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How is the housing market in Park City? The second home/vacation market continues to be strong in our area. While we are not at the frantic pace of 2005, properties are selling, prices are continuing to rise. It is more of a buyers market than we have seen for a while, but sellers are not desperate. We are seeing a decrease in number of sales, but average sold prices are up.
Any trends that you've noticed? New is the strongest part of the market. There are several new developments in Deer Valley and The Canyons Ski Resorts and they are particularly strong. Buyers are looking for locations near the resorts with views. The older resale condos were slow last winter, but the price point is now making them attractive again. New golf course communities are growing fast as well.
The typical buyer: Our typical buyer is from out of state. The western states of California, Nevada and Arizona are the most popular. However, Park City is only 30 minutes from Salt Lake City and it's international airport. Delta has SL as a hub, so anywhere Delta flys direct is a strong market for us. Our buyers are typically in the 40's to 50's, lead an active lifestyle and often own vacation properties in several different locations.
Avg. cost of a home:
Low-end: 700,000.
Mid-range: 1,000,000-2,000,000.
High-end: Over 5,000,000. This is generally ski in/ski out and is not rented.
What do prospective buyers look for in a vacation property in your area? Proximity to the resorts, views, good rental income.
Property Type: Condos are very popular as they are near the resorts and are rentable. Most condos are either 2,3, or 4 bd and if not within walking distance of one of the three resorts are on our free bus system. Homes that can be rented are very attractive and range in price from 1,250,000 to 3,000,000.
Location: The closer to the resort the better. Ski in/ski out is the most desirable but pricey.
Any specific amenities: Most condos and homes offer private hot tubs. Some projects offer pools and weight rooms as well.
What tourist attractions and events would pull in renters? Skiing is our main attraction. We are located at 7,000 ft in the Wasatch Range in Utah where we receive over 350 inches of snow each winter. During the ski season, we have several different festivals and events, of which the Sundance Film Festival in January is the most famous. Summer in the mountains is the best kept secret. Warm days and cool evenings with many music venues around town. We also have several arts fairs, Jazz Festivals, Food and Wine Festivals and a 3 week girls fast pitch softball tournament.
Tips for buying a vacation rental home in the Park City area: Location. Find a knowledgable Real Estate Agent who knows the area and can match your requirements to properties. Where to buy to maximize rental potential to purchase price. Where are you likely to see the most appreciation.. Several home communities do not allow vacation rentals, and others that will allow vacation rentals may not see much rental income.
And lastly, why should a buyer choose a vacation rental home in your area? Our biggest draw is that we are a spectacular mountain community 30 minutes from Salt Lake City and it's international airport. Our prices tend to be better than many of the other western ski resorts, and we have a large variety of homes and condos.
Dennis Hanlon has been an active and full time REALTOR in Park City since 1989. He has been the president of the Park City Board of REALTORS and managing broker for a local Coldwell Banker office. Dennis is also the founder and president of the Rocky Mountain Resort Alliance, a group made up of boards of REALTORS of destination ski resorts in the western states. Dennis' experience and knowledge are keys to his continuing success and customer satisfaction.
To get a feel for the Park City Vacation Rental Market or to find a great vacation property to rent, browse Park City Vacation Rentals on HomeAway.com.
Are you a realtor in a vacation market who'd like to do a Q&A? Email us.
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