Park City Real Estate Trends

Deal Reached to Acquire Acreage Near the Rail Trail

By Todd Anderson
Sep 25, 2015

wood-landscape-nature-forestRecently, City Hall entered into an agreement that will acquire land just off the Rail Trail in the Prospector area. This is part of a conservation deal that keeps the possibility of using a small area of the acreage for a housing project open.

The transaction, which was unanimously authorized by the City Council, involves just a bit more than 14 acres of land on the south side of the Rail Trail. The land also climbs a hillside on the south side. The deal cost $500,000 and was entered into with Ted Sommer, the landowner. City Hall indicates that the transfer will be funded using two sources. One source is City Hal’s housing fund, while the other is generated from a portion of sales taxes that are set aside for uses such as conservation acquisitions.

Staffers at City Hall indicate that there is a possibility that a small portion of the land may be used for a municipal housing project. However, the decision has not been finalized and it is not known the type of project or how many units it would involve. One report that was submitted to officials also indicated a park might also be built on part of the land.

The Citizens Open Space Advisory Committee recommended the acquisition, saying, “The parcel holds significant open space value, as it is one of the remaining large parcels within city limits.” The recommendation continued, “…has significant hillside acreage visibility through much of town.”

The conservation efforts by City Hall date back more than two decades and are considered one of the government’s most highly praised programs. Officials have set aside large tracts of land from development. These areas include areas such as the S.R. 225 entryway and Round Valley. As you can see, it is not uncommon for large parcels of land inside the city limits to be acquired by City Hall.

At YouInParkCity.com and KW Park City Keller Williams Real Estate, we understand the intricacies and ins and outs of land acquisitions. If you are interested in purchase or selling any type of real estate in our area, please contact us. Our knowledgeable, experienced, and friendly staff can help you maneuver through a successful real estate transaction, no matter the size, as we specialize in all types of Park City real estate.

How could the new RESPA rule affect our Clients?

By Todd Anderson
Aug 28, 2015

Home sales in Park City, UT

By Rob Harris and Todd Anderson

I originally wrote this back in May anticipating implementation August 1, 2015. When the start date was delayed I shelved this thinking this would be addressed by the state or our forms committees. I haven’t seen any resolution to what I think puts our buyers at risk.

As we know the new RESPA rule will require, for contracts written starting October 3, 2015, that the “closing disclosure” be in the hands of the consumer no less than 3 days prior to closing.  As is often the case with new regulations, the implementation of them can have unforeseen and possibly negative results.

In May I attended a class on the new regulation and asked the presenter how an agent should deal with it when the contractual settlement and closing deadlines are delayed as a result of this regulation. The response was that the agent should just ask for extensions. As we all know extensions are not always granted. If the extension is not granted and the settlement and or closing do not occur according by the contract deadline could the seller view this as a breach of contract? Could the seller decide decide to keep the earnest money and accept an offer (better) from another buyer?

I am not an attorney and I don’t know but I am certainly concerned. I have been trained that if something is not part of the contract it doesn’t have standing in court.

Should there be an addendum to the REPC that defines how delays in settlement and or closing as a result of complying with Dodd Frank TRID regulations will be dealt with?. I am sure our brokers and the State will come up with a form that addresses this but until they do should our clients have attorneys draft an addendum to cover this?

An example might be:

  1. The buyer and the seller agree that any delays in the Settlement and Closing Deadlines that are a result of complying with the RESPA regulations implemented as of October 3, 2015 will be accepted by both parties. The settlement and closing deadlines will be extended to allow for compliance with the regulation.
Some agents are of the opinion that the chances of there being a delay and the seller opting to cancel the contract are small. I agree but I am unwilling to roll the dice with my client’s money. I have no interest in asking a seller for an extension with earnest money at risk. On the flip side I wouldn’t want this to be something my seller has to think about at the last minute. We should address this when we are writing and negotiating contracts. October 3rd will be here soon. Please talk to your Brokers if you are an agent and your agent if you are buying or selling a home.

 

Park City Named Friendliest City!

By Todd Anderson
Aug 28, 2015

Park City, UTWas it a surprise when we found out that Park City was recently named in a Conde Nast readers’ poll as the Friendliest City in America? Actually no, it wasn’t! All of us at KW Park City Keller Williams Real Estate and YouInParkCity.com know the myriad reasons we were awarded such a standing.

Park City was actually highlighted in a slide show on CNTTraveler.com — a site that reaches nearly 2.6 million travel enthusiasts — titled “The 2015 Friendliest and UnFriendliest Cities in the U.S”.

There are so many reasons for Conde Nast to say Park City is a “great place that brings city life to outdoor enthusiasts, film geeks and families”. We also like to point out that Park City is a well-known travel destination renown for hip culture, a rich history and of course, its exciting party atmosphere.

Readers participating in the survey were asked to rate different cities as to whether or not the felt welcome. Other cities that joined Park City in the friendliest category included:

  • Burlington, Vermont
  • New Orleans, Louisiana
  • Jackson, Wyoming
  • Asheville, North Carolina
  • Santa Fe, New Mexico
  • Austin, Texas
  • Nashville, Tennessee
  • Charleston, South Carolina
  • Savannah, Georgia
Visitors and locals alike love the warmth and atmosphere of the city, whether they are enjoy the great banter from bartenders at establishments such as The Spur, The No Name, or O’Shucks. They can also enjoy high-end service at places such as St. Regis and the Montage — there’s something for everyone.

We can’t forget to point out that our area ski resorts have also ranked high on the ratings for their customer service and satisfaction from both visitors and residents. There really is no better place to ski that Park City.

Not to mention the great summers we have with all sorts of great activities such as hiking, biking, and fishing. And of course, you’ll be finding yourself among some of the friendliest people around during the many outdoor concerts happening all summer long.

KW Park City Keller Williams Real Estate and YouInParkCity.com are proud to be a part of what is now known as the “Friendliest City in the U.S.”. We invite you to stop by and check out some great real estate that can put you in the heart of this area so you can experience all the wonderful aspects of our great city.

Park City Real Estate Q1 2015

By Todd Anderson
Apr 24, 2015

Inventories continue to fall as prices rise.

Park City, Utah Home and Condominium sales for the first quarter of 2015 were the highest first quarter sales since 2007 and were up over 10% versus the first quarter of 2014.

While the area was experiencing a lackluster snow year, skiers, second homeowners and tourists still flocked to Park City. Year to date visitor nights as tallied by the Park City Chamber of Commerce show a 1% increase over last year. Ski Utah projects that skier visits for the state will be down versus last year, which translates into visitors coming to Park City, but maybe not skiing every day during their stay. Early estimates of sales tax revenue for Park City during the winter months are seeing a huge increase this year according to city officials. Sales tax is not part of property tax and has no real correlation to Park City Real Estate sales, but here are some interesting data points from the recent sales:

Median Sale Price for Park City Homes

  • Condominium sales were up 12.6% versus Q1, 2014
  • The Median sales price for Greater Park City area condominiums was $460,450 (up 5%)
  • Single Family Home sales were up 8.2% versus Q1, 2014
  • The Median Sales Price for a Single Family Home in Greater Park City was $1,200,000 for Q1, 2014 (up nearly 34% year over year)
  • The Median Sales price for single Family Homes in Greater Park City jumped 14% from Q4, 2014
  • 25% of the Park City area Homes and Condos sold in Q1 were on the market 14 days or less
  • Average Days on Market for sold listings Q1 was 130 days
  • The Lower Deer Valley Area experienced a large increase in sales
  • The Upper Deer Valley and Canyons areas are selling far slower than the rest of the marketplace (ask us why)
  • Inventory of Homes and Condos For Sale in Park City has fallen 10 % in the past year.

    Active inventory within certain market segments remains extremely hard to find especially in the lower price points (as of this writing, there were six Single Family Homes asking less than $500,000 and twenty one Condominiums (of any size) asking less than $250,000 in the Greater Park City area). At the other end of the spectrum, there are 180 Homes asking $2M or more and 161 Condos asking more than $1M (theses listings make up over half of the active listings on the market).

    The Park City Real Estate market cannot easily be described as while some areas and neighborhoods are extremely “hot”, others are “sluggish”. There are many factors that determine value and great values may still be found in the market. New higher prices being “tested” by sellers are not necessarily leading to quick sales.

    For assistance in marketing your property for sale or finding a property to purchase contact a realty professional with the YouInParkCity.com group at KW Park City Keller Williams Real Estate.

    Data herein 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.

    Deer Valley Real Estate Sales Half-Way 2014

    By Todd Anderson
    Feb 25, 2014

    Half-way 2014? Yes, we are now just over half way through the ski season for 2013-2014. And it is time to look at how real estate sales are shaping up in Deer Valley and Park City, UT.

     

    So far for the 2013-2014 ski season the greater Deer Valley area Lower Deer Valley, Upper Deer Valley, Deer Crest and Empire Pass) has seen 23 sales. The sales include 1 building lot, 17 condominiums and 5 single family homes. These numbers are way down when compared to the 41 sales for the same period last ski season (8 lots, 25 condos and 8 homes). In terms of snowfall and ski season visitors, the season has been very similar to last year. So what has changed?

    Ski condo

     

    Inventory: Inventory levels have changed in multiple ways. The amount of inventory on the market to choose from has diminished. There are currently 64 homes, 158 condominiums and 33 building lots available in the greater Deer Valley area. Many of the homes and condominiums for sale are in need of updating. The quick reservations that were put in on the Stein Eriksen Residences show that the market is ready for new contemporary finishes (although some of these reservations are likely speculative purchase reservations).

     

    Pricing: Prices are rising quickly on the more affordable condominiums in the area (possibly beyond what the market will bear) and nearly 70% of the available condominiums in the Deer Valley area have asking prices over $1M.

     

    Pending Sales: There are currently more pending Deer Valley real estate sales than there were sales in the past two months. If these sales all close, the number of sold units in Deer Valley will be much closer to that of the 2012-2013 ski season.

     

    When I spoke with a few other area realtors about the Deer Valley real estate sales stats for the ski season so far, a few offered that the impact of Vail running Canyons Resort may be having an adverse impact on Deer Valley sales. The sales stats show the Canyons area to be flat compared to last year, so there has been little to no impact yet from Vail Resorts taking over operations at Canyons.

     

    When taking everything into account, homes and condos in Deer Valley are selling. The options that are well priced and updated move quickly and while prices are increasing due to lack of inventory, the jump may not be as rapid as some Sellers would like. For more information and assistance in Buying or Selling a Deer Valley or Park City property contact a local real estate professional at YouInParkCity.com (888)968-4672.

     

    Park City Home Buying by the Foot

    By Todd Anderson
    Feb 19, 2014

    Park City home buyers and sellers often consider the home’s dollar per square foot price when setting the home or condominiums’ price or making an offer. How much should attention should a buyer be paying to the dollar per square foot price when considering a home?

     

    Dollars per square foot is only a useful number if you are comparing two homes or condominiums that are identical. The problem here is that it doesn’t matter if it is a Park City Home or a New York City home, no two homes are identical. Even two side by side homes by the same builder will likely have differences. Views can be different, neighbors will be different, access may be different, the distance to an amenity (pool, hot tub, ski run, gym, front desk, elevator, etc.) will be different. Wear and tear on an older home as well as how the previous owner handled maintenance will make the homes different.

     

    Things to consider when looking at a dollar per square foot price: Park City Real Estate by the square footIs the calculation made using the total square feet or the finished square feet? An unfinished basement or room can add greatly to the total square feet thus lowering the dollar per square foot value, but how much value does it add to the home?

     

    Are the finishes the same for the properties you are comparing? Are the base and case stain grade or paint grade? Are the doors solid or hollow? Are the countertops custom slab or something you can buy at Home Depot? Are the appliances “professional grade” or not? Is the flooring real wood or laminate, travertine or ceramic tile? All of these items while serving the same purpose come at dramatically different prices and thus impact the dollar per square foot value of the home. If two homes are different sizes, where does the difference lie? Does one have a theater room that the other doesn’t, or does it have an extra bedroom and bathroom? Is the size difference extra space in each room? And how does that change the way you feel about the home? Sometimes bigger makes rooms just too big while at other times it adds value. Sometimes the extra space you may buy with the lower price per square foot is unusable space or space you just don’t need to heat and maintain. The square foot of the home calculation does not take the lot size into account; nor does it consider views and open space.

     

    When comparing two Park City homes, it is important that you are making true apple to apple comparatives. Our three ski areas are not equal, Old Town is not the same as Kimball Junction and Park Meadows is not the same as Silver Springs.

     

    For assistance in determining the value of your home or condominium and to better understand the values of homes and condominiums in Park City, Utah contact a local realty professional with the YouInParkCity.com Group (888)968-4672.

     

    Ski Resort Rankings

    By Todd Anderson
    Sep 26, 2013

    It is September 25th and the first snow of the year has hit Park City! No, it will not stick around, and the weekend should see highs pushing 70. Still, seeing snow falling and a white blanket visible on the mountains is a not so subtle reminder that winter is on the way.

     

    First Snow Park City

     

    There have been other reminders that winter will soon be here; the red leaves on the Gambel Oaks, recent yellow of the Aspen leaves, gear guides reviewing the new equipment and clothing for the season and of course the annual Ski Resort rankings.

     

    The Park City area resorts earned rankings very similar to last year. Each year SKI Magazine readers are polled and rank ski resorts in 20 different categories to determine the “Best Resort” in North America. Deer Valley earned the number 2 spots for the second year in a row after 5 years in the number 1 spot overall. In garnering the 2nd overall spot, Deer Valley was ranked number 1 in the categories of Grooming, Service, Lodging, On-Mountain Food, Dining and Family Programs. Deer Valley also earned top ten rankings in seven other categories. Park City Mountain Resort fell one spot to the number 5 overall ranking for best resort. Park City Mountain Resort earned number one rankings for Access, Off-Hill Activities, and Terrain Parks plus a #2 ranking in the Family Vacation category. Canyons Resort once again was ranked as the #10 overall best resort in North America. The Canyons ranked in the top ten in 3 categories including Access, Dining, and Lodging.

     

    The annual Ski Magazine survey polls more than 140,000 (with 40,000 responses) skiers and snowboarders review nearly every aspect of winter alpine skiing and snowboarding resorts. The complete list of rankings is listed in SKI Magazine’s October issue, which is on newsstands now.

     

    Interesting notes about the rankings; The Park City area earned #’s 1, 2 and 5 in the Access category. Also, while other resorts have seen a yo-yo effect depending on natural snowfall, the Park City are Resorts have remained consistently in the top ten Best Overall despite less than normal snowfall totals the past two years.

     

    Having all three Park City area resorts in the Top Ten is a great benefit when it comes to marketing Park City; no other town has this. The effect on visitor nights and real estate values isn’t quantifiable, but it is undeniable.

     

    The other resorts rounding out the Top Ten Ski Resorts in the West are: 1. Jackson Hole, 3. Vail, 4. Sun Valley, 6. Whistler, 7. Telluride, 8. Steamboat, 9. Snowmass.

    Park City Utah’s Hottest Real Estate Neighborhood

    By Todd Anderson
    Jul 31, 2013

    Park City Real Estate prices have been trending up for the past year or two now (we here at YouInParkCity.com called the market bottom around February of 2012). Some areas are seeing prices rise much faster than others.

     

    Summer generally sees an increase in sales of the low to middle price point single family homes in Park City and this year has been no exception. Areas with easy access to Salt Lake City as well as local Park City amenities are in the greatest demand.

     

    A few of the areas that we generally see heat up during the summer include Silver Springs, Park Meadows, Trailside Park, and Jeremy Ranch, Pinebrook and Prospector. The first half of the year shows Trailside pricing up by 23%, Park Meadows up by 25%, and Pinebrook up by 15%. The variables of the home sizes and age make the relatively small number of homes sold a year ago have the ability to skew the numbers, so while prices are definitely up, home values have not increased by these amounts.

     

    home prices in Park City, Utah are on the riseThe Snyder’s Mill area of Silver Springs though may actually have seen this type of increase. While the Park City Board of Realtor statistics show only a 7% rise in prices for the Silver Springs area, sales in Snyder’s Mill represent one of the hottest neighborhoods in Park City. This year has 4 of the top ten highest sold prices that have ever been paid for a home in the Snyder’s Mill subdivision of Park City. Three of the homes have sold recently are the 2nd, 3rd and 4th highest per square foot values that have ever been paid in the Snyder’s Mill area. Current pricing and sales are eclipsing the peak pricing from 2007. When the subdivision was originally built in the early 1990’s, homes sold for as little as $90/sq ft. Tastefully remodeled homes in Snyder’s Mill are now selling for over $300 per square foot.

     

    The combination of a well-kept neighborhood in a central location with easy access to Park City (historic as well as the new area at Kimball Junction) and pricing in the sweet spot of the Park City real estate market ($500K-$800K) make Snyder’s Mill one of the hottest real estate neighborhoods in Park City, UT.

     

    For information on buying or selling in Snyder’s Mill or any Park City area neighborhood contact a real estate professional with YouInParkCity.com (888)968-4672.

    Park City Real Estate Sales 2013

    By Todd Anderson
    Jul 06, 2013

    Real estate sales in Park City, UT so far in 2013 continue to show strength.

     

    Sales when compared with the first half of 2012 were up by 13% in unit volume. Single Family home sales in Park City remained relatively flat, but the median sales price was up by nearly 10%. Condominium sales saw a 10% rise in unit volume along with a 10% rise in the median price of Park City condominiums sold for the six month period. Vacant lot sales saw the largest increase with an increase in sales of over 30%.

     

    When compared to the last half of 2012, the Park City real estate sales data is actually down slightly in condominium sales and single family home sales, but up in building lots. However, median sales prices are up by approximately 10% in all categories.

     

    park city real estate inventory supply

     

    The increase in pricing correlates well with the low inventory levels. The same is true for the increase in building lot sales as potential buyers that cannot find properties that suit their wants and needs turn to building instead. Single family home inventory in the greater Park City area is now at a level of less than 10 months’ supply. But the supply for homes under $1M is less than 6 months at the current sales pace. The situation is similar for condominiums in Park City: current supply is just less than 6 months at the present absorption rate when considering options listed for less than $500,000.

     

    The lack of inventory and the current demand especially in the non-luxury price points (less than $500,000 for condominiums and less than $1 million for homes) represent a big change during the past year. Sellers are welcoming the change while buyers have been caught off-guard.

     

    Every neighborhood in Park City is different and may have its own unique pricing influences. Contact us for an in depth conversation about the Park City property type and neighborhood that interests you (888)968-4672 or info@YouInParkCity.com.

    Canyons Resort Real Estate Prices and Vail Resorts

    By Todd Anderson
    May 31, 2013

    The announcement that Vail Resorts will be the new operators of Canyons Resorts has been big news in Park City the past few days. There are many questions about how it will impact the resort employees at Canyons. The biggest question likely lies in the litigation over the land lease with Park City Mountain Resort, but we can’t answer that yet. Overall initial impressions thus far indicate that the change will be positive for Park City and a big plus for area skiers and snowboarders. How will it affect Park City real estate? <img src="http://blogs.realcove.com/youinparkcity/files/2013/05/RB_E0Q5385-300x200.jpg" alt="photo credit Canyons Resort and Rob Bossi http://canyonsresort.com photo credit Canyons Resort and Rob Bossi

     

    Vail brings with it a large marketing presence and a huge database of skiers and snowboarders. Recently the resort operator has been shifting its model to focus efforts on resort revenue rather than real estate development. One of the main focus points of this effort is the Epic Pass. Vail Resorts will include Canyons in its Epic Pass program which offers skiers and snowboarders unlimited access to Vail, Beaver Creek, Breckenridge, Keystone, Northstar, Heavenly and Kirkwood all for $689. The impact of this should be huge for Canyons which saw 450,000 skier days last season. The pass is sold to not just locals, but to skiers and snowboarders worldwide (last year saw buyers from 70 different countries). Anyone looking to ski a week at one of Vail Resorts operations can cut their vacation costs by purchasing an Epic Pass and open up the opportunity of skiing in Colorado, California, Utah, Austria and Switzerland all on one ticket. Go to Snow.com/epic-pass for more.

     

    The impact of all the Epic Pass holders having essentially free lift passes at Canyons Resort as an added bonus to their pass purchase will undoubtedly bring more skiers and snowboarders to Park City. Home and condominium owners in Park City already know about the easy access and great offerings that are here, but this will open the area up to a whole new set of visitors. The added exposure to Canyons Resort and Park City will lead to increased demand for local real estate and drive up prices as well as add to the rental revenues of current owners.

     

    There are many factors to real estate prices and we don’t have a crystal ball to see the future, but what Vail Resorts brings to Canyons and local Park City real estate should only prove positive.

     

    Search Canyons Resort Real Estate

     

     

    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.

    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.

    Why Choose Park City?

    By Todd Anderson
    Apr 10, 2013

    Park City Barn Winter

      Park City has so much to offer in all seasons! Located all within minutes of each other you have three world-class resorts - Canyons, Park City Mountain Resort, and Deer Valley Resort. This town is also filled with other activities and events that the whole family can participate in. Take a look for yourself....enjoy!   CLICK HERE TO VIEW!  

    Another Top Ten Rating for Park City

    By Todd Anderson
    Dec 10, 2012

    Skiing Park City, UtahPark City was recently named as one of the top 5 Ski Resorts in the US in terms of “Awesomeness”.

     

    Contributing author for Forbes.com Christopher Steiner notes how “ubiquitous rankings have become” and decided to rank ski resorts in his own terms as a measure of Awesomeness “do you need to know anything else?”

     

    Park City was grouped as one resort due to the proximity of its three ski mountains (Canyons, Deer Valley and Park City Mountain Resort)all being within ten minutes of one-another. Similarly Alta and Snowbird were grouped together as were Vail and Beaver Creek (they were ranked #2 and #4 on the Ski Resort Awesomeness rankings). Jackson Hole led the way and Telluride came in at #3.

     

    Of interest in this Ski Resort Awesomeness ranking is the ratings of the skiing; the author rates Canyons as the best of the three resorts in Park City with Deer Valley second and Park City Mountain Resort third. Mr. Steiner definitely knows the resorts as he makes mention of the good and bad at all three. Canyons 9990 lift takes his top spot to ski while there (we’d throw in peak 5 as a great spot to make laps until 9990 opens) and he cautions against spending the day getting to something as the mountain is quite spread out. Deer Valley gets a strong recommendation not only as a fancy resort, but also for its great skiing terrain including trees and chutes. He calls Empire Lodge the greatest ski lodge in the world and calls the Deer Valley Turkey Chili the greatest single dish served mountainside anywhere. Forbes.com calls Jupiter Peak the best of the skiing at Park City Mountain Resort but laments the run-outs and the occasional crowds (for Utah). A thumbs-up was given for the ability to ski into Main St and ride the Town Lift back.

     

    All-in-all it was a great positive article based almost solely on the ski aspects of Park City. When you throw in the other things that make the area great (restaurants, shopping, galleries, Sundance, nightlife, spas and all the non-ski-related amenities) Park City continues to shine as one of the most well-rounded destination vacations or place to call home.

     

    For everyone east of the Rockies it was noted that no resort there made the list due to the snow and terrain not ranking in terms of Awesomeness versus the west.

     

    For a complete version of the story see: Top 10 Ski Resorts in the United States for 2013.

     

    For information about Park City Real Estate contact a realty professional with the YouInParkCity.com Group at (888)968-4672.

    Ski Resort Country Club Park City, Utah

    By Todd Anderson
    Nov 30, 2012

    Why do people buy country club memberships and why isn’t there a ski oriented membership Park City real estate option?

     

    People buy country club memberships for many reasons but probably the primary motivation is the quality of the golf experience and the easy access to the course. People are also drawn to the social element of a country club and the many (non-golf) functions the clubs host which allow members to interact in a relaxing setting with their family, friends and peers. Park City Utah Fractional Ownership - like a ski country club

     

    In Park City there actually are several ski oriented country club experiences which come in the form of interval or fractional real estate offerings. In my mind purchasing one these luxury ski condos offerings is very similar to buying an equity country club membership. • You purchase your membership or condo and pay annual dues. • When you want to do something different you sell your membership. Most golf clubs make you sell the membership through the club. They set the price and keep a portion of the proceeds. With a fractional or interval ski condo sale you generally sell it at market price and no proceeds are returned to the club. • You pay dues to maintain the facilities, pay for staffing and market and communicate with members and the public who are the clubs future members. • Just like country clubs there is no usually no financing available for a fractional or interval condo purchase. It is a luxury real estate purchase and an investment in lifestyle. • Golf is included in country club dues. With the purchase of a Park City fractional or interval condo you get access to lodging. The number of weeks available and the reservation policies vary from property to property. When buying a fractional mountain resort condo what questions should you ask? • Is the condo ski in ski out and what are the other winter activities will be provided? • What summer activities are organized for you? • Is airport transportation and in town shuttle service provided. You are looking for a hassle free experience aren’t you? • What other amenities are within walking distance to the condo, i.e. restaurants, shopping, ski and bike rentals, etc.? • What are the other owners like? • What level of service are you expecting? What is the staff like? Are they knowledgeable about the property and the community? Are they friendly? • What do you own and how is ownership conveyed? • Are property taxes paid as part of your dues? • If you aren’t going to use one of your weeks what can you do with the condo?

     

    What interval or fractional condos offerings are there in Park City? In Deer Valley: • Deer Valley Club, a Private Residence Club. • Red Stag Lodge • Residences at the Chateaux In Old Town • Sky Lodge At Canyons Resort • Grand Summit Hotel

     

    For expert information on these fractional or interval ownership condominiums or any Park City Real Estate information contact the realty professionals with the YouInParkCity.com Group at (888)968-4672.

    Park City Golf Real Estate Recap

    By Todd Anderson
    Oct 26, 2012

    The six inches of snow that fell on Main St. Park City yesterday told us that it is probably time to take the golf clubs out of the car for the season and start thinking about getting in shape for ski season.

     

    Golf is near and dear to the YouInParkCity.com group so with the days getting shorter and the golf season coming to an end we thought it would be good to recap what has happened so far this year in five amazing Park City golf communities which boast some of the top courses in the state. Which course ranks where is a matter of opinion but in terms of layout and condition they are all exceptional.

     

    January 1 through August 31 there were 121 sales and 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 period in 2011 total sales and pending sales were 160 properties. For both years the majority of sales were in Promontory as distressed inventory was sold. Even though the number of sales was less in 2012 than in 2011, there are several very positive indicators for real estate in the Park City golf communities. One, there have been several bulk sales in these communities to builders which are not included in the Park City MLS numbers. Two, in Promontory we are seeing a few developer sales as opposed to distressed re-sales. Three, we are seeing an increase in plans being submitted and homes under construction. Four, Promontory, Red Ledges and Tuhaye have added or will break ground next spring on their already significant amenity infrastructure. We also expect exciting announcements from Victory Ranch as the new owners solidify their plans.

     

    We will present a series of blogs in the next few weeks with an overview of each gated golf course community. For an in-depth analysis of a particular area, part of town, or specific property type that interests you contact a real estate professional with YouInParkCity.com at 1-888-968-4672.

    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.

    Park City Realty versus Other Ski Towns

    By Todd Anderson
    Aug 22, 2012

     

    Park City is a member of the Western Mountain Resort Alliance which gathers quarterly to discuss and share real estate information in the ski towns of Vail, Steamboat, Sun Valley, Whistler, Big Sky, Jackson Hole and Lake Tahoe. The most recent meeting provided some interesting real estate activity information for the ski towns of the west.

     

    WRMA ski town resorts including Park City, UT and Vail COInventory levels in all of the resort areas providing data fell versus last year (and 2011 had shown a similar decrease in inventory levels). Similarly, all of the resorts reported an increase in the number of sales (with the exception of Park City which reported the same number of sales in the first 2 quarters of 2012 as in 2011). Changes in prices varied among the resorts, but Park City, Vail and Lake Tahoe all reported relatively small changes when compared to 2011.

     

    The resort areas of Park City, UT, Vail, CO and Lake Tahoe, CA appear quite similar statistically. The real estate markets in each of these resort areas are much larger in terms of available inventory, sales, and number of active agents than the other resorts that participate in the WMRA. The average sales price in each of these three resort towns for homes and condominiums showed little variance between 2011 and 2012 (less than 2%).

     

    Statistically the resorts are showing signs of price stability and the decreasing inventories are making it tougher for buyers to find what they want which should in time lead to increasing prices. Many of the real estate markets in California are showing signs of improvement and the fact that all of these resorts see many visitors and second homeowners from California should also lead to increasing demand.

     

    While some people may try and make decisions based on resort real estate values, comparing the different resorts and their real estate values doesn’t make much sense. Each resort has its pros and cons and these vary for the individual purchasing or selling in each area. But seeing the similar trends in pricing and sales currently may signal a bottom of the market.

     

    For more information specific to the Park City, UT area and local Park City real estate values contact a professional with the YouInParkCity.com Group at (888)968-4672 or send us an email at info@YouInParkCity.com.

     
     
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