand for local real estate is booming to the point where brokers are having a hard time keeping up.
“More people want to stay here for a longer period of time,” Estin said. “There was pent-up demand and perhaps pent-up demand as a result of a two month shutdown. There are always those that have to move and those who need to sell. There are historically low interest rates — lower than we could have ever imagined.”
Before Scott Bayens could respond to the question, he had to decline an incoming call. That’s become the norm for him and his fellow real estate comrades in luxury markets across the country, as the demand to get away from the larger cities has made the ringing nearly nonstop.
“Colleagues in Tahoe and the Hamptons and in Montana, Wyoming, can’t pick up the phone because they’ve got so many people calling them from L.A. and New York and in this case, Denver and Houston,” Bayens said. “There is clearly a migration from urban centers for those who are trying to get out of the city and away from the virus and who now are able to work from home remotely.”
Estin and Bayens, who writes a monthly real estate column for The Aspen Times, agree on the general reasoning beyond the mass move of the wealthy from cities to small market luxury towns like Aspen. A lot has to do with the current environment surrounding the coronavirus pandemic, combined with much of the civil unrest that has been sweeping through the country.
With interest rates reaching record lows in favor of buyers and more people’s ability to work remotely from home, it makes sense for those who can afford