Park City Real Estate
Park City has to be one of the most amazing resort towns in the West. Like the rest of the West, this little resort town famous for it’s high altitude, skiing, legacy Olympic venues and the Sundance Film Festival has grown exponentially over the past decade.
Every year I like to come up for the Park City Arts Festival which closes off Main street for a weekend each August. Normally I pay attention to the art and food. This year, I focused on real estate.
The amount of construction, both commercial and residential is quite astounding. The two houses at the base of the mountain in the photo are newly built complete with heated driveway systems being installed.
As you may imagine, real estate here is not cheap. I looked at a decent sized condo in Kimball Junction last year that was priced at $500k for about 1700 s.f. Houses like these overlooking Main St. Park City are much more.
The bird’s eye view of new Park City homes.
Towards the top of Main street and heading on the road to Guardsman’s pass a number of condominium developments and houses are being built. In the mountains above Deer Valley new construction of mountain mansions continue to be built by the wealthy from around the world. As a tourist town, much of the employment in Park City is in the hospitality and tourism industries. Many employees are college students or ski bums who want to play while they’re not working. Because of the treacherous driving conditions in the winter, many of these workers would rather live in Park City than commute from Salt Lake or neighboring towns. Many are priced out of the real estate market and affordable rentals are tough to find.
Because of these conditions, many new cheaper condos and apartments have been built across the freeway to accommodate the workers that are really the backbone of this tourist destination.
Real estate in Park City is quite a factor in this town’s growth and viability. Based on what I saw last week, there are no signs of a slow down here.