During the past decade, Park City has become one of the most sought after locales in the country. Sales in both primary residences and second homes have steadily climbed since 2012 as glowing word-of-mouth recommendations from happy real estate buyers have spread like wildfire. Nowhere else offers the unbeatable combination of PC’s natural beauty, outdoor recreation, and close proximity to a metropolitan hub and international airport. Because of this and the fact that available building lots are scarce, Park City agents are noticing a new trend of buyers choosing to remodel rather than build. PC’s older neighborhoods are benefiting and the best is getting even better.
Areas such as Park Meadows, Prospector, and Silver Springs that were developed during the ‘80’s and ‘90’s are being gentrified by renovations to older homes. Buyers are thrilled they can live in established areas that have mature trees, neighborhood character and completed amenities. Outlying areas such as Silver Creek and Jeremy Ranch are seeing an increase in remodels too. Oftentimes, land values make new construction prices in these neighborhoods out of reach for many buyers; however, careful remodels can be kept within budget. Even Deer Valley, which began development in the 1980’s, is experiencing an upswing in makeovers. When the views are gorgeous, and the location is A+, many times a facelift is all that’s needed to transform a dated property into a dream home.
Many factors will contribute to your decision to remodel, build, or continue your search. Consulting a local Realtor with Park City expertise is an absolute must. No one else will have the knowledge needed to guide you into making a sound decision. For example, if you add significant improvements during a remodel, such as a master suite addition or second story, you could drive the value of your house much higher than the others in the neighborhood. This may make it difficult to recoup your costs should you decide to sell your home in the future.
Also, Vail’s plans for PCMR are substantial and you’ll want to be thoroughly informed of how that may affect the property you are considering. Consult a Park City Realtor®—it is their business to have as much information on local developments as possible.
Park City has become a testament to Mark Twain’s advice, “Buy land, they’re not making it any more.” With local real estate inventories predicted to remain low for the foreseeable future, Park City Realtors® would expand that advice to include homes too. To speak with someone who knows all the ins and outs of buying, selling, and living in PC, call the Park City Board of Realtors® at 435-200-6900.