Park City Real Estate Trends

Golf Course Development Projects Add New Lower Price Point Options            Recent economic changes have led to some rethinking and new options at local private club golf course communities.            Announcements have been made by Red Ledges and Victory Ranch that they will be offering new smaller clustered homes for prices less than that of some original lot sales. Victory Ranch Club will offer complete homes in the 1500-2100 square foot range with starting prices under $750,000. These homes will utilize local timber and stone with designs meant to blend in with the surrounding natural landscape and fit well within the Victory Ranch Club community. The current offering is for 11 semi-private homes on ¼ to ½ acre lots, three models are available.            Similarly, Red Ledges has announced a partnership with Ivory Homes for the construction of smaller and more economical homes within Red Ledges. The Mountain Villas at Red Ledges by Ivory homes will offer 5 models (two single family and 3 attached) ranging from 1300 square feet to over 2600 square feet. Options will be available for finished basements and plenty of upgrades. The homes will be located along the 6^th fairway of the Jack Nicklaus Signature golf course which was recently named the best new private course by Golf Magazine.            These new home offerings could be an indication that the developers are seeing a need for something other than 4000+ square foot second homes or they could be a sign of the new economic reality worldwide. Likely they are a combination of the two. Lot sales and construction of new homes at Victory Ranch and Red Ledges has been slower than the developers would like despite discounts of 30% or more and other sales incentives. With this addition, both of these golf and social club communities are now offering new product at a price similar to recent bank owned property listings at Promontory and Tuhaye. These new offerings will definitely make sense to more people both in terms of price and size. The impacts on other prices within these communities and other nearby similar communities is worth a discussion. To explore golf and social club home and vacation home opportunities contact a professional with http://youinparkcity.com/ .