Posted 06/15/2018

by Aly J. Yale

Aly J. Yale is a mortgage and real estate writer based in Houston. Connect with her at AlyJYale.com or on Twitter

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New condo concept puts resort living within reach for Millennials

condo

Aly J. Yale

The Mortgage Reports Contributor

Condo living at its best

Luxurious resort living without the luxury price tag? Thanks to a new condo concept in Park City, Utah, it just may be possible – even for cash-strapped Millennials.

Verify your new rate (Jul 19th, 2018)

Resort condos, regular prices

A new condo concept called YotelPAD has just launched in Park City, Utah, offering buyers the chance to own their ski resort property without the deep pockets one typically requires.

Created by Replay Resorts and YOTEL, YotelPAD condos start at just $275,000 – a far cry from the multi-million dollar homes usually found in the area.

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The units are specifically designed with Millennials in mind, according to YotelPAD spokeswoman Betsy Carlson.

“For Millennial travelers, second homes are quickly becoming their first homes – they own in NYC but rent in Park City – and are looking for the permanency of homeownership, paired with the ease and functionality of hotel living,” Carlson said. “With the launch of YotelPAD, Yotel and Replay looked for a way to think bigger by providing younger generations with the option to own their dream ski resort residence at an affordable price.”

Buying a condo vs. renting: What’s right for this stage in your life?

A peek inside

The condos come in a variety of floor plans and are designed to maximize space and efficiency. Each unit includes furniture, linens, kitchenware, a TV, a rain shower, heated towel rack and more.

YotelPAD also offers shared social spaces, including a pool and hot tub deck, a fireside lounge and a fitness center. There’s also a game room with arcade games, a pool table, shuffleboard and Skeeball, and an express grocery store makes for an easy late-night snack.

The Park City YotelPAD is just the first of many. Replay and YOTEL plan to expand to other U.S. resort destinations – like Tahoe or Jackson Hole – in the future.

Verify your new rate (Jul 19th, 2018)

Get today’s mortgage rates

Want to get in on this resort condo concept? Then shop around and see what mortgage rates you qualify for today.

Verify your new rate (Jul 19th, 2018)

Aly J. Yale

The Mortgage Reports Contributor

Aly J. Yale is a mortgage and real estate writer based in Houston. Connect with her at AlyJYale.com or on Twitter

The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products offered by Full Beaker. The views and opinions expressed herein are those of the author and do not reflect the policy or position of Full Beaker, its officers, parent, or affiliates.

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Mortgage loan limits for every U.S. county, as published by Fannie Mae & Freddie Mac, the Federal Housing Administration (FHA), and the Department of Veterans Affairs (VA)