Holiday Homes: Escape to Park City
Friday, 13 February 2009 1:27 PM
By Sarah Garrod
Nestled in the snow-capped Rocky Mountains of Utah is a real gem in the American crown.
This number one ski resort has been voted North America's best by Ski Magazine, but what you might find surprising is this beautiful setting is also a great 'all-year-round' property investment.
With the 'greatest snow on earth' during the winter months, including champagne snow, the temperature in Park City can reach up to 30 degrees Celsius in the summer; which means it can provide a year-round investment for anyone thinking of buying in a ski resort as a holiday home.
The area was host to the 2002 Salt Lake City Winter Olympics, and the Sundance Film Festival is held there every January, which has been the red-carpet launch pad of cinematic classics such as Sliding Doors.
Deer Valley, one of the three resorts in Park City, was also the stunning Christmas wedding setting of A-list actress Katherine Heigl in 2007, as well as being a skiing favourite of Justin Timberlake.
But the summer provides just as much entertainment, with children's summer camps, mountain biking, water sports, art and music festivals, horse riding and theme parks. The summer climate is warm but not humid, which no doubt contributed to Park City's top 20 place in Forbe Traveler's 'America's Prettiest Towns'.
Buying outside the EU might be a daunting prospect for anyone considering investing in a holiday home, but America is becoming an increasingly popular destination, with flight prices dropping despite the weakening exchange rates.
Recently the Association of British Travel Agents (ABTA) found Brit interest in travelling to America had grown, due to the 'Obama Effect'. The ABTA research indicated visitor numbers to the US from the UK rose significantly in 2008, with key popular areas such as New York, Orlando and Las Vegas still drawing in UK tourists in their thousands.
Flights to Salt Lake City, the nearest airport to Park City, are just an hour and a half from Las Vegas and San Francisco, meaning you can quite easily incorporate a multi-stop trip to the resorts, which are just a 35-minute drive from the airport.
Property prices are varied, with the majority at the high-end of the market, but there are some bargains to be had if you shop around, with prices starting from around $100,000 for a studio flat. Property in general tends to gain value quiet rapidly in this area, reaching a peak for British investors when the exchange rate was nearly $2 to the £1.
Pete Smith, from Scotland, bought property on 9th Street Park Avenue in Park City in 2005, for his family and friends to use. He explains: "We bought an 800 sq ft cottage built in 1906. It had three bedrooms, a bath and kitchen and a 100ft sq sitting room. We then got plans drawn up for a 2400 sq ft home and rebuilt the house by lifting the front, digging foundations and then fixing the old home back on and adding to it!
"We paid $425k and added about $800k in improvements. It's now probably worth $1.4m-$1.6m, even with the economic downturn.
"It was very easy to buy over there; the one thing America is really good at is taking money from you! Taxes are relatively low and the town of Park City is great fun and safe for teenagers.
"The skiing is comparable with Europe's best and it is very easy to get to from southern California where we now live. The fishing is first class and you can hunt, walk, golf, camp and just chill.
"My children are teenagers now. They are allowed out on their own as it is safe to ski and it's very safe at night. The bars have a strict 21 policy but they can still get a pizza, ice cream or just hang out."
Park City consists of three resorts, The Canyons, Park City Mountain and Deer Valley. Each resort has an abundance of restaurants and facilities, including ice skating, shopping, cinemas and bowling.
Karen Keating and Christine Reynolds run international realty website Discover Park City Living for Sotheby's International Realty. Both are residents of Park City and active members of the local community.
Christine says: "Some people will ski in the morning and then play golf in the afternoon. The area as a whole is very vibrant, and the local population works and lives in the area, so they're not just there for the skiing.
"Visitors can't believe how easy it is to get to when they leave the airport; it's just a 35-minute drive. And for British people the flight has just gotten easier, with direct flights to Denver and Las Vegas."
Karen and Christine have a range of properties on offer in Park City, from small studio apartments to five-bedroom family homes. And if the cost of buying abroad is daunting, then there are a selection of time shares, quarter shares and part-ownership properties available.
One ex-pat told aboutproperty: "We bought our first property in Deer Valley in 1993, a house with four bedrooms with an attached lot, then a further Deer Valley lot with a view to building a large house and then a five-bedroom townhouse in the Cove development in Park Meadows, just a few minutes from Deer Valley.
"I believe, initially the property value almost doubled and each sale thereafter was profitable.
"Buying property in the USA was quite easy. The licensed realtor helps you through the process, assisting the buyer obtain a tax identification number and making contact with mortgage brokers.
"I think buying US property is actually easier than doing so in the UK, as many feel that you get a bigger 'bang for the buck' in America!
"Family and friends used the house, indeed, at first coming for the wonderful winter skiing, then also coming to enjoy the marvellous summers.
"Flying to Salt Lake City was manageable and has gotten easier & ever more affordable.
"The Park City area is great! In winter, terrific skiing for all levels with excellent ski schools, and a varied choice of great ski resorts to choose from when a change from Deer Valley is wanted. All winter sports, tubing, snow mobiling, snow shoeing, etc. are available and the town is charming with good restaurants and nice shops.
"In summer, golf, tennis, hiking, are popular, as well as Deer Valley hillside concerts and water sports on the Jordenel reservoir. And when all else fails, there are the outlets for shopping where the British pound does very well!"
The Deer Valley resort was voted number one ski resort in North America by Ski Magazine in 2001, 2005 and 2008. But other than the skiing, there are a wide range of restaurants including seafood, sushi and pizza, as well as a number of spas and shops.
Emily Summers, communications coordinator for the Deer Valley Resort, says: "Deer Valley Resort is located in Park City, Utah and less than one mile from Historic Main Street. Main Street has approximately 100 bars and restaurants and there are 3 world-class resorts in Park City; Deer Valley, The Canyons and Park City Mountain Resort.
"Deer Valley Resort offers 2,026 acres of skiing on 99 trails and six bowls, as well as ten mountain restaurants and Summit Meadows Adventures Snowmobiling tours.
"The resort is open for the summer season from mid-June to mid-September and includes lift-served mountain biking, hiking and scenic rides, deck dining at Royal Street Cafe and the Deer Valley Music Festival in the Snow Park Outdoor Amphitheatre. We also offer an 11-week Summer Adventure Day Camp for kids ages one-12.
"Deer Valley Resort is an extremely family friendly Resort with an incredible children's ski program and State-licensed children's centre."
Patton Murray, International sales & marketing manager at the Park City Chamber/Bureau, added: "For winter visitation, the UK is our largest overseas market. While we are not even in March yet and sales are not final, in the UK we are currently up 45 per cent YTD compared to YTD sales in 07/08.
"We've had tonnes of snow over the last week so the skiing/riding is great in Park City."
