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Old 09-07-2020, 07:05 PM
TD* TD* started this thread
 
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I saw a job in park city, but the real estate is insane in park city. Any advice for affordable housing in park city?
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Old 09-07-2020, 10:44 PM
 
Location: The other side of the mountain
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Generally, real estate prices are insane in most areas of UT. If you’re ok with renting, you can always try to find some roommates.
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Old 09-08-2020, 04:53 PM
 
Location: Illinois
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Quote:
Originally Posted by TD* View Post
I saw a job in park city, but the real estate is insane in park city. Any advice for affordable housing in park city?
A lot of people commute from the Heber Valley area, but that area is becoming more fashionable too. In Park City, locals compete with a lot of wealthy second-home buyers.
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Old 09-09-2020, 01:57 PM
 
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Originally Posted by TD* View Post
Any advice for affordable housing in park city?
What is your definition of affordable?

Park City real estate is a bargain. Houses/townhouses/condos going on the market frequently are snapped up the same day or within the week, with multiple offers - that's a sign that the prices are low (a bargain). I'm not a real estate agent, but several I know say it is the best market they've ever seen. And it's not just Park City - same is true in Jeremy Ranch, in Promontory, out by the Jordanelle -- it is the best of times. Lots of out-of-state buyers paying over-asking price, all in cash.

Last edited by RationalExpectations; 09-09-2020 at 02:05 PM..
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Old 09-09-2020, 02:41 PM
 
Location: Illinois
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Originally Posted by RationalExpectations View Post
What is your definition of affordable?

Park City real estate is a bargain. Houses/townhouses/condos going on the market frequently are snapped up the same day or within the week, with multiple offers - that's a sign that the prices are low (a bargain). I'm not a real estate agent, but several I know say it is the best market they've ever seen. And it's not just Park City - same is true in Jeremy Ranch, in Promontory, out by the Jordanelle -- it is the best of times. Lots of out-of-state buyers paying over-asking price, all in cash.
That's not right at all. If homes are flying off the market, that simply means that there is a lot of demand. It doesn't speak to affordability in any way. Housing affordability in Utah is, across the board, relatively poor in Utah. Wages are lower, but expenses are above average, and in Park City, the disconnect is very stark.
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Old 09-09-2020, 07:12 PM
 
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A lot of people commute into park city. My husband did Sugarhouse to Park City for over a decade. With some good winter tires, it was doable 30-40 minutes.
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Old 09-11-2020, 06:13 PM
 
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Heber used to be somewhat affordable or Jeremy Ranch Pinebrook.

I don’t mean cheap I just mean it was doable.
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Old 09-12-2020, 10:29 AM
 
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Originally Posted by Hiruko View Post
That's not right at all. If homes are flying off the market, that simply means that there is a lot of demand. It doesn't speak to affordability in any way.
Incorrect. The very definition of affordability is that people can afford it -- and people not only can afford it, but they think it's a bargain.

Quote:
Originally Posted by Hiruko View Post
Housing affordability in Utah is, across the board, relatively poor in Utah. Wages are lower, but expenses are above average, and in Park City, the disconnect is very stark.
You seem to be confusing "affordability" with "low income housing."
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Old 09-13-2020, 06:52 AM
 
Location: Illinois
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Originally Posted by RationalExpectations View Post
Incorrect. The very definition of affordability is that people can afford it -- and people not only can afford it, but they think it's a bargain.



You seem to be confusing "affordability" with "low income housing."
With all due respect, you are talking to someone whose academic background is in economics and whose career path has been real estate focused. I am not confused about anything.

Home and rent price increases have greatly outpaced increases in household incomes for Utahns. The last time I checked the stats, the average list price for a home in Summit County was nearly 12 times the local median annual household income. That is staggeringly unaffordable.
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Old 09-13-2020, 10:10 AM
 
10,609 posts, read 5,644,359 times
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Quote:
Originally Posted by Hiruko View Post
With all due respect, you are talking to someone whose academic background is in economics and whose career path has been real estate focused. I am not confused about anything.

Home and rent price increases have greatly outpaced increases in household incomes for Utahns. The last time I checked the stats, the average list price for a home in Summit County was nearly 12 times the local median annual household income. That is staggeringly unaffordable.
With all due respect in return, household income is irrelevant in Park City for two reasons:

* Houses in Park City are largely purchased as a simple asset transfer - selling equities invested in VTI or SPY or AAPL or AMZN or GOOGL or VT into a different asset - a house, paying capital gains tax on any gains realized at the time of the asset transfer. Household income is irrelevant. Indeed, most control their own household income - income is unearned from an income tax perspective - and the objective is to minimize income because every dollar of income generated is a dollar subject to income tax.

* According to the City of Park City, approximately 2/3 of homes in Park City are not owner-occupied. They are vacation homes. The owners/purchasers of those homes, to the extent they do indeed generate income, they are not residents of Park City or Utah for income tax purposes and hence their income is not counted in Park City/Summit County/Utah's tax roles from which your "median annual household income" is calculated. They are residents of San Francisco or New York or Miami or Houston or Los Angeles or Boston or Las Vegas or Nashville or Seattle or wherever.

The concept of the price of a house in Park City being compared to the household income of a person who is a Park City screenwriter-slash-barista-slash-disappointment-to-her-parents is a silly concept.

Household income is irrelevant to the decision to purchase any of the following, because no one purchases them from current income in the first place:

https://www.zillow.com/homes/216-Whi...11975014_zpid/
https://www.zillow.com/homes/31-Ashl...68851037_zpid/
https://www.zillow.com/homes/3853-Ri...68846851_zpid/
https://www.zillow.com/homes/10153-N...45822897_zpid/
https://www.zillow.com/homes/8298-N-...89093032_zpid/
https://www.zillow.com/homes/7971-N-...89084593_zpid/
https://www.zillow.com/homes/7495-Pu...68847486_zpid/
https://www.zillow.com/homes/7325-Pi...11977467_zpid/
https://www.zillow.com/homes/481-W-O...78454238_zpid/

Moreover, the household income of the retail clerk in Park City was irrelevant to the decision to build the above homes in the first place. That retail clerk is not the target market.
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