In the opinion of the authors of a recent issue of Barron’s, the second home market is firming up and prices may soon begin to rise again. “While the era of picking up a choice second home at a deep discount is clearly not over, more scrutiny and discernment are required. The best bargains may have been snapped up. Often what is left are large, overdeveloped houses decorated with Italianate marble and cupid-spitting fountains.”
Thankfully, I have never seen a cupid-spitting fountain in Park City, but the same concept is true in parts of our market. Well priced, beautifully maintained homes are selling briskly at all price points while over-priced homes that need work are passed over.
Barron’s states that “Some insiders are now betting 2014 will be the “Great Restoration” year for even the hardest-hit resorts. So we’re probably near the last call for the last bargains.” If you are considering a second home in Park City, perhaps now is the right time to buy.
Barron’s ranked Park City #10, above N. Lake Tahoe, CA (12); Jackson Hole, WY (13); Sun Valley ID (16). Below is a clip from the article:
10. PARK CITY, UTAH
The best time to ski is in mid-January during the Sundance Film Festival, because nobody is on the hill. But don’t try to get a dinner reservation at Robert Redford’s Zoom, a downtown icon. After the starlets and poseurs drawn to the festival have decamped their “Occupy Park City,” part-time residents and locals reclaim the Old West mining town for the rest of the year. Media types like Conan O’Brien have been seen in the glassy cube that is the St. Regis Resort, while West Coast techsters are frequently spotted in the lounge filled with overstuffed couches at the Montage. Talk of the town: A four-bedroom residence at the Montage sold for $8 million last year, a $2 million drop from the original asking price.
For the entire article by Steven Sears, Mark Veverka and Sandra Ward, see Barron’s 3/3/2012