May 2021 Park City Real Estate Market Report
Park City Utah Single Family Homes Market Update
Park City Utah Condos/Townhomes Market Update
Call Julie Olsen Local Park City Utah Realtor at 435-513-2848 if you are interested in buying or selling a home, condo or townhome in the Park City or Deer Valley area.
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I'm not one to overhype things, but we have had a ton of snow so far this season. After a big teaser storm in early October with the remains of that still on the upper elevations, we had a series of storms over Thanksgiving weekend and just concluded another storm cycle a couple days ago. Park City Resort has already opened about 1/3 of their terrain, and they've been opening new terrain every day. The snow is cold and skis great, both on groomed runs and off-trail. Deer Valley opens for the season on Saturday and should have similar conditions.
I got lucky on Monday and got to the top of the Tombstone chair on the Canyons side right when they dropped the rope for the first time this season, and I got to ski 2 feet of virgin powder. Can't say…
October in Park City, what a difference a couple weeks makes!
I've been meaning to write an update in market conditions for some time, but the answer today is the same as it's been for a few years. Prices continue to steadily rise, inventory is still low. Most values have exceeding their pre-recession highs, but some have not with differing conditions in different developments. Modern finishes continue to command a premium, and there continues to be a considerable amount of new construction.
Construction continues in Upper Deer Valley and Empire Pass with Goldener Hirsch Residences coming along and Empire Residences has started committing to purchase contracts. One Empire Pass is now complete and is spectacular with very few units left. At…
A lot of our clients like to track our weather from wherever they live, and I don’t blame them – I used to do it myself before I lived here. He’s how I follow storms and what to look for in weather. Things can be different here in the mountains, so here some things I’ve observed living here. As with all weather, storm prediction is kind of a crapshoot; a great forecast can fizzle out and a weak forecast can strike gold. But these sites at least put some parameters around our hopes and expectations.
There are a lot of choices for information, but my go-to source is OpenSnow Utah, written by Evan Thayer. He offers a concise daily forecast that can be a bit technical, but is worth the effort. The website has a lot of information like 10-day outlook…
Many of our clients are interested in buying Park City real estate as an investment. These properties fall into two main categories: long term tenants and nightly (vacation) rentals. For nightly rentals, my rule of thumb is that if you pay cash and don’t use it yourself, after expenses a typical return on investment in Park City is about 2%. I’ve found this figure to be remarkably consistent across a broad range of properties, from fractional ownership at the Grand Summit in Canyons Village to luxury condos in Empire Pass at Deer Valley. With limited owner use, this is often enough to defray your carrying costs. You may do a bit better with a full-time rental property, but of course you wouldn’t be able to use it yourself.
As an investment…
Overall, sales prices are up about 10% in 2015 over 2014 and price per square foot is up 7%. There are basically no more bank-owned or short sales available, and if one exists there is a likely a serious problem with the property that makes it unmarketable. We see demand from all types of buyers – primary homes, second homes, and investors for both long-term and short-term rental properties. There are new developments both under construction and in the works in most categories – primary homes, condos, and second homes and condos at the resorts, in private communities, and in Old Town. In Old Town in particular, many historic homes are being underpinned to add square footage and modern features while preserving the historic exterior.