There is indeed a rare opportunity in Park City real estate
The Park Record editorial, June 21-23, 2017
June 21, 2017
The term "rare opportunity" is oftentimes used when marketing real estate.
In the case of two new developments inside Park City, the phrase fits well as City Hall itself is readying to sell newly constructed units as part of the municipal housing program. It is a chance for workers of Park City to own a home in a community where ownership would be an unlikely prospect in the free market. Park City real estate has soared over time, a trend that forced municipal leadership to address housing shortages for workers the best it can.
City Hall this summer is preparing for the sale of municipal units in two locations, one of which is located in long-desirable Old Town. Officials are building a project at 1450 Park Ave. and 1460 Park Ave., on land owned by City Hall, and bought a development under construction on Prospector Avenue with the intention of selling the units as part of the municipal housing program. They total 19 units, not enough to put much of a dent in the demand for housing by workers but an admirable effort that leaders say will continue with other projects. Prices are in the $100,000s and $200,000s.
Some of the units will be held for senior citizens or people deemed essential employees. The rest will be available to the wider population of eligible buyers. Lotteries are anticipated to select buyers since demand will outstrip the number of available units.
Those interested in attempting to acquire a place in one of the two projects must take action shortly. A June 30 deadline is approaching for someone to submit an application. Completing an application requires detailed financial information needed to ensure someone qualifies through their income. Information and applications are available on the website of Mountainlands Community Housing Trust, which is assisting City Hall. The address is: housinghelp.org/home-ownership-opportunities.
The application process is not first come, first served, but anyone interested in the housing should move rapidly as they gather the financial details and prepare the paperwork. It can be a time-intensive endeavor, particularly for a first-time homebuyer, with time quickly running out.
They do not want to miss out on what is indeed a rare opportunity.