A no "fluff" & fact based analysis on the COVID-19 affect on Park City Real Estate. Consistently updated with new data to keep track of what we are seeing week by week. 

Locals as well as vacationers to the Park City area are all wondering how the current pandemic is having an affect on the real estate market as a whole. Since the Park City market generally differs from metro markets in how it reacts to national and worldly events we thought it would be best to highlight all of the current data in one place to easily reference as new information comes out. Since we are a vacation destination area, the demographics of property owners both primary & secondary residents alike respond differently than markets close to us like in Salt Lake City.

If you are counting the days until you are permitted to get out of the house and to put the shelter-in-place days in the rearview mirror, you are in good company. In Park City Utah and throughout Summit County, residents were asked to stay at home in late March until at least May 1. Visitors were also asked to stay away during that period of time. Restaurants, shops and other venues have closed their doors to the public. The ideas below are assuming the best case scenario we will see for Summit County, Utah if we open up for normal summer activities. 

The shelter-in-place orders have had a harsh effect on many people’s lives, but the good news is that some areas are now preparing to re-open. Park City Utah is the perfect place to relax and to enjoy

As one of the fastest growing areas in the state of Utah, real estate surrounding the Jordanelle Reservoir in between Park City & Heber City is seeing explosive growth over the coming years. As real estate in Park City has been mostly built out this location offers the next best thing in proximity to the ski resorts with great access to Deer Valley Resort and the new Mayflower Resort off of Highway 40. Access to this location will also become easier in 2020 as UDOT completes the connection road between Highway 248 and Highway 40 by weaving it's way through the SkyRidge development on the north side of Jordanelle Reservoir. 

Options to own property in this area are seemingly endless as density can be found on all sites of the reservoir with a

As the world faces a sudden pandemic and drastic economic changes across the globe we are frequently being asked about how this will affect real estate within the Park City area. We are in a unique situation in that our market is significantly different than larger metro markets as we hold a significant amount of vacation property and rental property throughout the area which changes the dynamics we will see compared to a majority of the country. For instance, almost 2/3 of the transactions in the Park City market are cash purchases and not financed transactions. Wealth levels for property owners in the area are significantly different than even the Salt Lake City real estate market so the responses will be quite different from one another. 

Even though Deer Valley Resort is a long established and successful ski resort community there are still opportunities to find some parcels left being developed for new construction residential dwellings. Much of the lower portions of the mountain, specifically around Snow Park Lodge, have all been developed but there are new opportunities throughout the Upper portions and into Empire Pass with new builds happening.  We've compiled this page as a resource to continually update with the latest inventory of new construction real estate developments so you can always find what is being built all in one place. 

Mayflower Area Upcoming Expansion

While I won't dive too deep into this development as much of it is unknown at this time it is something to

As one of the fastest growing resorts in North America, Park City Resort is seeing significant growth within the Canyons Village area of the ski resort formerly known as "Canyons Resort". Now owned and operated by Vail Resorts, the rapid expansion of the Canyons Village is taking place at a staggering pace with multiple construction projects ongoing and many more planned to come in the next few years. Keeping track of the newest and latest developments in the area is almost impossible to grasp from afar. With numerous new developments, hotels, townhouses, and more all on the market at any given time it takes an in-depth look at the area to figure out the pros and cons of each new location being released. We're seeing many new high end hotel brands coming

As we enter the 2019 season it is important to understand how the real estate market in Park City changed from 2018 compared to the previous year. We have seen a very healthy and active market for a number of years now but has 2018 proved to be the same as previous years? LEt's take a look at some of the interesting numbers below to take a look at where we stand after another full year of data to review. 

As you can see in the chart above we saw a slowdown in transaction volume in 2018 compared to 2017 with sales slipping 7% from the previous year. The exception to this would be the high demand for vacant land at the moment from many buyers deciding to purchase land and build instead of buying existing homes or condos. We've seen land prices appreciate

 The Park City area, which is home to Park City Resort  and Deer Valley Resort, contains some of the best ski/mountain real estate available in the Western US. Compared to other resort marketplaces, Park City consistently comes in as one of the more affordable ski resort areas to own luxury real estate in. That said, every year we have a good number of sales in the market occurring over the five million dollar mark with some even hitting eight figures. 2018 has been an incredible year for the luxury market here as we saw 36 properties with list price OVER five million dollars selling throughout the year. This number is up over 10% from the year prior with buyer continuing to pick up some of the nicest real estate the Park City area has

1X Close Construction Loans are primarily what you hear about today when you start to discuss construction financing. So what is a 1X Close, and how is it different than a 2X Close? What are the pros and cons?

The 2X Close: Traditionally a construction loan has been a stand alone loan that is not the 30 year mortgage with principal and interest payments that we are all familiar with. The 2X Close Construction Loan is just the loan for the construction. When the home is done, and the Certificate of Occupancy (C of O) is received, the owner must get a refinance loan to pay off the construction loan. This is the 2nd loan in the process, thus the 2X Close. The refinance would then be the 30 year fixed mortgage (or ARM, or whatever product the owner

The 2018/2019 ski season in Park City, UT has some notable changes from years past offering skiers visiting the area a number of options for a season or punch pass type of ski pass during their visit. With Vail Resorts entering the market a few years ago and Alterra Mountain Co acquiring Deer Valley Resort this year, visitors now have multiple options to choose from depending on how they want to utilize the areas resorts.  

Ikon Pass

This is the newest option for those visiting the Park City area who are looking to ski Deer Valley Resort and even Solitude Resort. If you only plan on skiing Deer Valley for 7 days or less, the Ikon Pass could be the perfect option for you. Many will find they can spread the ski days during a trip out a little