The Utah real estate market is building again. Park City is one of the most sought after locations in the nation. If you are an investor or looking for a primary residence this is excellent news. With the backing of the state’s economy currently outpacing the nation, this is excellent news.

Park City In Demand

Beginning with 2015-2016 ski season Park City, Utah will have the largest ski area in the United States thanks to the $182.5 million purchase of Park City Mountain resort by Vail resorts last September. Immediately following the sale Park City condo sales increased to 71-percent as well as a 43-percent increase in pending properties. Utah famously boasts, “The Best Snow on Earth,” but adding the nation’s largest ski resort to the mix certainly cranks up Park City’s desirability factor. However we’re not just talking cookie-cutter condos. The Echo Spur community brought eco-friendly innovation to Historic Main Street. This new focus on sustainable development particularly in a resort community further cements Park City Utah as a market to watch.

Looking For Luxury

Worldwide luxury properties are still in demand. With the recent volatility in stock markets worldwide, real estate is still considered a safe investment, according to Christie’s International Real Estate. Christie’s year-on year data shows a 16-percent increase in sales of property over the 1 million mark. They attribute the jump to an increase in the number of High Net Worth Individuals, or those with over $1 million in investable capital. With Park City’s new status as the country’s largest ski resort, certainly these are the type of people who will come to play. And, some of those who play will want to stay.

The Downside To High-Altitude Life

With Park City gaining a wider audience housing prices will continue to increase. As an investor it may be difficult to maintain profitability. If you end up sacrificing maintenance to stabilize your return, you may end up with a poorly reviewed property that no one wants to rent. Rental income can be a wonderful addition to your financial package but in this particular market you need to be ready to cater to customers. This is definitely one situation where you should carefully evaluate risk versus return.

If you are you are considering moving Park City, you could be priced out of the market due to the high cost of living, 163.4 average with 305 housing on the Sperling scale. Even though the Salt Lake International Airport is only about an hour away, year-round living in Park City is not for everyone. The town is somewhat geographically isolated making out of town commute times lengthy under the best conditions. Under snowy conditions, driving can be treacherous. While the city has beautiful infrastructure, bountiful recreation opportunities other than winter sports, and access to some of the finest restaurants in the state, you do pay a premium for those amenities.

Whether you are looking to invest or looking to relocate, the Park City, Utah real estate market is just like any other market— it has to be right for you. However this may be one time when a little extra research on your part is warranted. This is a destination location with year-round appeal. If dealing with all the trappings of a luxury community sounds a little too high-maintenance this might not be the place for you. On the other hand if world-class skiing and clean air are high priorities for you Park City, Utah can’t be beat.