Park City, Utah On Sale

By
Real Estate Agent with You In Park City group - Keller Williams Park City Real Estate

As the summer heats up, Park City Utah Real Estate Prices have continued to fall.

Park City, UT Real Estate ON Sale 

            Outlying areas of Park City have been hit worst in terms of price depreciation with some areas seeing prices equivalent to those in 2001 and 2002. To give you a better feel for this, the largest increase in area prices happened in the 2004-2005 timeframe. There are now condominiums being offered at prices of over 50% off the peak sales prices of 2006-2007.

             Granted, these sale prices refer to bank owned and distressed sales, but that currently makes up about 10% of the Park City real estate market. Also, purchasing homes and condominiums at these fire-sale prices requires patience, quick response to new listings and most times cash (no financing contingencies allowed). So the great deals are out of reach for many would be buyers.

             There is evidence that these aggressive sales prices by banks and distressed sellers is having an impact on the neighborhoods around them. Prices continue to fall in an effort to compete with nearby distressed property. This is especially true within the condominium market where there is less variation between units than in the single family home market (some local areas have shown a surprising strength and stability with very little downward pricing pressure).

             Stringent lending criteria and appraisals based on a falling marketplace is making the pool of qualified buyers smaller which adds to the downward pricing pressure.

             Strong value can be found in almost all areas of Park City and Deer Valley real estate and we are approaching pricing in outlying areas that may make investment with positive cash flow possible.

             As always, real estate is local and each segment of Park City and Deer Valley can be different. For assistance in finding the perfect home or condominium for you or to sell your current Park City, UT home; contact a professional with YouInparkCity.com at (888) 968-4672.

 

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Anonymous
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Matt

Todd,

I appreciate your pointing out the current price trends in the PC area. After several years of unrealistic appreciation the market will now see a huge sell-off from the large number of buyers who paid way too much for their properties in the past 5 / 10 years.

I use Promontory Ranch as a great example of greedy/stupid people bidding up the price of lots / houses beyond reason and they are now suffering the consequences. The developer led the way thru his own bankruptcy process, and many of the property owners will be walking away. Promontory is the answer to affordable housing with lots below $100K......Why drive to Wasatch County for deals?

Keep it real!

Jul 19, 2010 10:13 PM #1
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Rainmaker
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Todd Anderson

Park City | Deer Valley Real Estate
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