Park City real estate on a roll with Aussie market

Park City or Perisher? Where would you rather own property to go with your Epic Australia Pass? After all, the amazing value pass gives you full season access at both America’s & Australia’s largest ski areas. So it’s not surprising that Aussie interest in property there had ticked up a notch or several as the word spreads.
We talked to award-winning Park City Realtor Scott Maizlish, from ScottMaizlish.com, for the downlow on getting a toe or several in the market there.
Just 40 minutes from Salt Lake City airport, which boasts super easy one-stop flight access from east coast cities in Australia, Park City the town is a pumping resort town full of restaurants, bars and shopping to rival any ski town in America.

The mountain is now just ridiculously big since they swallowed neighbouring Canyons last season, hooked up by an incredible network of fast lifts and gondolas.
And best of all, though you can spend a fortune to get a mansion rubbing boundaries with the likes of Hollywood Royalty Will Smith in exclusive slop side neighbourhoods like The Colony, you can also get into the market for under $USD 300k with a readily rentable condo.

Getting interested? Time for a Q&A with the local expert, Scott Maizlish.

Are there any restrictions or extra requirements (tax/otherwise) on foreign ownership?
There is no restrictions on foreign purchases. The only issue that one might have would be getting financing. However, I have an Australian family that just moved here from Singapore, and we were able to arrange financing for them, and they closed on their house the end of May. When a foreigner sells their property, they will be subject to FIRPTA Withholding Tax levied by the IRS, You can read more about it here FIRPTA RULES

What are the buyer’s normal legal/regulatory costs additional to purchase price?
The only costs a buyer will incur would be for any inspections and due diligence, or financing. For example, every property for sale in Utah is sold “AS-IS” with a right to inspect the property in any way a buyer deems necessary. A property inspector can cost you anywhere from $400 and up depending on the size and complexity of the home. I would aways recommend a foreign buyer engage a local attorney to review all of the documentation, especially in regards to rental agreements, homeowners associations, etc. Buyer agents are typically compensated by the seller, unless a property is not listed, then a buyer might have to compensate their agent. This is very a rare occurrence. If you are loyal to your buyers agent, they will be loyal to you. It is not good practice in the United States to work with a bunch of different buyers agents in the same area, especially Park City, which is a smaller area.

For rentals as serviced property with linen/cleaning what sort of returns would an investor get, bearing in mind for a mix of personal use and investment most Aussies could work their timing around the high seasons there like Sundance Festival and President’s Week to maximize rental income?
You are correct, rental returns are much higher if the property is not owner occupied during the high season weeks. Those weeks are Christmas, New Years, Sundance Film Festival, Presidents Week. I always tell buyers that if they want to maximize their rental returns, and have the flexibility in their schedules, that they should use their property on the weeks in between the high season weeks. For example, come right after New Years, and leave right before Sundance. Town is less crowded as well, and we typically see some good snow storms then! Rental returns can vary so much from property to property, that it is not possible to just provide and expected return. When we hone in on certain areas, we are able to get past rental history, as well as forecasts from reputable rental agencies. They will also give you ideas on how to make certain improvements to a property to maximize income. They usually take between 20-50% of the renal income depending on which company you use.

Is there much potential for summer rentals too?
Summer is growing every year, but the rental rates are much lower. Park City Summers offer some of the best activities that bring visitors here from allover the world. However, the rates are still much lower, as we are a ski town first, and a summer town second.

With Vail Resorts creating the new mega Park City and pumping money into infrastructure have you seen a rising demand and interest? Presumably it has breathed life into both the Canyons and Park City base areas.
In just the first year they invested $50 Million in the mountain infrastructure. Adding a gondola, expanding and replacing some lodges, and almost 20 miles of upgraded snowmaking equipment. That was just the start! While they have been tight lipped about future investment, we know it is coming. Vail wants to get the mountain operations firing on all cylinders, then they will hone their sights on the bases. Just being able to ski 7300 acres on one pass is an unbelievable experience.

There is obviously an amazing range of property. From aspiring to get neighborly with Will Smith and other well-to-do owners in The Colony with its $20 million plus slopeside mansions, or at Deer Valley, to in town or close to slopes condos, to more out of town offerings for those who just want a base to spend the season (race or freestyle training for example). Is there much difference in how the different sectors are performing for sales growth and demand, or the opportunities they present?
Certainly, in regards to celebrities that visit Park City, with the exception of Sundance, many of them come here NOT to be seen, and they can comfortably integrate into Park City Society, and just be themselves. They can escape the glamor and glitz of Hollywood in Park City.
Deer Valley has always been a solid performer, as they are consistently rated #1 or #2 as skiers choice for best overall resort. They limit the amount of skiers during the high season, and visitors and locals alike are willing to pay the $2,435 price tag for a season pass. It is truly country club skiing. With the recent additions of the Montage Deer Valley and St. Regis Hotel, along with Stein Erikson, Deer Valley is always going to be a top choice for investors and visitors. Vail as well, not only did we see an uptick in Luxury sales in The Colony at White Pine Canyon, but also in a lot of the value priced condos as well.

A lot of investors have come to town and said, “I have skied Vail for years, and I know what kind of operator they are, find me the least expensive property as close to the resort as possible, because I know it will only appreciate in value.”

That being said, our inventory is very low.

A couple of options from different ends of the spectrum:

List Price: $USD 6,700,000
8,600 Square Feet
6 bedrooms, 8 bathrooms, 3 fireplaces. Media room/theater room, BIllards room, lower level bar and TV room, main level media room, grand living room at entrance. Butlers pantry off dining for waiter/service — this area is separate from the main kitchen.

This home is nestled off a private cul-de-sac in the charming Eagle Point subdivision. Enter through a glass door into an 8,600 square foot home and immediately you will feel the exceptional design, quality materials and remarkable features. Open and airy living spaces—including an off-kitchen den, formal dining area and lower-level family room with wet bar—are drenched in natural light and offer sweeping, elevated views of Park City. The house also features an in-home gym, master bathroom with cedar-lined sauna, 5 additional bedrooms and full baths and 2 half baths, office, and state-of-the-art home theater. Ample decks, patios and a fire pit provide seamless indoor/outdoor experiences throughout the year.

List Price $USD 279,000
1530 Empire Ave, 203, Park City, Ut 84060

Relax easy in this comfortable, well appointed 1BR/1BA condominium near the base of Park City’s illustrious Mountain Resort. Take in ski run views from the deck or unwind out by the pool. Originally remodeled about 2005, this home has newer carpet, a recently updated wood burning fireplace boasting floor to ceiling stone work, wall mounted TVs, wood flooring in the entry & kitchen, newer stainless microwave oven, granite countertops in the kitchen & bath, elegantly tiled shower surround, all while stylishly decorated. The sofa is a sleeper pullout to accommodate 4 guests.
More here