Park City Real Estate Trends

The Park City, UT golf season is in full swing (pardon the pun), so how are real estate sales doing in the nearby gated golf course communities?

 

Glenwild

There is definitely a renewed interest in Glenwild. There are currently ten homes in some stage of the build process. Ten homes have sold in the past year and three are under contract for sale; this is a huge increase versus the six homes that sold from July 2013 to July 2014. There are 16 homes for sale and 21 building lots, so there is still quite a bit of inventory and buyers are still somewhat calling the shots in Glenwild. Asking prices for Glenwild building lots range from $450K to $1.6M with a median price of $690K. Home prices in Glenwild range from 1.85M to $7.5M with a median price of $2.67M; finished square foot asking price is at $441/ft which is up 25% from a year ago while the median asking price is up $500K from the sales over the past year. The golf course is one of the best in the state and the community has as many permanent residents as vacation homes which speaks volumes about the accessibility of Glenwild to both Park City and Salt Lake City.

 

Promontory

With two full 18 hole courses and a list of community amenities too long to mention, Promontory is the biggest player in gated golf course communities in Park City. With 180 active listings Promontory makes up nearly 15% of the available real estate in the Greater Park City area and while it isn’t as hot as some local subdivisions, Promontory real estate is moving well. With over 100 building lots for sale and prices ranging from $99K to $1.4M there is a lot to choose from. Be careful to note which lots have a membership attached and check with us to learn about developer incentives on certain building lots for sale. Ready to move into homes are available from $1M to $7.25M with a median asking price of just under $2M (like Glenwild this value is up 25% from the sales of the past year). The new clubhouse at the Jack Nicklaus Painted Valley Golf Course is open and gorgeous. New “cabin” properties with a more modern look and feel than those at the Pete Dye course offer fantastic views of Deer Valley to the south over the course. With more amenities still under construction, Promontory has some great Park City gated golf course community real estate offerings.

 

Victory Ranch

When it comes to gated golf communities in Park City, this one may be my favorite (although there are trade-offs considering accessibility to Park City). The Rees Jones Designed course is tough but fair and the fishing on a four plus mile private stretch of the Upper Provo is truly something special. Current offerings at Victory Ranch are limited mostly to “cabin” product in pre or under-construction status and building lots. There are 20 active lots for sale ranging from $325K to $1.2M. Cabins (think newly constructed 3-4 bedroom 2500-3000 square foot residences) are available from $1.5-$2M. Ten lots have sold in the past year with a median price just under $600K; the thing to remember about Victory Ranch is that while the area covers nearly 7000 acres, there will only be 350 homes. Last month the Robb Report named Victory Ranch a top 10 place to buy a summer vacation home.

 

Tuhaye

On the north side of the Jordanelle Reservoir from Victory Ranch sits Tuhaye with its Mark O’Meara designed golf course and easy access to Park City (including ski access at Deer Valley Resort®). Currently there are 18 available building lots and 10 homes for sale at Tuhaye. Lots range from $179K to $799K as with Promontory be careful about whether or not sales include a Talisker Club membership. Home prices range from $775K to $3.195M. Prices at Tuhaye are currently $100 per square foot less than similar homes in Promontory or Glenwild. The questionable status of the area since it has gone into bank receivership may present good values, but there is more risk involved.

 

Red Ledges

The Red Ledges “four season” community is located in Heber City about 25 minutes’ drive from Park City. This gated community surrounding a Jack Nicklaus Signature golf course (ground was recently broken on an additional Nicklaus Designed 12 hole par 3 course). The community also features a Jim McLean Golf school, Cliff Drysdale Tennis School, Equestrian facility, pool and fitness center. Sales at Red Ledges have been strong with 24 homes sold and 79 building lots sold over the past 12 months. Home sales ranged from $533K to $2.4M with a median price of $793K. Lot sales had a median sales price of $240K. Current offerings for home range from $559K to $2.6M with lots available from $149K-$495K. The brisk

Private Gated Golf Course Communities in and around Park City, Utah are experiencing solid sales and increasing prices overall. To figure out which community best suits you contact a golf realty professional with the YouInParkCity.com Group info@youinparkcity.com or (435)962-9472. We’ll show you the communities and play a round.