With remote work expected to become an accepted part of workplace culture and many schools using virtual platforms, many wealthy urbanites appear to be taking advantage of their mobility.
According to data from Harris Poll, nearly a third of Americans are currently considering a move to an area which is less densely populated.
Resort towns are especially seeing an influx of residents, many of whom are permanently moving into their vacation homes from areas like Southern California, New York, Chicago, Texas, and the Bay Area.
Take Aspen, Vail and Crested Butte for example. According to The Colorado Sun, schools in those areas are reporting record interest and enrollment as part-time residents choose to make their stays permanent.
Promontory, an exclusive private community in Park City, claimed an astounding 86 new deals during in July and August, more than triple the amount during the same time period last year, with record sales of over $350 million year-to- date, compared to $214 million for all of 2019.
“Our membership has typically been 80% second homeowners,” says Promontory developer Francis Najafi of Pivotal Group. “But we are now seeing the percentage of primary residents increase due to sudden changes in families’ lifestyles and priorities.”
Paul Benson, Luxury Real Estate Advisor with Engel & Völkers, claims this “significant increase in demand from families relocating is resulting in scarcity of luxury properties and driving prices up.”
Of the more affordable areas showing an increase in interest, Redfin.com reports Phoenix, Sacramento and Las Vegas, topping users searchers.
“The factors driving a surge in overall homebuyer demand—low mortgage rates and changes in what people are looking for in a home—are lighting a fire in people who were already considering a move to a different area,” says Redfin economist Taylor Marr. “As we enter the second half of the year, I expect more people to move from one part of the country to another as the pandemic continues to influence people’s priorities and lifestyles.”
However Marr adds, “It’s also important to note that some pandemic-driven moves are temporary, and the stories about families hiding out in remote cabins won’t all result in home purchases or permanent relocation.”
Elise Edwards
Writer/Producer
Elise began her career as a Writer/Anchor/Reporter at CNN headquarters in Atlanta, GA. She also served as Supervising Producer at E! Networks and most recently, has been busy freelance producing and writing for numerous magazines and blogs.
