The Real Deal New York

New Yorkers and celebrities flock to Park City

January 18, 2014 11:00AM

 Famous for its majestic landscape and as the home of the Sundance Film Festival, Park City, Utah increasingly draws New York buyers each winter season.

“I love Sundance. I have sold so many homes through Sundance. At least one person will fall in love with Park City. They may not buy that week but they come back,” Paul Benson, an agent at Summit Sotheby’s International Realty, who sold three homes for a total of $27 million last year in Park City told the Wall Street Journal.

Vacation homes account for approximately 70 percent of current listings in the Park City area, according to the Journal. And prices for a single-family home have increased to $929,000 on average – about a 6 percent increase, year-over-year — thanks partly to interest from New York buyers.

But it isn’t only New Yorkers buying in Park City. Many Hollywood celebrities also call the town home, including Will Smith, Katherine Heigl and Jeffrey Katzenberg. [WSJ]Christopher Cameron