Buy vs. Build in Park City
Most people would love to have a new home of their own design. However, many don’t want to go through the process. Buyers relocating to Park City don’t know where to begin. Who is the best builder? What does it cost? Can I really afford to build a new home?
It’s an interesting dilemma in our real estate market. On one hand, we have very few single- family homes in the Park City School District under one million dollars. And on the other, we have even fewer building lots under $300K in the school district. Some of the outlying areas such as Promontory, and Hideout Canyon have ample inventory—but are not in the school district.
Making it more complicated yet, many communities have CC and R’s that require expensive building materials and larger square footage than most people want—or certainly can afford. Those restrictions can push new construction up another $100k to $200K.
They also drive millenials out of Park City, the community where they grew up and and would like to raise their own families.
Don’t get me started on HOA’s and CC and R’s. They may be a necessary evil, but they have also created an elitist attitude in Park City—something we long time locals had hoped to avoid.
Be that as it may, the demand to live in our breath-taking community with all it has to offer begs the question be answered—or at least considered. To buy or to build?
Recently I had two buyers willing to pay up to 1.2 million in or out of the school district. I had three homes to show. Buyer number one bought one of them, the second home had four offers in a day, and the second Buyer who is being transferred with school age children is left with few options but to build.
A large part of my real estate business is working with Buyers and builders, bringing a team together and guiding my clients through the ups and downs in an effort to make building a home both reasonably affordable and as pleasant as possible.
If you are considering a home in Park City and would like to discuss building as an option, please give me a call. Visit my website www.parkcityluxuryrealestate4sale.com