Market Update

Want the latest and most up to date information of real estate market acitvity for Park City? You have found the right place! We periodically update this page to better keep you informed of market conditions and activity. Check back often for new information!

Monthly Market Update - July 2009 – Market on the Rise?

Finally, we have some good news on our real estate market. Activity in sales for both unit numbers and overall volume has been on the rise for 4 consecutive months... March, April, May, June. It is obvious that the combined opportunity of great deals, abundant choices, and low interest rates have brought some buyers back to the market.

We continually get asked about the mortgage industry and the availability of getting loans. There is still money out there, but it is harder to get these days, but not impossible. The days of “no doc” and “low doc” loans are long gone, and we will all probably be much better off with this change. Obtaining a mortgage these days requires much more documentation of income and ability to repay the loan.

It is also important to know that the timeframe to get your mortgage has now been increased. On July 30, 2009, the new Housing and Economic Recovery Act (HERA) laws will go into effect. They require all mortgage lenders and brokers to help prevent deceptive lending practices and protect customers by helping them become more informed. Most of the changes will be transparent to the homebuyer. However, there are new compliance requirements that we all need to prepare for that impact the process and timelines for mortgage financing, and therefore, could impact closing dates. When a typical “accepted offer to closing” timeline may have been 4 weeks, we will now need 5 or even 6 weeks to allow a safe amount of time to be sure all details of obtaining financing are complete.

Monthly Market Update - June 2009 – Are we at the “Bottom”?

Are we at the bottom of the market?  That is the question everyone seems to be asking.  Truth is we don’t know until we have had some time to move up from the bottom and then look back to see that we did hit a bottom.

What we can tell you for sure is this:  Winter is normally our busiest time of year for real estate, but this last winter season was the slowest our market has been since our market’s peak back in March 2005 (see pending sales activity chart below).  It was very slow and you could sure feel it, especially if you were trying to sell a property.  If you were a buyer, it was probably not a priority to use your valuable and limited vacation time to shop around.  Last winter we saw our market reach record lows in sales activity, and also reach record highs in available inventory.  We also saw interest rates continue to decline to new record lows.



Fundamentally, we are in a buyers market.  The irony is, the buyers are still not buying.  Why?  They are all concerned of global economic factors, obviously, yet those conditions seem to be improving and hopefully continue to do so.  More importantly, potential buyers have been waiting until they know we have hit the bottom to be sure they have made a good financial decision based on timing of the market.  The problem is nobody rings a bell once we hit the bottom.

So, where are we now? Is now the right time to buy?

We can tell you that there is an abundance of inventory, so a lot for a buyer to choose from.  For now, there are not many other buyers out there, so competition for the good properties is sparse, although we have recently seen many buyers returning to our market – could be the start of an upward trend.  We have also recently seen many great deals occur, what you might call “fire sales”, but the whole town is not on fire, there is some sense of stability here (based on many factors that would require another discussion). Interest rates are at all-time lows (see rate history chart below).  In fact, a 1% reduction in interest rate can be equal to a 10% reduction in purchase price – does that make today’s market more appealing?   We have seen a rise, as well as an absorption of the distressed short sales and foreclosures, although they are not necessarily the “deals” you want to be looking at – many have physical issues or troubled locations that have driven them to be distressed properties. Sometimes the bargain price is not worth the trouble the property will always be.   But these properties have pulled the bottom of the market down for everyone, so pricing across the entire market is lower. So to summarize, we have discounted pricing, an abundance of great properties to choose from, and record low interest rates.  Are we at the bottom? It sure feels like we are.  Our prediction is that we may bounce along at this bottom for some time, allowing for the abundant inventory to be absorbed, obviously the best properties will go first.



So again you may ask, is now the right time to buy?  If you have the means to do so, we think it is a great time to buy. If you’re still not sure ask your family.  You can wait another year to purchase your dream vacation home, but you and your family will be one year older when you do!

FEBRUARY 2009

2008 YEAR END NUMBERS

PRESS RELEASE - FOR IMMEDIATE RELEASE - 02 February 2009

Sales Slow, But More Than $1 Billion in Park City Real Estate is Sold in 2008

02 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.”

JANUARY 2009

Park City Real Estate Market Fundamental Facts for Continued Growth

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.

DECEMBER 2008

Expect A Market Rebound
Today's pessimism dismisses history's lessons

By Ric Eldeman
USA Today
12/31/2008

From a stock market perspective, the best news about 2008 is that it's over. Sure, the economy is still weak, but don't assume that the stock market will remain so.

Indeed, stock prices are likely to recover well before the economy. That's because prices reflect investor expectations of future corporate profits. Because we can envision profits before they are earned, stock prices can rise ahead of any economic rebound.

We are already seeing positive signs. The drop in gas prices since July is the equivalent of a $300 billion stimulus package. Furthermore, panicked investors have been selling so many shares for so many months that, according to Bloomberg, 2,267 companies now hold more cash than the total value of their stock and debt. So you could buy all the shares of any of these companies, shutter them, pay off their debt -- and still have a tidy profit.

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.

NOVEMBER 2008

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.

OCTOBER 2008

Park City homes holding their value
But buyers seem to be waiting for prices to fall

By Christopher Smart
The Salt Lake Tribune
Article Launched: 10/23/2008 12:00:00 AM MDT

The good news is Park City real estate hasn't lost a lot of its value.

The bad news is that sales volume is down 42 to 45 percent, according to Park City's Board of Realtors.
The market, observers say, has yet to bottom out. Eventually, that could lead to more significant dips in housing values.

But according to the Park City board's latest statistics - covering Summit and Wasatch counties - the median sales price compared with one year ago is down just 3 percent for single-family dwellings, to $653,750.

Set against a national real estate market that's been on the skids amid double-digit losses, that figure is comparatively good.

Remarkably, the median sales price in Park City proper was up 12 percent, to $1.82 million. By contrast, that statistic in nearby Snyderville Basin is down 13 percent over the 12-month period that ended Sept. 30.

"We're seeing a lot of interest," said Tyler Richardson, the organization's president. "But people are still sitting on the sidelines, seeing how things flesh out."

For the past decade or longer, Park City real estate - particularly high-end property - has been largely immune from ups and downs in the economy. The run-up to the 2002 Winter Games and then its afterglow continued to push growth in the area's upscale vacation housing market established 25 years ago by Deer Valley.

Resort real estate since the late 1980s - particularly in the Park City area - has proved to be a good investment for those who can afford it. Prices have gone higher and higher.

But this financial crisis is different.

"We've seen a leveling off of sales and in some cases decreases as we've seen national events unfold," Richardson said. "Nobody knows how it's going to shake out."

The majority of second-home owners in the Park City area - as well as potential buyers - live in other states, where real estate values have declined more precipitously.

And buyers are waiting for bargains, which means that sellers, if they are in a position to do so, have to be patient.

"Buyers are in the driver's seat," Richardson said. "They have a lot of choices to look at."

The low sales volume has left many in Park City's veritable army of real estate agents with little to do but watch and wait.

Utah economists say real estate prices in the state are not yet at their lows, according to Dave Anderton, public relations director of the Salt Lake Board of Realtors.

"I have people call me every day and ask if we've hit the bottom yet? I think the median price will go lower statewide."

Sales volumes also are way off in tony Deer Valley.

But the transactions that have gone through represent increases in the median sales price, said Bob Wells, the resort's vice president of real estate and development planning.

In lower Deer Valley, the median sales price is $1.98 million. In upper Deer Valley it's $6.65 million.

To some extent, Deer Valley remains buffered from economic ups and downs.

"The property owners are a very affluent group," Wells said. "They buy in Deer Valley for family use, not for speculation. And a lot of them pay cash."

Nonetheless, Deer Valley and Park City, like the rest of the nation, should prepare for tough times and a slow recovery, Wells added.

"You have to expect this will have an effect [on real estate sales] this winter. In history, that's been determined by snow, not economic downturns. This could be different."

JUNE 2008

A MARKET APART: How & Why Park City is Largely Unaffected by the National Crisis
While heavy snowstorms have besieged the Wasatch Mountains this winter, Park City has weathered a different storm—the wrath of the national real estate market—and emerged nearly unscathed. “While the local market may not be as hot as it was in 2005, it’s still very strong and is actually much more balanced and even,” comments Matt Green, Prudential Utah Realtor® and 2007 president of the Park City Board of Realtors®.

A Strong and Balanced Market
In 2007, the total sales volume for the Park City area hit nearly $2 billion, up 3% from 2006, making it the second-best year in the history of Park City real estate. Even more impressive, the Park City real estate market appreciated 11% in 2007 (for median home prices). In Heber City, median sales prices climbed a whopping 20% during 2007. The bottom line? The greater Park City area is experiencing strong growth and steady appreciation …despite all the talk of gloom and doom nationally. “Getting an accurate picture of a real estate market is a lot like getting an accurate weather forecast,” explains Sean Matyja, Prudential Utah Realtor® and chair of the marketing committee for the Park City Board of Realtors. “If you want to know what the weather is like today in eastern Washington, for example, a national forecast isn’t going to give you the pertinent details. You need a local forecast specific to that area. The same is true for understanding a real estate market.”

Matyja and the rest of the Board of Realtors recently launched parkcityhousingfacts.com, a site dedicated to providing updated, detailed information about the local market. On the site are market statistics and links to relevant articles, like the February 2008 article by Marie Mischel in Utah Business that attests “Utah’s booming economy shelters the local real estate market.” M. Anthony Carr’s December 2007 article in the national Realty Times cites the greater Salt Lake City area (including Park City) as the “hottest economy in the nation” with low unemployment and healthy population growth, and notes that the state is on track to add 53,500 new jobs in 2008.

A Safe Haven Amid a Turbulent National Market

“This is not a market prone to foreclosures, says Carol Agle, Prudential Utah Realtor® and chair of the statistics committee for the Park City Board of Realtors®. “In general the price points here are too high, and because of the stability of the market, buyers didn’t have to take out the aggressive loans that might have gotten them into trouble later on.” Another reason for the market’s stability is the size of the community. With only about 8,000 people in the Park City limits, and under 30,000 in the entirety of Summit County, the real estate market is small. “This is a good, safe place to make a home and raise a family,” remarks Green. “There are still many more people who want to move into this community than people who want to move out of it.” A January 2008 article in MoneyNews.com states: “the luxury home market is an economic anomaly. High-end homes are selling quickly and at prices that are breaking previous records.” With Park City’s abundance of high-end homes, the trend of luxury homes being “recession-proof ” adds to the stability of the local market. “Of the 76 million Baby Boomers, 10% own a second home,” says Agle. “And, 50% of all second homes are owned by ‘Boomers. Most aren’t buying second homes as investments, but as family gathering places. Park City is one of the most accessible resort towns in the country, so buying a family legacy property here just makes sense,” she adds. Matyja sums it up best: “ If we return to the fundamentals of what makes real estate valuable, those characteristics are exactly what we have now in the Park City area—location, scarcity, demand, and new, quality product.”