Over the past decade, I’ve had the privilege of advising some of the most elite buyers and investors in the luxury real estate market. Consequently, I've witnessed firsthand the transformative power of industry shifts, even over entire regions. Right now, eyes should be on Utah. Over the past several years, a remarkable story of transformation has unfolded in the state’s Silicon Slopes. Once a quiet corner of the American West, this tech hub has emerged as a leading destination for top-tier talent—particularly those seeking to enhance both their professional growth and an exceptional quality of life. As we push into 2025 and beyond, this migration means Utah's luxury real estate market is heating up fast, - and savvy investors are already making their moves. Park City, Utah Why Tech Professionals are Flocking to Utah Utah’s tech roots date back to the 1970s with groundbreakers like WordPerfect planting the seeds. Today, global giants like Adobe and Microsoft, plus thriving local startups, make the state a tech powerhouse. Engel & Völkers Gestalt Group operates across the region, and as CEO  I've seen firsthand how this trend is reshaping the local real estate market. While Silicon Valley may still dominate headlines, an increasing number of tech professionals are choosing Utah, where tech jobs have surged by 22.9% from 2021 to 2022 alone. Utah attracts tech talent and luxury buyers with its pro-business policies, lower taxes, and thriving startup environment. The state's favorable tax system and programs like the Startup State Initiative appeal to high-net-worth individuals seeking to maximize investments. During the COVID-19 pandemic, migration to Utah accelerated as particularly younger workers and executives sought better lifestyle options. Having called Park City home since 2004, I can personally attest to the wonderful work-life balance Utah offers. If you, like me, love outdoor pursuits like skiing, hiking and mountain biking, the environment is ideal. Adding to its allure are space, privacy, family-friendly communities, and a lower cost of living. For tech executives, many of whom are seeking their third or fourth home, Utah offers a welcome retreat from the grind of cities like San Francisco and New York. Finally, local universities like the University of Utah, Brigham Young University and Utah State University provide a steady stream of home-grown talent. Me and wife skiing in Park City   How This Is Driving the Luxury Real Estate Market Utah’s tech growth has unleashed unprecedented demand for luxury properties, with Park City leading the charge. In 2024, median sale prices rose 34.2% from 2023. The broader housing market in Utah remains competitive, with homes often selling within two weeks of hitting the market. And it’s not just urban centers that are feeling the shift. Suburban and rural areas like Draper, Heber, and Midway are emerging as hot spots for buyers who prioritize fun and privacy over office proximity. This mirrors a larger national trend driven by remote work, where workers are opting for homes that align with their desired lifestyle, often in spots further from traditional urban hubs. This demand has  pushed prices up significantly in these regions. Moreover, major tech companies like Meta are expanding their operations in the region, including large projects like the Eagle Mountain Data Center. The tech tide shows no signs of slowing. Draper, Utah   Future Outlook: Continued Growth and Investment If you’re watching the luxury market in Utah, here’s the truth: it’s only going to get hotter. The 2034 Winter Olympics are set to drive interest even further, and while certain areas like Salt Lake City may see a slight cooling, rural and suburban gems like Heber and Vernal are just beginning to peak. For the savvy investor, now is the time to strike. Iconic areas like Park City, Deer Valley, and Promontory are becoming fiercely competitive. As competition for prime real estate intensifies, having the right advisor is a must. Deer Valley, Utah   In Conclusion With decades of experience in Utah’s luxury market, I’ve guided countless clients through its complexities. Whether you’re looking to secure a property in Park City, Deer Valley, or any of the state’s elite enclaves, my team and I are ready to make it happen. Engel & Völkers has a proven track record with over 3,000 transactions and $2.8 billion in closed sales. The opportunities brought in by the Silicon Slopes are vast. Let’s make sure you don’t miss out!

When putting a luxury property on the market, an experienced real estate advisor is an indispensable resource. Here are essential questions to ask your advisor during the selling process: Assessing Your Real Estate Advisor’s Expertise Sellers in the luxury market need an advisor with a proven track record in high-end real estate. An experienced advisor like Paul Benson brings knowledge of complex deals, insights into potential buyers, and local market intelligence that goes beyond the MLS listings. Key Questions To Ask: What is your approach to pricing luxury homes? How do you handle negotiations with high-net-worth buyers? Affluent buyers often prioritize specific elements like privacy and investment potential, and your advisor should know how to emphasize your property's unique value to them. How do you stay current with market trends? How will you position my property in the current market? A skilled advisor will be informed on the state of your local market and know how to leverage your property to be competitive within it. Significance of Local Market Knowledge Deep local knowledge - in addition to understanding the broader market forces at play - is crucial for identifying opportunities and managing risks in luxury real estate. Your advisor should understand the specific dynamics of key areas like Park City, Deer Valley, Summit, Sundance, Wasatch, and Promontory. Park City, Utah Key Questions To Ask: How many luxury properties have you handled here? What are the current market trends in the luxury segment of this area?  Are there any emerging developments that could impact future property values? Major projects, such as new infrastructure or luxury communities like Deer Valley’s East Village, can influence home values. A well-connected advisor will be aware of such changes and how they might affect the future desirability of certain areas. Showcasing Property-Specific Features for Maximum Appeal A knowledgeable advisor can highlight the aspects that set your luxury property apart in listings and showings. Connecting your home to an elevated lifestyle is especially important in Utah markets, where outdoor living and work-life balance are high priorities for luxury buyers. What features of my property will attract buyers the most? These might be location-specific like ski-in ski-out access or lifestyle-enhancing like an indoor pool. What staging or upgrades would make my property more competitive? What types of showings and events do you recommend for my property? This will help you understand how the advisor plans to create a sense of exclusivity around your listing to attract serious buyers. Can you coordinate with luxury brands or services to elevate the viewing experience? The Financial Aspects of Listing a Luxury Home Selling a luxury property is more complex than a standard real estate transaction. Your advisor should work with your financial and legal teams to ensure you make a sound decision. Key Questions To Ask: How should I price my home to stay competitive? Your advisor should have a well-planned pricing strategy guided by a Comparative Market Analysis. What are the tax implications of selling this property? Consider capital gains, deductions, and potential tax benefits. Your advisor and financial team should work together to clarify your tax obligations and maximize savings. Can this property be marketed as a rental opportunity? For buyers seeking investment potential, positioning your property as a short-term rental or vacation home could widen your interest pool. Establishing Effective Communication for a Smooth Sale Clear communication between you and your real estate advisor is key for a successful selling process, from listing to closing. Key Questions To Ask: How often can I expect updates? Regular updates on showings, inquiries, and offers mean you’re always informed and can make timely decisions. What level of support can I expect during negotiations? Your advisor’s role doesn’t end with the listing. They should provide active guidance through each stage, from initial offers to contract details, to guarantee you’re positioned for the best outcome. What is your preferred communication method? In Conclusion Selling a luxury home is an exciting and significant decision. By asking the right questions, you’ll equip yourself with an advisor that will maximize your home’s potential in the market. With over 3,000 transactions and $2.8 billion in closed sales, Paul Benson’s track record speaks for itself. If you’re selling in Park City, Deer Valley, Sundance, Summit County, Wasatch County, or Promontory, he is the expert to consult. Paul Benson, co-founder, and CEO of Engel & Völkers Gestalt Group, operates 55 offices across Utah, California, Nevada, Arizona, Colorado, Washington, and Idaho. He represents the most exclusive real estate and works with some of the most well-known clients in the world. With his extensive reach in global marketing and local market expertise, he has built the ultimate cross-marketing platform to showcase exceptional homes to the clients that will appreciate them the most. Paul has been regularly ranked the #1 agent in Utah for sales volume. Within the past 6 years, he has been regularly ranked the #1 agent worldwide among the entire Engel & Völkers Network. Through these accomplishments, Paul has built relationships with hundreds of top agents around the world, which has created an invaluable network for his clients.