I have just returned from Park City, Utah after spending a few days there.
Park City is a former mining town that has become a major destination ski resort located about 25 miles East of Salt Lake City in the Wasatch Range.
It’s about six hours’ drive from the Boise area and a fun place to visit, especially if you like moose!
- It’s pretty cool (no pun intended) to be sipping a vanilla latte in a Main Street bookstore/coffee shop , watching giant, fluffy snowflakes drifting from the sky.
- You have to have money to live here ~ it’s expensive!
- There are thousands of expensive townhome/condo properties lined up on the hillsides all around town.
- Main Street has dozens of stores full of stuff you don’t need.
- There’s no shortage of restaurants/bars with just about any kind of food/drink you could want.
- It’s very difficult to find lodging between December 15th and April 15th (ski season).
- You can spend $450/night (now) to stay at a luxury condo/hotel and that room rate will triple during January’s Sundance Film Festival!
- Population = 8,127
- Households = 12,250
- Median Household Income = $65,800
Real Estate Observations
- 64% of homes are second homes
- 30% of out-of-state homeowners come from California
- 2009 condo sales = 356 @ $802,644 average price
- 2009 home sales = 330 @ $1,233,358 average price
Summit and Wasatch County Real Estate Sales Data
- 2005 = 4,028 units
- 2009 = 1,130 units (72% decline)
- 2005 sales volume = $2.13 BILLION!
- 2009 sales volume = $867.2 MILLION (59.3% decline)
My impression, gleaned from various conversations and research, is that roughly one-third of current real estate sales are distress sales, but there’s very little visible evidence to indicate that with only a few real estate signs indicating short sales or foreclosures.
I wonder if the the real estate community, and/or homeowner associations, have elected to not post such signs?
All in all ~ a nice upscale place to visit, not immune from the current economic malaise, and you’d better take your money with you because you probably won’t earn it there!