When Park City, Utah, and Courchevel, France joined as “Sister Cities” in 1984, participants in the program, (including Bill, who joined the first exchange!), quickly realized we had more in common with our new-found friends in Courchevel, as individuals and as a community, than we did with folks in other parts of Utah.
The 2024 Ski Property Report by Knight Frank reiterates how the Park City and Deer Valley real estate market is experiencing phenomena much more aligned with European ski resorts than with communities in the US. We found their findings to be amazingly aligned with our experiences in Park City today;
- “Limited supply keeps a floor under prices in most markets.”
- “Owners of higher value homes are reluctant to surrender their Alpine home given the limited alternatives, and for many, the lifestyle benefits of their mountain abode have never been more apparent.”
- “The high proportion of cash buyers means the higher interest rate environment has had little impact on their appetite for a ski home.”
- “Add in the transition to hybrid working, the renewed focus on health/wellness, and accumulated savings during the pandemic years, and demand remains robust.”
- “Buyers either prioritized snow-sure resorts with longer ski seasons or target locations offering a broader mix of ski and non-ski activities and a livelier resort during summer months.”
- “With demand rising and supply constrained in most French and Swiss resorts, this is pushing prices higher.”
The real estate market in Deer Valley and Park City continues to be highly segmented. Ski-in homes, as well as new or newly renovated properties, are in short supply. Meanwhile, the perceived, and often real, challenges of modernizing an older home, means buyers need to be incentivized by attractive pricing to undertake a project.
If we may ever assist, please let us know.
Abbi & Bill
