Park City UT Vs. Aspen CO Ski Real Estate Comparison
Due to their many similarities, people tend to compare Park City, Utah, and Aspen, Colorado. Both are incredible winter vacation destinations to own a ski property, both have great restaurants, and of course, proximity to some of the best ski resorts in the nation. As we continue to see an influx of folks moving from the large cities like San Francisco, Los Angeles, New York, etc we are seeing more buyer activity than normal which has changed both Park City & Aspen over the last year.
Both cities are top choices for those looking to buy real estate or vacation homes and get a taste of the mountain lifestyle. When contemplating such a big investment, it can be difficult to make a decision on which city to land in. Within each area we also have many different sub-communities and property types so it can be tough to get an accurate picture or direction simply by searching online.
The truth is, both cities are excellent for real estate whether it’s a permanent property or a secondary home. Here are a few things to consider that might help you decide which city is best for you!
First... Let's Check Out A Few Homes In Each Area
Downtown Aspen Home
Price: $9,999,999
Sq Ft.: 3,752
Bedrooms: 4
Property Tax: $18,111/year
Old Town Park City Home
Price: $8,995,000
Sq Ft.: 3,747
Bedrooms: 4
Property Tax: Estimated $18k/yr
Aspen Ski Estate
Price: $14,900,000
Sq Ft.: 9,039
Bedrooms: 7
Property Tax: $45,732
Park City/Deer Valley Ski Estate
Price: $4,250,000
Sq Ft.: 7,391
Bedrooms: 5
Property Tax: $26,224/year
Real Estate Affordability
Since Park City and Aspen are both big tourist destinations, the real estate prices (especially of vacation homes) have been driven up. When looking at the affordability of each city, it is well known that Aspen has a much higher cost of living than Park City. According to Versus, Park City has a 48% lower median home cost than Aspen. There is also a stark difference between the cost of living and median income, both being more expensive in Aspen.
Colorado income tax is also on the higher end compared to Utah, which is a major consideration when comparing the pricing of the two cities.
Overall the cost of living is much higher in Aspen when compared to Park City.
Property Ownership Costs
After looking at the general cost of living, it’s important to compare ownership costs between the two cities. Aspen has one of the highest sales tax in the country at 9.3% while Park city is at 9.05%. Colorado Income Tax is at 4.63% and Utah is at 4.95%!=. Another important comparison is Housing Assessment Rate with Park City is at 5.5% and Aspen at 7.15%.
Overall, Utah has the 7th lowest tax rates in the country while Colorado is in the 9th position.
Ease Of Access
This is an incredibly important factor to consider when looking to purchase a property in a mountain resort town. Park City is just a 35-minute drive from the capital Salt Lake. Once in the city, there are dozens of top ski resorts that are just a 15-30-minute drive. In Park City, you are a 6-hour road-trip away from Las Vegas, 4.5 hours from Jackson Hole, and 8 hours to the Grand Canyon!
Aspen is a little less convenient of a destination as it is a 4-hour drive from Denver International Airport. While this may not seem like a huge deal, it is something to think about if you know you will be flying in and out often. There are also dozens of ski resorts in close proximity to the city that you can get to by car, bus, or shuttle.
Quick Comparisons
Ski Resorts located within each area are:
Aspen: Aspen Mountain, Aspen Highlands, Buttermilk, Aspen Snowmass
Park City: Park City Mountain, Deer Valley, Woodward, Snowbasin, Nordic Valley, Powder Mountain, Sundance
Real Estate Market Dynamics For Park City, UT
| Year Over Year | 2019 | 2020 | %Change |
|---|---|---|---|
| PARK CITY | |||
| Average Sold Price | $1,207,418 | $1,536,913 | 27.30% |
| Average Sold Price per Sq. Ft. | $341 | $481 | 41.10% |
| Average Days on Market | 100 | 94 | -6.00% |
| Highest Sold Price | $32,500,000 | $20,000,000 | -38.50% |
| Lowest Sold Price | $100,000 | $98,500 | -1.50% |
| Number of Properties Sold | 1,825 | 2,426 | 32.90% |
| % Sold Price to Original List Price | 96.20% | 97.20% | 1.00% |
| Total Dollar Volume Sold | $2,203,537,006 | $3,728,551,137 | 69.20% |
Real Estate Market Dynamics For Aspen, CO
| Year Over Year | 2019 | 2020 | %Change |
|---|---|---|---|
| ASPEN | |||
| Average Sold Price | $4,414,112 | $7,237,713 | 64.00% |
| Average Sold Price per Sq. Ft. | $1,545 | $1,882 | 21.80% |
| Average Days on Market | 264 | 282 | 6.80% |
| Highest Sold Price | $23,000,000 | $32,000,000 | 39.10% |
| Lowest Sold Price | $345,000 | $425,000 | 23.20% |
| Number of Properties Sold | 228 | 343 | 50.40% |
| % Sold Price to Original List Price | 93.00% | 94.00% | 1.10% |
| Total Dollar Volume Sold | $1,006,417,450 | $2,482,535,400 | 146.70% |
At the end of the day, there are pros and cons to entering the real estate market in both cities. However, based on the information above, Park City pulls ahead ever so slightly in the race of best holistic value. Be sure to contact experienced local real estate agents in Park City if you're looking to discuss the finer details of home ownership here.
References:
https://alpineskiproperties.com/blog/park-city-vs-aspen/
https://versus.com/en/aspen-snowmass-vs-park-city-mountain
https://www.bestplaces.net/cost_of_living/city/colorado/aspen
https://www.bestplaces.net/cost_of_living/city/utah/park_city
https://www.cityofaspen.com/424/Tax-Information
https://www.mansionglobal.com/articles/what-are-property-taxes-like-in-aspen-colorado-215360
https://www.areavibes.com/aspen-co/cost-of-living/
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