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How Colorado emerged as the quarantine location of choice for rich Americans and a haven for millennials looking to escape the coasts
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Steven Shane, Compass’ top agent in Aspen, Colorado, has $1.084 billion in property under contract.

His figure from the same period last year — the 35 days to September 30 — was $111 million, he said.

“We’ll close more than nine times what we did last year in dollar value,” he said. “Almost 10.”

Shane, who has worked in the Aspen market for 20 years and ranks among Real Trends’ top 20 agents nationwide, said the market had welcomed a huge influx of buyers since the onset of the pandemic, despite agents’ inability to show properties from March through May.

Craig Morris, a top Sotheby’s agent, said he’d had a similar experience in Aspen.

Where he generally has five to 10 properties under contract at a time, he has 24 right now, he said, and his 42 closings this year have already outpaced his yearly average of 30 to 35.

“It has become glaringly apparent that people have been moving from densely populated cities to an environment that provides open space,” Shane said.

“Even though we were unable to show property, if you were to look at Aspen-specific sales in 2020 from January 1 to date” — through August 25 — “we sold $916 million worth of real estate. In the same time frame last year, $647 million in sales. So even though we were unable to show for three months, there’s been a YTD increase of 30%.”

Zillow data shows that median list-price and sale-price numbers are up year-over-year in Denver and popular suburbs like Colorado Springs and Fort Collins. Price cuts and inventories for sale saw major drops in all three markets — inventories in Denver, Colorado Springs, and Fort Collins were down by 28.3%, 7.1%, and 18.2%.

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UBS said in an August research note that it thinks the trend of “interstate migration to lower-cost, more tax-, business-, and regulatory-friendly states” is “structural in nature,” meaning permanent.

In short, people are moving to states a lot like Colorado.

The Rocky Mountain state is hot, especially with millennials

Denver is especially attractive to millennials, ranking second on a SmartAsset list, published in June, of the most popular cities for movers of that generation. It’s increasingly attractive to companies as well — the Silicon Valley firm Palantir Technologies relocated its headquarters to Denver from Palo Alto in August.

The Denver suburbs also boast one of the richest neighborhoods in the US; Cherry Hills Village was the only neighborhood not in New York or California to make the top five in Bloomberg’s annual ranking.

In December, US News & World Report said Colorado was the eighth-fastest-growing state. Census data released in May indicated that Denver ranked among the 15 cities with the largest numeric increase in population over the past decade (from April 1, 2010, to July 1, 2019).

Many millennials (and rich millennials in particular) have been flocking south and west over the past few years, and Colorado is a favorite spot.

Business Insider talked with eight 20- and 30-somethings who had moved to the …read more

Source:: Business Insider

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