Park City Real Estate Trends

Is this Subdivision Going to the Dogs?

By Todd Anderson
Dec 14, 2017

Park City, UT is often referred to as “Bark City” by its residents, but many Home Owners Associations aren’t so dog friendly. What can you do when your Buyer or Renter has an emotional support dog?

I met someone the other night at a social function who told me he was a member of a home owners association board of directors. He mentioned having recently dealt with a renter with an Emotional Support Animal.

The Homeowners Association (HOA) has a strict ‘no dogs’ policy. The renter presented the HOA with a Certificate of Registration for the dog and a letter from a psychiatrist stating that the dog is an essential part of the renter’s treatment for anxiety. So, the question becomes: which one wins, the rules of the HOA or the renter?

Park City DogsA 2013 newsletter from the US Department of Housing and Urban Development (HUD) states this:

The Fair Housing Act prohibits landlords from discriminating based on disability, race, color, national origin, religion, sex, and familial status.

Further: “Disability-related complaints, including those that involve assistance animals, are the most common discrimination complaint we receive. This notice will help housing providers better understand and meet their obligation to grant reasonable accommodations to people with disabilities that require assistance animals to fully use and enjoy their housing.”

HUD’s new notice explains housing providers’ obligations under the Fair Housing Act, including the requirement to provide reasonable accommodations to people with disabilities who require assistance animals. Pet restrictions cannot be used to deny or limit housing to people with disabilities who require the use of an assistance animal because of their disability. Housing providers must grant reasonable accommodations in such instances, in accordance with the law.

In effect, the renter is stating that they have a disability and that there is little that the HOA can do in terms of disallowing the dog without being in violation of the Fair Housing Act.

The HOA director I met checked with a friend who is a lawyer who told him that: “you don’t want me to fight this, you can’t afford it.”

In a recent dealing with a client with an emotional support dog, I initially thought to nudge toward Park City complexes that do not have a ‘no dog’ policy, but I realized that even that could be construed as a violation. In the end I made sure that the client was aware of the policies of the HOA’s and directed this potential Buyer to a few attorneys that specialize in dealing with these issues.

Comments or Questions? Contact the YouInParkCity.com Group (435)962-9472

Real Estate Sales in Park City. Q1, 2017

By Todd Anderson
Apr 12, 2017

The real estate market in Park City, UT sky-rocketed during the first quarter of 2017.

Comparing the first quarter real estate sales of 2017 to the first quarter of 2016 looks similar to the snowfall comparisons between the two years.

  • Unit volume sales of Single Family homes were up nearly 20%
  • Dollar volume of Single Family homes sales was up nearly 25%
  • Condominium unit sales were up nearly 40%
  • Condominium dollar volume was up a whopping 74%

With all that said, the YouInParkCity.com Group knows that 90 days’ worth of sales isn’t enough to be statistically relevant and the small sample size we are dealing with is easily skewed. If we remove the $50M worth of sales at the Stein Eriksen Residences (SER), condominium unit volume changes to being up 30% with dollar volume up 35%.

The timing of new product to the market definitely impacts our numbers in the first quarter which is historically one of the slowest of the year. In addition to SER mentioned above, a similar story may have happened around the Jordanelle Reservoir where unit sales we up nearly 60% with the completion of many townhomes at Black Rock Ridge and Park’s Edge.

The story-line that may be more relevant and reliable in terms of the data is about scarcity. The greater Park City area currently has under 800 homes and condominiums for sale; the first quarter (which we mentioned is normally slow) had over 300 completed sales. That is less than 9 months inventory at the current sales volume.  This isn’t necessarily out of whack until we look at pricing and sales within price points.

  • Current for Sale Inventory of 440 Condos and 340 Homes in greater Park City has been relatively stable for the past four years
  • The median sales price of a home over the past year has been approx. $1.25M there are 57 active listings below this price (2.5 months’ worth of inventory)
  • The median sales price for a condominium has been $525,000; there are 105 options on the market below this price (3 months’ worth of inventory)
Note that the stats here are just raw data Park City area home and condo numbers and really don’t take locations, views, finishes and all the things that make a home unique and special into account. Thirty percent of the sales in the past year were on the market for less than two weeks.

Having someone that knows the market and the specifics of what you want to buy or have to sell is imperative. Contact the YouInParkCity.com Group for all your Park City Real Estate needs.

Park City Real Estate Sales 2016 Mid-Year

By Todd Anderson
Jul 28, 2016

With summer now in full swing in Park City and the winter firmly behind us (it probably won’t snow again for 2 months!), it is a great time to look at the real estate sales we’ve had and look forward to the rest of the year.

The statistics we use here at YouInparkCity.com are derived from the Park City Board of Realtors MLS data and focus on the Greater Park City area (Park City, Snyderville and Jordanelle). We will also make some notes and special references to the neighboring Heber and Kamas Valleys.

Park City, UT has a complex real estate market made up of many sub-markets; it is in-town vs out-of-town, in the Park City school district versus not, ski-in/ski-out versus a shuttle or walk (note that some consider this a ‘four letter word”) to the slopes, the Heber Valley, the Kamas Valley, Resort/Second home versus primary residence, dogs vs cats and more. We’ll take a look at some of these sub markets with a strong focus on prices; if we’ve missed something that is particularly important to you call or email us and we’ll give you an in depth look at the area that means the most to you as a Buyer or Seller.

Few highlights to start:

  • Inventory levels have risen in the past quarter (July tends to show a peak in Active listings)
  • Snyderville (Park City 84098) has double the single family home sales of Park City proper (84060) and a similar number of condominium sales
  • In town Park City (84060) condominium sales were down by 26% while sales out of town (84098) were up 5%; both areas saw the median sales price increase by 25%
  • Over 70% of the 69 condominium sales in the Jordanelle area were new construction completions.
  • Home sales in the Heber Valley are up 25% versus the first half of 2015 (data from Wasatch Front MLS system)
Chart courtesy of Rick Klein - Wells Fargo Private Mortgage Chart courtesy of Rick Klein - Wells Fargo Private Mortgage

Median home prices (the half-way point in terms of the sales that were made (½ above the price, ½ below the price) rose in all areas. The median sale price in Park City proper (84060) was $1.589 M the current active inventory has less than 20% below the median sales price and fewer than 10 homes are offered at less than $1M. Outside of town proper (Park City 84098) has not quite the skewed inventory of “in-town” with 30% of the available homes listed below the $1.017M median sales price. Prices were up about 8% while the number of sales was relatively constant. The Heber Valley saw the largest increase in median sales price of over 20% with the median sales price there now over $400,000.

As mentioned above, condominium sales within the city fell by 26% but the median sales price rose by 25% to $763,000. The Old Town area lead the price increase while the Empire Pass area saw a decrease in unit volume and in median sales price (both down over 20%). The Canyons Village at Park City lead the way up for the “out-of-town” Park City (84098) properties which showed an overall 5% uptick in sales at a median sales price of just under $500,000 (a 26% increase). Condominium pricing shows some of Park City’s greatest variety with studio condos starting as low as $79,000 and moving up to over $9M. Like single family homes, offerings are heavily weighted to the upper end with nearly half of all available condos asking over $1M.

Tight inventory levels continue to force quick decisions as one third of all homes and condos sold so far in 2016 only lasting two weeks before being under contract.

Our complex market in and around Park City provides many opportunities and a few pitfalls as well. Depending on your particular situation and location, the market may be both a Buyers’ or Sellers’ market. YouInParkCity.com can help you navigate both.

For assistance from REALTORS® you can trust to help you with your Park City area properties contact the YouInParkCity.com Group at KW Park City Keller Williams Real Estate: info@YouInParkCity.com (435)962-9472.

Home Upkeep during Winter: How to Keep Your Property Values Up Through Proper Winter Home

By Todd Anderson
Sep 24, 2015

Wsnow-winter-chairs-seatsinter preparedness is essential in the Park City area, especially when it comes to your home. When you properly care for your home during the cold months, it can not only keep you warm, but can also maintain your property values.

Here are a few tips for winterizing your home.

Drain your outdoor watering systems. You should drain and blow out your sprinkler systems. In addition, you should ensure that your outdoor spigots are drained as well.

Ensure that your pipes are well insulated. Proper insulation of your pipes can help prevent pipes from freezing and bursting. If your pipes are not well insulated, you should have your faucets open to a trickle to prevent freezing.

Install weather stripping. Use caulk and weather stripping around any doors and windows that may have large gaps that allow cold air in. You can also use expanding foam. Using shrinkable plastic over leaky windows can also help keep the cold air out.

Exterior drains and gutters should be free of debris. If your gutters and drains are not clear, they may back up when the snow melts. This can cause them to get weighed down and break, which can be costly to repair.

Tune up your furnace. Your furnace should be checked by a professional about every other year. Additionally, your furnace filters should be changed regularly. These steps will ensure that your furnace is working efficiently. Also, the filters collect dust and debris so when they are dirty, your furnace may have to work harder to warm your home.

Have your chimney inspected. Soot can collect in chimneys and clog it, which can be a fire hazard. Have your chimney inspected each year before the winter season to prevent serious issues.

Cover your outdoor furniture. Put a cover on your grill and any other outdoor furniture. Over time, cold and snow can damage wood and metal.

Proper home maintenance can help you avoid costly repairs, as well as help you keep your property in the best shape possible.

If you would like more home care tips, the professionals at YouInParkCity.com and KW Park City Keller Williams Real Estate have the knowledge and experience to help you. If you are interested in selling or purchasing properties in the area, we can also help guide you through the process. We are here to help!

Park City Real Estate Numbers Surging in 2015

By Todd Anderson
Sep 11, 2015

This year has seen a huge Park City Real Estate Trendsincrease in the Park City Real Estate Market. We are seeing numbers similar to those we experience prior to the 2008 recession numbers.

According to statistics from the Park City Board of Realtors, for the first two quarters of 2015, home sales are up 9 percent over the same period in 2014. This represents the highest numbers for the first of half of any year since the recession. Additionally, during the same time period, total dollar volume is up by 11 percent.

We have been experiencing an improvement in the real estate market over the past two years; however, the growth was slow become there were not many homes on the market. Rising prices during the first quarter of the year helped open up the market.

Record lows were seen in terms of inventory and that drove up prices. Many who were thinking of selling waited for prices to rebound and then made the decision to sell, which resulted on more homes appearing on the market during the second quarter of this year.

Throughout the country, the real estate market is becoming stronger, which reflects the boost in the Park City market. Additionally, Utah’s economy is one of the strongest in the country, which has brought many of people to the Park City area.

According to figures from the Board of Realtors, sales have been strong in areas such as Park Meadows, Old Town, and Prospector. Neighborhoods in the Snyderville Basin are also experience strong numbers, with the median sales price of a single-family home in the basin coming in at $850,000 — up 18 percent.

One message being seen by area realtors is that Vail Resorts will be bringing people to Park City. Vail Resorts presence in Park City will be bringing both visitors and new residents to the area.

If you are interested in buying or selling real estate in the Park City and surrounding areas, feel free to contact us at YouInParkCity.com. Our professionals will be able to help you either buy or sell property in this fast-growing and every-changing marketplace.

Park City Real Estate Review 2014

By Todd Anderson
Jan 13, 2015

Park City real estate sales for 2014 surged during the final quarter of the year and ended just shy of 2013 total sales.

Park City Real Estate Sales by QuarterReal Estate sales for the fourth quarter 2014 in the greater Park City area were up more than 20% versus the same quarter in 2013 nearly erasing the declines from the 2nd and 3rd quarters. Many people have attributed the change to “the Vail Effect” after the announcement of Vail’s purchase of Park City Mountain Resort in September of 2013. The continued rise of the stock market as well as the sustained low interest rates (both in terms of mortgages and investment returns) likely has also had an impact on recent sales.

There are quite a few interesting items to be found in the recent Park City real estate sales statistics:

  • Condominium sales for the quarter were up nearly 30% versus 2013.
  • The median sales price of a Park City condominium was up $60,000 versus Q4 2013.
  • Park City Home sales for the quarter were up over 10%.
  • The median price of a single family home jumped by 40% to over $1 million!
  • Available inventory of homes and condominiums in Park City fell to its lowest level in over a year.
  • Properties are moving fast: 25% of the condominiums sold last quarter were on the market less than 2 weeks.

Inventory levels of homes and condominiums with prices below the median sales prices from the 4th quarter correlate to a less than 90 day absorption rate. The quarter had 71 sales of homes under $1M and there are currently only 62 listed for sale; similarly, there are 97 condominiums for sale for less than $437,500 while there were 115 sales in that price range during the 4th quarter last year. Both of these statistics point to a Seller’s Market.

The low inventory levels and definitive “Sellers’ Market” are not necessarily city-wide. There are still neighborhoods and subdivisions that are slow to move, and the Luxury home category still has an abundance of inventory.

For assistance in Buying or Selling property  in Park City, UT contact the YouInParkCIty.com Group for in depth analysis and expert advice focused on the property type and area of town that matters to you info@YouInParkCity.com.

Data used for this blog was compiled from the Park City Board of Realtors MLS System.  Information is deemed reliable, but not guaranteed.

Park City Real Estate Sales 2014 Q2

By Todd Anderson
Jul 08, 2014

Real estate sales in Greater Park City for the second quarter of 2014 present quite a few different talking points regarding the Park City, UT real estate market.

The combine number of sales for single family homes, condominiums and vacant lots fell by 12% compared to the same quarter last year. This is the first comparative drop in quarterly sales volume in nearly 4 years.

The drop in sales was lead almost entirely by a drop in single family home sales. But while the number of sales dropped, the median Park City area single family home sales price rose by 5%. Inventory levels have also risen, so we may be seeing a slight “push back” from buyers to the price increases.

Park City Real Estate Trends

Home sales in the $500K-$750K represent the hottest portion of the market. This market segment in the Park City area saw 43 sales last quarter with 46 currently available or effectively a 3 months’ inventory supply.

Inventory of single family homes between $1M and $2M has been increasing and the current supply would take well over a year to sell at last quarter’s sales rate. Beyond $2M the supply grows to over 2 years at current absorption rates.

Greater Park City area condominium sales for the quarter were almost identical to the same period last year, but the median sales price was up over 10% and the average sales price was up nearly 20%.

The sales of new condominium product in the Jordanelle area remains very strong and the pending sales for models that are still under construction will likely keep this trend going for the foreseeable future (note the previous YouInParkCity.com blog on Park City under construction).

The sales of residential condominiums currently show a much higher demand versus resort condominiums and the same is true for single family homes. This trend is especially true in the Deer Valley area (although pre-sales for the Stein Eriksen Residences bucks this trend).

All of the points above point to a complex and very localized Park City real estate market. The trend in one neighborhood is not necessarily the same for the next. Call or email us to analyze and discuss your particular Park City real estate situation; (888)968-4672 or info@YouInParkCity.com.

Park City Real Estate Sales 2014: Q1

By Todd Anderson
Apr 09, 2014

Park City Real Estate Stats Real Estate Sales in Park City, UT by quarter

The first quarter of the year is historically the slowest for sales in the Park City real estate market. This often puzzles people as it also represents one of the busiest times in terms of people in town. Maybe our guests in Park City are too busy skiing, dining and enjoying all that Park City has to offer to spend their time hunting for properties; maybe it is the time delay between writing an offer and closing a sale; maybe once the decision to buy here has been made, buyers want to do more research and see all of the options while they are easy to see (not while renters are in town). In any case, January through March is the slowest time for Park City real estate sales.

 

The first quarter of 2014 saw a nearly 20% jump in condominium sales for the greater Park City area versus 2013 and it was the best first quarter since 2007. Almost all of the increase came in condominium sales with the Old Town area leading the way. Old Town saw a 40% increase in the number of condominium sales versus the first quarter of last year. The median sales price of condominiums in the greater Park City area also increased from $430,000 to $445,000.

 

Single Family home sales for the quarter were flat for the quarter versus quarter comparison, but the median price did rise by $10,000 to $875,000.

 

Inventory levels rose during the quarter, but there is still a lack of supply of properties below the median sales price. Fewer than 70 homes are available for less than the median sales price from the first quarter which translates to just over 4 month’s supply at the current absorption rate. Similarly, condominium inventory below the median sales price for the quarter represent only a 6 month supply at the current sales pace.

 

The lack of inventory has not translated to large price increases and it is those homes that show well and present a strong value that are selling quickly.

 

Some neighborhoods are experiencing price increases while others have stabilized. For assistance in Buying or Selling in Park City, UT contact the YouInParkCIty.com Group for in depth analysis and expert advice focused on the property type and area of town that matters to you (888)968-4672.

A Deer Valley Real Estate Tour on Skis

By Todd Anderson
Jan 28, 2014

 

Resort real estate in Park City is a very large portion of the market. Many of the homes and condominiums in and around Park City are second homes with out of state or international owners. Homes located very near to or on the ski slopes are a very special commodity. I compare these properties to homes on the beach…there are only so many that are directly on the beach (a block away is not the same as on the water or boardwalk). A tour of the slope-side homes and condominiums in Park City can take hours and cover many miles as well as many different price points.

 

Deer Valley offers the most ski-in/ski-out opportunities in the Park City area; at the time of this writing there were nearly two hundred properties for sale within 100 yards or so of the ski slopes with prices starting at $90,000 for shared ownership and $600,000 for whole up to over $20,000,000 for the ultimate in ski-in/ski-out luxury estates.

 

To see these Deer Valley homes and condominiums on skis, we’ll start from the Snow Park base area of Deer Valley Resort and focus first on homes and condominiums in and around the Bald Eagle Mountain area of Deer Valley. At the base area there are three options within the 100 yard range of the slopes (four if you include the St. Regis Hotel, but that will be part of another tour); Powder Run just north of the main entrance to the resort, Black Diamond Lodge next to the Wide West (beginner area) and Trails End just off the Success ski run. All three of these condominium options are walking distance to Snow Park while Trials End has ski-in access and Black Diamond is ski-in/ski-out.

Deer Valley homes on skis

 

Take the Carpenter lift from Snow Park at Deer Valley and exit the lift with a hard left turn to the Success Ski Run. At the base of the first pitch of Success, the Stag Lodge is on your left. Continuing straight puts you on the Last Chance Ski run there are currently 4 homes here in the Evergreen subdivision for sale with direct access to the Last Chance Ski run plus the new construction of the Stein Eriksen Residences which will offer 16 homes and 38 luxury residential condominiums. Bearing left to the Silver Dollar Ski run you’ll pass the elevator and ski access for the Belle subdivisions (Bellarbor, Bellemont, Belleterre, and Bellevue) the ski run has many of the Belle’s on your left. Continue on the run which loops back to Last Chance and merges with Success back to the Snow Park base area.

 

Another trip up the Carpenter chair and this time continue straight after exiting the chair. Half way down the Silver Link run is an access trail before going over the bridge. This trail will access Double Eagle, and Cache subdivisions; across the street is trail access to ski down between Aspen Hollow, Ridgepoint, Trailside and the Woods. This ski access trail eventually merges with Last Chance and once again down into Snow Park. The access trail makes these condominiums more ski-out than ski-in, but still you are skiing without having to get in a car or shuttle.

 

One more time up the Carpenter lift from Snow Park and skiing on the Silver Link run; this time go over the bridge. A hard right will put you into the Sterling Lodge, Deer Valley Club, and Sterlingwood subdivisions. Continuing down Silver Link, take a left turn onto McHenry and ski down to the Crown Point chair lift. The top of the chair provides access to most of the homes in the Bald Eagle Club Subdivision. From the chair it is a left to the Sunrise Run, or a right down Kimberly to Rising Star and Roamer with options leading to the Deer Crest area via Navigator or Little Stick (that leads to tour #2); stay on Kimberly to Big Stick and ski back into Snow Park.

 

The routes described above will lead you through the ski-in/ski-out homes with direct access to and from the “lower Mountain” portion of Deer Valley and the Snow Park Base area.

 

Of course one of us at the YouInParkCity.com team would be happy to take you on any of these tours…

 

For more information on ski-in/ski-out Deer Valley and Park City homes and condominiums contact www.YouInParkCity.com (888)968-4672.

 

Park City Real Estate Sales 2013

By Todd Anderson
Jan 21, 2014

We are now solidly into 2014 so it is time to take a look at what happened in the Park City real estate market for 2013.

 

Sales of single family homes and condominiums in the Greater Park City, Utah area were very solid with sales unit volume up 14% from 2012. This represents the best year since 2006. Park City Home Sales by Quarter

 

The median sales price for both single family homes and condominiums in and around Park City also rose during 2013. The median price for a home rose by 5.8% to nearly $800,000 while Park City condominiums saw their median sales price rise 8.7% to nearly $380,000.

 

Inventory levels have continued to fall with last year’s absorption rate correlating to just over seven (7) months of inventory currently for sale in the Park City area. During the market downturn of 2008 and 2009 inventory levels and sales rates correlated to nearly thirty (30) months of inventory.

 

The lack of inventory has Sellers beginning to push prices up (although some of these appear to be more than the market will bear currently). The lack of inventory is most prominent in the lower price ranges; current inventory with 2013 sales rates puts less than 6 months inventory for condominiums under $1M and less than 4 months for homes under $1.5M. Entry level options in Park City (homes under $750,000 and condos under $400,000) have current supply levels of 2.3 and 3.8 months respectively.

 

Buyers for luxury homes and condominiums in Park City will find more to choose from. While sales of homes listed at $1.5M and over saw a 40% increase in sales last year versus 2012, current inventory levels represent nineteen (19) months’ supply. Condominium sales of over $1M saw a more modest sales increase of 6% and supply at current absorption rates is eighteen months. The ultra-luxury class (homes over $3M and condos over $2M) was mixed with single family home sales up 30% and condominium sales down 15%. Buyers in this small marketplace have the slowest moving inventory to choose from while Sellers encounter greater competition.

 

The current lack of inventory makes finding a home tougher as competition for the best homes can be fierce. Buyers are finding that they have to pay higher prices and borrow at higher interest rates. Sellers can hold out for higher prices and better terms.

 

The Park City real estate can be very hard to view as a whole; individual neighborhoods and subdivisions can and do experience very different sale pressures. Contact a Park City realty specialist with YouInParkCity.com to discuss your individual Buying or Selling real estate needs within Park City. (888)968-4672

Window Shopping for Homes in Park City

By Todd Anderson
Nov 01, 2013

Park City, Utah  Home Shopping Historic Main St in Park City, Utah is just as much of a destination as our three world class ski resorts. When visitors aren’t skiing, biking, hiking etc. at Deer Valley, Canyons or Park City Mountain Resort they can often be found walking Main St enjoying the great restaurants, bars, galleries and shops. There are three real estate offices located on Main Street and all of them have flyers in the windows to catch the eyes of passers-by. It is common to see people pointing at flyers and tapping on the glass while getting their friends to see what they see.

 

Comments run the gamut from “OMG that’s crazy” to “Look, we could afford a home here”. Resort towns everywhere get the same responses; I know that I do similar “window shopping” while I am on vacation. I do believe that Park City represents a strong value in terms of other resort cities. That is not to say that Park City is for everyone. A recent look at Park City real estate data showed only 6 homes in the greater Park City area offered at under $500,000 an average asking price of well over $1 million. Slope-side homes with ski-in/ski-out access will start at double the average single family home price.

 

Outliers always grab the most attention. On the attainable side, condominiums for less than $100,000 are available in Park City and on the fantasy side are “Dream Homes” with every bell and whistle for $20 million or more. These two ends of the spectrum do prove that there is something for just about every budget in Park City, UT.

 

We at YouInParkCity.com invite you to take a little time when you are in Park City and go a little further than just tapping the glass on our fishbowl. Walk into our office at 693 Main St. Park City, UT and let’s talk about the possibilities and the right home for you in Park City.

 

Call us at (888)968-4672 or email info@YouInParkCity.com

Park City Real Estate Sales 2013

By Todd Anderson
Oct 15, 2013

The first three quarters of 2013 are now in the books (it is hard to believe that ski season is only a month away!). Park City real estate sales for the first 3/4ths of the year have been very strong. Sales volume is up and so are prices while inventory is down.

 

Single family home sales in the greater Park City area are up eighteen percent (18%) when compared with the first three quarters of 2012. The median sales price of Park City, UT homes sold in 2013 is up by over $60,000 to $810,000 (half of the homes sold for above this price while half sold below this price).

 

Inventory levels continue to be a big part of the story. Single family home sales under $500K have a current less than 3 month supply while homes in the $500-750K category have less than 4 months’ supply at current sales rates. Luxury homes still a have large number of for sale options but sales of homes over $2M were up by 30+ percent versus the first three quarters of 2012.

 

Over 40% of the sales so far this year have had homes on the market for less than 30 days. Good values still exist in the market, but Buyers need to be ready to move quickly.

 

Park City, Utah home sales 2013

 

Condominium sales in the greater Park City area had similar gains to single family homes in the area. Sales volume is up by eighteen percent (18%) while the median sales price has risen by over ten percent (10%). Current sales volume has an absorption rate of only 4 months for condominiums under $250K while there is a nine (9) month supply in the $500-$1M price range. Even the luxury condominiums valued at $1M or more only show a one year supply at the current sales rate.

 

Building lot sales in greater Park City also experienced dramatic increases with sales up over fifty percent (50%) and median prices up by ten percent (10%) to $323,500. By adhering to the idea that the value of a home’s lot should be twenty to twenty five percent (20-25%) of the value of the home, the median value of the new homes to be built on the recently purchased lots should be in the $1.3M to $1.6M.

 

Mixed into all of the sales in Park City over the past nine months there are of course areas that have not experienced the same increases and a few that have had values drop. For a comprehensive analysis of the Park City real estate market segment that matters to you contact a realty professional with YouInParkCity.com today.

Victory Ranch Golf Real Estate Update

By Todd Anderson
Jun 04, 2013

Victory Ranch & Conservancy Golf Victory Ranch & Conservancy Golf

The golf course at Victory Ranch (about 25 minutes from Park City, UT) has been open for nearly a month now and the real estate opportunities at Victory Ranch & Conservancy were re-released just over two months ago. The real estate options changed with prices being reestablished to fit the current market and the number of lots and overall size of the development being drastically reduced. The golf course remains unchanged; still deserving of its #2 ranking in the state by Golf Digest in 2012. Access is and will remain limited.  

During the period while the development moved through loan default and the subsequent purchase by Sterling Bay Companies, the property and facilities were maintained and available for use by the owners. Sterling Bay has re-envisioned (and employed Meriwether Companies to assist the luxury development and management of) the property limiting the development to 200 single family homesites and ranchettes plus 100 golf cabins. Four thousand acres of the 6700 acres will remain untouched “backcountry”.

 

The result of this limited development will be a community that feels away from it all. Most of the golf course will be surrounded by golf course and backcountry views; not homes. This, along with the private four mile stretch of Upper Provo River makes this a very different golf community. Truly Victory Ranch and Conservancy is an outdoor community designed to allow you to get away from it all that happens to have a great golf course.

 

Four lots have sold and four more have pending contracts since the re-release of the building lots at Victory Ranch. This puts the total number of ownership possibilities for single family homesites in Victory Ranch at about 140. The one hundred golf and family cabins are soon to be released with a target price for the finished product in the $400-$450 per square foot range.

 

In terms of golf course related Park City real estate, we believe that Victory Ranch is truly in a class by itself. To learn more about Victory Ranch and to gain a better perspective as to how it fits in the golf course communities of Park City contact a golf real estate professional at YouInParkCity.com (888)968-4672 today.

Canyons to be Operated by Vail Resorts

By Todd Anderson
May 29, 2013

Vail Resorts announced today that it has entered into a long term lease to assume all of the resort operations of Canyons Resort in Park City, Utah.

 

Vail lost out to Talisker a few years back in the bidding to purchase the resort, but is now coming back to take over the operations. Talisker Corporation has retained all of the development rights. In the original battle between Vail and Talisker for the purchase, Talisker’s lack of ski mountain operations background was a point of contention. In today’s press release Vail commended the work Talisker had done with $75M in improvements and other moves that had raised Canyons into the top ten ski resorts in North America as rated by the readers of Ski Magazine.

 

The website home page of Canyons Resort announces that “Utah is now Epic”. This refers to Canyons Resort being included as part of Vail Resorts’ Epic Pass which offers skiing and riding at Vail, Beaver Creek, Breckenridge, Keystone, Northstar, Heavenly, and Kirkwood all for $689 (20% below the price of a Canyons Resort pass last year).Vail Resorts Logo Canyons Logo

 

The press release states that the companies agreed to a fifty year lease with six fifty year options to renew at a price of $25 Million per year plus a yearly increase and portion of EBITDA.

 

The agreement also includes the land which Talisker currently leases to Park City Mountain Resort. The leased land is mentioned as potential lease without additional consideration. The litigation between Talisker and Park City Mountain Resort is ongoing. The chairman and CEO of Vail Resorts is quoted as saying he hopes “Vail Resorts can play a constructive role in helping to arrive at a solution that offers the best outcome for guests of both resorts”. Great news for skiers and snowboarders at Canyons and Park City, but a questionable phrase for Powder Corp (Owner of Park City Mountain Resort).

 

Park City as a whole should only benefit from what Vail Resorts brings in terms of marketing and resort operation expertise.

Park City among top 10 of Best Town Ever 2013

By Todd Anderson
May 27, 2013

Park City, UT is among the finalists in this year’s Best Town Ever competition in Outside Magazine. The magazine is recognizing Park City for the:

 

Skiing; three resorts named in the top ten in North America (Deer Valley, Park City Mountain Resort, and Canyons) make this pretty easy.

 

Road Biking; Outside notes the Mirror Lake Scenic Byway outside of Kamas as a riding highlight. I’d say that with Park City having been named the first Gold-Level riding center ever by the International Mountain Biking Association (IMBA), mountain biking, with the hundreds of miles of trails in Park City, could easily have been the highlight (note that Outside while highlighting road biking notes in its description of Park City that the mountain biking is “absurdly good”).

 

Food & Nightlife; there are well over 100 restaurants that Park City offers without a bad one in the bunch, Outside highlights the High West Distillery “world class" is the descriptive phrase the magazine uses in describing Park City.

 

Easy Access to Green Space; it is nearly impossible to stroll ten minutes in any direction from Park City and not find yourself in some type of open space.

 

Outside closes its brief description of Park City by calling it “the best mix of adventure and culture of any mountain town in the West”. We here at YouInParkCity.com agree wholeheartedly!

 

Vote for your favorite “Best Town Ever” at: http://www.outsideonline.com/adventure-travel/best-towns-2013.

 

Park City, UT is up against Boston, Bozeman, Carbondale, Greenville, Honolulu, Oklahoma City, San Diego, Spokane, and Waitsfield.

Featured Listing!

By Todd Anderson
May 06, 2013

featured listing $679,000 Square Feet: 1728 2 Beds/3 Bath This roomy two bedroom Deer Lake Village condominium offers Deer Valley Resort views new countertops throughout plus new kitchen appliances. Enjoy the ease of a shuttle to Deer Valley for skiing and a one car garage in case you need to venture farther. Dual master bedrooms with vaulted ceilings, great light and a well managed HOA make this an easy second home/rental or primary residence. All information deemed reliabel but not guaranteed, buyer to verify. CLICK HERE for more info.

Glenwild Golf Real Estate Update

By Todd Anderson
May 06, 2013

Glenwild is without a doubt one of the best golf courses in Utah and a premier Park City real esate area; in 2006 the course was rated as “Best in State” by Golf Digest and it has remained at the top of lists ever since. It should, without a doubt, be on your list if you are considering a second home in one of Park City’s golf communities. Located only 20 minutes from downtown Park City or Salt Lake City it should also be a consideration for families wanting to live in Park City who commute to Salt Lake. The par 71 championship course was designed by Tom Fazio and plays up to 7451 yards from the tips but with four tee boxes there is enough variation in yardage for players of all abilities to enjoy the experience. Last summer the greens, which are perfectly manicured, stimp as high as 12. Glenwild Golf and Real Estate

 

Now to Glenwild real estate. Of the 200 luxury homes and home sites at Glenwild there are 12 homes and 12 lots for sale currently. In the past 12 months there were 7 Glenwild homes sold. During this time 20 lots sold. The average price per square foot of the homes sold was $378 while the average for homes for sale is $419 per square foot. The active buyers in the Park City Real Estate market seem to be saying that they are willing endure the building process unless the price of an existing home is very compelling. The YouInParkCity.com group, as a member of the “Builder Services” division of Keller Williams Park City Real Estate works with many of the Park City builders and has access to a wealth of information regarding building trends and costs and what buyers are saying makes a lot of sense. At the builder service practice group we leverage these contacts and information to help ensure the design build process goes smoothly for our clients.

 

What makes Glenwild unique among Park City’s 5 golf communities, in our opinion, is that it offers a more intimate setting than most of the other golf developments which are substantially larger. The amenities which, in addition to golf, include an exceptional trails system, state of the art spa, spacious swimming pool, tennis courts, an elegant clubhouse and an inviting restaurant are sized to accommodate the limited membership. Glenwild is also the only gated golf community in Park City to offer memberships to people that don’t own property in the community.

 

There are currently 36 of the 325 memberships available. The price for a golf membership is $75,000 with annual dues running $12,000. Social memberships are also available for $15,000 with annual dues costing $6,000.

 

For more information about the real estate opportunities and how the Glenwild community may fit your lifestyle contact a local realty expert with YouInParkCity.com at (888)968-4672.

Park City Private Golf Community Udpate

By Todd Anderson
May 01, 2013

Golf in and around Park City, UT is near and dear to the YouInParkCity.com group so with the days getting longer and the golf season fast approaching; it is time to take a look at the past 12 months in the five amazing private City golf communities. The communities of Glenwild, Promontory, Red Ledges, Tuhaye and Victory Ranch are home to some of the top courses in the state; all of the courses have received national recognition. Which course ranks where is a matter of opinion but in terms of layout and condition they are all exceptional. The courses are all relatively young and are only improving. Golf in Park City Utah

 

In the past 12 months there have been 149 sales plus 35 pending sales in Glenwild, Promontory, Red Ledges, Tuhaye and Victory Ranch combined. This number includes vacant land, single family homes and condos. For the same time a year ago total sales were 127 properties. Both years had approximately two dozen distressed sales. Current distressed inventory makes up less than 5% of the current available inventory.

 

The more than 15% rise in sales has been accompanied by an increase in prices with the average selling price of vacant lots up by nearly 30%. Market indicators for Park City area real estate are very strong and this bodes well for the private golf course communities in Park City as well. In the next few weeks we here at YouInParkCity.com will break down the real estate sales for the past year and review the upcoming and ongoing improvements being made at each of the five private golf course communities in the area.

 

All of the local Park City area public golf courses are already open and the private courses will be open by Memorial Day. For specifics on a particular golf course community homes in Park City, UT contact the YouInParkCity.com Group at (888)968-4672.

Ski Season Home Sales in Park City, Utah 2013

By Todd Anderson
Apr 23, 2013

Real Estate sales in the Park City area for the 2012-2013 ski season increased dramatically from the previous ski season.

 

Resort skiing at Park City’s three Resorts has ended for the season although the snow continues to fall. It is typical spring weather as we move from 50 degrees to a blizzard and back again in a 2 day period.

 

The Park City Chamber of Commerce Convention and Visitors Bureau statistics show that lodging nights were up for the season and city hall has reported higher tax revenues. Park City area real estate sales were right in step. While inventory levels are at their lowest in years, sales for the ski season increased and so did prices.

 

Total sales for this past season (homes, condominiums and building lots) were up by over 25% from the previous year. house price tag (istock) The largest jump in sales was in building lots with 99 sales, nearly twice the 54 from the previous season. Low inventory and lower building costs have something to do with this as buyers gave up and have decided to build after home searches did not satisfy their desires. Distressed sales in the Hideout Canyon area made up 15% of the lot sales in the Park City area for the season. The median value of the building lots that sold remained steady with the previous year at $325,000.

 

Park City Condominium sales jumped nearly 20% while the median sales price rose by over 10%. The Old Town area lead the way with 50 condominiums sold during the ski season with a median sales price of $500,000. The overall Park City condominium market had a median sales price of $402,500. New construction sales near the Jordanelle Reservoir were also very strong.

 

Sales of single family homes for the ski season were also up from the previous year with a 12% rise in sales volume and a 10% rise in the median sales price. The Park Meadows area of Park City lead the way in sales with 22 and an average sales price approaching $2M and a median price near $1.5M. Single Family home sales in the other parts of Park City were also strong with the median sales price rising to $864,000 from $790,000 last year.

 

Real estate sales in Park City, UT are location specific and many factors specific to location should be considered when determining which area or subdivision is best for you. Contact a Park City realty professional with YouInParkCity.com at (888)968-4672 for more information.

 

This data has been derived from sales statistics as posted on the Park City Board of Realtors MLS using only statistics involving single family homes, condominiums, and vacant land in the greater Park City areas (1-23) for the periods of December 1st to April 15th of the past 2 ski seasons. Data is considered accurate, but not guaranteed.

Park City Real Estate Sales and Info Q-3 2012

By Todd Anderson
Oct 07, 2012

The third quarter of 2012 has slipped by and fall is in the air in Park City, Utah. Real estate sales for the area are changing focus a bit from single family residential to vacation second homes and condominiums more focused toward winter sports.

 

Year versus year sales data for Park City real estate shows a market gaining strength. Single family home sales so far for the year are up 6% versus the first three quarters of 2011 and condominium sales in Park City have seen a 10% increase.

 

Sales comparisons for the most recent quarter show condominium sales rising quickly in Park City. Sales of condominiums for the third quarter were up by nearly 25% from the same time period last year. This increase represents nearly the total difference in sales when comparing the quarters. A large portion of this was a bulk sale at the Newpark Hotel. When excluding this bulk sale, sales were still up by over 10%. Also of note in Park City condominium sales is the fact that the median price of the condominiums sold is that the median sales price was up over 10%. The median sales price of $315,000 ($340,000 excluding the bulk sale) would indicate that over half of the sales are condominiums that would be classified as vacation rentals.

 

Single family home sales by contrast have seen a decline in their median sales price ($705,000 in Q-3 of 2012 versus $750,000 for Q-3 of 2011). Sales Prices for homes in Park City, Utah

 

The impact of distressed sales fell again this past quarter with only 25 sales that were bank owned properties. This was down from 38 for the same quarter last year; a 35% decrease. Competition in purchasing bank owned homes and condominiums in Park City continues to be fierce; most experience multiple offers, sales prices above asking price and almost all end in a cash purchase sales.

 

Real estate sales in Park City, UT are location specific and many factors specific to location should be considered when determining which area or subdivision is best for you. Contact a Park City realty professional with YouInParkCity.com at (888)968-4672 for more information.

 

This data has been derived from sales statistics as posted on the Park City Board of Realtors MLS using only statistics involving single family homes, condominiums, and vacant land in the greater Park City areas (1-23). Data is considered accurate, but not guaranteed.

 
 
Existing user sign in: 
Forgot Password?