Park City has seen continuous growth in the luxury real estate market for more than a decade. There is pressure on the market to provide more inventory to buyers as prices rise. The land itself is a tangible asset and will continue to appreciate in value. Its value will not go to zero as some stocks have. If the market softens, the exit strategy is to manage the home as a vacation rental.
Fundamentals of investing in luxury residences: When considering where to invest in a luxury residence, first, think of location. Is the property in a vacation town, or a town that is next to water, e.i, an ocean or a lake, or in the mountains? Is it located less than one day’s travel from a major metropolitan area, e.i., Washington, Oregon, California, Arizona, or Colorado? Park City also hosts folks from the east coast, mainly Maine, Vermont, Massachusetts, Rhode Island, Connecticut, New York, Pennsylvania, and New Jersey. In this fundamental requirement, Park City is highly ranked.
It’s within a day’s travel of 6 metropolitan areas and in the mountains. Once you land at Salt Lake City International Airport, you can be golfing or skiing that very afternoon. It’s about a 45 minute drive.