• Thu. Sep 28th, 2023

    Aspen Property Sells Off-Market for $70 Million Amidst Real Estate Boom

    ByNuala Hafner

    Sep 19, 2023
    Aspen Property Sells Off-Market for $70 Million Amidst Real Estate Boom

    Chicago-based designer Holly Hunt recently sold her secluded property just outside Aspen, Colorado for a staggering $70 million. The sale took place off-market, highlighting the high demand and limited inventory in Aspen’s luxury real estate market.

    Hunt had initially purchased the 4.23-acre property in 2015 for $5.85 million with the intention of building a family home. However, due to the scarcity of available properties in Aspen, she received an unexpected call from an agent interested in showing her home to a potential buyer. Although not initially intending to sell, Hunt ultimately decided to part ways with her property and stated, “I always said I wouldn’t sell if it didn’t have a seven in front.”

    The sale of Hunt’s property is part of a larger trend of off-market deals in Aspen, which has experienced exponential price growth since 2019. The combination of high demand, limited inventory, and development restrictions has contributed to the continued success of Aspen’s real estate market, despite slowdowns in other luxury markets across the country.

    Hunt’s modern home spans approximately 13,000 square feet and includes a main house and a caretaker’s house. With six bedrooms, the main house features a large patio, where Hunt hosted events for organizations such as the Aspen Art Museum. The property is surrounded by a nature preserve, ensuring privacy and seclusion.

    In addition to designing her own home, Hunt has also undertaken real estate development projects through her interior design firm, House of Hunt. While she primarily resides in Chicago, the Aspen property served as a vacation home where she spent time with her family.

    The real estate market in Aspen has experienced a significant decrease in inventory, with a 32.5% decrease compared to 2019. Despite a slight increase in new listings, inventory levels remain historically low. This scarcity has led real estate agents to explore off-market options and approach luxury homeowners directly.

    Aspen’s real estate market continues to thrive, driven by high demand, limited supply, and a unique appeal for luxury buyers. The off-market sale of Hunt’s property exemplifies the exclusivity and desirability of Aspen’s real estate market, even amidst a broader slowdown in luxury real estate.