Buy It for All the Right Reasons
I recently had someone walk into the office asking questions based on what seems to be the most common theme right now: “What is the best deal in town?” This gentleman then went on to tell me he’d be flying in from Texas to use the home or condominium and reiterated that he was looking for a bargain.
I probed for some more background: Do you think you will be using it more in the summer or winter? Are you a skier, golfer, hiker, biker, fisherman, horseman, shopper? Will your family be coming with you? How many bedrooms would you like? Will you be renting it when you aren’t using it yourself? Do you picture this as a retreat of sorts or an access point to recreation? Do you envision possibly living in the home full time at some point in the future? How familiar are you with the Park City area? Have you vacationed here in the past?
Almost all of the responses were at best vague and ended with “I’m just looking for a good deal”. I went on to try and explain that there are great values in just about every neighborhood within Park City. Pricing has retreated back to pre 2005 levels and inventories are high, there is no contesting the fact that we are in a Buyers market.
“So what is the best deal in town under $1.5M?” the gentleman asked as he grabbed flyers ranging from a fractional interest condominium to a slope-side home to a horse ranch with 20+ acres and everything in between -asking “what about this area?” for each flyer.
During the flyer barrage he mentioned a home he’d seen yesterday and that he was working with another REALTOR® and planning to write an offer – what did I think of X as an offer price (about 35% off the asking price for what most that have been in the home would consider a very well priced Park City home already)? I offered the same advice that I give to my own clients.
Take some time and figure out how you will use the Park City or Deer Valley property you wish to purchase. Will it become home, a family vacation get-away, an income producing property, an investment flip or whatever? There are strong values and even some outright “steals” in our market, but many of the values should not be measured by a pure monetary value. What value can you put on the memories, lifestyle and pure enjoyment that owning Park City can bring?
While the end result of your purchase in Park City may well prove to be a good investment financially when you decide to sell, the rewards you receive while you own here are truly the right reason to buy Park City real estate.