Park City, Utah, is located 40 minutes from Salt Lake City, nestled against the Wasatch Mountains. It's a premier tourist destination with two large ski resorts and the feel of an alpine village. Each ski resort is a year-round destination with summer and winter activities. At the base of each resort is a bustling area designed to fulfill your whims.
Many tourists visit this area weekly to soak in the sun and enjoy the outdoors. As a result, there are shops, boutiques, restaurants, hotels, spas, and more. Among these destination resorts are several condo communities.
While the condos are each privately owned, they all welcome the opportunity for owners to rent them out to tourists. This gives the owners a chance to own a piece of paradise and have some real estate income in the process.
That is not to say that there are not plenty of people who choose condos as a place of permanent residence. Condos offer a perfect compromise of comfort and convenience. That's why a condo in Park City might be right for you.
First, a little background on condos vs. townhomes vs. apartments. Then an exploration of the advantages of choosing a condo instead of a single-family home. In the midst of this, we will highlight some areas of Park City to look for your perfect condo and some communities to start your condo search.
What is a Condo?
People often confuse condominiums, townhomes, and apartments. Let's first explore the difference between these three terms.
Apartments
One does not usually purchase or own an apartment. You rent the space inside. Often parking is included. Apartments can be in high-rise buildings or two to three-story structures. You sign a lease and can live there at the same rate until the lease expires. Apartments are excellent for short or long-term stays when you are not sure if you will stay in an area for an extended period of time. A rental allows you to save money for a down payment on a house, condo, or townhome. Some choose rentals as a permanent situation, but you are missing out on investment opportunities.
Townhome
Townhomes are multi-floor homes that share walls with other properties. They are often in rows and sometimes have a small patio or backyard. Townhomes can be uniform with a homeowner's association that dictates the look and is responsible for outside maintenance, trash service, snow removal, and other things. When you purchase a townhome, you purchase the home's inside. The outside is community owned.
Condominiums
A condo and a townhome are very similar. You own the inside of the condominium and share walls with your neighbors. A homeowner's association handles the maintenance of the building and the property surrounding the structures. Condominium units are often in multi-story buildings.
Park City Condo Areas
When searching for condos in Park City, there are four prominent neighborhoods:
Lower Deer Valley is near Deer Valley Resort and the Snowpark Lodge. Main Street is reached easily by shuttle or a quick walk. The area offers numerous hiking and biking trails. Fifteen condo communities have units that range from 800 square feet to around 4,800 square feet. Lower Deer Valley tends to be a quieter neighborhood with a perfect location right on the local bus route.
Upper Deer Valley is close to Silver Lake Village in the Deer Valley Resort area. There are many ski-in and ski-out condos, and some are a little further away. Of the 28 communities, there are some older units and new construction with a mix of class and modern architecture.
Empire Pass has newer condos, many of which are ski-in and ski-out. Twenty-one unique real estate developments include 550 condos. The area is rich in open space so that you won't feel crowded even in a condo community. The area is 10 minutes from Old Town and offers ski-in and ski-out access. Many units in Empire Pass have an additional perk – a membership in the Talisker Club. The club's amenities include a golf course, backcountry skiing, snowmobiling, yurts, and a spa.
Deer Crest is the most exclusive area as it is a gated community. It offers the most direct route from the Salt Lake City Airport, boasting no stoplights from door to door. It has nine communities to choose from, including some brand-new buildings. Deer Crest is known for its fabulous views.
Advantages of Purchasing a Park City Condo
Cost
Condominiums are generally lower priced than traditional single-family homes. You can often get as many square feet as a single-family home without the space of a yard. Single-family homes closer to the city tend to be quite expensive, while a condo in the same area is generally less costly.
While you do not need to perform maintenance on the outside of a condo, you still need to pay homeowner's association dues for the upkeep of the grounds and the amenities. Often weighing these costs still means that a condo is a better choice for some.
While some people hesitate when they hear about HOA fees, an HOA can add to the property's value if they keep it in good condition and perform upgrades that keep up with the market's demands.
Park City is an expensive place to live. Condos tend to hold their value, and with the popularity of the city and resort, there are plenty of people looking for investment properties or vacation homes.
You could buy a condo and use it as a tourist rental unit. A short-term rental unit is a great way to pay your mortgage or make an income while still being able to use the condo when you wish. Suppose you decide to purchase the condo as a rental unit. In that case, a property management company can act as your liaison collecting rental fees, arranging housekeeping duties, and ensuring your investment stays in great shape.
Chateau at Silver Lake is in the Deer Valley area. The community is a popular place to purchase and set your home up as a rental. Units have two to four bedrooms and are between 1.376 and 2.956 square feet, which is a bit smaller than some of the condos in the area. A two-minute free shuttle will drop you at the ski lift. All the amenities you've come to expect include ski storage, a 24-hour concierge, shops, a pool, a hot tub, a fitness center, and a spa.
Less Maintenance
There is usually a homeowner's association in which you must pay monthly, quarterly, or yearly dues. These dues vary significantly from community to community and are used to maintain the amenities included as part of the community, such as a pool or fitness center. HOA dues cover other things including trash service, roof repair, landscaping, snow removal, and painting the structures' exterior. Condo owners may also be responsible for additional special assessments for projects the dues do not entirely cover.
Park City is an outdoor wonderland. There are world-class ski resorts that offer alpine sports in the winter and hiking and biking trails in the summer. There are golf resorts, the Wasatch mountains, and nearby Salt Lake City for more fun. Purchasing a condo means more time to play instead of performing home maintenance.
Empire Pass is an area within the Deer Valley Resort area. There are 12 condo communities to choose from, including Ironwood, where you can find four-to-five-bedroom units that are up to 4,000 square feet and include two-car garages. In the winter, the heated sidewalks provide a level of safety. In addition to fantastic mountain views, there is a 24-hour gym and guest cabin for when your family comes to visit.
Amenities
Condo communities often have common areas such as a pool, fitness center, clubhouse, or open space. Condo communities at the bottom of one of the ski resorts might include places to keep your skis in between runs, restaurants on site, 24/7 concierge service, and more.
The Old Town neighborhood is close to Main Street, where many restaurants, nightlife, and boutique shopping exist. Condos in this area are centrally located and luxurious. One of the more popular developments is called Silver Star – named for the convenient location of the Silver Star lift at Park City Ski Resort. What better amenity than a ski resort outside your front door? Other amenities include a pool, jacuzzi, fitness center, sports lockers, covered parking, and on-site dining.
Condos for sale here have two to four bedrooms and three to four bathrooms. They range from 820 to over 2,500 square feet. Besides 79 condominiums, there are also townhomes and cottages for sale.
Security
Depending on the set-up of the condo community, there may be secure parking or gated entrances. Besides that, the fact that your neighbors are close by gives a sense that someone is watching out for you.
The Deer Pointe Townhomes are located within the gated community of Deer Crest. Twelve exclusive residences designed by NHL hockey player Luc Robitaille have three to four bedrooms, each with a full bath, gas fireplaces in each bedroom, and a private deck off the master suite where you can enjoy a hot tub. Residents can get to the slopes for skiing, biking, or hiking via a track elevator. Views of the lake and mountains are spectacular.
Outdoor Space
All condo communities are different, but some include a private garage or a small piece of outdoor space. This might be a patio or a small plot of land where you can plant a small garden.
Upper Deer Valley is another popular area with several condo developments. Several communities have ski access and tons of amenities. The Lookout at Deer Valley condos are a short shuttle ride from the lifts but offer amazing views. This is a smaller community with just 35 units, but it is worth a look.
Because of this, they have a lower price per square foot than those with direct ski access. The units tend to be larger, with four to five bedrooms and up to 6,500 square feet. You'll need to hop in your car for a short drive to Old Town, but you can walk outside your door and be on a hiking or biking trail in mere steps.
A Sense of Community
Aside from the security issue I just mentioned, condo communities are an excellent opportunity to get to know your neighbors. If you share a wall, you will need to exercise courtesy concerning noises. Having a good rapport with your neighbor is a great idea. Condo communities offer opportunities to meet neighbors with common interests at association-sponsored events, at the pool, gym, or while walking your dog.
Fox Point at Redstone is a condominium complex close to downtown Park City and the ski resorts. It is bordered on one side by the 1200-acre Swaner Nature Preserve. This community is a short walk or bicycle ride from supermarkets, banks, the post office, movie theaters, retail outlets, and medical facilities. A free bus system will take you where you need to go. If you have a green thumb, this complex has a garden bed you can adopt.
Locations
Condos are often located near downtown or busier areas of the city. Some communities are within walking distance of shops and nightlife. Some are on major transportation routes. High-rise condominium buildings often reserve the bottom street level floor for shops, offices, or restaurants. In this case, conveniences are just an elevator ride away.
Purchasing a condo in Park City puts you close to the mountain for ski-in and ski-out access or close to the Historic Downtown for nightlife.
Founders Place is an excellent example of a newer condo community and a superb location. The development is located at the base of Deer Valley Resort right at the base of the Mountaineer Lift. Downtown Park City and the Jordanelle Reservoir are just a few minutes away by car. There are 78 luxury condos with two to four bedrooms. They have views of the mountain and many amenities such as a pool, hot tubs, gym, shared office space, game room, children's clubhouse room, and a food and beverage café. There are also shuttles and ski valets just for owners and guests.
State-of-the-Art Appliances
Newer condo complexes have top-of-the-line appliances, high-speed internet access, smart-home features, walk-in closets, and spacious floor plans.
Argent at Deer Valley is a new development in the Empire Pass area of Deer Valley Resort. The Silver Strike chairlift is right next to the building for ski-in and ski-out access. Gather in the Main Hall for breakfast before hitting the mountains and happy hour when you return home. If you have children, they will enjoy the Nook Playroom with arts and crafts, a bowling alley, and pinball machines. Keep in shape in the fitness center.
Condos have two to five bedrooms with up to 4,000 square feet of space. There is high-speed internet, a pre-wired media system, ENERGY STAR appliances, and a heated garage. In fact, the complex is LEEDS certified to be energy efficient and environmentally friendly.
Views
Depending on your condo choice, you might have views of the city or mountains. Your view might be into the woods or the street if that is your preference or if a view is not an important issue.
Deer Crest Estates has some of the best views in the valley. Many homes overlook the Jordanelle Reservoir, and some can see snow-capped Uinta mountains in the distance. All homes have access to a small trail to one of the eleven ski runs. Five minutes away are the shopping and restaurants of Main Street. Condos range from a modest 1,000 square feet to 6,800 square feet of space. Residents can use the amenities at St. Regis Deer Valley, which includes a swimming pool, workout center, and restaurants.
Moving to a Condo in Park City
Park City is a perfect place to set up a vacation home or invest in a rental property – and there are dozens of communities to choose from. Over the past several years, there has been a boom in popularity. Older homes sell at close or at asking price and have been steadily rising.
Park City is a year-round destination with world-class skiing in the summer at the two major ski resorts and biking, fishing, hiking, or golf as the major attractions in the summer. You are 40 minutes from downtown Salt Lake City and the airport. Imagine if your commute ended in the heart of the beautiful mountains.
If you are single, condo living offers instant access to ski resorts or the nightlife of Main Street just minutes from your front door. There are excellent schools and activities for all ages if you have a family.
Park City is a resort destination and a popular place to call home. All signs indicate that growth is in the foreseeable future. With an abundance of land, single-family homes, and condos, you are sure to find the perfect place that fits your needs.
