Deer Valley Real estate factors

I received a thought-provoking email from a client last night asking what factors he should be considering when shopping for a part-time home in Deer Valley.  His thoughtful questions and my replies might be helpful to lots of you, so I'm posting it here for your collective benefit.  Enjoy!

Does it makes sense to invest in a Deer Valley property I won't occupy year-round?

Lots of our clients who own homes around the country/world appreciate the ease and convenience of condominium residences purely for ease and convenience factors.  When you leave town, lock the door and enjoy the confidence that the HOA will handle snow removal, landscaping, building maintenance, etc.

Deer Valley Condo Hotels

Deer Valley has some spectacular condominium hotels (Montage Deer Valley, St. Regis Deer Valley, Stein Eriksen Lodge, Stein Eriksen Residences, Goldener Hirsch, Lodges at Deer Valley, Chateaux at Silver Lake) with full resort services like in-room dining, on-site spas, robust on-site amenities, etc.  And also lots of other luxury residential condominiums & townhomes that don't have a front-desk and don't feel as much like a hotel-residence.

To Rent--or Not To Rent--Your Deer Valley Real Estate

Not sure if offsetting some of your cost of ownership through rental activities is attractive to you or not?  There certainly is season rental demand in Deer Valley that would potentially allow you to offset your property taxes and HOA dues.  For example, gross annual rents for condos in Deer Valley could range from $50k per year to over $500k per year.  Your amount of owner use (and when) would certainly impact your net revenue.  But for some families, knowing you’re not going to have to subsize their ownership every year with additional cash is comforting, and helps justify owning even if only in residence in Utah for a few weeks or months per year.

Deer Valley Homes vs. Condos

If privacy, size, and just the idea of a freestanding home vs. a condo appeals to you more, this could be a helpful starting point for you to eliminate a lot of options?

Locations in Deer valley Explained

Location preferences could vary a lot depending on how you and your family might utilize a home in the mountains?  Ski in/ski out is our local equivalent of ocean-front property.  Walk to skiing vs. being right on a run helps your dollars stretch further.  And driving-distance to skiing is akin to driving to the beach (without the price premium).  Our clients from FL and TX who are excited to escape the summer heat back home but might only ski a couple of days/weeks per year evaluate all sorts of neighborhoods off the mountain as their use is more summertime and less demanding of a ski in/out location. 

One of the really unique aspects of Deer Valley is that since the land the resort sits on is privately owned vs. leased gov’t land, there’s residential development clustered into small villages across the mountain. 

• Powder hounds love the top of the mountain (Silver Lake and Empire Pass are approx. 8200’ in elevation) because it snows more up-high. 
• Those with cardio or pulmonary sensitivities might prefer lower on the mountain (6500’ in elevation at the Deer Crest gondola & East Village/Mayflower base) where there’s more air to breathe.  
• Other people like easy convenience to shops & restaurants on Historic Main St., so Snow Park (Lower Deer Valley) or Old Town could be appealing. 

New Construction in Deer Valley vs. resale homes and condos

In terms of market opportunities, brand-new vs. existing resale homes/condos is another factor for you to consider.  Some people love new-construction as an opportunity to choose a premium location at the lowest-possible phase I price, whereas others don’t love the risk/reward/delated gratification profile of this type of purchase.

Deer Valley Views

Views are another key ingredient to consider, though they're subjective and personal preferences vary a lot.  If you want to see water/lake, Deer Crest and Mayflower should be high on your list.  If you want to see snowy mountains, you'll have lots of options.  Twinkling lights at night might suggest Empire Pass or Upper Deer Valley.  Forest and mountain views but not many other condos nearby might suggest Sommet Blanc.

Private Club Amenities in Deer Valley

Last major factor you might want to consider is the abundance of riches when it comes to private golf/ski clubs in the Park City Deer Valley area.  If you want access to private golf (plus tennis, pools, pickleball, beach clubs, art studios, equestrian, private restaurants, ATV’s, etc) in the summer, and ski in/out private club amenities in the winter, that could make neighborhoods like Promontory, Marcella Club, Tuhaye/Talisker Club, Red Ledges, and Victory Ranch very interesting options to consider.  Some of our clients love the private club scene where it’s easy to make friends and meet your neighbors.  Other people are less interested in those social opportunities and prefer areas with fewer amenities/lower HOA dues, and generally a slower pace of life.

Which of these aspects may resonate with you and your family?