Park City Real Estate Trends

       Oversupply of housing coupled with a strong economic outlook for Utah catches the eye of people looking for a deal or strong investment.  The Daily Real Estate News posted this today:

 February 11, 2008

10 Best Places for House Bargains

The best place to get a bargain on a home is an area where there is healthy job growth and more houses available than people to buy them.

These are markets "where you have high inventories but pliable borrowers, with lenders willing to deal," says Anthony Sanders, a professor of finance at Arizona State University.

Forbes magazine went looking for markets where the damage from risky lending hasn't been as dramatic as in some parts of the country and where employment growth will burn off an over-abundance of inventory quickly. Here are what the magazine considers the 10 best cities for bargain house hunters.

1. Salt Lake City, Utah. Developers have gotten ahead of the demand, but the city is adding jobs more quickly than practically any place else in the country.

Source: Forbes, Matt Woolsey (02/07/08)          

          What does this mean for Park City, Utah?  While Salt Lake and Park Cities are less than 30 miles from each other, their market-places are surprisingly different, as are their climate, traffic and residents' lifestyles.  Park City being what it is, a resort town with many non-resident owners, has for many years been a market very different from Salt Lake City.  Park City is very limited in its possible expansion areas due to its geography.  There are only so many places that have easy ski and recreation access.  The ability to not have to drive to go somewhere in town is a great feature of Park City and a feature that is limited to its city boundaries.  Residents living in Park City enjoy not being park of a big city and enjoy the feel of mountain resort living.  Scarcity is something that has and continues to drive prices and demand in Park City.           The proximity of the two towns is very close, but pricing, demand, scarcity and the reasons to live in the cities are different between Salt Lake City and Park City. While there are some bargains currently in the Park City area and Salt Lake has been named one of the best markets in the country for bargains, it is more due to coincidence than the two cities being tied to each other.  Search http://www.youinparkcity.com/ to find Park City property.