Park City Utah and the 'Vail Effect'
Park City, Utah, Real Estate and the "Vail Effect" Has it changed our town?
This morning I saw a story KUTV posted about the concern of Real Estate prices rising because of "Vailienation" - meaning Vail's coming to town has caused Real Estate prices to rise and has priced out many of our locals. The story brought out quite a few negative comments about the growth.
Yes, Vail coming to our ski town has changed things. Park City Utah is different from when I moved here 9 years ago, but it was also different in 2006 than it was when I first skied here in 1978 too. Growth happens. Anytime you have a super desirable place to live, people find out about it and it changes.
Anytime you have a super desirable place to live like Park City, people find out about it and it changes and grows.
Talk to your parents and grandparents about how things were at the beaches in California 20 or 30 years ago. My husband's parents tell stories of how they could have purchased land at Jamboree and Pacific Coast Highway - prime land in Newport Beach- for $49,000 in the 70's when it was an orange grove. Things change. I grew up in Las Vegas back in the day where the Mob ruled, traffic was light and the town was relatively small. Not the same place it was when I lived there either. Things change.
Has it really changed our real estate values? Sure. Areas that are close to the resort like Old Town in Park City proper or The Colony at Canyons - now known as Canyons Village at Park City, Park Meadows and a few more have really jumped in the last year or so and you will find homes in those areas valued at $100,000,000 to upwards of $500,000,000. But, did you know that homes under $500,000 are still available? Condos are available under $300,000? You may not be able to walk to the lift, your drive to the resorts may be 6-10 minutes.