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Everything you need to know before purchasing a home in Park City:

Updated: Jul 16, 2021


My Goal with every client is to provide unsurpassed service and expert knowledge when buying real estate in Park City. Below is a short crash course for purchasing Park City Real Estate.


PARK CITY:


HOW MUCH DO HOMES COST IN PARK CITY?

The entry price point for Park City starts around $500,000 and can surpass the $20,000,000 mark. Studio condos may be in the $100,000 range while luxury condos may surpass $8,000,000. When searching for homes online you'll begin to recognize that there is more value in homes priced over $1,800,000, townhomes over $1,000,000, and condos over $750,000.

WHAT TYPES OF HOMES DOES PARK CITY OFFER?

Condo: When you buy a condo, you have full ownership, and some part of the buildings common areas (gym, pool, playground). You have full control if you would like to rent or sell the property at any time. Condos are typically a great option for second homeowners that are looking for a turn-key property where the HOA controls the maintenance. HOA fees in Park City tend to start around the $450/mo mark and luxury condominiums work their way up to over $3,000/mo depending on the type of amenities you're wanting. Typically the cost of ownership, especially around the ski resorts, can be offset by renting the property on a nightly basis.

Townhouse: A Park City townhouse is typically a three+story building that may or may not be attached to another building. It may serve as a single-family home or a condominium. While townhouses are closer together than single-family homes, they usually have backyards and are more vertical in living. Townhouses tend to be valued higher than condominiums and provide the same turn-key lifestyle, but live more in line with a single-family home. Depending on the subdivision, townhomes may be classified as a home or condo on the Park City MLS.

Single-Family Home: Single-Family homes in Park City come in all different shapes and sizes. In Old Town, it is common to find a home smaller than 1,000sq' while in such areas as The Colony at White Pine there are homes that are 33,000sq'. Outside of Old Town, homes are often larger and more spacious than condos and provide the full benefits of home-ownership. There are many areas of town that don't allow for nightly rentals on single-family homes, but I will help you navigate that.


SHOULD I HIRE A REAL ESTATE BROKER WHEN BUYING IN PARK CITY?

You can buy a property in Park City without a Realtor but you'll be at a great disadvantage. The listing agent works for the seller and their duties are to maximize the profit for the seller. As a resident of Park City I have the knowledge, and understand the market extremely well. I am skilled in the negotiation, the direction the market is headed, and how to get the best deals for my clients. Plus, there is no cost to you as the seller pays the commissions.


SHOULD I GET PRE-APPROVED?

If you need financing the answer is always Yes, Yes, and Yes!

A pre-approval letter usually takes a twenty-minute phone call with the lender and can be provided to the seller with the purchase contract. Most sellers won't consider your purchase contract without a pre-approval letter. If you're paying cash, be prepared to supply proof of funds when you go under contract. I want you to look as strong as possible for the negotiations when submitting an offer to purchase Park City real estate.


LOCAL LENDING VS. OUT OF STATE:

Because Park City is a true (ski) destination city, using a local lender is the logical choice. Transactions with a local lenders tend to run more smoothly than out of state lending that isn't familiar with the ins and outs of the Park City market and HOA's.

Out of State lending generally does not thoroughly weigh the particular factors involved in financing a property as well and at the same time, extending a loan to the individual buyer. Out of state lenders often miss critical information until it's time for final approval or underwriting and at that point the whole process can come to a grinding halt. Local Park City lenders usually know from the get-go if the property qualifies and/or checks this out at the very beginning of the loan process.


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