What does Vail Coming to Park City do for Real Estate Values?
Original Writeup - December 11th, 2014: We have known that Vail would be heavily investing in The Canyons and Park City Mountain Resort for quite some time and we have seen condo and single-family homeowners hold firm on their asking price over the past twelve to eighteen months. There have been stories that after the news of Vail’s $50 million investment owners increased their asking prices by 10% but that is not the norm in Park City. Many property owners in Park City see this as a great opportunity for real estate appreciation but are worried about losing the small-town feel of Park City. Park City has seen change and development growth over the past thirty, forty, and even fifty years. In reality, it keeps us on pace to continue growing with real estate development. There are several new real estate developments that will be coming online over the next four to eighteen months so keep an eye out for new listings. If you are thinking about investing in Park City real estate now would be the appropriate time to create a plan of action. Investment properties in Park City typically do not have a high cash flow but many of the investors who are buying homes, condos, or land are calculating the probability of overall real estate appreciation.
Update April 24, 2019: An update nearly over four years later. Park City prices have climbed past what most people expect and we experienced what some called the "Vail Effect" as real estate values pushed past the historic highs of 2008. I still think that the "Vail Effect" was something that many resort towns experienced at that time so property appreciation had more to do with the US economy rather than Vail. The local community is still split if Vail coming to Park City is a good or bad thing and once someone moves to Park City they want to close the gate on any new development or someone else moving to Park City. I recently represented a luxury property buyer that lived in Park City in the late 1970s and it was a long-time goal to return to Park City. He's happy to be back and pleased with the growth of all that Park City now has to offer residencies. If you are considering moving to the Park City area please contact me so we can discuss what areas of town may work best for you.
Contact Derrik Carlson at 435-200-5478 with any of your real estate needs.