Park City May Not Be Right For You If….
(Apologies to Jeff Foxworthy)
I’ve recently received calls from prospective buyers who live outside of Utah and were downright angry with me that I could not magically produce a property that met their needs. It got me thinking. As perfect a place as I like to think Park City is, it may not be right for you if….
- You have a budget of $350,000 and want a single family home in the Park City School District.
- You are looking for a single family home in a residential neighborhood that you can rent on VRBO.
- You have 20% to put down on a vacation rental property and expect the rental income to cover your loan payments, taxes & insurance.
- You want to buy a bank owned, short sale or otherwise “distressed” property below retail.
- You saw some properties listed for sale in 2009 and were hoping the prices had not gone up too much in the last 6 years.
- You want to spend less than $300,000 for a 2-bedroom condominium in Park City that has been updated and is near skiing.
With a median single family price of $1.5 million in Park City proper and $935,000 in the basin, the days of $350,000 homes are over. The good news is that there are properties available within these guidelines that are 10-20 miles from Park City proper, which are growing in value.
There are some great opportunities in Park City for those who are willing to be realistic and work within the parameters of our markets. Some condominiums in Park City generate stellar rental income to make long-term rental properties work. While prices are up, in many areas they are still below their peak. I can show you the best that Park City and the surrounding areas have to offer. It’s not too late to get into our real estate market as I am happy to provide information on real estate options that are right for you.