Is it Too Early to Shop for a Park City Ski Vacation Home?

By Todd Anderson

May 06, 2014

It is just barely May, there are still snowflakes in the Park City, UT 10 day weather forecast and I haven’t even thought about taking out a pair of short pants; so is it too early to think about the 2014/2015 ski season and owning a home or condo in Park City?

My email inbox is trying to tell me that even though I haven’t tuned up my mountain bike or straightened out my golf swing that it is time to think about winter.

Season pass deals for next ski season are on sale now and with some great incentives to buy now. Adult season passes for Park City Mountain Resort start at $725 if purchased before May 15; after that they move to $815 (and up). Epic passes for Canyons Resort (and 10 other Vail Resorts run mountains) include two Buddy passes if you put down $49 toward the pass before May 26, 2015. Buying now also gets you the upcoming summer biking and hiking season at both resorts (scheduled to start June 12th at Canyons and May 23rd at Park City Mountain Resort).

On top of season ski pass deals in my email inbox, I’m already seeing messages from property management companies with deals on 2014/2015 winter bookings which include lift tickets or gift cards for those that plan early.

So how does this apply to Park City real estate? In the past 21 days (effectively the end of the ski season), there have been 20 ski vacation homes and condominiums that have gone under contract. There have also been 30 new listings of homes and condominiums we would consider to be in line with ski vacation ownership property. Three of these new 30 are already under contract!

The end of the season often brings a clean break for Buyers and Sellers when it comes to mountain vacation properties. The deals are out there and as the ski season gets closer, prices often times go up. If you are considering owning in Park City for the upcoming ski season, contact a resort real estate expert with YouInParkCity.com (888)968-4672 and start the process now.

Tags: deals, mountain, Park City, pass, property, Ski, Utah, vacation
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Rocky Mountain Resort Alliance Statistics

By Todd Anderson

May 06, 2009

The Park City Board of Realtors welcomed speakers from the Rocky Mountain Resort Alliance (RMRA) at its monthly luncheon last week. The alliance is made up of the Boards of Realtors from destination ski towns in the western United States. The alliance includes Park City, Utah, Sun Valley, Idaho, Jackson Hole, Wyoming, Whistler, BC, Aspen, Vail, Steamboat Springs, Telluride, Summit County, and Winter Park, CO. Speakers were present from Lake Tahoe area of California as well as Vail, Co and Jackson Hole, WY. The real estate sales statistics for first quarter of 2009 were presented to the Park City Board attendees for each area in the Alliance. A quick look at the statistics gives an immediate sense of "misery loves company". Statistics across the board show sales figures being down from 50% to 75% along with falling median sales prices. There does not seem to be any area that is immune to the effects of the National and International economic downturns especially since it is combined with the current squeeze on credit markets. The interesting part of the meeting was the discussion that followed. It was noted by each of the speakers that there were bright spots and areas (price ranges) that are seeing activity. Much of the activity is in the lower and entry level end. Some areas also noted sales activity on the very high end of the market. Many of the "bright spots" in the current market may be attributed to the small sample size we are dealing with when looking at the latest quarter statistics. The speakers all seemed to agree that there are many "lookers" in the current market and that while many people are waiting for the bottom, there is a sense of pent-up demand. All of the resort towns in the Rocky Mountain Resort Alliance seemed to agree that it is a Buyers market and Park City real estate is right in step with the others. Increased inventories and few sales are leading to strong values in the secondary home and vacation markets. For more information; contact your YouinParkcity.com Keller Williams Park City Real estate Agent.

Tags: alliance, aspen, CO, jackson, market, Park City, prices, Real Estate, realtors, resort, Rocky Mountain, sales, statistics, sun valley, Utah, vacation, vail
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Why Park City Prices Remain Strong

By Todd Anderson

Oct 20, 2008

I was speaking with a fellow REALTOR® here in Park City last week and she stated that she was surprised that prices here in Park City and Deer Valley hadn't fallen as much as she had expected. While news articles from around the country show home values dropping as much as 30%, Park City hasn't seen very dramatic price changes. Many people ask "why?" Here are some of the contributing factors. The reasons vary somewhat according to the property involved; primary residences and second or vacation properties. In this article we'll focus on the latter. Second homes and vacation properties are a luxury item and they are bought by people that can afford them. As much as 70% of Park City and Deer Valley area property can be attributed to second homes and vacation property. The majority of these property owners have relatively small or no mortgages on these properties and most have an "if it doesn't sell at this price, I'll just hold onto it" attitude. Few of the second home owners have a true need to sell. In the sellers mind, the property is worth ‘x' and in time it probably will be. Sellers here in Park City have "staying power" and while overall sales volumes are currently down 45%, prices are holding somewhat steady. Sellers are willing to wait, and Buyers are not necessarily willing to jump at prices that have held steady which leads to more property on the market. This Seller's resistance to drop their prices and ability to wait is a major reason that prices in resort towns don't fall as much as national averages in a down market. A driving force behind the national market downturn was the sub-prime and "risky" mortgages. Park City saw relatively few of these mortgages. It may seem odd from the outside, but few of the second homes with values over $1M have any mortgage debt at all. Historically, fifty percent of real estate purchases in Park City and Deer Valley are cash. In general even with as easy as credit was recently, it was still tougher to mortgage secondary homes as creditors know that if there is trouble, these are the first thing debtors walk away from. That is not to say that sub-prime mortgages in our market don't exist or that there are no property owners that are in financial trouble, only that this number is smaller in relation to the Nation's trouble spots. Another reason that Park City second home and vacation property values have stayed strong is that things the have not changed much here. People still want to be here, whether it is to vacation or to live. Park City is a beautiful, easily accessible. The city offers endless recreational opportunities and a great climate. Park City's economy has not been greatly impacted by the national "crisis". In addition, the Utah economy has been touted as one of the best in the country. Finally, there is scarcity built into Park City. There are only so many places in the world that are like our city, and much of the town is truly "built out". These are some of the reasons that Park City has not seen a dramatic change in its prices as compared with other spots in the Country. That is not to say that prices in Deer Valley and Park City have not fallen; they have. As noted earlier, pricing remains fairly steady, but many of the properties that have sold were priced aggressively and represent pricing similar to 2005. There are good values and realty opportunities in Park City, and the situation for each seller is unique. Just don't expect to see rows of homes for sale with foreclosure signs in every other window as you search for a place to live or vacation in Park City. For more detailed information about recent price trends in Park City, Utah and Deer Valley, UT go to: http://www.youinparkcity.com/. Price trends, highs and lows, averages and days on market information is available for each Park City neighborhood.

Tags: Buyer, change, home, homes, Park City, price, prices, Real Estate, realtor, realty, second, seller, UT, Utah, vacation
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Recognizing Park City, UT Strengths

By Todd Anderson

Oct 12, 2008

Amidst all of the recent horrible national housing and economy news Park City, UT has received some great accolades. In addition to the release of The SKI Magazine readers' poll recognizing Deer Valley as the top ski resort in North America (see our www.YouInParkCity.com blog post from September 24), Park City has been mentioned by Forbes Traveler and featured in a USA Today article this past week. In the ForbesTraveler.com article which falls under their "Inspirations" section, travel writer Sarah Tuff Dunn in naming Park City, Utah as one of the 20 prettiest towns in America says:

"I was struck by just how blue the sky was, and how dry the air, during a ski trip one March. I was used to soggy or icy conditions back East. After I skied seemingly bottomless powder at nearby Deer Valley, the whole town of Park City (which looked like a candy village, thanks to all the different colors of the Victorian buildings) seemed like it was on some crazy high from the sun, the snow and the altitude."

Photographer Krist (who also contributed to the list) sums up the intangible quality shared by the pretty towns on his list: "They haven't been homogenized, they still have their local character-and the charm is real."

See http://www.forbestraveler.com/best-lists/americas-prettiest-towns-story.html for the rest of the list. While Forbes was recognizing the beauty of Park City, UT, the USA Today was touting how easy it is to get here. Beauty can be very subjective, but location isn't. Larry Olmstead, travel writer for the USA Today, notes in the Friday Oct 10, 2008 article titled: Second homes: Park City is just a hop, skip and a ski slope away:

With ski towns, getting there is rarely half the fun. Many, like Aspen and Telluride, are hours from a major airport. Moreover, small mountain-town airports operate at the whims of nature.

But the ski resorts surrounding Salt Lake City are the most accessible in North America, a city-bus ride away from a major hub airport that rarely closes. Three of the biggest Utah resorts can be found in one place: historic Park City.

The article goes on to describe real estate opportunities in and around Park City's three resorts - The Canyons, Deer Valley, and Park City Mountain Resort - see (http://www.usatoday.com/travel/destinations/secondhomes/2008-10-09-park-city-utah_N.htm?csp=34 ). What stands out most is the age old real estate mantra: location, location, location. While Park City is experiencing the same economic and finance pressures as the rest of the Nation, the town has something that won't change. Park City is a very desirable place to be. For those of us lucky enough to live here, we are in a place that many people come to vacation. For those who own a second home here, you have a beautiful place to go and recharge your batteries that is easy to get to from most places in the USA. Our location and the scarcity of beautiful and easily accessible towns will keep home values in Park City stronger in times of economic uncertainty. For information on the average costs of housing in the Park City area see the neighborhood sections of http://www.youinparkcity.com/ or call us at 888-968-4672. Posted by Todd Anderson Todd@YouInParkCity.com

Tags: Deer Valley, location, Park City, Park City Mountain Resort, Real Estate, resort, scarcity, second home, Ski, The Canyons, Utah, vacation
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Park City Ranks Best in Ski Magazine

By Todd Anderson

Sep 24, 2008

Park City scores again with 3 resorts in SKI Magazines top 15 ski resorts in North America! SKI Magazine released its annual reader's survey and Deer Valley has retained its top spot as the # 1 ski resort in North America. Park City Mountain Resort moved up from sixth to fifth place and The Canyons jumped from 18^th to 13^th place. In short another great year for the Park City ski resorts! Skiers and resort home buyers today are looking for more than just the skiing; they are looking for a total vacation experience. A Park City vacation starts with the ease of getting to the slopes from Salt Lake City Airport (only 30 minutes away), extends to the night life of Main Street, shopping and other entertainment for the non-skiers, cross country skiing and snow shoeing represent just some of the experience that goes far beyond Park City's 3 Ski (and snowboard) Resorts. Deer Valley has been ranked #1 four out of the past eight years. They continue to be ranked #1 in service, food and grooming year after year. Deer Valley limits itself to 6,500 skiers per day skiing on its two thousand plus acres. The limitation is set not by how many people the mountain can handle, but by how many skiers the resort can handle in terms of food service. Un-crowded slopes lead to a great experience. For accessibility Park City is by far the best ski location in North America, offering free skiing on your day of arrival. None of others can this offer this convenience. These great reader poll results should make Park City real estate the beneficiary of more people putting Park City into their ski plans. Park City is more and more being recognized as one of the premier ski and resort destinations in the world. It remains on a cost /value comparison a better value than Vail or Aspen. The fact that interest rates are currently very favorable (although tougher in terms of qualifying) bodes well for real estate sales. Great ratings from skiers and snowboarders will keep Park City real estate desirable to own and help to keep property values here high. All three Park City Ski Resorts and the city itself are very pleased with the ratings again this year. SKI Magazine Top Ten North American Ski Areas:

1. Deer Valley, UT
2. Vail, CO
3. Whistler / Blackcomb, BC
4. Snowmass, CO
5. Park City Mountain Resort, UT
6. Beaver Creek, CO
7. Aspen, CO
8. Steamboat, Co
9. Breckenridge, Co
10. Telluride, CO
13. The Canyons, UT

Posted by Michael Jacobson

Tags: Deer Valley, Park City, poll, resort home, resorts, Salt Lake City, Ski, Ski Magazine, Skiing, snowboarding, The Canyons, top ten, vacation
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