Park City Real Estate Trends

Flying High at the VISA Freestyle International World Cup!

By keziah
Jan 12, 2018

The world’s best freestyle skiers return to Deer Valley to show off their skills this week during the VISA Freestyle International Ski World Cup from January 10-12. This year marks the 20th year of hosting top level competitions for the resort. Today is the final day and the schedule will feature aerialists flying high on the White Owl run.

Schedule of Events: Friday, January 12 - Aerials Competition (Visa Freestyle International - Aerials)

  • 2:40 - 3:20 p.m. - Ladies’ Aerials Qualifications @ White Owl
  • 5:05 - 5:50 p.m. - Men’s Aerials Qualifications @ White Owl
  • 5 - 8:30 p.m. - VIP Tent Open @ Competition Venue
  • 8 - 8:50 p.m. - Ladies’ and Men’s Mogul Finals @ White Owl
  • 9 p.m. - Awards @ Finish Area
  • Immediately following awards - Fireworks @ Competition Venue
 

ALL EVENTS ARE FREE AND OPEN TO THE PUBLIC!

https://www.parkcitymag.com/articles/2018/1/8/don-t-miss-the-high-flying-action-packed-visa-freestyle-international-world-cup-at-deer-valley

Park City Real Estate: Sales By Price

By keziah
Jan 02, 2018

Park City Real Estate Sales: Activity by Price Point

We’re always watching Park City real estate market trends to see not just locations of where buyers are buying and sellers are selling – but at what prices. The following graphs reflect the sales results between 2015-17. Read through to learn what drove certain activities and note where anomalies occurred. This info may be helpful if you’re considering buying or selling a home so you can see how competitive or active the market will be for your targeted price range.

 

Single Family Homes:

  • Between 2015 and 2017, the Park City market had a yearly decline in the number of single-family homes sold in the <$750k range primarily because home prices went up! As a result, all the selling activity shifted up to the homes priced between $750k-$1m – making that the most active price point range, with the highest number of homes sold in 2017 at 125 units.
  • Following that same increase trend were single-family homes priced between $1.0m-$1.5m with 108 units, $1.5m-$2m with 78 units, and $2m-$2.5m with 46 units sold.
  • The number of homes sold at the $4m-$5m ranges declined slightly, but then numbers increased in the $5m-$7.5m range with 27units sold. Much of this shifting in each of these price points was again the result of “trading up” to newer properties. Of the homes sold in the $5m and above range, approximately 60% were ski in/ski out homes.
Side note: the least expensive true ski in/out (think “beach front property”) home sold at The Colony for $3.4m. (Although, it was just a guesthouse.) 

Condominiums:

  • It’s clear that 2015 was a big year in the <$500k price ranges, with 287 closed sales. The launch of Newpark Terrace in Kimball Junction was a big driver of this activity. We have yet to see that kind of volume since new building has been limited to smaller projects and has moved outside of Park City proper.
  • The $500k-$750k range had its best year in 2017 with 168 units sold, reflecting the increase in condo prices. There was a mix of subdivisions in this range, which shows that sellers may have been trading up mixed with new buyers in the area.
  • Although the numbers are small for higher price point condos, 2017 had its highest number of units sold in the $2.5m-$3.5m ranges with 23 units and 18 units sold respectively, and in the $5m-$7.5m range with 10 units sold.
Side note… 2018 promises to see several newly built projects within the Snyderville area with Apex and Viridian rolling out by late Spring. These will have higher price points starting in the high-700’s.

How can this info best work for you? Whether you’re considering buying or selling, talk to one of our You In Park City real estate professionals to find out.

 

*Within Park City and Snyderville Basin city limits.

The Age of Park City Real Estate

By keziah
Dec 05, 2017

Here’s a reality check… Park City’s housing pool is aging. The majority of our housing is 20+ years old. On top of that, there have been fewer new properties built since 2010 than any decade prior!

However, there is an upside to this dated housing situation. More and more savvy buyers are moving toward the idea of renovating older properties. They can see opportunities available with an “adaptive reuse” strategy – and have the vision to transition older, traditional lodge and log properties into today’s popular mountain-contemporary-modern designs. Park City’s real estate market is holding strong with an annual median appreciation rate of 8.8%. Now might be the right time if you’re considering selling.

Park City Real Estate Photo courtesy of The Park Record

 

Park City Real Estate 2017 2nd Quarter Market Report

By keziah
Sep 09, 2017

Market appreciation is showing signs of stabilizing. The overall appreciation is still a healthy 8.3%! For the first time in many months, annual appreciation has dipped below double digits, signifying a possible return to a more balanced market. Even with this drop, Utah and the Park City area remain one of the most robust markets in the country.

Market Snapshot

(12 month rolling: May 2016-June 2017; $ has been rounded to nearest 500 or 1,000)

Park City Limits Single Family Home average sale price: $2,430,000; median: $1,900,000 Condominium average sale price: $1,230,000; median: $701,000

Snyderville Basin Single Family Home average sale price: $1,492,000; median: $970,000 Condominium average sale price: $583,000; median: $487,000

Heber Valley Single Family Home average sale price: $486,500; median: $392,875 Condominium average sale price: $332,000; median: $317,000

 

Market Absorption is Relative to Median Pricing

In greater Park City, we continue to feel the effects of low inventory coupled with dated inventory. The time on market against the median price within category type clearly reflects that those properties priced at or below the median are absorbed at a significantly higher pace. This is something to keep in mind if you are considering selling your property.

 

Single Family Homes The trend of single family home buyers choosing to purchase in the Snyderville Basin and beyond, due to higher perceived value, continued in the second quarter. In Park City Proper (zip code 84060), inventory has remained stable over the past year, with a 20% increase in median price, which rose from $1,850,000 to $1,900,000 at the end of the first quarter within the city limits.

 

Snyderville Basin - Activity remained strong, with almost double the number of sales as within Park City Proper. The median price is now just under a million at $970,000.

Jordanelle – Supply in this area has been limited due to timing of completion of construction in several communities; as a result there was a 2.6% drop in the number of closed transactions, yet the median price rose almost 28% to $1.52 million. The bulk of the transactions occurred at Victory Ranch.

Heber Valley – 203 homes have been sold year-to-date in Heber/Daniel resulting in a slight increase in the median price, which is now $360,000. Midway’s median price was the highest in the Heber Valley, rising to $469,000.

Kamas Valley - This valley showed strong activity, with a 24% increase in transactions year over year. Median prices also were on the increase: There were 30 sales in Woodland/Francis with a median price of $457,000. Kamas/Marion had 34 transactions for a median of $312,000. Oakley had the highest number of closings in the Kamas Valley, with 48 sales resulting in a median price of $397,000.

 

NEIGHBORHOOD STANDOUTS

Snyderville Basin Over the last 12 months the neighborhood with the highest number of closed sales in the Basin was Promontory with a median price of $1.72 million. Offering new product and an amenity-rich lifestyle, buyers have been drawn to the new design and multi-season services found in gated communities. Jeremy Ranch had a median price of $925,000 and a total of 53 closed sales. Pinebrook saw a 23% increase in median price to $922,000 and 48 closed sales. Consistently low on inventory, Silver Springs had a median price flat to last year’s number at $938,000, with five fewer sales.

Park City Limits Park Meadows saw a 23% increase in median price with $1.84 M and 44 closed sales – up 13% from the previous 12 months.

Old Town experienced an 11% median price increase to $1.49 M but a 16% decrease in number of sales. The median sales price in Prospector was slightly up reaching $825,000, with 10 closed transactions. Combined, there were only 13 home sales in Empire Pass and Upper Deer Valley. Both neighborhoods saw median price decreases as well, with Empire at $5.66 M and Upper DV at $5.85 M.

 

CONDOMINIUMS

Within the Greater Park City Area, condominium sales in Park City and the Snyderville Basin totaled 333 and 310 respectively. With ample new construction offerings, the Jordanelle area had the most significant increase in transactions, up 39% for a total of 191 sales.

The Canyons neighborhood averaged 10 sales per month with a total of 113 for the year – the highest in the Basin, with a 14% median price increase to $635,000.

The Kimball area had a steady 80 transactions with a median price of $335,000. Pinebrook was on par with last year’s number of 61 closed sales, sustaining a median price of $463,000.

 

VACANT LAND

Within the City Limits, 18 lots closed, with a 5% drop in the median price from $750,000 to $715,000. In the Snyderville Basin, transactions were up slightly year over year; a total of 159 lots closed with a 12% increase in the median price to $397,500. The most robust land sales continue to occur at Promontory and in the Jordanelle area. Homesite sales at Promontory increased 32% with a total of 79 lot sales. The median there rose 12% to $375,000. The Jordanelle area witnessed the strongest increase, with 100 sales (up 15%) and a significant 24% increase in the median price to $397,500, with sales at Victory Ranch adding significantly to this increase.

 

LOOKING FORWARD

At mid-year, we continued to see strong price increases in certain neighborhoods and leveling off in others, largely tied to inventory and age of housing stock. Our market continues to expand as buyers continue to show a willingness to expand their horizons in search of higher perceived value. Perhaps the continued focus on mass transit enhancements is positively impacting second homes buyers’ willingness to choose locations a bit farther from the chair lifts.

 

UP NEXT... Autumn along the Wasatch Back is magical. With kids back in school, the pace of visitors slows. Cooler temperatures bring back all-day outdoor recreation options such as golfing, mountain biking and hiking amidst the splendor of vibrant red maples and golden hued aspens. Watch for our Fall Events Newsletter to plan your autumn adventures.

Due to the uniqueness of our market area and the varying degree property types, neighborhood characteristics, and inventory levels, I encourage you to call us for specific data relative to your housing needs or interest. With inventory levels so low, this might be an opportune time to consider selling your current property.

 

Back to school!?!

By keziah
Jul 27, 2017

Summers in Park City Utah are undeniably memorable! We just can’t get enough mountain biking, hiking, golfing, and fishing. Families will spend endless hours swimming, sailing, paddleboarding, and water skiing at Jordanelle Reservoir. Kids will never tire of cruising downhill on the Alpine Coaster or exploring the adventure courses at the Utah Olympic Park. Ahhhh summer!

Not to be a buzzkill – but eventually, another summer in Park City will come to an end. The good news though, is that if you already live here - your kids will get to return to some of the best schools in Utah! If you aren’t yet a full-time resident of Park City but are thinking about education needs for your family – here’s some info about Park City’s Summit County education options...

Summit County Public Schools These are the three school districts within Summit County and grade levels:

Park City
 - Park City Preschool 3-4yr olds
 - Jeremy Ranch Elementary K-4th grades
 - McPolin Elementary K-4th grades
 - Parley’s Park Elementary K-4th grades
 - Trailside Elementary K-4th grades
 - Treasure Mountain Middle 8th-9th grades
 - Ecker Hills Middle – 6th-7th grades
 - High School 10th-12th grades
 - PCCAPS (Center for Advanced Professional Studies) 11th-12th grades
 - Park City Learning Center – 10th-12th grades
View Park City Schools’ complete information here: http://www.pcschools.us/

North Summit – serving north Summit County areas near Coalville, Utah
 - Elementary K-4th grades
 - Middle School 5th-8th grades
 - High School 9th-12th grades
View North Summit Schools’ complete information here: https://www.nsummit.org/

South Summit – serving south Summit County areas in the Kamas Valley
 - Elementary K-4th grades
 - Middle School 5th-8th grades
 - High School 9th-12th grades
 - Silver Summit Academy (individualized STEAM focused education) K-12th grades
View South Summit Schools’ complete information here: https://www.ssummit.org/

 

If education information is holding you back from making a move to Park City – give us a call. We can direct you to all the resources you need, and make direct connections to help you make the right decision for you and your family. We mean it when we say Let Us Help Put YOU IN PARK CITY!

Park City Transportation Update… How We Roll!

By keziah
Jul 12, 2017

For those of us who call Park City and its surrounding communities home – we feel the frustration of the traffic that comes with living in such a popular mountain town! Fortunately, our community leaders have been working hard to find ways to alleviate congestion by “rolling” out some new and expanded alternative transportation programs:

• NEW! E-buses – Park City and Summit County recently launched their first all-electric bus fleet! The Electric Xpress will connect the Kimball Junction shopping area with the Old Town Transit Center – running along Highway 224. The new Electric Xpress will run every 10 minutes from 7am til 12am, seven days a week. "This is the Tesla of the bus. Get out of your car and ride this." says Blake Fonnesbeck, City Hall's public works director. Caroline Rodriguez, Summit County's transportation planning director, said in an interview "What's great about this new fleet is that it is all electric and purely battery operated. Plus, we are the first mountain community to have a fully electrified express route." Rodriguez said the new all-electric fleet embodies the county and city's commitments to energy efficiency and sustainability, while providing more options for riders. And remember… noise from the buses will be minimal, so be on the lookout when you’re in pedestrian lanes. Click here to find more information, maps and schedules for the entire Park City Transit services:  http://www.parkcity.org/about-us/transit-bus

• EXPANDED Park City Free Bus Service – now with expanded for commuters who live in the Kamas Valley and work in Park City to cut down on the number of cars driven. View the new Kamas Commuter service map, and the full services at http://www.parkcity.org/departments/transit-bus/transit-maps-timetables

• New! Summit Bike Share – Summit County recently launched a new Summit Bike Share system to offer pedal-assist bicycles as an alternative way to get around the Park City area. This trend has become popular in many major cities as an enjoyable and affordable option for running errands, commuting for work, or just for fun! And with the many paved rail systems already in place in and around Park City, you can easily get to where you want to go. The Summit Bike Share system has 9 stations, and 88 bikes with 24/7 availability. The Pedelic bikes are just like a basic bike – nothing complicated to learn. Just get on the bike and start pedaling and the Pedelic bike will kick in an extra boost of power to help you get up hills without even breaking a sweat! Riders can register for passes that range from single-trip, daily, monthly or annual. Click here to to learn more! https://www.summitbikeshare.com

Check Out our Upcoming Property in Park City!

By Todd Anderson
Feb 05, 2016

1

Looking for a one of a kind home just 1 &1/2 blocks away from the top of Historic Main Street and all Park City proper has to offer? Then check out this home from You In Park City!

This home features the design and  fit and finish you would expect in a luxurious home designed by Bruce Martin Interiors of Sun Valley and David White, architect, of Park City. But the setting and views are unrivaled. Looking to the east are uninterrupted views of historic Old Town to the south you will see a forested mountain vista. While it is currently under construction it is still a home that that needs to be seen to be believed.

The transitional design has and a roomy-but-cozy feel that you are sure to love. This 3,700 square foot home home has 4 bedrooms and 4 & 1/2 baths. The upper level is devoted to the master suite, the main level has 2 junior master suites, dining room, and great room. In the lower level there is a bunk room and gathering area for the kids as well as a media room. All levels of the home have decks or patio areas to enjoy those glorious Park City summers. Better yet, because it is nestled on over 2 & 1/2 Old Town lots, it even has a yard.... really!

If you are looking for an amazing home in Old Town this could be the one for you.

2

Contact us today for more information about our brand new property in Park City, Utah!

 

How To Attend The Sundance Film Festival

By Todd Anderson
Jan 22, 2016

camera-lens-hero-goproIf you’ve never been to the Sundance Film Festival held in Park City, Utah every year, you’re missing out on a truly unique, entertaining experience. For 10 whole days, the Sundance Film Festival provides attendees with the chance not only to enjoy lots of amazing new talent and creative films, as well as popular local restaurants and bars, but also the opportunity to rub elbows with some of the Hollywood celebrities and film stars. Chances are you’ll have an unforgettable time no matter what, but with a little planning on where to go and what to see, your trip to Sundance Film Festival may the best adventure of your year.

Get Your Tickets Quick

Of course you can’t plan a trip to Park City during the Film Festival and not take part in watching one of the many films that have made the event famous. Lines can be long and feel even long with the Park City winter weather, so try to purchase tickets in advance. The most anticipated films will sell out fast, so don’t hesitate to either buy online as soon as possible or to purchase a festival pass so you can enjoy several films with less hassle.

To keep prices affordable during one of the most popular times to visit this beautiful area, look into booking accommodations that are a few miles away from the main attractions on busy Main Street. There are countless lodging options in Park City, most of which provide upscale accommodations and beautiful views with a cozy cabin feel.

Use The Shuttle

For traveling, ditch the car and make use of the local shuttle. There are free shuttles that run all day long that can take you from a rented condo and back without much trouble. You don’t even need to rent a car to enjoy Park City and the Film Festival with how convenient the shuttle system is for those in attendance. Besides, local parking can be pretty pricey.

Live It Up In Park City

Even if you don’t score tickets to many of the films, there is still much fun to be had during Sundance. Hit up the nearby slopes that have helped to put Park City on the map as one of the top destinations in the world for skiing and snowboarding. Hang out at the local pubs and restaurants in hopes of catching a glimpse of, or even getting a picture of, one of your favorite celebrities. Spend all night dancing in one of the local clubs that are sure to attract an A-list crowd during Festival season.

Remembering a Legend: Stein Eriksen

By Todd Anderson
Jan 04, 2016

pexels-photo (7)If you know much about Utah, chances are it’s about their skiing resorts or religious history, but the newest fact is the departure of ski legend, Stein Eriksen.

Eriksen is of Norwegian descent, coming from a legacy of skiers. His mother was the first president of the Oslo Women’s Ski Club and his father was a ski designer as well as a competitive cross-country skier. The acts of Eriksen were dubbed by Ski Magazine as making skiing a national obsession, thanks to his great performance in the Olympics where he took a gold medal in 1952 as well as three golds in the 1954 Alpine World Ski Championship. This man was so well loved that the king of Norway in 1997 knighted him for his merit.

A Cross National Hero

After his Olympic days, Eriksen moved to America and served as a ski instructor in Utah, for several schools. His latest contributions were at Deer Valley Resort, where it has been said the Eriksen was an integral part of the community. It’s described that the presence of Eriksen was fundamental in the Deer Valley and that he will be greatly missed.

In 20009, Eriksen said “to be an Olympic and world champion has been a trademark for me. But the appreciation that the American people have for champions has enhanced that value in a way that made it possible for me to enjoy life without too much effort”. He was a local legend that stimulated the ski community in Utah; many people knew Ericksen and loved to watch him.

Pro-level Character

As a person, Eriksen was humble even amidst all of his prestige. In the late days, Eriksen held a charisma not of ego, but a loving personality which drew others together. He has been credited after his many ski victories saying that a man is nothing without humility.

Eriksen leaves behind his wife Francoise and five children who although surely saddened, are keeping their best face forward in asking for donations to Erkisen’s organization. The Stein Eriksen Youth Sports Opportunity Endowment provides financial assistance to youths for winter sports, with the goal of stimulating an appreciation of winter sports and helping committed athletes.

A Legacy That Lives On We at You in Park City send our best wishes to Eriksen’s family and wish to continue his wishes and legacy through skiing. The slopes won’t be the same without him, but thanks to Eriksen, the slopes are better than they ever could have been.

Real Estate Prices on the Rise in 2015

By Todd Anderson
Dec 14, 2015

Buy a Park City Home or Condo Now2015 is rapidly coming to a close, and we are seeing real estate prices continuing to rise. In addition, the number of home sales is on the rise as well.

The Park City Board or Realtors recently released numbers that reflect a 12 percent increase in single family homes, condos, and vacant land sales through the first three quarters of 2015 in the greater Park City area. This reflects a 10 percent increase over the same time in 2014.

Board of Realtors president, Nancy Tallman, states that both figures show an upward trend in spite of a lack of inventory. This problem of a lower inventory has been plaguing the area’s real estate market since the recession. Tallman says that although the sales numbers are up from last year, because of the low inventory, “it’s probably constraining our sales.”

One interesting development highlighted by the recent numbers is the disparity in median sales prices between Park City proper and the Synderville Basin. Prices rose in Park City at approximately 7 percent, while the Basin saw prices spike 20 percent.

According to Tallman, large sales price spikes are generally not good for the market; however, she says the Basin number jump is not worrisome. She says the rising prices are due to increased demand, due to the fact that homes in Snyderville are more affordable than those in Park City. In addition, Kimball Junction is now seen as a second city center, making it attractive to chose housing in the Basin.

She says that the increases are similar in both areas, with both seeing increases. She continues, saying that the homes in the Basin may be undervalued. She says, “There were some good values, underpriced inventory that people snatched up. And then the next homes that came on were priced a little higher, but obviously people are still seeing it as more affordable as being in town, which caused a big demand in the Basin."

The market looks to remain steady and should continue to grow as new construction is gaining for the first time since the recession.

Tallman also says that a big snow year could be big for real estate. She says that many visitors will come to town because of Vail. She says that this influx should help the market. Visitors will see how easy it is to get here, and along with the area’s appeal, demand should drive prices higher.

If you want to know more about the Park City real estate market, give us a call at YouInParkCity.com!

 

Excitement Abounds Around Park City Opening

By Todd Anderson
Nov 21, 2015

views from 2983 Ridgetop Rd. Sundance, UTThere has been a long of excitement surrounding the upcoming opening of the area’s two combined ski resorts. This season represents the first year that Canyons and Park City Mountain Resort will be combined under the new name, simply Park City.

Among one of the most anticipated events is the opening of the Quicksilver Gondola. According to Bill Rock, chief operating officer of Park City, all the projects that were started in the summer should be ready to go early in the season. The Quicksilver Gondola will be the main connector between the two areas.

He says that the resort anticipates opening the gondola in mid-December, with all the improvements ready to open for Christmas week.

The anticipated opening day is Nov. 21, with parts of Canyons Village and Park City available for guests. Rock continues by saying that the resort has great snowmaking facilities, so the conditions should be excellent. He also anticipates that the entire mountain, or at least the majority of it, will be open by Christmas.

Other parts of the $50 million capital improvement projects include new snowmaking equipment, trail improvements, and a new look for employee uniforms.

Interesting, Park City has the potential to be affected by an El Nino weather system, so many in the area are anticipating a great winter with plenty of snow.

Bone also says that there has been a lot of interest in Park City from around the world. He says that becoming the largest resort in the country has created a lot of buzz, and the resort expects to see a large number of visitors.

The celebration of opening day on November 21 will start at 8 a.m. with traditional opening day festivities including live music, giveaways, free coffee and hot chocolate at the base area of Park City.

At about 8:45, Rock will speak to the crowd and officially start the season when lift service begins promptly at 9 .m.

Later in the afternoon, from 2 to 4 p.m., the Parlour Hounds will perform live on the PayDay deck.

Opening day at the new Park City is sure to be an exciting, big celebration. Organizers and Park City are looking forward to the first day of the resort, and say they are excited and ready to go!

At YouInParkCity.com and KW Park City Keller Williams Real Estate, we are looking forward to this grand opening as well as a wonderful ski season!

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 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.

 

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.

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!  

A Sellers Market in Park City(?)

By Todd Anderson
Jul 29, 2012

Are we entering a Seller’s Market in Park City, UT?

 

The Salt Lake Tribune reported that the median sales price for single family homes in Salt Lake County rose last quarter for the first time in 5 years. Will Park City real estate see similar statistics soon?

 

National statistics are beginning to show strength and there are many reports indicating prices on the rise (similar to the reports from Salt Lake City). Park City and other resort communities tend to lag the national indicators as people must feel comfortable with their primary home before purchasing secondary homes and condominiums.

 

Sales statistics so far for the year have been flat with the previous year in terms of volume and again this last period showed a slight decline in the median sales price for single family homes in Park City. The decline was not even across all areas and some areas experienced an increase in median sales prices. Inventory levels are having an impact on sales in most areas and especially in the lower price points in all neighborhoods. Park City Median Home Sales Price

 

Recent Park City area home sales statistics report that inventory levels are at a five year low. This lack of inventory shows very prominently in the lower price levels in all neighborhoods and also can be seen in the lack of REO product. For example, single family homes in Park City under $500K that aren’t considered cabin properties actively for sale numbers under 50 while over 100 such homes have sold in the past 12 months. A look at the Promontory area shows 14 home sales (non-“cabins”) in the past 12 months under $1.5M and only 9 active non-cabin listings offered at under $1.5M. Park City Home Sales and Inventory

 

The lack of inventory is causing multiple offer situations in many situations as well as frustration on buyer’s sides trying to purchase a deal.

 

Lower inventory levels and lower prices will not last long as the demand will begin to force prices up.

 

As mentioned above, sales statistics and inventory levels vary between Park City neighborhoods and price ranges. Contact YouInParkCity.com for specifics about the price point and neighborhood matters most to you (888)968-4672.

Park City Home Value Appraisals

By Todd Anderson
May 24, 2012

Two appraisals of the same Park City home result with a large dollar discrepancy.

 

A buying client of the YouInParkCity.com Group was set to purchase a home and was paying cash. Even though it was technically unnecessary, we felt that an appraisal of the home would be good for everyone’s peace of mind ensuring that the second home they were buying was a good value. With the cash purchase, we were on a short timeline and our first choice of local Park City appraisers was on vacation. We asked around and got a few good recommendations for another qualified local appraiser. park-city-home-values.jpg

 

The buyers asked that the appraisal be made without the appraiser knowing the contract price of the home. The appraisal came back at approximately 10% below the agreed upon purchase price. Upon getting the appraisal, the Sellers agreed to pay for another appraisal (feeling that this one was incorrect).

 

For the second appraisal, the Sellers gave the appraiser (another respected local Park City appraiser) a copy of the Purchase Contract. This time the home appraised at the contracted purchase price (10% above the previous appraisal).

 

We asked both appraisers about their findings. Both stood behind their appraisal values for the home but there were some interesting differences.

 

Most of the homes used as the comparable sales were the same. In looking at the two appraisals and the adjustments made for the same subject property values of the same item were very different. While one gave a $2500 adjustment for A/C, the other valued it at $5000. A fireplace was valued by one appraiser at $4000 while the other valued it at $2500. One placed a dollar value on the hot tub while the other considered it personal property not attached to the home and gave it no value. The largest discrepancy between the two appraisals was the adjustment for size; one gave a $30/sq ft adjustment versus a similar home (same number of beds, baths, kitchen, etc.) while the other valued the added space at $70/sq ft. This difference was magnified by the 100 sq ft difference between the two measurements stated in the appraisals.

 

Which one of the appraisals was correct? As it is with most things, it depends upon which side of the transaction you are on. I believe that the value lies somewhere in-between.

 

Park City Luxury Ski Condos

By Todd Anderson
Dec 15, 2011

 

The Hyatt Escala Lodge

 

About a month ago we toured the changes at The Hyatt Escala Lodge at Canyons Resort and had a fantastic dinner in one of their mountain view 3 bedroom luxury condos. The Lodge, which was rated as one of the top 12 “Hot Hotels” in North America, continues to step it up and is delivering on the news that they announced months ago, the opening of The Escala Provisions Company, “The Restaurant” and bar. Other additions include 5,000 sq. ft. of meeting space, a staffed children’s center and 7,000 sq. ft of “flexible indoor /outdoor space”.

 

Hyatt Escala Lodge Canyons Resort

This gives Park City Real Estate another amenity rich, high end luxury condo option for clients who are considering a ski in/ski out Park City home. There are currently 21 Hyatt Escala Lodge Condos on the market ranging in price from $365,000 for a 1 bedroom, 1 bath condo to $2,000,000 for a 4 bedroom, 5 bath residence. In the past 12 months there have been 5 sales at the Hyatt Escala Lodge. The sold prices ranged from $299,000 for a 1 bedroom to $1,916,000 for a penthouse 3 bedroom 5 bath.

 

Another factor to take into account when considering purchasing Canyons Resort real estate in general are the many changes that have taken place in the last year or are on the books. The Winter Zip Line tour is in and is something I have to try. The tour is comprised of two zip lines; one is 800 feet long has an 8% grade the other is 2100 feet with a 10% grade. Just thinking about this makes me grin. Additional snowmaking, new lifts, a remake of the resort center area and the beginning of construction on the new golf course are just a few things that have happened recently. For skiers and boarders (and owners of any Park City real estate) the proposed “Skilink” which will connect Canyons Resort in Park City to Solitude Ski Resort in Little Cottonwood Canyon will have positive impacts too many to list. If and when the Ski Link goes through final approval and is built skiers and riders will be able to access Solitude from Canyons ski resort and avoid the 45 minute drive.

 

If you have questions about The Hyatt Escala Park City, Canyon Resort Real Estate or Park City Real Estate in general please contact the YouInParkCity.com Group Real Estate Professionals at 888-968-4672

 

Click for more information including all for sale listings at the Hyatt Escala Park City or contact the YouinParkCity.com group.

 

Click here to learn more about SkiLink.

 

Voters Support Open Space, Recreation, Arts & Parks

By Todd Anderson
Nov 05, 2010

 Park City and Summit County registered voters opt for taxes and bonds.             The November 2, 2010 election in Summit County, Utah drew a large number of voters for a non-presidential election year. Nearly 50% of the registered voters in Summit County (home of Park City) cast ballots in this year's election.          Two big initiatives on the ballot this year were the extension of the Recreation, Arts & Parks tax (RAP tax) and the Snyderville Basin Open Space and Trails Bond (Proposition 2). With the current economic situation the nation faces, it appeared as if initiatives that cost voters money would face strong opposition from voters. On the contrary both measures passed with overwhelming support. Park City Election            The RAP tax which adds a one tenth of one percent tax on purchases made in Summit County received a positive voter endorsement of nearly 67%; keeping the tax for another 10 years. In the past 10 years the tax has generated more than $7 million which has gone to fund art, cultural and recreational activities in Park City and Summit County. Over half of the revenues generated by the tax have gone to support non-profit groups providing cultural activities such as the Egyptian Theatre, Park City Performing Arts Foundation, Kimball Art Center, Mountain Town Stages, Swaner EcoCenter and Utah Symphony and Opera with the remainder going to publicly owned recreational facilities like the Basin Recreation Fieldhouse, Park City Ice Arena and Oakley Recreation Complex.             Proposition 2 which asked voters to approve a general obligation bond of $20 million to go toward the acquisition of open space and non-motorized trails in the Snyderville Basin. The cost of the bond was estimated at $10.51 in property tax per year for each $100,000 of assessed value (about $70 per year for the next 20 years for the average home in the Snyderville Basin area of Park City, UT). Of the $20 million, $12 million is to be used for open space acquisition, and $8 million is to go to trails.             The passing of both of these ballot initiatives in the current economic climate points toward the commitment of Park City and Summit County, Utah's voters and residents to the lifestyle and values that make this a special place to live. For assistance in making Summit County and Park City your home, or home away from home, contact a real estate professional with the YouInParkCity.com Group at Keller Williams Park City Real Estate (888) 968-4672.

A poem for the New Year

By Todd Anderson
Jan 01, 2009

  • I hesitate to make a list
  • Of all the countless deals I've missed;
  • Bonanzas that were in my grip -
  • I watched them through my fingers slip;
  • The windfalls which I should have bought
  • Were lost because I over-thought;
  • I thought of this, I thought of that,
  • I could have sworn I smelled a rat,
  • And while I thought things over twice,
  • Another grabbed them at the price,
  • It seemed I always hesitate,
  • Then make my mind up much too late,
  • A very cautious man am I
  • And that is why I never buy.
  • When tracts rose high onSixth and Third,
  • The prices asked I felt absurd;
  • Whole block-fronts bleak and black with soot
  • Were priced at thirty bucks a foot!
  • I wouldn't even make a bid,
  • But others did -- yes, others did!
  • When Tucson was cheap desert land,
  • I could have had a hip of sand;
  • When Phoenix was the place to buy,
  • I thought the climate much too dry!
  • "Invest in Dallas-That's the spot!"
  • My sixth sense warned me I should not,
  • A very prudent man am I
  • And that is why I never buy.
  • A corner here,
  • then acres there,
  • Compounding values year by year,
  • I chose to think and as I thought,
  • They bought the deals I should have bought.
  • The Golden chances I had then
  • Are lost and will not come again,
  • Today I can not be enticed
  • For everything's so overpriced.
  • The deals of yesteryear are dead;
  • The market's soft -- so's my head!
  • Last night I had a fearful dream,
  • I know I wakened with a scream;
  • Some Indians approached my bed --
  • For trinkets on the barrelhead,
  • (In dollar bills worth twenty-four,
  • And nothing less and nothing more),
  • They'd sell Manhattan Isle to me,
  • The most I'd go was twenty-three.
  • The redman scowled: "Not on a bet!"
  • And sold to Peter Minuit.
  • At times a teardrop drowns my eye
  • For deals I had, but did not buy;
  • And now life's saddest words I pen
  • "If only I'd invested then!"   
I don't know who to attribute this poem to, but I found it timely given our current market and peoples' wish to buy at the bottom. 
  • Wishing everyone a happy and prosperous 2009 
  • Todd

 
 
Existing user sign in: 
Forgot Password?