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.  In fact, by most standards, our market is quite strong.  It is sometimes easy to forget that in 2003 the total production in our MLS was just over $600 million.  In 2006, production was over $1.3 billion and wound up at almost $1.6 billion in 2007.

Viewed over the last 3, 5, and 10 year periods, the trend line is still steadily moving up and to the right, and we believe this is because of a very long period where this market was undervalued compared to other mountain resort towns.  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 solidly strong with 65 closed sales in 2007 over $3,000,000, and 21 of those were over $5,000,000.  For 2008 (through April 2008) there were 19 closed sales over $3,000,000 with 6 of those over $5,000,000.

Following is a breakdown of the median sale price for 2008 (through April 2008):

Park City Single Family Homes	$1,960,000
Park City Condominums	$ 975,000
Park City Basin Single Family Homes	$ 735,000
Park City Basin Condominums	$ 492,000

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):

	2007	2006	2005	2004	2003
Park City Single Family Homes	$1,600,000	$ 1,485,000	$ 985,000	$ 684,000	$ 633,367
Park City Condominums	$ 979,650	$ 585,000	$ 379,250	$ 299,000	$ 264,950
Park City Basin Single Family Homes	$ 835,000	$ 713,000	$ 529,000	$ 400,000	$ 338,000
Park City Basin Condominums	$ 419,200	$ 389,975	$ 279,000	$ 223,000	$ 187,500

  

Park City Utah represents a great investment value in vacation real estate, but you need a real estate professional like Nick Coleman to help you find that ideal dream vacation home.  Nick Coleman can be contacted at 435.640.7781. 

You can also fill out the following questionnaire and we will send you information on properties that meet your exact criteria.