REAL ESTATE May 21, 2017

Historic properties: Investing for the future in a slice of the past

Many owners of historic properties in Park City relinquish the home after decades in their family’s ownership because they can no longer afford the ongoing costs of upkeep or transformation. Others simply have other plans for their lives, preferring for example to live in a city or other state. The historical homes for sale in Park City are usually well known within the community.  Historic properties have come onto the market in greater numbers in recent years. Interested buyers therefore have good prospects of finding a suitable property. 

Like the interested buyers themselves, motives for buying a historical piece of property vary to a great extent. Frequently, it is private individuals with an entrepreneurial background who are fulfilling a dream when acquiring such a property. Such a purchase is very strongly linked to emotions.  Investors and project developers have very different motivations. They are looking for historic properties with commercial purposes in mind, including usage as a restaurant, hotel, conference and seminar centre, holiday apartments or an event venue. The potential for appreciation in value of historic properties is very differentiated. Besides its overall condition and conservation status, the main criterion – as with all properties – is the location.