PARK CITY UTAH
Let Us Help You Find Your Dream Park City Home

Park City Utah is nestled between three major ski resorts – Park City Mountain Resort, DeerValley, and The Canyons and sits at over 7,000 feet.  The close proximity to Salt Lake City airport (40 miles) and the light, fluffy make Park City Utah a favorite destination spot for skiers from all over the US and the world.    In 2002, Park City Utah hosted the Winter Olympics and is home to the United States Ski Team.  Bobsled, Aerial  Ski Jumping, Snowboard, downhill ski racing events are held at the three ski resorts.  And, the Park City High School program allows young skiers to attend school in the summer so they can train and race in the winter.

But, Park City is more than just your average ski town. Every year one of the largest independent film festival, the Sundance Film Festival, comes to Park City.  For these two weeks in January, movie buffs from all over the United States flock to Park City to review films from American and international independent film makers.   During the summer, the Eccles Center provides cultural events like the Deer Valley concert series, presenting some of the biggest names in folk, rock, country, and soul.  The Egyptian Theater runs summer off-Broadway theater, the town of Peoa puts on the cow ballet, and the Jazz Festival brings local and national talent to Park City. USAToday also named Park City Utah as one of the 10 great places to take the kids on a bike ride -- Park City Utah features lots of hiking and biking trails right out of the downtown area. 

REALTORS® Aren’t All the Same.
Neither Are Markets.

Much of what we read and hear lately says that “the real estate market” is in a slump.  While that is certainly true for some sectors and regions, most of the pundits making that statement do not fully comprehend the depth of truth in the old real estate adage: Location, Location, Location.

Since residential real estate is the most geographically specific of all financial assets, location within the country matters as much as location within a state and even location within a neighborhood.  Over the past 30 years, for example, we have seen the Southern California, Florida and Boston real estate markets experience several boom/bust cycles while the rest of the country just seemed to keep chugging along.

Where Does Park City Fit in the Puzzle?

While we have seen our Park City market cool down a bit, most would agree that is a good thing in that no market can sustain 20% percent annualized growth forever. Sales in January through March 2009 where very slow as buyers adjusted to the economic environment.  But, in late March 2009, we saw sales pickup rapidly and buyers began to take advantage of lower interests and some great prices on houses.  Our market is actually pretty strong ... but, there are some great buys still to be had. 

This trend may be most noticeable by looking at individual property prices. Five and ten years ago, there were only a handful of properties in town valued over $3,000,000. This has changed significantly. The high-end market is strong in 2009 with closed sales over $3,000,000 with 6 of those over $5,000,000. Following is a breakdown of the average sale price for January through June 09:

 

To provide a historical perspective, the following shows the median sale price within the Park City city limits (including the Park City Moutain Resort and Deer Valley ski areas) and the basin area (just outside the Park City city limits which would include The Canyons ski resort):