Park City regularly draws crowds from all over the country for its endless list of outdoor activities. With this phenomenon, real estate in the town is split between single homeowners and second homeowners. The market is attractive for both types and investing in Park City makes sense in the foreseeable future. Here are the reasons why:
Property values in Park City either go up or stay steady.
This leads back to the quality of life. Many people find it appealing to settle in Park City. The schools are great – they happen to be among the best in the state. Public transportation is straightforward and, most importantly, free. The things you could do by yourself or with other people are endless. The mountain views in all seasons are awe-inspiring.
Even the financial crisis of 2008 failed to make a huge dent on Park City’s housing market. This is a testament to the market’s resiliency and a pretty serious stress test that it has successfully weathered.
There’s a healthy market for renters.
Those who own a second home in Park City often put their property to good use while they’re away. Renting out an empty home is a great way to get passive income going, especially when the number of transients in Park City spikes during peak travel seasons.
The extra money coming in can then be reinvested into maintaining and improving the home. This ensures continued interest among renters, an increase in the value of your home, and the pleasant thought that your home is paying for itself in some ways.
Park City directly benefits from being close to Salt Lake City.
Park City is extremely accessible as far as ski resorts go. The ski resort town is only 40 minutes away from the airport in Salt Lake City. Because of this proximity, tourists’ dollars that are earned in Salt Lake often make their way to Park City, contributing to the town’s prosperity.
This symbiotic relationship with SLC reaches its peak in January during the Sundance Film Festival. Attendees in the thousands flock to venues in the two cities, generating huge local and state tax revenues ($18.7 million for Sundance 2019).
The resort town is one of the three cities that make up Silicon Slopes.
For those just looping in, Silicon Slopes is Utah’s answer to California’s Silicon Valley. This triangle of tech potential, whose area includes Salt Lake City, Provo, and Park City, is turning into a base for major tech companies and startups. The likes of Microsoft and Qualtrics have already set up camp in the mountains of Silicon Slopes, paving the way for other companies to follow.
New talent keeps funneling directly into the Slopes from institutions like the University of Utah and Brigham Young University. Moreover, Park City stands to benefit from the bump in job diversity offered by these new breeds of businesses.
Is Park City a sensible real estate investment for you? Give Team Schlopy a ring at (435) 640-5660 or send an inquiry to email@example.com. Making the right real estate investment won’t be a struggle with Team Schlopy at your side.