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WSJ real estate reporter says Deer Valley expansion, open space draw home buyers to Heber, Kamas

A home under development in the Skyridge neighborhood near Jordanelle. Luxury developments outside Park City proper like Skyridge are seeing more interest from buyers opposed to Park City's overcrowding.
Grace Doerfler
/
KPCW
A home under development in the Skyridge neighborhood near Jordanelle. Luxury developments outside Park City proper like Skyridge are seeing more interest from buyers opposed to Park City's overcrowding.

The Wall Street Journal recently published a story profiling the evolving real estate market in the Wasatch Back.

Reporter Nancy Keates covers real estate, architecture and design for the Journal.

Her Oct. 10 story, “Home Prices Exploded in Park City. These Towns are Taking Advantage,” examines the ripple effects of the rising cost of Park City living.

Keates said homebuyers are increasingly turned off by Park City’s overcrowding and elevated prices.

“Not only are these individual homeowners buying places in Heber and Midway and Kamas, but it’s also these developments that are popping up," Keates said. "These enormous, gated luxury golf developments, and I think that’s having a huge impact in the area.”

With the opening of Deer Valley East Village, Keates said buyers don’t feel like they need to be in Park City proper to be close to skiing.

“Every single person I interviewed who has recently bought there mentioned East Village and the expansion and how it’s going to make getting to the slopes so much faster for them,” she said.

The increased interest is driving up prices. Single-family homes in the Heber Valley are selling for a median price around $980,000 this year, which is more than double what it was before the COVID-19 pandemic.

Keates said she expects the Wasatch Back housing market to remain a hot commodity. She also said the acceleration in wealth in the United States is not slowing down.

“People own multiple homes. I’m not just saying one vacation home, like three or four homes," Keates said. "Because they see real estate as kind of an essential element to diversify their investment portfolio. So why not have real estate somewhere that’s beautiful and outdoor friendly?”

Keates said the amount of development is pushing people away. On a recent reporting trip to Idaho mountain towns west of the Teton Mountain range, she spoke with a group of Park City expats.

“All those skiers and climbers who I met when I was in Driggs and Victor who were complaining about Park City, they’re now complaining about what's happening in Idaho,” she said. “It’s gonna continue as we continue to develop as a country… There’s less and less remote space, more of it is owned by people.”