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Park City Real Estate Market Fundamental Facts for Continued Growth

FACT SHEET

The global economy may dip and soar, but life in Park City remains pretty stable. While we can't claim total immunity from external economic pressures, this localized real estate market is a safe harbor to weather the storm. Why? The fundamental attractions of Park City — world-class recreation, a comfortable year-round climate, convenient access and a strong sense of community — are unwavering. Together, these fundamentals will continue to create growth and stability in our market, long into the future.

*** Scroll down to view all facts! ***

Convenient Access
Not only is it a snap to get around in Park City with our free, kid-friendly bus system, but getting here in the first place is also incredibly easy. The Salt Lake City International Airport is only 30 miles away by major freeway, and boasts over 450 scheduled departures per day to over 100 non-stop destinations in the United States, Canada, Mexico and Europe. What's more, in 2008 the Salt Lake International Airport ranked first in the nation for on-time departures and arrivals and had the fewest number of flight cancellations. Compare this convenient access to that of most other major resorts in the country, which require lengthy drives or costly commuter flights to remote regional airports.

It's so easy to access Park City that you could catch a morning flight from almost anywhere in the country and be skiing on our slopes by the afternoon. In fact, the Park City Quick Start program allows visitors to convert airline boarding passes for free same-day lift tickets at Deer Valley Resort, Park City Mountain Resort or The Canyons Resort. Check out this site for details: http://www.parkcityinfo.com/quickstart/

Strong & Competitive Market Values
While Park City's real estate market does follow the same general trends as most Rocky Mountain resort destinations, this area offers some unique factors that keep our market stronger and steadier than most of our neighbors. The Park City area is earlier in its development cycle, thus offering a better value than many other top tier resorts. In most resort communities, developable land is all but built out, driving prices to nearly impossible heights. While our developable land is becoming scarce, Park City still offers new construction projects.

What's more, the Park City area offers incredible variety—both in terms of price and product type. The diversity of real estate offerings ranges from multi-million dollar luxury estates to more affordable options. So much variety only serves to keep our real estate values competitive.

A Proven Commitment to Quality of Life
Park City residents are deeply committed to preserving the open space that provides scenic vistas, wildlife habitat, an extensive trail network and rural charm. In fact, we're so committed, that locals have bonded themselves twice in the city limits and once in the county to the total tune of $40 million, for the sole purpose of purchasing and forever preserving land as open space. Buying into Park City means you're buying into an area with an increasing supply of protected open space and a decreasing supply of developable land. 

Park City's commitment to quality of life is further echoed in its significant strides in sustainable living practices. Park City Municipal Corporation is leading the charge with bio-diesel public transit, a community carbon footprint counter, wind and solar power exploration and a progressive green building program. Major community businesses are also looking ahead with long-term sustainability measures. All three area ski resorts implement eco-friendly practices and Park City Mountain Resort was recently honored for offsetting 100% of its power consumption with the prestigious Silver Eagle Award for Energy Conservation.

More Options for Skiing
When you choose Park City for a vacation destination or your new home base, you have a lot of choices. Choices for dining, choices for shopping, choices for real estate and…choices for skiing. Right within the Park City community are three of the continent's top-ranked mountain resorts. In 2008, the readers of SKI magazine ranked Deer Valley Resort #1, Park City Mountain Resort #5 and The Canyons Resort #13 out of over 750 resorts in North America

Add to these choices Park City's own White Pine Nordic Ski Center, which offers over 20 kilometers of groomed cross-country ski trails. And, within an easy hour's drive of Park City are seven other major alpine ski and snowboard resorts and four cross-country ski centers

A Year-Round Recreation Haven
Playtime doesn't stop when the snow melts. All year long, Park City residents can be found hiking, running, horseback riding and biking on our literally hundreds of miles of trails. In fact, our trail network is one of the most comprehensive, non-motorized trail systems in the country, and one of the best examples of collaboration between government, citizens, businesses and non-profits. Learn more at http://www.mountaintrails.org.

The Park City area is home to six golf courses, with more proposed; tennis courts and swimming pools; a complete city park and an indoor field house. Only a few minutes outside of town, the Jordanelle Reservoir beckons for sailing, canoeing and motor boating, and the mountain rivers feeding it offer blue ribbon fly-fishing

A Multi-Faceted Market
The Park City community actually comprises two markets in one. Of course, the area's myriad resort and recreation offerings make Park City an ideal second home market. From historic district condominiums to slopeside estates, much of Park City's real estate is owned by second home residents.

However, to a much larger degree than many other resort communities, Park City also has a strong and steady primary home market. This year-round community is populated with a devoted and diverse group of local residents who give the town its colorful and unique character. These local residents comprise an entirely separate real estate market of primary, single-family homes. Because our market has two strong foundations, it is less susceptible to the influences that can weaken less balanced markets

A Dynamic Metro Market
The greater Salt Lake Valley is one of the fastest growing metropolitan areas in the country. This healthy population growth combined with one of the lowest rates of unemployment in the nation combine to create an agile and evolving economy. It is not only possible, but also easy to reside in the dream community of Park City and still be only a half-hour from the dynamic career opportunities of the Salt Lake Valley.  You can have it all: a thriving career in a bustling metropolis and an inclusive small town community with numerous recreation options

Increased Visibility Through Advertising 
Tourism is big business in Utah and the state government is now leading the charge on this important source of revenue. After decades of extremely limited advertising compared with neighboring states, in the past few years, Utah's State Government has significantly upped its annual marketing budget from less than $1 million to a whopping $11 million for promoting tourism. This increased spending translates to more visitor traffic and more bookings for nightly rentals. As one of the state's most important year-round tourist destinations, Park City reaps the benefits of this ongoing and comprehensive advertising campaign.

What's more, Park City's three ski areas, the local Chamber of Commerce, Ski Utah and multiple large scale development projects produce their own advertising, creating a huge visibility for this area and keeping Park City on the map

The Olympic Bounce
Of course, Park City was a renowned winter adventure destination well before the 2002 Olympic Winter Games. But, being beamed onto televisions all over the world made Park City a household name.  And, it cemented our reputation as the premier, authentic American ski destination. Today, Park City continues to enjoy increased awareness and tourism traffic into our marketplace because of ongoing recognition from the Winter Olympics

An Ideal Climate
While our mountains receive hundreds of inches of dry, powdery snow during the winter months, temperatures in Park City are surprisingly mild. Compared with many other western resort destinations, the winter months here are downright pleasant, especially considering this area is blessed with over 300 days of sunshine every year.

For many Park City locals and visitors, the summertime climate is even more enticing than the winter one. With average summer temperatures in the high 70's or low 80's, and low humidity, Park City's summer months are green and idyllic. In fact, the climate in Park City is enviable year-round, from bright, crisp fall mornings, to warm, lazy spring afternoons. In Park City, the old adage holds true: most locals say they came for the winters, but stayed for the summers.

Compelling Demographics
Half of all second homes in America are owned by Baby Boomers. As the 75 million ‘Boomers reach retirement age, they are looking for more than a savvy investment property. Primarily, this generation is looking to create a place for gathering with family and friends. The men and women of this generation have worked hard their entire lives, have become successful and are now looking to reward themselves with the opportunity to reconnect with their loved ones. Park City, with its convenient access, multiple choices for skiing and recreation, and enjoyable climate is becoming an increasingly popular choice for Baby Boomers to purchase real estate.

Park City is "In"
There's more to do in Park City than ski, and the world is taking notice. From a new spate of high-end boutiques, diverse art galleries and elegant spas, to a vibrant array of world-class restaurants and a dynamic nightlife scene, Park City is a hipster boomtown. From the globally-renowned Sundance Film Festival in January, to big name musical acts performing in the open air during the summer, Park City is the new place to see and be seen.

A Fundamental Stability
Park City's real estate market will continue to enjoy growth and stability long into the future, because of the fundamental reasoning behind the above-listed factors. The essential draws of the Park City community will continue to override the emotional, ephemeral factors that are influencing so many aspects of our current economy.

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If You Wait For The Robins, Spring Will Be Over
Warren Buffett

"Let me be clear on one point: I can't predict the short-term movements of the stock market. I haven't the faintest idea as to whether stocks will be higher or lower a month - or a year - from now. What is likely, however, is that the market will move higher ... well before either sentiment or the economy turns up. So if you wait for the robins, spring will be over."

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Quality Time Remaining
Arnete Velarde, Mountain Express Magazine
5/2009

If you're reading this article, you're most likely in Park City during the incredibly beautiful summer months. We invite you to take a moment while on a hike or ATV ride, chair-lift ride, golfing, boating or fishing to reflect on your QTR: the ‘Quality Time Remaining' in your life.  The silver lining of these economic times is that it's given us all pause to consider what is valuable in our lives and really focus on what memorable times are ahead to enjoy with your dearest friends and family..  We've once again remembered that what gives our lives meaning is our family and friends.  Investing in these things has, and always will, bring us returns far more valuable than gold.

The enticing array of activities available in and around or near Park City will surely help you toward your goal of making your QTR the best it can be.  Sheila Forsum of Newport Beach, California said this: "Our children are 21, 19 and 17.  We have been looking for a second home that they would love to come to, was easy to travel to and had recreational activities everyone could enjoy.  After 3 years of searching the Western half of the U.S. we have found heaven, home away from home in Park City.  With everything from the Sundance Film Festival to ski slopes as well as summer activities, we are hoping to create a tradition that will encourage them to bring their friends and eventually spouses and, God willing, their children."  She's spot on in thinking that Park City has something fun for everyone of all ages.  With over 300 miles of hiking/biking trails, water sports of every kind at the Jordanelle Reservoir and nearby rivers, all-day summer kids camps and activities at the ski resorts, and much, much more it's hard to imagine a better place for the whole family to spend quality time together.

Perhaps you've come to the conclusion it's time for bigger changes in your family's direction.  You want to improve your QTR on a daily basis. A move to a smaller town with more fun hobbies for the kids and deeper connections with friends may be just the thing you're all looking for.  Many Park City vacationers return in a moving van. Boasting a top-rated school system, the near-by location of a major employment center (Salt Lake City), and the locals commitment to a sustainable life-style make Park City a wonderful place to raise your family. We are nationally recognized for pioneering many innovative planning, conservation and artistic endeavors that maintain our small-town ideals. Hundreds of acres of land have been purchased by the City that will remain as open space forever. Your children will learn to protect nature to the same extent they get pleasure from it.  The residential neighborhoods of Park City are widely varied in character and price range, so almost anything you are looking for is certain to be available.

There are two things we know for certain: now is a great time to buy real estate in Park City, and waiting another year to make your home purchase will only mean you're another year older.  We invite you to visit our website: www.ParkCityHousingFacts.com where you will find mountains of useful information concerning Park City real estate.  Talk with your family about your Quality Time Remaining and then don't waste a minute of it – call your local Park City Realtor – they're the true experts on our market and will prove invaluable to you during your search for the perfect home, improving your Quality Time Remaining for the years to come.


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Utah May See Relatively Fast Economic Recovery
Brice Wallace, Deseret News
5/18/2009

While tied to outside influences more than ever and facing slipping economic statistics, Utah nonetheless will fare better than many states when emerging from the economic downturn, the chief economist in the Governor's Office said Tuesday.

Speaking Wednesday at the Utah Foundation's annual meeting, Juliette Tennert said Utah's economy is "more broadly integrated" with the national and global economy than ever before and thus Utah's performance will depend on what happens at those levels. But several factors — unique demographics and industry diversity among them — work in Utah's favor for recovery, she said.

"We have one of the most diverse economies in the nation," Tennert said. "That means that while we're certainly impacted by the national contraction, we'll recover quicker than many other states."

Tennert is predicting Utah's unemployment rate to pass 6.5 percent in 2010 although still be relatively low when compared to most other states and the national prediction of above 9 percent. Utah employment will move from slight growth to a 2.5 percent decline in 2009 and flatten in 2010. "This will be the worst decline since the 1950s; however, it will not be as bad as the 3-plus decline that's expected at the national level," Tennert said.

Other predictions call for Utah home prices to fall 8 percent this year and 5 percent in 2010; average Utah pay growing 1.9 percent this year and 1.6 percent in 2010; and residential construction activity falling in 2009 but returning to "some level of stability" the next year.

"If not for the infusion of cash (from the federal economic stimulus package), I expect that this picture would be even grimmer," Tennert said. "While the outlook over the next year is certainly weak, we should not forget about the inherent strength and durability of Utah's economy. We are well-positioned to manage the downturn, and we really should be grateful for those dynamics that I mentioned that will help keep Utah's downturn less severe and help us to recover quicker than in many other states."

Economic woes led the Legislature to budget cuts of $250 million and later $350 million. Senate Majority Assistant Whip Greg Bell, R-Fruit Heights, described those cuts as "truly Draconian" but also "done with as much precision as possible."

Federal stimulus funds "effectively hide" effects of budget cuts in 2010, but the full effects will be seen in 2011, he said.

"We don't live in a vacuum, and I think that's going to be the message today, that Utah is doing extraordinarily well in so many regards and though our ship seems to sail fairly well, we are getting a lot of backwash from national and international conditions over which we have no control," Bell said. "So for a while it seemed some were immune and now it seems no one is, and we're all going to have to live with the difficult circumstances and conditions imposed upon us by these challenging times."

Natalie Gochnour, chief operating officer at the Salt Lake Chamber, said long-term economic success for Utah can be tied to globalization efforts, including continued funding and a building to house the World Trade Center Utah and becoming a "more welcoming" state. "We live in a post-American world, period," she said. Improving education and air quality and developing energy security were among her other suggestions. Read More ...

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Study: Utah Poised to rebound from recession quickly
Richard Platt, KSL.com
5/17/2009

SALT LAKE CITY -- A new study shows Utah may be poised to recover from the recession more quickly than most states. The reason, according to the conservative authors, is Utah's business-friendly environment.

This is a conservative study with a lot of praise for Utah's conservative Legislature and its policies, but the forecast is a pragmatic look at what businesses want and what Utah has.

Poised to attract more high-tech companies, more in research and medicine, in recreation, tourism and energy; Utah may have what it takes to climb out of the recession first.

"We do have a very attractive environment for business, and it's been stable," said Sen. Wayne Niederhauser, R-Sandy.

Niederhauser is one of the legislators cited in the study "Rich States, Poor States." Written on behalf of the conservative American Legislative Exchange Council, or ALEC, it claims Utah is one of the states that has advantages over other states.

One of the advantages comes in the area of tax policy, specifically income tax reform. Utah also has less government regulation and involvement is a plus for businesses.

Gov. Jon Huntsman is also working to promote Utah as a future renewable energy hub. Together, it could add up to an even more prosperous future for Utah.

"There probably is not another state in America right now with better practices, in terms of attracting, building and promulgating renewable energy," Huntsman said.

At the same time, Utah has a chance to lead the way in using prosperity to create a better life for people. It can do so in many ways. One example is in being smart about health care reform.

"We're saying it's great the state is embarking on health system reform. Let's make sure that, at the end of the day, those reforms result in predictable costs for businesses and affordable costs for employees so they can succeed on the job," said Judi Hilman, with the Utah Health Policy Project.

By comparison, states like California and New York have been raising taxes steadily. That has led to a very difficult downward spiral for those states. Read More ...

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Park City Real Estate Sales Total $146.4 Million in First Quarter
2009 First Quarter Numbers
FOR IMMEDIATE RELEASE

May 4, 2009 (Park City) – The Park City Board of REALTORS^® reported today that the total real estate sales volume in the greater Park City area (which includes Summit and Wasatch counties) fell to $146.4 million in the first quarter, down from $321.3 million in total sales in the first quarter of 2008

The number of sales transactions in the first quarter fell to 166, down 55.7 percent from 375 transactions in the first quarter of 2008.

"The national recession was felt here in Park City as consumer confidence weakened," said Lincoln Calder, President of the Park City Board of REALTORS^®. "In addition to the weak economy our market was hampered by a difficult lending environment, particularly in jumbo mortgages which make up a large part of our market."

Of the four major areas tracked by the Park City Board of REALTORS^® – Park City limits, Snyderville Basin, Heber Valley and Kamas Valley – there were only a handful of land transactions in the first quarter. "Land sales are almost non-existent," Calder said. "Consumers are able to choose from a large variety of already built product and lending is very tight on vacant land and construction."

Calder noted that sales trends throughout the greater Park City area have shifted. In this year's first quarter, the overall sales volume increased within Park City proper – 49.8 percent of the first quarter's total sales volume was in the city limits compared to 42.7 percent a year ago. The Snyderville Basin saw its overall sales volume shrink to 32.6 percent of the total volume, down from 38.4 percent a year earlier.

Sales have also redistributed among different property types. For instance, sales of single-family homes as a percentage of volume increased to 62 percent in the first quarter compared to 41 percent in the same quarter in 2008. Condominium sales represented a smaller portion of the total volume, falling to 26 percent in the first quarter compared to 38 percent last year. Vacant land fell to 10 percent of the total volume, down from 17 percent a year earlier.

Median Single-Family Home Values
The median price of a single-family home in the Park City limits increased to $4.7 million, up from $1.8 million last year. This was due to the sale of several high-end homes that pushed the median price higher.

In the Snyderville Basin, the median price of a single-family home fell to $714,500, down from $746,225 a year ago. In the Heber Valley, the median home price dropped to $275,000, down from $394,950 a year earlier. In the Kamas Valley, single-family homes in the first quarter had a median value of $270,000, down from $285,000 in the same quarter in 2008.

Median Condominium Values
The median price of a single-family home in the Park City limits increased to $4.7 million, up from $1.8 million last year. This was due to the sale of several high-end homes that pushed the median price higher.

Condominium values in the first quarter in Park City limits fell to $742,500 compared to $1.1 million a year earlier. In the Snyderville Basin, the median condo price dropped to $354,500, down from $492,000 a year ago.

What's Ahead
While the national economy took some big hits in this year's first quarter, consumers are expressing more optimism than they were a year ago. Lynn Franco, director of The Conference Board Consumer Research Center, said consumer confidence rose in April to its highest reading in 2009, driven primarily by a significant improvement in the short-term outlook and the fact that consumers believe the economy is nearing a bottom.

In addition, two-thirds of Utah residents say the recession has not materially harmed them and they are about the same off financially as they were a year ago, according to a Deseret News/KSL-TV Dan Jones poll. In March, Forbes magazine ranked Utah the "Best State" in the nation when it came to quality of life.

"We have seen more listings go under contract in the past month or so," Calder said. "The current economic environment hasn't changed the fact that Park City remains a great place to visit or live.  People are still drawn to the area because of wonderful climate, excellent recreation opportunities and a lifestyle that can't be beat.  This is backed up by the fact that several major new resorts are being introduced into the Park City area even in this difficult economic environment."

Those new resorts include the St. Regis Deer Crest Resort, Montage Resort at Deer Valley and Dakota Mountain Lodge which is being serviced by the Waldorf Astoria and includes the Golden Door Spa.

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Second Homes: Skiing, Hiking and Biking in Salt Lake City
Larry Olmsted, USA Today
5/2009

In February, Salt Lake made the news when it was named the nation's fittest city by Men's Health magazine. But second-home owners have known this for years.

Skiing is the highest-profile active pursuit, especially since the 2002 Winter Olympic Games. Utah receives "Champagne powder," and 11 major ski resorts are within an hour, with some as close as 10 minutes.

Fans are quick to point out that there is much more to the city. "What makes us unique is the convenience," says real estate agent Jeff Justice of the Bringhurst Group. "Trailheads lead right into the wilderness from in town. In the spring, as late as May, I can go skiing in the morning, play golf in the afternoon and finish the day with a bike ride. You can't do that in many urban areas." Read More ...

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Is The Housing Meltdown Ending?
Les Christis, CNN Money
5/2009

Pending home sales rose in March for the second consecutive month and are up year over year. The Pending Home Sales Index from the National Association of Realtors showed a 3.2% gain to 84.6 from February, when it was 82. The index stands 1.6% higher than a year ago.

The consensus forecast of industry experts polled by Briefing.com had predicted no increase in the index.

It may still take a while before the market gains enough momentum to firmly state that the downturn has been reversed, according to Lawrence Yun, NAR's chief economist. And, the upturn may have been boosted by the first-time homebuyers tax credit, a temporary measure that will lapse in December.

"We need several months of sustained growth to demonstrate a recovery in housing, which is necessary for the overall economy to turn around," said Yun. "This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions and an $8,000 tax credit, which increases buying power even more in areas where special programs allow buyers to use it as a down payment."

The index is understood to be a forward indicator of home sales trends since it measures contracts signed, not completed sales. The up-tick may indicate that home prices have fallen low enough for buyers to get off the fence. Read More...

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KSL Ranks Park City High School #1 in Utah
Nadine Wimmer
4/2009

Utah High Schools are ranked in football and basketball, but parents have had no comparable way to view schools' performance in academics until now. KSL has launched a research project called KSL Schools that shows how schools stand up against each other.

To rank overall high schools, our analyst equally weighted proficiency, how schools prepare students to meet basic state requirements, advanced placement (considered college prep) and progress scores. The state says progress helps equalize the playing field by judging students at a school against their own progress, rather than comparing them to students from different socio-economic categories.

Utah's Top 5 High Schools:
1. Park City High School
2. Davis High School
3. Skyline High School
4. Viewmont High School
5. Lone Peak High School

Read More ...

America's Best States To Live
Residents of these areas have a higher quality of life than others in the U.S.
Rebecca Ruiz, Forbes
3/2009

It seems that the recession has touched every corner of American life. From factory workers to those in finance, Americans have been shaken by a contracting economy that has shed 4.4 million jobs since December 2007.

But a report released this week by Gallup and disease management company Healthways suggests that reality is less grim in certain states. In these places, residents enjoy their jobs, express deep optimism about future prospects and even manage to stay healthy.

Utah earned the highest marks. Here residents reported a high level of satisfaction in several areas, including work environment, emotional health and their local communities. One major factor for Utah's strong performance might be its unemployment rate: When last reported in January, it was 4.6% compared with a national rate of 7.6%. Read More ...

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Sales Slow, But More Than $1 Billion in Park City Real Estate is Sold in 2008
2008 Year-End Numbers
FOR IMMEDIATE RELEASE

February 2009 (Park City) – Utah's premier destination ski area in 2008 continued to see more than $1 billion in real estate change hands, according to a report today by the Park City Board of REALTORS®.

The total volume of all homes, condominiums and land sold in the greater Park City area (Summit and Wasatch counties) last year totaled $1.03 billion, down 49 percent compared to $2.03 billion in total volume sold in 2007. However, the total sales volume in 2008 was roughly the same volume that was sold in 2004, the first time the sales volume surpassed the $1 billion mark.

Lincoln Calder, president of the Park City Board of REALTORS®, said in spite of the slower sales, Park City remains one of North America's premier ski destinations with a number of new major hotels and resorts under construction or completed, including the St. Regis Deer Crest Resort, Montage Resort at Deer Valley and Dakota Mountain Lodge which is being serviced by the Waldorf Astoria and includes the Golden Door Spa.

"Park City's real estate foundation is different than most of the country," Calder said. "The fundamentals that make Park City such a great place to live or visit make real estate purchases in the area a sound investment. Park City remains a lifestyle purchase and now is a good time to buy."

Sales of Single-Family Homes
The number of single-family homes sold in the greater Park City area fell to 495 transactions in 2008, down 41 percent compared to 842 sales in 2007.  Within the greater Park City area, sales in Park City limits were down 42 percent in 2008 compared to the previous year. The Snyderville Basin saw its sales decline 39 percent. The Heber Valley witnessed sales fall by 38 percent and sales of single-family homes in the Kamas Valley dropped 60 percent compared to 2007.

Median Price of Single-Family Homes
The median price of single-family homes sold in the greater Park City area fell to $620,000, down 11 percent compared to $692,500 in 2007. While many areas within the greater Park City area showed declining prices, the median price of single-family homes sold within Park City limits during 2008 climbed to $1.8 million, a 12.5 percent increase compared to $1.6 million in 2007. The Snyderville Basin saw home prices fall to $700,000, down 18 percent from $849,444. The Heber Valley saw home prices fall 9 percent to $350,000, down from $385,000 in 2007. In the Kamas Valley, the median price of a single-family home in 2008 actually increased to $360,000, up 5 percent compared to $342,500 in 2007.

Sales of Condominiums
The number of condominium sales in the greater Park City area fell to 483 transactions in 2008, down 39 percent compared to 786 sales in 2007. Within Park City limits sales fell 45 percent. In the Snyderville Basin sales were off 31 percent. And in the Heber Valley sales were down 53 percent.

Median Price of Condominiums
The median price of condominiums sold in the greater Park City area in 2008 fell to $495,000, down 12 percent compared $565,000 in 2007. Prices of condos in Park City limits fell 17 percent to $825,000, down from $994,500 a year earlier. In the Snyderville Basin, the median price of condos sold in 2008 increased 2 percent to $430,000, up from $420,000 a year ago. In the Heber Valley, condo prices rose 36 percent to $358,000, up from $262,500 in 2007.

Calder concluded that the Park City area was less prone to the wild investment speculation that overtook many regions of the country. In fact, with a foreclosure rate of 1.43 percent, Utah continues to rank in the bottom 10 states having the lowest percent of foreclosed loans, according to the latest data from the Mortgage Bankers Association.

"People buy homes in Park City because it is based on a lifestyle choice. Our market has never been primarily driven by speculation and investment," Calder said. "Our product is very diverse and buyers have a wide range of properties that fit their needs and budget. Park City's world class resort facilities and year-round recreation opportunities will continue to make our community an attractive choice for many buyers."

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Park City Ranked #3 By Orbitz.com Insider Index
FOR IMMEDIATE RELEASE 

Park City was ranked #3 in an October 27,2008 Orbitz.com Insider Index Report on the average hotel rate at North America's most popular winter resorts this 2008-2009 season, ahead of many well-known Colorado and Canada destinations. Read More …

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Second Homes: Park City Is Just A Hop, Skip And A Ski Slope Away

By Larry Olmsted
Special for USA Today
Article Launched: 10/10/2008 7:45:00 AM

With ski towns, getting there is rarely half the fun. Many, like Aspen and Telluride, are hours from a major airport. Moreover, small mountain-town airports operate at the whims of nature.

But the ski resorts surrounding Salt Lake City are the most accessible in North America, a city-bus ride away from a major hub airport that rarely closes. Three of the biggest Utah resorts can be found in one place: historic Park City.

"We moved here 28 years ago from Laguna Beach," says Ann MacQuoid of Chin MacQuoid Fleming Harris, Utah's top Prudential real estate agent for many years. "We came then for the same reasons people come here now: We were skiers who went to Colorado or Tahoe but found we could get on a plane in Orange County and be here 2½ hours later. This is what has made Park City so popular. That, combined with the really successful Winter Olympic Games in 2002, started a huge upward curve in second-home sales."

Many Olympic facilities are still widely used, and visitors can bobsled, luge, speed skate and even try their hand at ski jumping and biathlon. Cross-country skiing abounds; in summer, biking and hiking are hugely popular, as is fly fishing, golf and boating on Jordanelle Reservoir.

But by far the main draw is a trio of world-class ski resorts: Deer Valley, Park City Mountain Resort and The Canyons.
Park City began as a thriving silver mining town in 1869, and though the full-time population has shrunk to about 7,400, the town issues more than 1.3 million daily lift tickets every winter. The other huge draw is the annual Sundance Film Festival.

The very walkable downtown, known as Old Town, is on the National Historic Register and filled with restaurants, shops and galleries.
This combination of small-town charm, ample dining and shopping choices and especially convenience have made Park City somewhat unique: Essentially a suburb of Salt Lake City, it has attracted significant numbers of residents who live the mountain lifestyle and commute into the city for work, the opposite of nearly every other ski town.

A look at three Park City neighborhoods:
•Old Town. All the residences are within walking distance of restaurants, shops and the Town Ski Lift. Older two-bedroom condos built in the 1980s start at about $500,000, and single-family houses run $1.1 million to $3.2 million. The latest addition is the Sky Lodge (theskylodge.com), a luxury condo hotel and residence renovated from several existing historic buildings. Numerous ownership opportunities include fractional deeds starting at $269,000 for a two-bedroom.

•Deer Valley. Anchored by the eponymous ski resort, the master-planned community spans about 3,500 acres with capacity for about 2,000 units, mostly condos and townhouses and a few very expensive single-family houses. Original slope-side units from the 1980s start at about $1.75 million for a three-bedroom townhouse, while new similar-sized townhouses run over $4 million. Single-family houses range from $5 million to $24 million. Also, two-bedroom condos without ski access start at $750,000. At the Talisker Club (taliskerclub.com), a 10,000-acre private community adjacent to Deer Valley, home sites begin at $450,000 and single-family houses at $1.45 million.

•The Canyons. The largest of the town's ski resorts, The Canyons (thecanyons.com) also is the leader in real-estate development. Myriad options range from hotel ownership to condos, townhouses, single-family houses and multi-acre estate homes. "You can get new condo construction for as little as $700 per square foot, less than $1 million for a one-bedroom, and you can get condos from the 1970s for as little as $250,000," says real estate agent Ann MacQuoid.

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