There are several reasons why buyers choose Park City for their first or second home. Besides its easy accessibility, the Park City area really offers something for everyone, from investment condominiums to luxurious ski homes, golf and ranch properties.
PARK CITY, Utah May 18, 2018
Park City, Utah is a premier winter and summer vacation destination, and a highly desired place in which to live. “Park City housing is hot right now,” said Realtor Steve Blankenship, of Parkcityinvestor.com. “There are several reasons why buyers choose Park City for their first or second home. Besides its easy accessibility, the Park City area really offers something for everyone, from investment condominiums to luxurious ski homes, golf and ranch properties.”
Buyers are able to find everything from a $100,000 condo to a $25 million dollar home, with many options in between. There are also more businesses moving to Utah – especially tech companies. In fact, the Salt Lake, Provo and Park City area is now called “Silicon Slopes.”
“We therefore see a higher demand in homes and condominiums for sale,” added Blankenship. “To meet the demand we have seen a lot of new construction in the past few years. Some of the hot new construction projects include Apex Residences, YotelPad, Lift and Veridian at Canyons Village; Goldener Hirsch, Stein Eriksen Residences and One Empire in Deer Valley; as well as Shoreline at Jordanelle Reservoir.”
Blankenship lists the following five tips on relocating to or purchasing property in Park City, Utah:
No. 1: Before purchasing a property in the Park City area, determine the primary use of the property. “Are you looking for income property? Do you want to be able to use it a few weeks a year or rent it out full time?” stated Blankenship. “This helps narrow down the area you may want to purchase in. It may also affect your carrying cost including interest and tax rate.”
No. 2: Get to know the area. Park City offers very distinct areas. Do you want a family-oriented neighborhood, an investment condo, resort or ranch property? Do you want to be within a certain distance to schools, slopes, or in a gated community? Type of property, location, amenities, purpose, price are all factors that play into the search process. “Let your Realtor know exactly what you are looking for, as this can make your property search more productive and efficient,” stressed Blankenship.
No. 3: Determine the best season to purchase a property. “There is no longer a best time to buy.” noted Blankenship. “While we may have more inventory spring through summer, purchasing a property is just as competitive in the summer and prices aren’t any lower. We have seen a steady 6+ percent appreciation the past few years. If you see a property that interests you, be prepared to write an offer to secure it until you are able to come out and look at it.”
No. 4: Owning a home in a full-service condominium development. While the HOA dues might seem high, they probably cover everything one would need to worry about. “If you are looking at homes or no-full-service condominiums, do your research on property managers in town.” added Blankenship. “There are many to choose from and rates vary.”
No. 5: Ski-in, ski-out properties are the best rental properties. “If, however, ski-in, ski-out isn’t an option, consider houses that sit on the free bus system or condos that have shuttles offered.” concluded Blankenship. “Parking is starting to become challenging in Park City, so having a shuttle is huge.”
About Steve Blankenship and Associates
Steve Blankenship has been a full-time Real Estate Agent, Associate Broker and top producer in Park City and Deer Valley for almost 15 years. Steve and his team at KW Park City Keller Williams Real Estate serve both Summit and Wasatch County. Steve specializes in Park City Utah neighborhoods including luxury Deer Valley, Old Town, Canyons Village, Jeremy Ranch, Jordanelle, Pinebrook, Park Meadows, Trailside and Silver Springs, as well as the beautiful golf communities of Promontory, Victory Ranch, Glenwild, Tuhaye and Red Ledges. For more information, please call (435) 640-6966, or visit http://www.parkcityinvestor.com.
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