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Park City Utah Rental Xmas

Discussion in 'Rentals - Vacation' started by beach lover, Aug 20, 2005.

  1. beach lover

    beach lover Beach Lover

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    Does anyone know of a "nice" rental in ParK City Utah for 10, that is less than a $1000 a day ? Dates needed are 12/25/ to 1/1/06. Needs to be near shuttle. Any help would be great. Trudy
     
  2. Carter

    Carter Beach Comber

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    good resource i have used for similar place in otrher areas is www.vrbo.com
    (vacat. rental by owner)
    good luck!
     
  3. beach lover

    beach lover Beach Lover

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    Thanks Carter, I have looked at vrbo & several others. I guess Xmas is going to be a little pricey. But was hoping I could find something around $800 to $850 a day.
     
  4. RiverOtter

    RiverOtter got any pics?

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    I've been there several times so I'm not new to the area but is $1,000 / day normal :shock:
     
  5. spinDrAtl

    spinDrAtl Beach Fanatic

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    I have property there. Something that sleeps 10 during the holiday is going to be at least $1000 a day unless you find a real steal, or its going to be a long way from the slopes.

    Our studio goes for about $270 and our 1 BR (sleeps 5) for 400-500.
     
  6. GraytonBound

    GraytonBound Beach Fanatic

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    Prob have to rent that high to cover the cost of association dues, from what I've seen :idontno:
     
  7. RiverOtter

    RiverOtter got any pics?

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    That was Colorado :roll: , Utah was reasonable :cool:
     
  8. beach lover

    beach lover Beach Lover

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    Spin, you are right. Anything nice goes for $1000 it seems. But I found a nice 4,000 sq. ft. house for $900 a night including taxes after a little negotiations. I got lots of pics & info to make sure. Location is great & the little xtra's they provide are awesome. So after a lot of searching( hours upon hours)I did pretty good. Thanks for your input. Our family can't wait to enjoy this Xmas.
     
  9. RiverOtter

    RiverOtter got any pics?

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    I have looked at condos and houses in that area. They really are not that expensive. Seems at those rates the things might cash flow. Am I wrong? I have also heard the rental companies take 40% to 50% :shock:
     
  10. spinDrAtl

    spinDrAtl Beach Fanatic

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    Our association dues are extremely reasonable. Each property is different of course, but I have found the dues very low in comparison to our beach property.

    As far as purchasing, there are still some good buys in the Park City area, but the time to grab a bargain has come and gone. A year to 1.5 years ago, it was a buyer's market and prices were very low compared to the post 'we won the Olympics' hoopla of 1996-1998. There was even a developer auction on a 5 star property at the Canyons in Feb 2004 where great bargains could be had (I got one).

    Since last October,things have taken on a 30-A type jump, although not quite to that extreme, but some properties have doubled. I looked at a studio on Main Street in Oct last year. Listed at 99k (a steal) but when I called it was gone. Right at that moment was when things took off. That studio is now around 175k.

    I did get into a contract on a preconstruction property at the Canyons in February 2005 which I thought was a bargain at the time. I believe the developer priced things and did not adjust when the market took off. I am quite happy with the pricing for phase 2. :D

    Most rental agencies do take 40% in Utah, but some things are included that I find are not included in Sowal (cleaning on every management company rental being one). In Colorado, it's usually 45-48%.
     
  11. RiverOtter

    RiverOtter got any pics?

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    Seems like the rents are extremely high. Do the units come close to cash flowing?
     
  12. spinDrAtl

    spinDrAtl Beach Fanatic

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    The rental rates I quoted are for ski in/out property. Rents vary greatly by proximity to the mountain (as do unit costs). My properties do either cash flow or come very close on a true cash flow basis (and better after taxes).

    However, there is no cut and dried answer to your question - it all depends. As with any investment property purchase, you have to do your homework. What price did you pay (and did you overpay), what kind of mortgage program did you do, are your hoa dues reasonable, if you use a management company, are they good and do they keep your property rented, are you willing to do some rental legwork yourself to fill empty nights, etc etc.
     
  13. RiverOtter

    RiverOtter got any pics?

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    Thanks for the info. I'll be PMin' you soon. ;-)
     

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