I’m a big fan of Hotel Park City. And I am there quite often.
On Mondays I attend the weekly Summit Sotheby’s sales meeting in the hotel’s conference room. My family dines at Ruth’s Chris regularly as we enjoy the excellent food and service as well as the convenient parking. Hotel Park City is always spotless, the employees are courteous and helpful, and the views are some of the best in town. The hotel is surrounded by the Park City Golf course, providing views of Nordic skiers gliding past in the winter and golfers in the summer. I am also there on a regular basis showing property. Why?
What most people don’t know is that Hotel Park City has some of the best rental revenues of any Park City condominium. And there is one unit, in particular, that is a STEAL right now. It is the last one-bedroom cottage owned by the original developer and he wants out.
This gorgeous, one-bedroom townhome looks over a pond and the golf course towards the ski runs at Park City Mountain resort. The unit is sold tastefully furnished and the finishes are very high end. It even has its own kitchenette.
What would you expect to pay for a one-bedroom condo in the heart of everything, fully furnished with a private hot tub and spectacular views, that has consistently grossed $45,000-$65,000/year? Perhaps you would expect to pay $695,000, which is what this condo was listed at a few years back. Today, it is listed at only $325,000!
If you invest $300,000 in this condo, your net income after ALL other expenses is about $2,000/month. How many other investments generate 8% ROI? I also happen to think that the price of this condo is not going any direction except up. And to sweeten the deal, local owners are allowed to use the hotel’s pool and spa even if their unit is rented. The HOA is outstanding.
Interested? Give me a call. I’ve got loads of background information on Hotel Park City. It is a great place for both you and your money to hang out.