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.
Do you realize what that means to be able to drive 6-10 minutes to the largest ski resort in the USA? Most skiers would kill for that drive!
The changes are not all positive. We have a new problem with traffic during our busy times, restaurants are booming and you don't run into 20 friends everywhere you go. There are newcomers and visitors too.
The Vail Effect has changed our lives for the good as well. With growth comes new, better job opprotunities. Real Estate prices rising can change lives too. For example: that home you bought in Park City for $300,000 in 2002 and is now worth $900,000 that you owe about $200,000. If you sold it, what could you do with the windfall? Buy a bigger, better home? Buy a small condo in Park City and a beach condo? Buy a home on 10 acres in one of our outlying communities? Anything is possible.
Bottom line is yes, Park City has changed. It will change again. I can help in one way - if you are looking to change your lifestyle by selling your Park City home, please call me. Now is a great time to sell.
If you are reading this and do not have your dream home in Park City yet. I can help with that too. Grabbing a Park City Ut home now may be the right time before things change.
Heather Feldman, Realtor