Wealth Transfer, Simply Stated

This Sotheby’s report, predictably, confirms what any discerning eye already knew: capital is shifting. While the demographic is evolving – Tiffany Fox at Majestic Realty Collective notes a rise in purchasers under fifty – the fundamental equation remains unchanged. Boomers aren't spending money; they are transferring it. Deer Valley Resort, as always, benefits. The $750 million in pre-construction sales for Deer Valley East Village is less a testament to shrewd development by Extell, and more a symptom of available liquidity. Hideout, naturally, is along for the ride. Comparing Park City’s $4.9 billion in sales to Jackson's $1.2 billion, or even Aspen’s $2 billion, is… pedestrian. It’s less about inherent value and more about the perception of exclusivity. One notes the continued prevalence of cash transactions; rate sensitivity is for those burdened by earning income, not inheriting it. The choice of materials, however, remains consistently underwhelming – I observed too much exposed concrete in recent renderings. One wonders if the Summit County Planning Commission considers anything beyond maximizing unit density. Frankly, the whole situation is tiresome, yet undeniably profitable. Buy. But ensure your architect specifies oxidized copper, not mere brushed aluminum.