The Park City real estate market is about to light up as it always does when the weather turns cold. Buyers are most interested in ski property despite the year-round attraction for those who actually live in this Utah resort. This is good news for the real estate community which took a third-quarter hit and 40 percent dollar volume drop over the same period last year according to Park City Realtor Todd Anderson.
The current lack of new development properties compared to last year has something to do with the drop. The Park City Board of Realtors reported that total real estate transactions in the greater Park City area, which includes Summit and Wasatch counties, were $317 million the first six months of 2009, down nearly 50 percent from $629.8 million in total sales for the same period in 2008.
However, there were two large projects were completed in 2008: Silver Star ski-in/ski-out luxury condos at the base of Park City Mountain Resort, and Newpark Hotel at Kimball Junction. Dakota Mountain Lodge and Escala at The Canyons Resort are coming on the market this year, with fewer units available. The St. Regis was expected to open in Fall 2007, but will debut Nov. 24, 2009 instead, with about 40 percent of the hotel-condo units and six residences left for sale.
Real estate agents say they feel a change in the air and that they are beginning to think the worst is over, with the Park City and Deer Valley markets finally at bottom.
If you are in the market for a place in Park City or Deer Valley area, now might be the time before prices creep up.
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