You might say Park City has been riding a tidal wave of change for the last 10-15 years, and you’d probably be right. We agree it has been a solid decade or so of much-needed change in this quaint mountain town. The Lange Group has been around long before Park City’s rise to the top and has seen and supported the evolution. From our practiced real estate eyes, we’ve seen prices rise and even fall; we’ve seen inventory peak and diminish; we’ve seen and led development efforts throughout the area. The bottom line is we have a pretty good scope on real estate in Park City.
We like to think the 2002 Olympics put Park City on the world’s stage, and shortly after it seemed the world wanted to vacation and purchase homes in the area. While it may have taken some time to catch on, the secret was out; Park City was and remains a dream destination to visit, invest and reside.
Developers in the area were quick to respond to the newfound interest and responded with luxury properties fitting for the luxury market. The town, which for years had only the famed Stein EriksenLodge to hang their hat on, was soon home to countless luxury developments in the area as well as three flagship hotels: The Montage Deer Valley, The St. Regis Deer Valley, and The Waldorf Astoria Park City.
More recently, the luxury landscape has continued to evolve with a few new projects nearing completion and even more gearing up to hit the market within the next 18 months. Vail Resorts recent entry into Park City has sparked the fame flame once again with yet another flurry of interest in the area. Park City continues to shine and doesn’t show signs of slowing down.
Recent reports show Park City gaining momentum as not only a 2nd home destination but a viable location for various industries as the quality of life continues to outshine more traditional corporate headquarters. Start-ups and existing, successful companies are taking note that talented employees want to work in an area they want to live, as they consider Park City for their home base.
With more people moving to town, more stores, restaurants and bars are also setting up shop. All that translates to us having more stuff to do and more things to eat and drink. And are you really going to tell us you don’t like options?
The Park City Film Studios® has opened it’s doors in Quinn’s Junction. They’re bringing Hollywood-level production to little, old Utah so now our film culture is not just limited to the ten days in January when Sundance takes over.
And of course, the Newpark/Kimball Junction area is constantly changing and expanding with shops, restaurants and the visitor center.
All of this means Park City is diversifying its portfolio and diversification bodes well for a strong and sustainable future.
Park City will always be a town centered around the outdoor industry with skiing being the primary focus and because of that, more companies (like Skullcandy, Backcountry.com and Rossignol) are drawing all levels of employees to move to Park City.
On top of all that, Salt Lake City is becoming a hub for the tech industry with Adobe, eBay and Google moving to Utah. We’ve seen that many of the executives of these companies are opting for the longer commute in favor of living outside the valley.
So, while the real estate supply may appear to be expanding with developments taking shape in all corners of the area, the demand seems to be keeping up, and will continue to do so.
We like to say, if you are considering real estate in the Park City area explore the offerings in the market. If you find something you love, buy it and enjoy it.