Originally Posted by
flyallnite
Speaking of real estate, does anyone know how the prices are up in Park City these days? The last time I looked it was really spendy, has it taken a hit along with the rest of the country? What are homes going for out there now? Shoulda got that condo before the Olympics...
I live in Park City and have for almost 14 years. Real estate prices have dropped significantly and there have been many distressed sales.
The upper end of the market has been hit the least, but that's probably homes in the five million and up range. Had FTB won the lottery he might be looking in that range, but not us mere mortals.
This is just my impression but things are starting to firm up a bit. If you are seriously interested in buying here I wouldn't wait too long.
One development, Promontory, had a great deal of speculative buyers/investors and there are a number of distressed sales there. Some of the distressed sales have truly been cheap. It's a different situation as the location is a bit farther out from everything. They have two golf courses and an equestrian center in the development. Promontory was originally marketed as a second home development, so I'm not sure how many full time residents there are or how many are young families. Again this is my opinion but I think Promontory will recover more slowly than the rest of Park City, but if you're patient you will be rewarded.