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Resort Real Estate – Is It Time To Buy?
Park City is a popular Utah destination with a huge range of vacation properties.
You’ve fallen in love with the skiing and riding lifestyle, so is now the time to invest in a mountain home to call your own?
Prices have continued to climb since the 2008 recession’s precipitous drop, but since most mountain vacation properties have not reached 2006-07 peak prices, good values can still be had.
Eastern Inventory Driving Price
Buyers wanting to get into a vacation home for the ski season should get prequalified if going for a second home mortgage, advises Michelle Penner, managing broker of Peabody and Smith’s Bretton Woods office in New Hampshire.
Bretton Woods’ inventory is limited and prices have been climbing, although not yet back to peak levels. There are good values with condominiums and homes ranging from $225,000 to $950,000, Penner told SnoCountry.com.
Crawford said condo prices are starting to increase but there are still very good values. Prices for two-bedroom condos range from $70,000 to $200,000 depending on location, amenities, and the homeowners association. Three- and four-bedroom units range from $100,000 to $715,000.
At neighboring Pico, slopeside condos range from under $50,000 for a one-bedroom/one-bath unit to $109,000 for a two-bedroom unit. (A Killington season pass includes skiing at Pico.)
Western Properties, Pricy and Affordable
At famous western destinations like Aspen, Jackson Hole, Vail and Park City, prices have gone up faster and properties costing millions are common at the resorts while nearby towns offer more affordable options.
Park City is a popular destination with people from Salt Lake City and nationwide, investing in vacation properties because it’s convenient — half hour from the airport — and within an hour’s drive of 11 resorts and minutes to three, Realtor Quinn Eichner of Summit Sothebys International Realty told us.
Prices have seen a “good recovery” and depend on the property size, age, amenities and neighborhood, with some at or near 2007’s peak prices, Eichner said.
Slopeside at the Canyons, prices start in the $700s for a condo hotel unit while estate-sized residences go for $5-$18 million. Smaller (600 sq.ft.), older units can be found in the $200s and hotel rooms in the low $100s as well as fractional ownership units starting at $110,000.
More affordable pricing can be found in Midway, a Swiss-themed mountain town 20 minutes away where condos range from $199,000 (two bedroom/two bath) to $300,000 for large units.
Other more affordable towns include Sandy with a median home price of $249,998 and Huntsville at $169,950.
Getting in on ‘Ground Floor’
Pre-sales are common for new projects, and when a property turns out to be very popular, owners can do well with re-sales as well as rentals.
Brett Newton, real estate sales manager for New Hampshire’s Kearsarge Brook at Cranmore, reports the new base-area condo village breaks ground Sept. 27 with a first phase of 18 upscale units ($395,000 to $599,000). There’s a good selection available for fall 2017 occupancy.
Refundable deposits of $1,200 for Century Club reservations are being taken for those interested in condos in the soon-to-be renovated Hampshire and Dix Houses at the historic New Hampshire Balsams Resort. Single hotel room and suite 100-day fractional ownerships will sell for $100,000 to $280,000 and include a 10-year season ski pass and golf.