I have a client looking to buy a single family fixer-upper in Old Town, Park Meadows or Thaynes Canyon up to $1M. You cannot believe the dearth of homes I can realistically show. I ran a search for homes up to $1.2M in those three areas and found 13 listings. Of the 13...1 is dog-doo, 3 have been re-done, the others are "nothing to get excited about". So where do we go...and what do we do? I've suggested to the buyer that we start making some low-ball offers...to wake people up...and prove to them that the frenzy is over...and that PC values, while not crashing are not what they were in the period 2004 to first quarter 2006.
One other factors having an effect, is the number of new units, single family/condos etc, available within 20 minutes of Park City. The Heber/Midway area is bursting with new construction...so much so that you wonder if all those people now building... have looked around them.
On another topic of concern, there are currently SEVEN...count 'em...7, new golf courses under either actual construction, or already approved for Summit and Wasatch counties. Who is going to support them? Take a trip to Soldier Hollow (Midway)to play and you can get on their two courses, just about any time of day without a reservation. Cost is between $34-$38 dollars or so to play some really nice courses. So who's going to join another $100k plus CC?
New courses are under construction at Hideout Canyon, Promontory, Red Ledges, The Canyons, Victory Ranch, Talisman, and Tuhaye. The other crazy aspect of all this is that the courses, in many cases, are not customer friendly. They are building them so tough and hard to play, that many people will try once...lose a dozen balls, and then go else where.
Courses are not being built to play...they are being built to sell property...and there's a great difference. Of course you can join an existing Country Club...Jeremy is the least expensive at about $10,500...Promontory and Glenwild at $115k are the priciest and at Jeremy and Glenwild you don't have to own property there to join. You have to own property at Empire Pass or Tuhaye to join there(Talisker Club)...and Promontory makes land ownership a must too. For the avarage second home owner, Mountain Dell, Park City Golf Club, Wasatch Mountain(two eighteens) and the Soldier Hollow courses offer great value. All are within 30 minutes of Park City.
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