Real Estate In Park City- Future Growth
The Park Record has just published their 2015 issue of Mile Post. Included in the Mile Post are several interesting articles, statistics and projections regarding our community and surrounding areas throughout Summit County.
Real Estate values in Park City and surrounding neighborhoods have recovered greatly since the market downturn. Real Estate prices in neighboring Wasatch County have also seen an increase. Popular communities in Wasatch County – just a few minutes from Park City have driven prices higher – some of these projects were scrapped during the recession, and now the current owners/developers can’t put up units fast enough to meet demand.
Real Estate markets are driven by supply and demand. Demand for Park City real estate seems to be strong for the time being- what about supply? In addition to existing homes on the market, new projects can also have a big impact on the inventory of available properties.
Where are the future residential real estate projects in the Park City area?
The Mile Post features a Park City Area Future Growth Map- the source of the map and information is the Park City Municipal Corp. Looking at the map, I noticed that there are few large residential real estate projects noted inside the Park City School District, compared to outside the district. Demand for real estate inside the Park City School District Boundaries is especially high, and the amount of buildable, residential real estate projects inside those boundaries has become very limited.
Map provded by Park City Municipal Corporation.
To be clear, there are a few large real estate projects in the Park City area. The Canyons, Treasure Hill (in Old Town), the Deer Valley parking lots, the base of Park City Mountain, and Bonanza Park all include large amounts of approved residential and commercial square footage. Most of these units and square footage are concentrated around Park City’s three ski areas- the timeline for this development isn’t clear. The Silver Creek Village is approved for approximately 1300 units- and is located just outside the school district boundaries.
Based on this, it seems like real estate inside the Park City School District boundaries- especially the property that residents are likely to occupy as year round homes- will remain somewhat scarce. In the coming years, the population of the area will increase, while buildable property will be absorbed. This has been the pattern for the last few decades, although now, the limited buildable space will become more impactful on the values of existing real estate.
Outside of these concentrated areas around Park City and Deer Valley, the vast majority of future real estate development is in neighboring Wasatch County- especially the areas surrounding the Jordanelle Reservoir- with over 15,000 units approved in that area of Wasatch County alone. Again, the timeline for the buildout of these units isn’t clear, and will certainly take place over a long period of time.