A year ago the global financial crisis had begun just as we entered into the busy winter season and almost every financial decision was placed on hold as the nation watched the crisis deepen. This year is a very different story as now the U.S. is beginning a real recovery as the winter season begins. The stock market has regained much of its loss and even though unemployment remains high consumers are feeling more confident that the recovery is real. Proof of this is exemplified by the numerous closings of sales and the opening of the St. Regis Hotel and Flagstaff condominiums in Deer Valley. While most of these transactions were contracted nearly three years ago the fact that these owners are closing on the transactions is a demonstration of their confidence in the recovery and that their expectations of the product has been exceeded.
Park City is nearing its final build-out as we near 2010. With the exception of the two main parking lots and base areas of all three ski resorts, the core area of Park City is all built out. The physical constraints of our small valley make for a very limited amount of future development. Inventory’s of listings in the Park City area are diminishing again and with continued low interest rates combined with low prices I expect to continue their decline. At some point in the very near future we all anticipate that interest rates will start an upward decline as we enter a more inflationary period. This is what makes buying now such an unusual opportunity…some may say the “perfect storm” for buyers. Many of us remember the two previous recessions when interest rates were over 17% simultaneous with an economic downturn, which makes this downturn so unusual. Buyers now have the opportunity that they have always wished for, to wind back the clock on prices and low interest rates.
An important element of this point in time is that is has humbled all of us and we have to push the reset button, however it also helps up refocus on what is important and that is the lifestyle that we live here in Park City and all the good things it brings. If you have already established a beach head here in Park City I hope that you can take this winter to visit and remember just what brought you here in the first place. For those of us who live here this past year has been an opportunity to do the same thing. There may never be a better time to own a piece of what you always wanted. Whether it is for the first time or to see it with fresh eyes, I am here to show you around and help you discover what makes Park City such a special place to live.
I wish everyone a happy and safe New Years and a welcome end to the roller coaster ride of the first decade of the new millennium. Here is to a prosperous 2010-Happy New Year Everyone!
