Park City second homes are on the rise, with an average of three times as many second homes as compared to first homes. Park City attracts second home buyers who are seeking the ideal winter and summer resort getaway. Park City second homes are more commonly used as vacation homes for the owners, as opposed to rental properties. People from all walks of life are drawn to Park City for its natural living environment, excellent quality of life, and close proximity to Salt Lake City, where many of the area residents commute for work.

Park City, Utah was founded in 1870 after lead, gold, and silver were discovered in the area by nearby miners. After the discovery, Park City became so heavily populated that it seemed it would soon replace Salt Lake City as Utah's primary city. However, the disposition of Park City would soon change dramatically with the arrival of World War I in 1914, resulting in a collapse in silver prices and flooded mines. As a result of these events, the mining community was unable to recover and Park City quickly became a ghost town.

Thankfully, a turnaround was imminent. In the 1950s the mining company of Park City recognized another "gem" hidden within the mountains of the Utah town. Hence, the skiing industry was born and the first ski resort was built in Park City in 1963. As the 1970s approached, Park City would experience a full economic recovery. Since that time, the growth of the city and Park City real estate has rapidly advanced. Park City is now considered one of the most prosperous and dynamic resort towns in the entire United States, and it's no wonder that Park City second homes have continued to rise in popularity.

The make-up of the city is unique, with sixty-four historic Victorian buildings aligning the newly restored Main Street, in combination with modern-day clubs and restaurants. Park City has evolved from a simple mining town to a world-class city, hosting the 2002 Winter Olympics and becoming known for "the greatest snow on Earth." With three major ski resorts and the Utah Olympic Park, Park City is situated at 7,000 feet in the Wasatch Mountains east of Salt Lake City. Attracting thousands of tourists and hundreds of new residents each year, Salt Lake City provides year-round activities for all types of enthusiasts, plus gourmet dining and an amazingly scenic backdrop. Park City boasts exclusive shopping, with over one hundred restaurants, bars, and clubs, and an assortment of art galleries, theaters and more. With all of this to consider, it is easy to see why Park City real estate is growing, and purchasing a Park City second home is becoming a goal for many homebuyers worldwide.

Park City: The Ideal City

The tourist population greatly outnumbers full-time residents of Park City. As of 2004, the estimated population of the popular mountain resort town included fewer than 8,000 full-time residents.

Average temperatures in Park City include about 20 degrees Fahrenheit in January, and about 76 degrees Fahrenheit in July. The average snowfall for the city is 13.4 inches. In the summertime, many Wasatch Mountain valley residents visit Park City to escape the high temperatures, as Park City is typically 11 degrees cooler because of its elevation of about 4,000 feet above sea level.

Park City real estate is thriving because the mountain resort town is both charming and lively, with close proximity to Salt Lake City. Park City second homes are becoming widely popular, with the number of sold vacation homes increasing every day. Second home buyers are drawn to this ski resort community, as it is provides the opportunity for both fun and recreation, as well as an optimal investment.

With more than 100 restaurants, bars, and clubs, Park City is the ultimate setting for nightlife. After a day of skiing, visitors and residents can relax and enjoy a fine dinner, drinks, and live music. Residents of Park City are affluent by U.S. standards, with a median household income reported at close to $80,000 per year. The city's principle industry is tourism.

An outstanding school district is another feature that draws people to relocate to Park City and choose Park City real estate. Park City High School ranks 150th on Newsweek Magazine's "Complete List of the 1,000 Top U.S. Schools." This is the highest ranking of any school located in the state of Utah. Additionally, Park City High School has won several awards for its athletics department, which includes the Academic Decathlon team, girls' cross-country, boys' and girls' soccer, and golf teams. Noted colleges and universities of Park City include the University of Utah (Salt Lake City), Brigham Young University (Provo), and Salt Lake Community College (Salt Lake City).

The 2002 Olympic Winter Games served as a major turning point for the economy as well as the Park City real estate market. Park City hosted this unforgettable event where several thousand people flocked to the mountain city to watch and support the world's top athletes as they competed for gold medals. Millions of dollars were invested into Park City's amenities for the 2002 Olympics, improving both the town and its facilities for the residents, tourists, and athletes.

Park City's three upscale ski resorts are located within just four miles of each other. Providing plenty of skiing, snowboarding, and tubing activities, Park City is known as a "winter wonderland." Summer is equally entertaining, hosting a variety of outdoor mountain activities, making Park City the ideal year-round mountain resort. Park City real estate provides its citizens with the best of mountain living and close proximity to all the amenities of the Salt Lake City metropolis.

The three major ski areas, the Utah Olympic Park, and the beautiful Wasatch Mountains offer a nearly endless list of recreational activities. In the winter season, skiing and snowboarding are the big contenders, while hiking, mountain biking, and horseback riding are popular activities for the summer. Known as the truest four season resort town, Park City is alive year-round. During the winter, the popular activities include not only world-class downhill skiing and snowboarding, but also bobsledding, snowshoe tours, sleigh rides, hot-air balloon rides, snow tubing, snowmobiling, and more.

In the warmer months of spring and summer, Park City residents and tourists take pleasure in rock climbing, hiking, mountain biking, horseback riding, mountain golf, shopping, and much more. The stunning mountain vistas are truly a sight to behold, and the scenery changes its splendor with each passing season.

The cultural activities alone are enough to draw crowds to Park City, and attribute to the thriving Park City real estate market. Founded in 1981 by actor Robert Redford, Sundance Institute hosts the famous annual Sundance Film Festival, which takes place every January in Park City. The festival is considered the leading United States showcase for both American and international independent film. Residents and visitors can enjoy the screenings of talented yet undiscovered filmmakers, while spotting celebrities scattered all about historic Main Street. For the two weeks that the highly anticipated film festival consumes Park City, the town is abuzz with heightened excitement.

Every July, the International Music Festival entertains the city. In addition, Park City is home to the Utah Symphony & Opera, Kimball Art Center, Park City Museums, the Alf Engen Ski Museum, the Egyptian Theater, and more. Walking through Park City's Old Town historic downtown district reveals newly renovated ski town homes, which were formerly the old miner's shacks. With so many activities to boast, Park City real estate continues to climb at a rapid rate. Park City second homes provide the ultimate retreat for skiers, mountain lovers, and outdoor enthusiasts worldwide.

Park City is home to hundreds of national luxury retailers, restaurants, bars, and clubs, and the city is also the host of the United States Ski Team, which owns the largest collection of factory outlet stores in entire Northern Utah. Major outdoor-oriented businesses such as Backcountry.com and Rossignol are headquartered in Park City, and Park City is the original birthplace of Mrs. Field's Cookies. Even with the rapid resort development of Park City, the town manages to maintain its historic charm, by retaining many of its old town buildings.

Park City is notably one of the most unique locations in the world, providing residents access to hundreds of winter and summer activities, shops, restaurants, and enjoyable, peaceful mountain living. With an ideal dry mountain climate, beautiful mountain peaks dotted with streams, reservoirs, and hiking trails, plus the hundreds of fabulous recreational and cultural activities, Park City is hailed as "the West's most quintessential town." Park City real estate continues to prosper, and Park City second homes are sure to remain a popular buy for years to come.

For more information about investing in Park City real estate, contact expert Realtor Virginia Skeffington at (435) 714-1501 and schedule an appointment today.