Photo Credit: Craventure Media
I have been selling Real Estate in Park City, UT since 1989 and have specialized in the resort and second-home market. During this time I have seen numerous ups and downs in the resort market and watched what buyers consider to be an important shift over the years.
In the early years, buyers were focused on income and obtaining the highest return on investment. While still an important consideration for many buyers, more are now more concerned with lifestyle, a family gathering place and a legacy for their children. With this change in attitude, ski-in/ski-out has become less important as owners a looking at Park City as a year-round resort. The golf communities have been the biggest beneficiary of this change and have added amenities other than golf to fit the lifestyle requirements of our new buyers. Along with golf are amenities such as; tennis, fitness, hiking/biking, fishing. Most golf communities have also added a ski component consisting of a clubhouse or similar facility on the mountain for skiers to warm up, get something to eat or drink and store their equipment.
Photo Credit: Matthias Mullie
Over the years I have seen trends come and go. For awhile, Theater Rooms were a must-have in a luxury home. Now, with more of an emphasis on family gatherings, spacious and top of the line kitchens with generous great rooms are high on the list for today’s buyer. As people spend more of the year here, 3 car (or more) garages are sought after…. need room for all of the toys, skis, boats, bikes, etc.
With the Town of Park City almost fully built out and the average price of a home pushing $2.6 mil, buyers are not afraid to look outside of town where prices are better and the homes are newer. New is almost always preferred to old, but no matter what the age, the property must be updated to reflect a buyer’s desire for contemporary finishes.
The big question is how long will this strong market continue! Park City is somewhat unique in Western Ski Resort towns in that we are only a 30-minute drive to Salt Lake City. This gives us the added cushion of not only second home/resort buyers, but also full-time residents who make the easy commute to work in Salt Lake City. As the second home/resort market is highly dependent on the national economy, this gives us some insulation. The national economy continues to be strong and as we are in an election year, the bet is that the economy will remain strong through 2020, resulting in a continuation of strong resort sales.