Park City Ski Condo Market
Ski condos, where to find them, and things to consider
Park City Ski Condo Market
Ski condos, where to find them, and things to consider
About Ski Condos in Park City
Ski condos in Park City are a unique blend of convenience and luxury, offering unparalleled access to the world-class ski resorts of Deer Valley and Park City Mountain Resort. Ski condos are either ski-in/ski-out, have ski access to the condo complex, or are within easy walking distance to the slopes. This means that owners can enjoy the thrill of the slopes right at their doorstep, without the hassle of Park City ski traffic or fighting for a parking place.
Ski condos make up a significant portion of the real estate market in Park City. They account for 58% of all condos in the area, and 64% of all ski resort accessible properties when considering houses, condos, and townhouses. This makes them the most popular type of accommodation for those seeking proximity to the mountain. In the larger Park City market, ski condos play a crucial role. Their prevalence and popularity reflect the city’s status as a top-tier ski destination. Whether you’re a ski enthusiast looking for a home on the slopes, or an investor seeking a profitable rental property, ski condos in Park City offer a wealth of opportunities.
The following chart shows a breakdown of ski accessible properties for condos, houses, and townhouses in Park City, Utah.
The popularity of ski condos can be attributed to their convenience and the lifestyle they offer. Residents can wake up to breathtaking mountain views, enjoy a day on the slopes, and then return to the comfort of their own home, all without ever having to leave the resort area. This ease of access, combined with the high-quality amenities often found in these properties, makes ski condos an attractive option for both full-time residents and vacation homeowners alike.
A few quick facts about the Ski Condos for sale in Park City, Utah
- The median price for a Park City, Utah ski condo is $2,750,000
- The average price for a Park City, Utah ski condo is $6,018,160
- St. Regis in Deer Crest has the most expensive ski condo listed at $25,000,000
- YotelPAD in Canyons has the most affordable ski condo listed at $365,000
- YotelPAD in Canyons has the most ski condos for sale at 11 units
- Park City, Utah ski condos have been on the market for a median of 88 days while the average is 158 days on market
- Park City, Utah has 96 ski accessible condo developments and we count 49 (51%) as having direct ski access
Are All Ski Condos Ski-In Ski-Out?
Not all ski condos in Park City offer the convenience of ski-in, ski-out access. The Park City MLS does provide fields to mark a property as ski-in, ski-out, and ski into project. However, these labels may not always reflect the practicality of accessing the ski lifts. This explains why most articles online discuss ski-in ski-out condos and do not discuss ones within easy walking distance, such as across a parking lot from the result or simply across the street.
At Slope Style Realty, we’ve performed an in-depth data analysis on all Park City properties to determine if they are within a regular walking distance when carrying skis and wearing ski boots of a ski lift for Deer Valley and Park City – think of it as a good warm-up. This distance varies by terrain and is usually no more than 0.25 miles, often less. This guide will discuss all Park City condominium complexes that are ski-in ski-out and ones within practical walking distance.
It’s important to note that we do not consider condos that are too far to practically walk yet provide a dedicated shuttle to be ski condos. While these properties can be an interesting option, they will be discussed later in the guide as they offer a different kind of convenience and experience.
How can we help you find the perfect ski condo in Park City?
Let us help you find the perfect ski condo
Where to Find Ski Condos in Park City
Park City is home to two world-class ski resorts: Deer Valley and Park City Mountain Resort (PCMR). Each of these resorts offers a unique selection of ski condos, catering to a range of preferences and budgets. PCMR has two main bases so we break them out separately for this discussion: PCMR and Canyons Village. PCMR will consist of the base near Old Town and Canyons the base outside of town. We are fortunate to have the new Deer Valley East Village near the Jordanelle Reservoir coming online next year – so keep an eye for it getting added to this section soon.
In total, there are 1,951 ski condos distributed across these three resorts. Here’s how they break down:
- Canyons Village: Home to 929 ski condos, Canyons boasts a variety of developments such as Apex Residences, Blackstone Flats, and Hyatt Centric. The largest development in terms of number of condos is Yotelpad Condominiums with 144 condos.
- Deer Valley: With 552 ski condos, Deer Valley features luxurious developments like Montage Deer Valley, St. Regis, and Stein Eriksen Residences. The development with the most condos is St. Regis with 135 condos.
- PCMR (Park City Mountain Resort): PCMR hosts 470 ski condos with developments like Kings Crown, Park Station, andSilver Star - Spiro Condominiums. The development with the most condos is Snow Flower with 90 condos.
The "Ski Access Condo Locations" chart shows the ski condo distribution across the three resorts.
Fannie, Freddie, and Condotels
Most ski condos in Park City are classified as Condo Hotels, or “Condotels,” by Fannie Mae and Freddie Mac. This means they are considered non-warrantable condos, which do not meet the minimum eligibility standards set by these entities. The reasons for this classification can vary, but common factors include: more than 10% of the project being owned by a single entity, over 50% of the units being rentals, more than 20% of the building’s square footage being commercial, the project being filed with the SEC and sold as an investment opportunity, or the project being new and offering concessions and/or abatements not listed on the settlement statement.
The term “Condotel” is a combination of “condominium” and “hotel”. It describes buildings that function as both a condo and a hotel, with owners retaining the rights to rent their units when they’re not in use. These rentals are often managed by an on-site rental company. Like non-warrantable condos, condotels cannot be financed through Fannie Mae or Freddie Mac.
However, Slope Style Realty has extensive experience in helping buyers secure financing for Condotel properties. We work with local lenders who are accustomed to dealing with non-warrantable properties. Typically, buyers need to put down a minimum of 25%. For those who own two or more properties and are considered investors, the loan to value cap for investment condotel financing is set at 60% LTV. With our expertise, we can help you close efficiently on a ski condo, even if it is non-conforming.
Important Considerations
Costs of Ski Condo Ownership
When considering the purchase of a ski condo, it’s essential to account for all associated costs to ensure they align with your budget. Don’t overlook expenses such as insurance, property taxes, interior maintenance, utilities, association fees, and any special assessments. While Homeowners Association (HOA) fees are an additional cost, they often cover services that homeowners would typically pay for separately, like garbage removal, mowing, plowing, and certain utilities.
Keep in mind that a mortgage on a vacation home or non-conforming condo typically costs around 0.5–1% more than for a primary residence. If you live far from your ski condo, it might be practical to hire a property management company to maintain the property.
Many developments in Park City now charge transfer fees on the change of ownership, ranging from 0.25% to 2% of the purchase price. Although it’s customary for the buyer to pay this fee, it’s negotiable. Older communities may also issue special assessments to cover updates to windows, siding, decks, and common areas.
Working with your real estate agent can help you understand the expenses associated with a specific condo complex you’re interested in. This will ensure you have a comprehensive understanding of all potential costs before making a decision.
Ski Condo Community Amenities
Ski condo communities in Park City offer a wide range of amenities, from basic 2-3 story buildings with no elevator and a hot tub, to full-fledged resorts boasting spas, fine dining, extensive fitness centers, valets, and more. While these amenities contribute to recurring costs, they also enhance the value of your property.
The amenities offered by a community can significantly impact its price point. For instance, the Pendry in Canyons Village, known for its extensive amenities, is one of the most expensive options. On the other hand, Red Pine, also in Canyons Village, is more affordable due to its more modest amenities.
To find a community that best fits your needs, it’s advisable to tour multiple developments with your real estate agent. This will give you a firsthand experience of the amenities and locations, helping you make an informed decision.
Surrounding Area
While finding a condo that suits your taste in a desirable location is crucial, it’s equally important to consider the surrounding amenities. The local shops, eateries, and entertainment spots in the area town can provide alternative activities for those days when skiing isn’t on the agenda or the weather is uncooperative. These attractions can also enhance the appeal of your property to potential renters and future buyers.
When exploring the neighborhood, keep an eye out for post offices, public parks, trails, medical clinics, specialty shops, movie theaters, and grocery stores.
Don’t overlook the potential for summer recreation. Are you near the Jordanelle? Activities like swimming, hiking, fishing, and boating can add value to your condo and extend the rental season. A property close to a lake or golf course can offer year-round appeal. Mountain Town Music organizes concerts throughout the summer througout the area and visitors enjoy being close to one of the major venues.
On the slopes or in town?
When buying a ski condo in Park City, you have two primary options: Old Town or ski-in, ski-out on the mountain. Each location offers its own unique advantages.
Old Town Condos: Old Town condos provide easy access to both Park City Mountain for skiing and Main Street for entertainment, shopping, and dining. Being close to major events like the Sundance Film Festival, Arts Festival, and Silly Market is an added advantage. Plus, there are plenty of activities for those who prefer not to ski. However, most condo communities in Old Town are older, which means fewer options to choose from.
Mountain Condos: On the other hand, mountain condos make it easy to gather your group and hit the slopes. They offer more entry points to the mountain, allowing for access to different terrains. Unlike Old Town, which requires riding the 15-minute Town Lift, mountain condos provide quicker access. They also allow for easy mid-day breaks, letting you avoid the expensive on-mountain dining prices and change clothes or equipment as conditions vary. Many new properties with incredible amenities are available on the mountain. The main downside is fewer dining and entertainment options.
Rental Income – A Conservative Approach
When considering rental income from your ski condo, it’s crucial to adopt a financially prudent approach. Ski properties often generate substantial income during winter, but this coincides with peak skiing season when you might want to use the unit. Summer rentals can also provide a decent income, while spring and fall seasons tend to be less predictable.
Property management fees can take a significant chunk out of your rental income, especially if you opt for a major booking center. Alternative platforms like VRBO or AirBnB offer lower fees, but require more hands-on involvement. Companies like Northern Michigan Escapes offer a comprehensive property management solution.
Remember, rental income can fluctuate, particularly in winters with poor snowfall, potentially reducing your income by 30% or more. Therefore, while rental income is a bonus, it shouldn’t be the deciding factor in your purchase decision.
There's a Ski Condo for You in Park City, Utah
As we conclude the Ultimate Guide to Ski Condos in Park City, we hope you now have a clear roadmap to finding your perfect ski condo. You’ve learned where to find these gems, explored the condo communities serving Deer Valley and Park City Mountain Resort, and gained insights into prices, stats, and important considerations for your property search. We’ve also provided you with complete listings for ski-in ski-out and walk to skiing condos.
At Slope Style Realty, we pride ourselves on being Park City's ski condo experts. We’ve helped many clients navigate this market and find their perfect Deer Valley and Park City Mountain Resort condo. We’re here to help you too. Your dream ski condo in Park City is waiting for you, and we can’t wait to help you find it.So, why wait? Start your Park City ski condo journey today and embrace the mountain lifestyle you’ve always dreamed of. So, why wait? Start your Park City ski condo journey today and embrace the mountain lifestyle you’ve always dreamed of. Happy skiing!
Happy skiing!
