Tag Archives: ski real estate

8 Essentials for a Profitable Park City Vacation Rental

Artsy, historical, gastronomical and adventurous—Park City has many draws for locals and visitors alike, which is what makes it such a fantastic and often lucrative place for vacation rentals. Nevertheless, the vacation market is fickle so we’ve consulted our own Mary Ciminelli, a Summit Sotheby’s International REALTOR® in Park City. She is an expert in income properties, and has supplemented her real estate expertise by studying investment analysis for rental income properties. Mary also owns and operates a nightly vacation rental property management company, which gives her an intimate understanding of the rental market in Park City and Deer Valley.

So, what are the essentials for a profitable vacation rental?

Bank on the nearby slopes.

When in Park City, Mary suggests starting with the slopes. Start out by choosing a property very close to at least one of the three ski resorts in Park City, and if you can find a ski-in ski-out property, even better.

Choose a property close to downtown.

A property both close to downtown and the resorts provides an assortment of activities that will likely lengthen the stay of your renters. Proximity to downtown and Main Street is even more important in the off-season – when the powder is no longer a draw. Walking distance is ideal. However, the next best thing is nearness to Park City’s free bus system.

Choose something modern and spacious.

Park City hotels effortlessly merge luxury with sport. A vacation rental must be updated and include similar amenities in order to compete with these powerhouses. Features such as a great view, hot tub, pool, fireplace and a large number of bedrooms will set you apart from the rest and allow you to increase your rental price.

Compare apples to apples before you buy.

Find out past rental income figures if you can. If this isn’t an option compare your potential property to others in the area with a similar number of beds/baths, finish level and proximity to the slopes and Main Street. Don’t forget to factor in the hot tub.

Know your HOA.

Some HOA properties are not renter friendly, do your research and make sure there are no rental restrictions. HOA fees will vary, so find out exactly what exactly is covered.

Choose a property management company wisely.

Compare the price of different property management companies before you buy because this number will affect your net rental income. Focus on a company that has a small amount of properties to manage, one-on-one personal service with both owners and guests and will market your property well, which a vital element to maintaining profitability.

Figure out your true rental Income.

Once you know what your maintenance fee covers, factor in utilities, insurance, taxes and HOA fees. Consult with your accountant about the advantages of depreciation and eligibility for a 1031 exchange. Having an idea of your potential rental income is a vital when negotiating a purchase price.

Realize your rental income will vary.

The income of your Park City vacation rental is subject to all kinds of things, from the season, to ski conditions, to the current economy and flight costs just to name a few. Your budget when buying should allow for that flexibility.

If you are interested in purchasing an income property in Park City you can start by contacting our Park City real estate office. Or, browse our current listings. Summit Sotheby’s International Realty is the exclusive Sotheby’s International Realty Company for the state of Utah. We have 7 offices and over 100 brokers and support staff associates serving some of Utah’s best-known luxury markets including; Park City, Deer Valley, Heber, Midway, St. George and metropolitan Salt Lake City.   

About Mary Ciminelli

Mary Ciminelli is a top-ranked real estate agent at Summit Sotheby’s International Realty in Park City. Mary’s primary focus is investment and rental properties in the areas close to the Deer Valley and Park City ski resorts. She also has extensive knowledge of the Park City single-family home, vacant land and ranch markets. 

Sotheby’s Extraordinary Angles

Extraordinary Angles

MADISON, N.J. (April 17, 2014) – Sotheby’s International Realty Affiliates LLC today announced the launch of “Extraordinary AnglesSM,” a new lifestyle video series showcasing unique properties and lifestyles from around the world. Several Park City, Utah properties were featured in the series.

The first four videos in the series focus on kitchens, wine cellars, oceanfront and ski properties, with additional planned.  Each three to five minute “webisode” takes viewers on inspiring tours through some of the finest properties represented by the Sotheby’s International Realty® brand in the world’s most distinct locations.  The series is available on the Summit Sotheby’s International Realty video channel by clicking here.

“Our research tells us that today’s luxury consumer seeks a home that meets their unique lifestyle, so at the Sotheby’s International Realty brand, we truly understand the important role lifestyle plays in the purchase of a property,” said Wendy Purvey, chief marketing officer, Sotheby’s International Realty Affiliates LLC.  “We also know that today’s consumers are looking to gather information through video because it offers a unique, immersive experience.  Video enables us to truly showcase the intangible lifestyle a property offers, opening the door to their potential next home, no matter where in the world it is located.”

The Sotheby’s International Realty network currently has more than 14,500 independent sales associates located in approximately 700 offices in 52 countries and territories worldwide.  Sotheby’s International Realty listings are marketed on the sothebysrealty.com global website.  In addition to the referral opportunities and widened exposure generated from this source, the network’s brokers and clients benefit from an association with the Sotheby’s auction house and worldwide Sotheby’s International Realty marketing programs.  Each office is independently owned and operated.

About Sotheby’s International Realty Affiliates LLC

Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. Sotheby’s International Realty Affiliates LLC is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services.  In February 2004, Realogy entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house.  The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a full franchise system. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby’s International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby’s auction house, established in 1744. For more information, visit www.sothebysrealty.com.

Deer Valley's Most Expensive Real Estate Sales In 2013

It’s that time again! The Fisher Group at Summit Sotheby’s International Realty is rounding up the most expensive homes sold throughout the Deer Valley area of Park City, UT in 2013 and have some impressive homes making the list. With the economy bouncing back last year, we saw some impressive sales throughout the area as activity increased and inventory started to dwindle. Also see the list from 2012 we published last year.

#1 | 1 Hawkeye Pl | Empire Pass | $10,600,000

This home in Empire Pass has been one of our favorites for years, and now one lucky buyer has snatched it up to have themselves one THE best homes in North America. It’s located right on the ski run, just down the street from Montage Deer Valley, and is an unbelievably high quality build that rivals any home we’ve seen in the area. It’s 13,000 square feet of unique craftsmanship and stunning features in a premiere ski-in ski-out area of Deer Valley Ski Resort. 

List Price: $12,700,000
Area: Empire Pass
Subdivision: Northside Village

#2 | 9840 N Summit View Dr | Deer Crest | $7,750,000

Coming in at #2 is a beautiful home in the Deer Crest area of Deer Valley which is also a ski-in ski-out community and one of the only gated subdivisions in ski resort. It is a slightly older home, built in 2002, but is on one of the best lots in the development with views of the Jordanelle Reservoir that resemble Lake Tahoe. With 11,000 square feet and 7 bedrooms, it’s a large home fit to satisfy any ski home buyer in the area. 

List Price: $8,500,000
Area: Deer Crest
Subdivision: Deer Crest Estates

#3 | 6730 Silver Lake Dr | Upper Deer Valley | $7,250,000

At #3 we’ve got the home purchased by Mitt Romney just a few months ago! Curbed broke the news back in October on the sale and featured the many details of the home. As a long timer to the Deer Valley area, he has gotten himself back into the real estate market with this log home on one of the most popular ski runs at Deer Valley. The home was built in 1991 and is just under 9,000 square feet of rustic log construction that was popular here in the 90’s. 

List Price: $8,900,000
Area: Upper Deer Valley
Subdivision: Evergreen

#4 | 9100 Marsac Ave #1152 | Empire Pass | $6,370,000

The list would not be complete without a huge sale occuring over at the Montage Deer Valley! Unit 1152 is large 5,000 square foot luxury ski residence unlike any other in the area and coming in at just under 8 million! As we all know, the quality and luxury living at any Montage residence is second to none and one lucky family now owns one of the best units available in this premier destination. 

List Price: $6,370,000
Area: Empire Pass
Subdivision: Montage Deer Valley

#5 | 32 Silver Strike Trl | Empire Pass | $6,300,000

And last on the list we have a beautiful new construction ski home in “The Belles” in Empire Pass at Deer Valley. Just down the street from the Montage as well as the #1 home on our list, this is a small ski home development in the middle of Empire Canyon. This high end home was built in 2010 and is just under 6,500 square feet of living space and selling for just over $1,000/sq ft.! The Belles is the place to look if you want a brand new ski home in the area. 

List Price: $6,750,000
Area: Empire Pass
Subdivision: The Belles at Empire Pass