Who doesn't like a great sale?
Right now you can get most Park City or Deer Valley ski condos at prices from 20-40% lower than you would have paid at the peak of the market in 2007.
While home prices for single family homes in Park City have rebounded strongly and in some cases approached the levels seen before the bust, ski condos are still languishing well below peak pricing.
I think it is typical when we come out of a recession for pent up demand for items we "need", like a place to live, to be among the first sectors of the economy to recover. A ski condo is typically not a need but a want, and is in the category of discretionary spending, more of a luxury item.
When prices were at there lowest In 2010 and 2011, there was little demand for the many bargains available in Park City in the single family home market. Now, demand is very strong and some people are still looking for the deals, but the deals are now long gone.
I believe we are still in a 2010-2011 scenario for many of the ski condos in Park City and although demand has picked up noticeable over the past 6 months, there are still bargains galore. In a few years I think people will be wondering where all the bargains have gone in Park City ski condos just as they are now asking that same question about single family homes.
Well....the short answer is the bargains are right here, right now. Units at the Lodges at Deer Valley are almost 40% below where they were selling in 2007. Lower Deer Valley is a particularly weak market segment right now and these prices would have been unheard of 5 or 6 years ago.
Snow Flower at Park City Mountain Resort offers similar value. A client of mine is purchasing a unit there right now for well under 450k when a similar unit at the peak of the market would have sold for around $700k.
There are numerous other examples I could cite to show the value inherent in the market today.
You can cover a larger percentage of your costs than ever before on a 80% LTV loan right now with prices this low and interest rates at multi decade lows as well. I don't think the environment is likely to ever again look as good as it does right now to buy that investment/second home condo.
If you would like more information on the many great investment and second home condo options in the Park City or Deer Valley areas you can email me at scottL.parkcity@gmail.com or call me at 435-513-2324.
Scott Larson
Keller Williams Park City Real Estate
435-513-2324
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