Park City Real Estate –A Great Investment
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by: Nick Coleman18
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Park City real estate is for sure a great buy! Whether you purchase a house on the Park City Mountain Resort, Deer Valley, or The Canyons ski resort you are for sure to have a great place to live in. Houses can be bought near Park City’s Main Street with its gourmet restaurants, boutique shops, and exciting nightlife; or in one of the Park City single family home neighborhoods. The world-class skiing and the proximity to Salt Lake International Airport have made Park City a winter destination. This has helped sustain Park City home values much better than competing ski towns.
But, there are still great values to be had in Park City. Working with a Park City real estate agent who understands the local Park City home market is key finding an outstanding investment that is not only competitively price but is also matched to the client’s needs. That means listening to you, answering your questions quickly, helping you understand the Park City & Deer Valley real estate markets, and making your purchase or sale of a property as easy as possible.
We are getting ready for the 2008-2009 ski season to start … that has historically been the most active time for Park City real estate sales. We are waiting to see how the recent economic downturn will affect Park City home sales. The feeling is that volume will be down and as nationally we work through the credit crisis. But, we don’t expect buyers with good credit scores to have an issue with finding mortgages at great rates. And, we expect that sellers will be more open to negotiating with buyers. What that means is that informed buyers who work with real estate agents whose focus is finding a great deal should be able to make once-in-a-lifetime investments.
So, what has happened in the Park City market? Following are some statistics drawn from the Park City multiple listing service. The median sale price for a Park City home over the last 12 months (as of October 2008) was $1,788,850 … this is a 12% increase over the previous 12 months. But, volume is down 36% in number homes sold. For the same 12 months, the average sale price for a Park City Condominium was $856,000 … a 4% decrease over the previous 12 months. But, sales volume is down 42% is number of condos sold. The volume is down for both types of property but so are the number of active listings. We are seeing increasing days on market for active properties … but, Park City home values are generally maintaining themselves.
The slopes open in Deer Valley on 7 December. And, Park City Mountain Resort and The Canyons will open around Thanksgiving. And, the Farmer’s Almanac is calling for a repeat of last year which was a fabulous powder season.
About the Author
Nick Coleman is author of this article on Park City Homes . Find more information about Real Estate here.
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