The number of Single family homes that sold were down by 20% in Park City Utah for the first quarter of 2008 compared to the fourth quarter of 2007 .  The sold priced averaged at about 95% of the list price.  The average sold price was down in the first quarter of 2008 compared to the fourth quarter of 2007 by about 7%.

First Quarter of 2008

• 280 Single Family homes listed in Park City Utah
• 68 Single Family homes sold
• Average List Price was $1,608,690
• Average Sold Price was $1,526,769
• Average Days on Market for sold home 154 days

*Data obtained from the Park City MLS

Visit Park City Real Estate to search all the current listings for homes, condos and vacant lots for sale in the Park City Utah area.

Contact Julie Olsen a local Park City Buyer’s Agent to help you on your search at 435-513-2848 or julie@bestskiproperty.com  .

Many people think of Park City as a place to buy ski property but there are many opportunities throughout the Park City area to purchase horse property as well.   Some of the areas in Park City where you will find horse property for sale include Silvercreek, Highland Estates, Old Ranch Road and the Colony.  

The Colony is a unique ski-ranch development that is a private gated community with ski in ski out access and extra large lot sizes ranging from 4 to 113 acres. It’s located at the Canyons Resort and you can find vacant land or custom built luxury homes.   So if you are looking for ski in ski out horse property then this may be the only place to find it in the world.

The Old Ranch Road area offers some great opportunities for horse property that is private yet conveniently located to shopping and skiing.  Again here you will find vacant land or custom built homes.  Views from Old Ranch road are spectacular and many are located next to the protected open space of the Swaner Nature Preserve which is a wetlands area.  Since Old Ranch Road is located next to a wetlands area the land in the area is very green.   Also, next to the Old Ranch Road area is a great trail system called Round Valley offering miles of improved dirt trails to enjoy trail rides with your horse as well without having to trailer them.

If your looking for the most affordable option for horse property in Park City then the Highland Estates area is where you will want to look.

Further outside of town is the Silvercreek area.  This is where I built my first home in Park City.  The views are spectacular but it is further out side of town.  This is where you will find the largest number of horse property parcels in the Park City area.   The roads in Silvercreek are primarily dirt roads.  Many of the residents in Silvercreek like it that way so they can ride their horses on the roads throughout the development.

So if it’s horse property you are after in Park City please contact me so I can help you find the property that will best suit your family’s needs.  You may also want to search the Park City Utah MLS to see what is currently available.

Many people who are looking to buy a second home in Park City Utah want to be able to place it in a nightly rental pool so they can get some income and tax writeoffs on the property and still be able to use it for themselves.  There are a few things you need to think about before buying.  First you need to make sure you are able to place your condo in a nightly rental pool.  Not all condominium developments in Park City allow it.  The CC&R’s for a condo development which are the coventants, conditions and restrictions that control the requirements, restrictions and use of a property need to be examined first.   The real estate agent you are working with should have a good idea in general which ones allow it and which ones do not but to protect yourself you should look carefully at the CC&R document for the condominium development you are considering.  It will be given to you to look at during your due diligence period of time when you are in the process of buying a property. 

So now you find out that you can place your Park City condo or home in a rental pool.  Many people would like to have their second home condo pay for itself but that is near to impossible unless you put a significant amount of money down or pay for it in full.  The price of ski condos and homes in Park City or any other ski resort town have gone up considerably and the amount of money captured from a nightly rental will not cover the mortgage.  Depending on the location and occupany of a unit the rental income can usually help offset the costs of the HOA fees and taxes.  Most people reap the financial rewards on a second home investment from appreciation.

In Park City the property management companies who will manage your condo for a nightly rental pool take anywhere from 40-60% of the gross rental revenue which also needs to be taken into consideration.  Those who don’t mind the extra work may use the internet to advertise and manage the second home property themselves.  Websites such as VRBO and Cyberrentals allow for a low fee owners to advertise their vacation rental properties.  Then you just need to make arrangements for a maid service to clean between guests. 

Feel free to contact me if you have any questions on buying a second home in Park City Utah.  Most of my time is spent working with second home buyers and I really enjoy working in the resort and second home market. 

I look forward to providing in this blog information on the Park City area and on Park City Real Estate that folks interested in Park City might finding helpful and interesting.  It may particularly be helpful for people who own a second home in Park City or are thinking about buying in Park City and would like to find out more information.