Investing in Park City, UT luxury real estate is a smart decision. As an investor you look for safety and growth and even with the recent economic downturn, Park City, UT is one of the few places which offer both.
Park City Is Stable
Yes, Park City was impacted by the economy however when you step back and look at all Park City has to anchor its local economy it operates as a bit of island. With the United States Ski and Snowboard Association, the Winter Sports Park, and the Sundance Film Festival tourism is all but guaranteed. In the warmer months, Park City is consistently ranked as a destination location by various outdoor sports activity associations. All these tourists are typically higher net worth individuals who are willing to pay for the luxury of such a beautiful locale.
Park City also frequents “best of” list in many categories such as livability, atmosphere, and amenities. A luxury investment property in Park City will rarely sit idle while your investment grows.
Commercial Real Estate
For what is technically a small town with less than 8,000 year round residents, Park City has a lot to offer commercial investors. Because of tourism, even commercial real estate investing is tinged with the qualities of luxury real estate. Commercial properties have to be on the level higher net worth individuals would expect. Since the recession, there has been resurgence in downtown. New investors are bringing new life. Beyond the city center there are several new developments which bringing greater economic diversity which increases stability.
However, because this is Park City there are a myriad of opportunities to invest in the arts, tourism, medical, and recreation as well.
Residential Investment Opportunities
Since Park City is stable a buy-hold strategy makes a lot of sense. Unemployment rates are near half of the national average, and typically a full point below the statewide figures which speaks to the health of the Park City economy. Without a glut of distressed properties to flip, Park City real estate is an excellent addition to your long-term investment portfolio. Luxury real estate is not the exception in Park City it is the rule.
The Je Ne Sais Quoi of Park City
Unless you have been there you cannot understand how this former mining town oozes the special quality which makes people want to live there. Park City, UT is a welcoming and vibrant, not to mention gorgeous place. It is near enough to Salt Lake International Airport so it is accessible to the world. Tourists and residents love the isolation of the Wasatch Mountains and the proximity to the city. As a luxury real estate investor, Park City offers that highly-desirable quality in abundance.
No matter how you look at it investing in real estate in Park City is a great value.
Article by Jackson Cooper of Jensen & Company a Park City Real Estate Company
Jackson Cooper is a writer and real estate enthusiast, involved in the outreach team at Jensen and Company. Look to Jensen and Company, true leaders in the Park City real estate industry for your dream home. Follow them on Twitter, Google+, and Facebook. Check out the incredible high life homes for sale in Park City today!