Estimated read time: 4-5 minutes
For many Utah buyers, the second-home math stopped working a few years ago.
Prices across the Wasatch Back climbed into ranges that made part-time use hard to justify. A home that sits empty for eight months still carries a full mortgage, full property taxes and full maintenance. The weight of not using it enough never quite goes away.
Some buyers walked away. Others started asking a different question: what if ownership could match how they actually use a vacation home?
That question is driving real interest in co-ownership, a model gaining traction across resort markets in the West and beyond. Instead of taking on the full burden of a second home, buyers purchase a deeded share in a professionally managed residence. Owners build equity and can sell, finance, or pass it on—with the option to exchange or rent unused time, all while avoiding the cost and responsibility of a home that sits unused much of the year.
The buyer choosing co-ownership is often someone who could afford to purchase outright. They're choosing not to.
Where this is playing out in Utah
Real estate in Park City and Deer Valley East gets the headlines, but a new community in Midway called Ameyalli is starting to stand out. Located just minutes from Deer Valley's East Village and Park City, it's already seeing strong demand, with 81% of deeded shares in completed residences already sold.
Locals have called Midway "Utah's Little Switzerland" for decades, and the comparison holds up. Alpine architecture, a walkable Main Street, and a pace that sits apart from the Park City scene without giving up access to the same mountain terrain. Deer Valley's East Village expansion adds thousands of acres and new lifts a short drive away. Midway gets the mountain access without the congestion.
A resort built on nearly 5,000 years of sacred geothermal land
Ameyalli sits on land that has drawn people for thousands of years. Twenty-eight natural geothermal hot springs run beneath the property, a geologic feature the Ute people considered sacred long before any development reached the Wasatch Back. That same water will feed the future wellbeing center's geothermal mineral pools, making it the physical foundation of what Ameyalli is being built toward. The development around it is designed as a wellbeing-centered alpine community, with that heritage as its premise.
The first phase is complete and operating. The community currently includes fully furnished four-bedroom chalets, a private clubhouse with pool, hot tub, sauna, and fitness facilities. Future phases will add the Appellation Hotel, an 80-room property expected to anchor the resort core, along with a roughly 50,000-square-foot wellbeing center built around geothermal mineral pools and restaurants from Michelin-starred chef Charlie Palmer.
The homes: Two Alpine Chalet Designs
Residences are offered in two floor plans, both fully furnished and built with materials drawn from the surrounding landscape.
The Sage offers four bedrooms and four-and-a-half baths across 2,834 square feet of interior space and 825 square feet of exterior, with a main-level primary suite, open living and kitchen, three additional bedrooms upstairs, and a rooftop observation deck with select views oriented toward the Wasatch Range.
The Yarrow runs slightly larger, with 3,007 square feet of interior space and 763 square feet of exterior space, and features the same 4-bedroom, 4.5-bath layout and expanded living areas designed to comfortably host extended family or multiple groups.
Both come ready on arrival. Lights on, beds made, everything in place.
How the ownership works
Co-ownership at Ameyalli starts around $400K for a one-eigth deeded share, which translates to roughly six weeks of use across all four seasons. Professional management handles everything before and after each visit. Weeks that go unused can be exchanged through the ThirdHome program, which opens access to more than 20,500 homes and resorts in over 100 countries.
Own what you'll actually use, with the flexibility to travel elsewhere when you don't.
For those not ready to commit to ownership
Ameyalli also offers the opportunity to experience the community before buying. Prospective owners can book a Discovery Stay in the Residence Club homes, a useful way to understand the property, the setting, and what co-ownership actually feels like before making a decision.
More information on Ameyalli's Residence Club, current availability, and how to book a stay is available at ameyalli.com
