What makes Park City an attractive place to live or own property?
Hands down, the lifestyle! Park City is an amazing place to live or have a second residence. Most people that live here share a common bond of a love for the outdoors and an active lifestyle. Park City is rugged, casual and refined, a great place, especially for people living in the confinement of a large city. With winter activities of world class skiing, snowboarding, snowmobiling to summertime fun hiking and biking on over 400 miles of maintained trails, golf, fly fishing, and rock climbing. There is something for everyone, and when the day is over there is plenty of nightlife in Park City’s restaurants and bars.
Tell us a little bit about yourselves and how did you come together to form The Agency?
The three of us owned two separate companies, Mike owned Park City Realty Group and Jake and Charlie owned Glenwild Realty. The two companies were both small successful boutiques who shared information with each other over the years about different sectors of our market. Both companies were looking to find a way or vehicle to grow and offer our clients the best services possible. After a year of investigating different software applications and reviewing and meeting with several real estate brokerages both in in Utah and out of state, it was an easy decision once we met with The Agency Founders, Mauricio Umansky and Billy Rose. Their personalities gelled with ours and The Agency offered marketing services that were unmatched in or discovery period. In addition, their company philosophy was similar to ours. We do a lot of preparation, surround ourselves with good people, work hard and have fun doing it. Let’s face it, in this business in Park City we meet interesting people from all over the world, we help them find the right neighborhood and home and introduce them to our friends in this great community, it should be fun!
How is Park City’s real estate market performing?
The market is healthy, with single family home sales within the Park City limits up 15% in number of transaction and the market in 2019 outpaced 2018 with dollar volume up 12%. The Park City Basin also saw an increase in in sales volume up 10% and a median price increase of 5%. The condominium market shared the in the positive growth with condo unit sales in Park City up 33% with total dollar volume up 27%, the median price had modest gains. The largest growth in the Park City Basin came from condominium sales located in the Canyons Village area at the base of Park City Mountain Ski Resort. This area has been booming with a redesigned resort center providing access to apres’ ski activities. Sales increased 70% year over year and sales volume nearly tripled.
What new developments are forthcoming that may be attractive to potential Buyers?
That depends on what lifestyle you are looking for, says Charlie Taylor, Managing Partner at The Agency. Park City has several new ski-in developments at varying price points. From The Ascent, based in The Canyons Village, a new development that offers whole ownership ski in condos next to the Frostwood Gondola, attractively priced from the high $300’s, to the Stein Erikson Residences in Deer Valley starting in the mid $3M range. In addition, there will be a new offering coming at Deer Valley ski area as they expand the skiable terrain by 900 acres with a new village center and a proposed seven new chairlifts. If it is golf you are looking for, Park City has plenty to offer, each of the six greater park city golf clubs has a different atmosphere, course type and amenity package.
Salt Lake City:
How has the growth in Salt Lake City effected real estate pricing?
Several nationwide companies are locating a portion of their operations in Salt Lake City, Goldman Sachs, JP Morgan Chase, Adobe to name a few. As these large companies come in, it brings in more and more jobs and smaller companies tend to also tend to follow. Salt Lake also has a booming tech and healthcare industry with companies like Vivint and Intermountain Healthcare. As these companies grow and bring more jobs to the area, real estate prices have seen a steady rise, that said Salt Lake is still an affordable place to live.
What is happening in the Salt Lake City market?
The greater Salt Lake market has seen a consistent growth over the last few years with median prices averaging a 9% increase. Sales have also been consistent with the rise in median price, summer months tend to outpace winter in number of transactions, as families tend to move when children are out of school.
Are there other conveniences that make Salt Lake City a great home?
Salt Lake has so much to offer, beautiful mountain ranges boarder the area to the east and offer year round activities. The shopping, dining, cultural events and arts in downtown are growing every year. City Creek Center has been a great addition to the downtown atmosphere. The new state of the art $3.6B Salt Lake International Airport is scheduled to be completed late this year.
The team at The Agency are here to help you make your transition, or second home purchase, please give us a call to discuss Park City and Salt Lake City.