Last year, Lange Group agent, Matt Mullin, sat down with three other Park City real estate agents and Western Home Journal to discuss the elephant in town, Vail Resorts. The acquisition of Park City Mountain Resort had just been announced and the real estate market had immediately turned a corner.
It’s been over a year since that meeting and subsequent article, and we wanted to see where we’ve landed and if our predictions were right.
You might say it was the perfect storm: the economic turnaround, Vail’s entrance in town and Park City’s historic powerhouse brand. Park City just might be the most impressive ski town ever. We certainly consider it so.Park City is an interesting market. The areas that have been zoned for development are mostly built out, but there are still untapped resources in Wasatch County.
Additionally, that little ski hill (Deer Valley) is consistently rated crème of the crop by readers of Ski Magazine readers year after year, and they have a proposal on the table for 2,000 additional acres of ski terrain and 2,000 units. If approved, this essentially doubles the number of residences at Deer Valley. You don’t say.
Last year’s article discussed the explosive popularity of mountain biking which we continued to see grow this summer. Park City as a winter-only destination is a thing of the past. The hustle and bustle both on the streets and on the trails continues until the snow flies.
Building remains strong this year. In fact, the construction industry hit the coveted one million dollar figure earlier this year. New construction continues to exceed expectations as investors purchase homes for themselves and their family rather than purchasing properties for sheer investment purposes.
And inventory?It’s dry.
We constantly preach to homeowners there isn’t going to be a better time to sell. It’s crazy. We’ve closed on almost every new listing we’ve gotten in a matter of months this summer. We can’t keep them on the MLS.
Which brings the question that begs to be asked; do you have a home that needs selling?
If we had to find one word to describe the Park City market this fall, it’s hot!
Matt said it best last year, “If this is the house you want, then buy it and enjoy it. Buying a second home is about the lifestyle, not the cap rate.” So, if you want to be in Park City, decide quickly. These listings aren’t sticking around.