What $3.6 million USD buys for a single-family home in a prime location in Park City

[GON]

All I can say is wow. Must be priced for a California trust fund recipient as the buyer.

https://www.redfin.com/UT/Park-City/1503-Park-Ave-84060/unit-1/home/191755220?

 

[Analog-1]

Yikes. That would sell for about 140.000 here in Michigan.

 

[Sumboodie]

4800 sq ft lot?

Just my driveway is 3 or 4x that

 

[Jdeere562]

$150,000 would buy that all day here.

 

[wpod]

Location, location location. Out of my price range. One on my friends is a prominent eye surgeon and had an incredible house on the gulf in the Tampa area and called to tell ne he sold the house cause all the kids are gone and the house was big , he said he bought a condo and during the call looked up the real estate listing and said that is out of my price range and we laughed. Some people earn a good income and can afford good stuff.

 

[GON]

Location, location location. Out of my price range. One on my friends is a prominent eye surgeon and had an incredible house on the gulf in the Tampa area and called to tell ne he sold the house cause all the kids are gone and the house was big , he said he bought a condo and during the call looked up the real estate listing and said that is out of my price range and we laughed. Some people earn a good income and can afford good stuff.

This particular house is priced for a very wealthy, uneducated buyer. The remodel is brutal at that price point, heck I don't even think the home has a parking spot or driveway.

A tear down is likely not feasible- Park City likely will not allow a tear down for new construction.

 

[AZjeff]

"Historic Old Town Home"...........

Anything classified as historic is going to be stupid money no matter where it is. The price of stupid depends entirely on location.

 

[Malo83]

 

[Danno]

I smell daily rental all day. $1000 a day during peak ski season?

 

[GON]

I smell daily rental all day. $1000 a day during peak ski season?

Very hard to find dependable people to work in Park City, to do things like clean a home. The cost of housing in Park City and surrounding areas limits prospects to fill low paying jobs. I knew people that work on the ski hills in Park City area resorts, many of them commute 50+ miles from Evanston, WY. But they get to work on the ski hill, smoke, etc-- so it works for them. Cleaning a VRBO at exactly this time and date in Park City is a different requirement.

 

[RhondaHonda]

I smell daily rental all day. $1000 a day during peak ski season?

That’s probably about right. It still doesn’t pencil to buy as an investment but there are very few homes in Park City so the ground is very valuable.

A condo would be a better buy there as you can get something truly ski in/ski out although the HOA fees are super high and you usually have to rent them out through the building’s preferred vendor which takes like 40% of the gross rent.

 

[4WD]

GON, if it’s not too late - decided to sell the house and business …
Serious offers only …

 

[GON]

GON, if it’s not too late - decided to sell the house and business …
Serious offers only …

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View attachment 231997

I am a little short on cash @4WD, would you mind grabbing it and I will pay it you later?

 

[Rand]

This particular house is priced for a very wealthy, uneducated buyer. The remodel is brutal at that price point, heck I don't even think the home has a parking spot or driveway.

A tear down is likely not feasible- Park City likely will not allow a tear down for new construction.

it says 6 parking spots in ad.

 

[walterjay]

I would think they will have a hard time selling it for that money even though it is a premiere location.

 

[CKN]

I would think they will have a hard time selling it for that money even though it is a premiere location.

Someone would buy that for the lot. Gon is wrong again where the City would allow a bigger house on that lot within reason. There simply isn't any land left and if you want a piece of Park City you will pay the price.

 

[BMWTurboDzl]

All I can say is wow. Must be priced for a California trust fund recipient as the buyer.

https://www.redfin.com/UT/Park-City/1503-Park-Ave-84060/unit-1/home/191755220?

99% chance the buyer will acquire this property as a second home and lease it out as a short term rental during the ski season earning a ton of $$.

 

[02SE]

All I can say is wow. Must be priced for a California trust fund recipient as the buyer.

https://www.redfin.com/UT/Park-City/1503-Park-Ave-84060/unit-1/home/191755220?

It's not even in the more desirable area of town. But at least it's across the street from 7Eleven, which I've been in back in the early 90's, after some late nights at a bar on Main street.

 

[ammolab]

You would have to pay cash to make money renting it. The mortgage payment is about $28,000 a MONTH. No way to clear a profit paying taxes, insurance, maintenance, cleaning and listing fees.

Better investments out there for your 3+ millions

 

[SubieRubyRoo]

All I can say is wow. Must be priced for a California trust fund recipient as the buyer.

https://www.redfin.com/UT/Park-City/1503-Park-Ave-84060/unit-1/home/191755220?

It’s decent… but something like that, with zero yard and landlocked… maybe 350k-400k at absolute high end anywhere within 50 miles of where I live.

I got 1800SF with fairly similar accommodations with a 24x30 garage and a 16x30 barn on 3.1 acres for $105k in 2020. It’s just not in Park City, Utah.