Park City's third Annual Point to Point race AKA PCP2P is back this is a premier endurance event featuring over 75 miles of the Park City's world class single track. This year the event sold out in 6 minutes and that was for 320 entrants that will complete the 2011 racers roster.
The race will start at Quinns Junction Recreation Center (Round Valley) and will make a quick lap through Round Valley so it might be a good idea if you are a faithful RV dogwalker to keep them on the leash or try somewhere else on saturday morning. It will then cross under 224 near Quinns and then head toward the Deer Valley complex of trails across PCMR ending up at the Forum at the Canyons. Good luck to all participants of the Park City Point 2 Point, I will be missing this one!
Year end market information for Park Meadows Homes.
The greater Park Meadows area in Park City Utah can be summed up as a tale of two sets of statistics for 2010. In the end it is my forecast (and I don't have a crystal ball) that we will see more of the same in 2011. Sales of homes increased from 18 in 2009 to 33 in2010 which is an increase of 83%. Volume went up 61% which means that the average per unit sales went down 11.7%. This number was softened by a year end sale of a home on Sunny Knoll Court for over 4 Million Dollars.
Many of the people who have been watching the market place for years, and were priced out of Park City and Park Meadows Real Estate in the hey days of 2005 and 2006 jumped back in early in 2010 and much of the really good stock was purchased by those who did have the perspective to see what was happening. I don't believe we will see a lot of appreciation and, as I said we may actually see prices per unit drop again in 2011. You may ask why? What is still on the market is less appealing homes that owners are still listing for unrealistic prices. There are buyers for these homes! Good homes (<6 years old or extensively renovated in that time; good views; and good locations) will still sell at excellent prices. Buyers who don't live here already (and that is generally over 60%) of buyers do not want to go through a renovation when they purchase.
The really good news is there are 12 homes under contract as we speak(or I write this it will change below)!
Photo is courtesy of Sedona Callahan.
The salesperson in me states that it is "this minute!" The pragmatist in me notes that there are seasonality and reality considerations depending on what you want to purchase. These considerations are: Will this be a second home or a primary residence? If it is a second home in Park City will it be used just by you and your guests or will you be renting it out? Or is getting the best value all that matters? Or do you have a picture in your minds eye which is very specific and price is less of an issue?
The condominium season in Park City is early September to mid-December. This is because many of the condominiums in Park City are rented out during our high demand winter season. Most buyers (unless they wanted to pick up a unit which needed to be renovated) do not want to carry the costs over the summer without the larger rental income that the winter season brings. Conclusion; if you are looking for the best value in Park City and don't mind carrying the cost without the rental revenue, purchase late in the winter when owners realize they will close when the rental demand and income slows. I will caution you that due to the high occupancy it is difficult to get in some of these properties during the winter months.
A non-rental condominium purchase would be in the spring since sellers will not be looking for the greater amount of income in a short period of time which winter brings, also some projects prohibit construction (renovation) in the winter and many of the winter employees will be hitting the streets looking for their construction jobs to start again and labor will be over supplied thus keeping the cost of renovation to a minimum.
And if you have not heard it before "most of us came for the skiing and stay for the summer!"
Photo courtesy of PCMR
While Park Cityis originally a silver mining town turn resort with three world class ski areas, Deer Valley, Park City Mountain Resort and Canyons within 6 miles some people just don't ski when they get here and that is not a problem because there is a lot more going on than skiing.
Ten things to do in Park City if you don't ski!
1) Snowshoeing- If you want to be outside and it is usually very comfortable being outside when the sun is out and stunning on a full moon. If you can walk you can snowshoe!
2) Dog Sledding! Yes just like the Iditarod, Check out Pawsatch. Neal Bowlen and his crew will impress you with these amazing dogs!
3) Shop on Historic Main Street don't forget to tour the museum and the Tanger outlets.
4) Check out the Olympic Park, you can get a ride in on a bobsled tour the museum.
5) Guitar Lessons at Riffs. You may even meet the Mayor who is one of the owners. Check out our music scene when everyone else gets off of the mountain. Check out
6) Spa experiences, Golden Door Spa, Align spa, Montage spa
7) Take a ride in a Hot Air Balloon then go tubing at Gorgoza park
8) Take a snowmobile tour.
10) Spirituality , Yoga, meditation and holistic healing, or try something new like Cross Fit.
See you off of the slopes!
I am a Realtor with an appraisal background and over 5 Billion Dollars worth of experience in the Park City market. Do you want to understand value work with a value authority.
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