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.
Tags: buyers, condominiums, Luxury, Park City, Park City real estate, park city real estate sales, homes in park city, Park City Home Prices, You In Park City
Posted in Uncategorized |
0 Responses to "Park City Real Estate: Sales By Price"
By Todd Anderson
Oct 15, 2013
The first three quarters of 2013 are now in the books (it is hard to believe that ski season is only a month away!). Park City real estate sales for the first 3/4ths of the year have been very strong. Sales volume is up and so are prices while inventory is down.
Single family home sales in the greater Park City area are up eighteen percent (18%) when compared with the first three quarters of 2012. The median sales price of Park City, UT homes sold in 2013 is up by over $60,000 to $810,000 (half of the homes sold for above this price while half sold below this price).
Inventory levels continue to be a big part of the story. Single family home sales under $500K have a current less than 3 month supply while homes in the $500-750K category have less than 4 months’ supply at current sales rates. Luxury homes still a have large number of for sale options but sales of homes over $2M were up by 30+ percent versus the first three quarters of 2012.
Over 40% of the sales so far this year have had homes on the market for less than 30 days. Good values still exist in the market, but Buyers need to be ready to move quickly.
Condominium sales in the greater Park City area had similar gains to single family homes in the area. Sales volume is up by eighteen percent (18%) while the median sales price has risen by over ten percent (10%). Current sales volume has an absorption rate of only 4 months for condominiums under $250K while there is a nine (9) month supply in the $500-$1M price range. Even the luxury condominiums valued at $1M or more only show a one year supply at the current sales rate.
Building lot sales in greater Park City also experienced dramatic increases with sales up over fifty percent (50%) and median prices up by ten percent (10%) to $323,500. By adhering to the idea that the value of a home’s lot should be twenty to twenty five percent (20-25%) of the value of the home, the median value of the new homes to be built on the recently purchased lots should be in the $1.3M to $1.6M.
Mixed into all of the sales in Park City over the past nine months there are of course areas that have not experienced the same increases and a few that have had values drop. For a comprehensive analysis of the Park City real estate market segment that matters to you contact a realty professional with YouInParkCity.com today.
Tags: condominiums, Luxury, market statistics, Park City, Real Estate, sales, Utah
Posted in buyers, Park City Real Estate Notes, sellers |
0 Responses to "Park City Real Estate Sales 2013"
By Todd Anderson
May 06, 2013
Glenwild is without a doubt one of the best golf courses in Utah and a premier Park City real esate area; in 2006 the course was rated as “Best in State” by Golf Digest and it has remained at the top of lists ever since. It should, without a doubt, be on your list if you are considering a second home in one of Park City’s golf communities. Located only 20 minutes from downtown Park City or Salt Lake City it should also be a consideration for families wanting to live in Park City who commute to Salt Lake. The par 71 championship course was designed by Tom Fazio and plays up to 7451 yards from the tips but with four tee boxes there is enough variation in yardage for players of all abilities to enjoy the experience. Last summer the greens, which are perfectly manicured, stimp as high as 12.
Now to
Glenwild real estate. Of the 200 luxury homes and home sites at Glenwild there are 12 homes and 12 lots for sale currently. In the past 12 months there were 7 Glenwild homes sold. During this time 20 lots sold. The average price per square foot of the homes sold was $378 while the average for homes for sale is $419 per square foot. The active buyers in the Park City Real Estate market seem to be saying that they are willing endure the building process unless the price of an existing home is very compelling. The YouInParkCity.com group, as a member of the “Builder Services” division of Keller Williams Park City Real Estate works with many of the Park City builders and has access to a wealth of information regarding building trends and costs and what buyers are saying makes a lot of sense. At the builder service practice group we leverage these contacts and information to help ensure the design build process goes smoothly for our clients.
What makes Glenwild unique among Park City’s 5 golf communities, in our opinion, is that it offers a more intimate setting than most of the other golf developments which are substantially larger. The amenities which, in addition to golf, include an exceptional trails system, state of the art spa, spacious swimming pool, tennis courts, an elegant clubhouse and an inviting restaurant are sized to accommodate the limited membership. Glenwild is also the only gated golf community in Park City to offer memberships to people that don’t own property in the community.
There are currently 36 of the 325 memberships available. The price for a golf membership is $75,000 with annual dues running $12,000. Social memberships are also available for $15,000 with annual dues costing $6,000.
For more information about the real estate opportunities and how the Glenwild community may fit your lifestyle
contact a local realty expert with YouInParkCity.com at (888)968-4672.
Tags: Glenwild, Golf, homes, land, Luxury, Park City, private, Real Estate
Posted in Park City Golfing, Park City Real Estate Notes |
0 Responses to "Glenwild Golf Real Estate Update"
By Todd Anderson
Feb 15, 2012
The 2011-2012 ski season is half over; hard to believe, but it is true. It is a great time to check on real estate sales in Park City as well as a time to remind yourself to get out and ski before you start thinking about summer related activities.
So far this season the lack of snowfall hasn’t impacted Park City real estate sales. The December through mid-February period equating to half of the winter season shows sale numbers about on par with the same period in 2010-2011 even though the snow depth has been less than half of last season. Current trends still show pricing down (about 4% on single family homes and 10% on condominiums). Unit sales of homes and condominiums are nearly identical for the periods while building lots are off nearly 40% for the period. The drop in vacant lot sales appears to have been impacted by the drop in bank REO offerings which represented 25% of the sales last year and only 5% of the vacant lot sales this season so far.
Other interesting trends for the current ski season real estate sales include:
Fewer sales of condominiums over $1M and half as many sales of Park City area condominiums in the luxury category (over $2M) compared to the previous season.
Park City Single family home sales remain steady across all market levels including the luxury segment over $2M.
Bank REO sales were down dramatically for the compared seasons, but look for that to change as the MERS issues are cleared nationally.
Canyons Resort real estate is showing stronger condominium sales, but weaker single family home sales.
Data herein is derived from the Park City MLS system for sales in the greater Park City areas (areas 1-23). Data is deemed reliable but not guaranteed. For specifics about any Park City real estate neighborhood contact a realty professional with the YouInParkCity.com group at (888)968-4672.
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Park City Real Estate Best Buys
Tags: condominium sales, Home Sales, Luxury, Park City real estate, season, Ski
Posted in buyers, Park City Real Estate Notes, Park City Skiing, sellers |
0 Responses to "Park City Real Estate Sales mid-Ski Season"
By Todd Anderson
Dec 09, 2011
Park City Mountain Resort to Improve Base Area
Resort Officials of Park City Mountain Resort announced to the Park City Council and Planning Committee that they are beginning to explore new development around the resort base area.
In recent years the resort has positioned itself as a ski resort operator and not a developer. They now point to new base area development as a way to ensure that they are adequately taking care of their customers as well as increasing capacity for new resort guests.
There have been many rumors in the past about possible resort hotels going in at the base of the resort where the parking lots are currently located. The recent additions of the Hyatt Escala and Waldorf Astoria at Canyons Resort as well as the St Regis and Montage Hotels at Deer Valley leave Park City Mountain Resort without a luxury offering to compete with Deer Valley and Canyons. The lower lots near the base of the First Time Lift and Super-pipe would appear to be the most logical place for a new resort hotel and base area expansion. A Four Seasons Resort Hotel was once rumored for this location; maybe it is a step closer to reality (?).
The plans are still conceptual at this point, but as the supply of new luxury condominiums in Park City dwindles another resort property will make sense. The addition would be great for the Town of Park City as well as the Park City Mountain Resort.
Tags: canyons, condominium, Deer Valley, hotel, Luxury, Park City, Park City Mountain Resort, resort
Posted in Park City Real Estate Notes, Park City Skiing |
0 Responses to "Park City Luxury Ski-in/Ski-out Hotel"
By Todd Anderson
Mar 27, 2011
Luxury real estate sales in Park City, UT for the year so far show a slight decrease when compared to the pace of 2010.
2010 saw luxury home sales in Park City, UT buoyed by the St Regis Hotel at Deer Crest and Silver Strike Lodge at Empire Pass. 2011 is seeing strong sales from the new Montage at Empire Pass as well as continuing sales of the Flagstaff condominiums in Empire Pass.
The 33 sales so far this year of homes or condominiums with asking prices over $2M include 6 Flagstaff condominiums and 5 Montage residences. With over 70 residences at the Montage still to be sold, the Montage will likely impact luxury sales in Park City for the foreseeable future. Also of note in recent sales are the sales of 3 homes (plus 2 pending contracts) in the Colony area of Canyons Resort.
The average sale price for homes listed at over $2M remains fairly steady at nearly $3M. Relatively small sample sizes in this market combined with the occasional sale in the $10M range have impacts on this data.
The luxury residence category overall is may be beginning to show more pricing pressure. Currently the Park City MLS shows over 170 homes and 70 condominiums in the luxury category over $2M. Current sales show a discount rate of over 15% from asking price and the influence of undisclosed sales prices across the Park City MLS means that this discount rate could be considerably higher.
The luxury home market in Park City and Deer Valley is a tough category to consider as a whole because there are many factors which makes each of the homes and condominiums in the luxury category unique. For a more complete analysis and in-depth information about individual properties contact a realty professional with YouInParkCity.com (888)968-4672.
Tags: colony, Deer Valley, homes, Luxury, montage, Park City, sales, Utah
Posted in buyers, Park City Economy, Park City value, sellers |
0 Responses to "Park City Real Estate Luxury Sales 2011"
By Todd Anderson
Feb 19, 2011
A 160 acre estate complete with luxury home, guest house and barn is to be sold at auction to the highest bidder Tuesday February 22. This estate is currently listed for sale on the Park City MLS for $17,500,000. The auction has no minimum bid and the seller has agreed to accept any offers above $8 Million (there is a 10% buyer's premium to be added to the sales price).
This luxury estate features a main residence of approximately 13,000 sq ft with six bedroom suites, seven full and 5 half baths. Beyond the impressive entryway the home opens up to high ceilings and fantastic views. The gourmet kitchen provides and understated country feel capable of both elegance and casual comfort. The master suite encompasses 1000 sq ft including a saltwater spa in a grotto like setting plus sauna, his and hers closets, exercise room and wet bar. Seven stone fireplaces assure that warmth and ambiance can easily be found throughout the home.
The guest house features nearly 2000 sq ft of living space; two bedrooms, two and one half baths, two fireplaces, laundry, kitchen with separate dining area, great room and two car heated garage. Finishes that mirror the quality of the main residence give the guest house an intimate elegance and luxury worthy of a permanent residence.
The barn is a state-of-the-art climate controlled stable and indoor riding arena covering 8500 square feet. Nearly 3000 sq ft are devoted to the sand based riding arena with windows on all sides taking in the beauty of Wolf Creek Ranch. There are 5 luxury stalls and a dedicated birthing stall.
The estate lies within the private gated community of Wolf Creek Ranch. The community is comprised of 14,000 acres that border the 2.2 Million acre Uinta National Forest. Over 50 miles of maintained trails run throughout the community. Over 100 acres are devoted to common areas which include a 6000 sq ft Owners lodge, 3000 sq ft community guest house and four yurts. All of this is only minutes from Park City, Utah and just over an hour's drive from Salt Lake International airport. The nearby airport in Heber can handle small private jets. A helipad near the front entrance to the community offers quick access to this National Park like get-away.
The custom furniture that adorns this luxury get-away estate are included to make this estate turn-key and ready to become part of your family legacy and memories.
True custom luxury estates with the accessibility of nearby destination resorts are seldom transferred but usually handed down among family members. This auction may be the perfect opportunity to obtain a legacy property. For more information contact a Park City realty professional with YouInParkCity.com.
This auction was cancelled. Bidders showed for the auction, but none were willing to bid above the $8M minimum.
Tags: auction, estate, Luxury, park, Park City, private, realty, Uinta, UT, wolf creek ranch
Posted in buyers, Park City Events, Park City value, sellers |
0 Responses to "Luxury Mountain Estate Auction - Park City, UT"
By Todd Anderson
Feb 01, 2011
The Empire Pass area of Park City, Utah's Deer Valley was launched in 2002 with the Ironwood Development. This began a new phase of luxury ski-in/ski-out homes and condominiums in Deer Valley. The developments at Empire Pass have been clustered close together in order to allow true ski-in/ski-out access and to preserve thousands of acres of open space around them. The density of condos and townhomes at the base of the Silver Strike, Northside and Empire Express chairs at Deer Valley does not necessarily give a feeling of scarcity, but a look at the sales and future development possibilities tells another story.
Twelve developments have been completed in the Empire Pass area of Park City. Five of these developments have sold out. Another five of the developments are nearly 80% sold through. Two developments are in their early stages of sales; the Montage at Deer Valley and Belles at Empire Pass (14 Single Family Models still to be built). The majority of available units (less that 80 currently) are within the Montage. Once the current available inventory is sold, there are only 4 development entitlements left within the Empire Pass area of Deer Valley.
2010 saw 45 sales close in the Empire Pass area (17 sales in the Flagstaff development lead the way with 15 in Silver Strike). This number is enough to sell through the current inventory listed on the Park City MLS. And most Realtors® and developers feel that it was a poor year in terms of sales.
Pricing in the Empire Pass area of Park City reflects the luxury nature of the amenity rich homes and condominiums. The scarcity of present and future development in the area as well as the finite supply of ski-in/ski-out properties in Park City and the world also impacts pricing here. The recent completion of the Montage Deer Valley while adding considerable inventory to the area also adds public amenities that the area was lacking. The new restaurant, spa and public spaces will add to the buzz around the area on a year around basis. The opportunities at the Montage also put the Empire Pass area of Deer Valley as a whole that much closer to being built out. The scarcity of future development in the area will only drive prices higher.
For more information on the Empire Pass area of Park City, UT contact a realty professional with YouInParkCity.com.
Tags: Belles, Deer Valley, Empire Pass, Flagstaff, ironwood, Luxury, montage, Silver Strike, ski out, ski-in, UT
Posted in buyers, Park City Economy, Park City Real Estate Notes, Park City value, sellers |
0 Responses to "Deer Valley, UT New Home Scarcity"
By Todd Anderson
Dec 16, 2010
The Real Estate market in Park City, Utah has not been immune to the value changes that the rest of the country has seen. Early on in the National housing and credit collapse many agents in Park City claimed that our area was insulated and we would not be affected by the changes the rest of the country was experiencing. An in depth analysis of our market now shows that market changes in Park City mirror the national averages. Prices have retreated to the 2005-2006 levels in many areas while falling well below that in the outlying areas of the city. The change has occurred in residential entry level condominiums and every market segment right through multi-million dollar luxury ski villas.
Changes can be seen not only in sales prices, but also in the mindset of the Buyers. Park City is a destination ski resort area offering arguably one of the county's best vacation and second home experiences. The things that made Park City desirable before the economic change have not changed, but the Buyers now have a different perspective on real estate here. Buyers still want to own in Park City and the emotion behind the decision to buy here has not changed. The focus that drives which Park City home a Buyer purchases has changed and the emotional drive toward a particular home is gone. In past years Buyers fell in love with a home, now the buyers can be just as focused on the deal as they are a particular home. Park City real estate buyers now often have a somewhat indifferent attitude to the home or condominium they are purchasing; as long as they are getting a deal, they love the home.
Prospective property owners are writing offers on multiple homes with the intent of purchasing whichever property presents the best bargain. Park City real estate Buyers are still focused within a particular area, property type, and price range, but the message to Sellers is "I like your home best, but I'll substitute it with the home down road or in the next subdivision if I believe it represents is a better value".
Tags: bargain, Buyer, condominium, deal, home, Luxury, Park City, purchase, seller, Ski, Utah
Posted in buyers, Park City Real Estate Notes, sellers |
0 Responses to "Park City Home Buyers Change"
By Todd Anderson
Aug 21, 2010
We have talked for years about what is or is not a best buy and at $16,000,000 this one of a kind home named Deerfield Estate, in the Deer Crest area of Deer Valley, Utah without a doubt, qualifies.
Every week we look at homes in the Park City Real Estate and Deer Valley markets. Very rarely are we awed by a condominium or home. In the Deer Crest area of Deer Valley there are many very well done homes, the “Ski Dream Home” and others come to mind but this estate home on 4 acres is a notch above. In looking for adjectives I landed on elegant, sophisticated and comfortable. While most of the Deer Crest homes and lots are ski in ski out very few provide direct skier access to Deer Valley’s Snow Park Lodge. At the end of the ski day there is a private gondola to take you home.
The home’s statement of detail and quality starts when you enter the private gate to Deerfield Estate and continue up the drive to a grand vaulted portico from which hangs a custom iron lantern. The entrance to the home is two massive hand carved oak doors with antique bronze hardware that originally graced a Chicago mansion.
Deerfield Estate has all of the amenities one would expect in a luxury Deer Valley home but the finishes are in a class of their own; hand hewn posts, beams and trusses, hand painted tiles, custom bronze sconces and lighting fixtures and much more. To my chagrin many of the items needed to be explained to me by Bruce Martin, owner of Bruce Martin Interiors of Sun Valley, Idaho. http://www.brucemartininteriors.com/index.html
Created as one of the crown jewels of the Achristavest group, its team of designers and craftsmen took full advantage of this site’s breathtaking ski area and Jordanelle Reservoir views. There is even a intimate sitting area above the gondola from which the view is truly 360 degrees. This luxurious home gives you the feeling of being in the heart of the Deer Valley Resort and yet in a world of your own
Deerfield Estate is conveniently located ½ mile from the St. Regis, 1 mile from the Deer Crest gate and only 2 miles from the base of the Deer Valley Ski Resort’s Snow Park Lodge. Through the back entrance to Deer Crest it is only about 20 minutes to the private airfield in Heber. So if you are looking for the privacy with convenience, sophisticated elegance, and want that one of a kind ski mountain estate in Park City, UT; this home might be right for you.
Originally priced at $28,975,000 and reduced to $15,875,000 for auction this estate quality home easily qualifies for the YouInParkCity.com Best Buys list.
For more information on Deerfield Estate or to register for the upcoming auction, contact Rob Harris or Todd Anderson at the YouInParkCity.com group (888)968-4672.
Tags: auction, Deer Crest, Deer Valley, Deerfield Estate, home, Luxury, Real Estate, resort, Ski, Utah
Posted in buyers, Park City Economy, Park City Real Estate Notes, sellers |
0 Responses to "A $16Million Real Estate Best Buy???"
By Todd Anderson
Jan 27, 2010
Park City real estate encompasses many showcase homes and ultra high-end luxury properties. Slope-side homes in The Colony at The Canyons, Upper Deer Valley, Deer Crest, and more as well as golf course homes in Glenwild, Tuhaye and Promontory commonly see price tags of over $5 million (in fact there are over 60 such homes currently listed on the Park City MLS). But the home at 5000 Royal St. in Park City's Upper Deer Valley real estate area with an asking price of $55 million stands apart in the premium Park City property listings.
What makes this Park City home different from the others (apart from the price tag)? There are many features that one would expect of a luxury residence in Deer Valley. The home is over 20,000 square feet and includes 12 bedrooms and 16 baths and custom built furniture throughout. The gourmet kitchen is designed to make a professional chef feel at home while still being a comfortable living area. Exterior spaces offer great gathering areas amid the pines away from nearly any city feel. A large gaming room provides a location for hours of fun and an indoor pool and hot tub make for alternative recreation to the outdoors. Two attached garages provide adequate capacity for transportation. The hillside location provides great views. The home's location, while not slope-side is just yards from the slopes at Deer Valley and minutes from Historic Main St. Park City. These things can be found in many of Park City and Deer Valley luxury resort residences. What 5000 Royal St has that others don't is: a private 60+ acre estate, the size of the estate alone is something that sets it apart; the fact that it is so central to Park City makes it truly one of a kind. While there may be the ability to subdivide apportions of the estate, it would be a shame. An attached heated garage is capable of storing and show-casing a car or "toy" collection of 20 or more vehicles. The main home lies within a 3 acre fenced and landscaped grounds.
The construction and materials of this home come with a story as do the residents and guests. The home was constructed with logs reclaimed from the Yellowstone park area of Wyoming. The logs represent the structural integrity of the home as steel beams were not used. This is truly "old world" craftsmanship that took years to complete. The rustic finishes and western feel are authentic and irreplaceable. The Huntsman family has many fond memories of the estate. The home has been an escape for Governors, Heads of State and Prime Ministers from around the world. This home can truly be said to stand apart from other multi-million dollar homes in Deer Valley, Park City, Utah or the world.
Contact your YouInParkCity.com real estate professional for more.
Tags: 5000 Royal, Deer Valley, estate, Huntsman, Luxury, MLS, Park City, property, Real Estate, residence, resort, Royal St, upper
Posted in buyers, Park City Neighborhoods, Park City Real Estate Notes |
0 Responses to "Park City Utah's $55M Property"
By Todd Anderson
Dec 23, 2009
Real estate prices in Park City, Utah show a wide array of ownership possibilities. Single family home prices start in the mid $300K range and top out at over $50M. While there are homes that may be considered reasonably attainable for the average buyer, the influences of the luxury resort community impact averages and median pricing. Of the nearly 600 homes currently listed for sale across the Park City MLS, more than one third presently are priced above 2 million dollars. Over sixty percent of the homes on the market are priced at $1M and above. These offerings bring the average asking price to well over $2 million.
Many agents in the Park City area have considered these multi-million dollar homes and their Buyers and Sellers to be somewhat insulated from the effects of the national economy. There is without a doubt a certain air among Sellers that the price they paid or believed the home was worth a few years ago is still the current value. Other Sellers however are aggressively making price reductions in an effort to move their property. It would almost appear as if these Sellers are living in different worlds.
Here are some examples of each:
In the Glenwild subdivision - a 200 unit private development of custom luxury homes situated around Utah's best rated golf course - a showcase home finished and offered for sale in the middle of 2008 has seen price reductions of over $2M since its first offering. The price reductions and aggressive changes make for a nearly 40% off sale price.
In the Deer Crest community of 144 homesites and the new St. Regis luxury hotel, the "Ski Magazine Dream Home" with its 6 bedrooms, 10 baths, 15 fireplaces, fantastic view and ski-in/ski-out location has actually seen its price rise by over $2M during the 3 years that it has been offered for sale.
The Promontory golf club and resort second home community in Park City has after emerging from bankruptcy seen prices slashed in many cases by more than half of original asking price. Some homes in this area have been priced below their replacement or build costs in an effort to move them quickly.
The new Dakota Mountain Lodge at The Canyons Resort is part of the Waldorf-Astoria collection of luxury hotels. The resort condominium hotel has been open just a few months and still has over 50 contracts still waiting to close (most all were written years ago during the height of the Park City real estate boom). One owner recently closed on their 4 bedroom 4 bath top floor model and immediately offered it for sale at $300K over the price they paid.
The developers of the Silver Strike Lodge in the Empire Pass area of Deer Valley are auctioning 8 units of the development next month with opening bids set at approximately half of their original asking price. Approximately one third of the homes and condominiums that are complete in the Empire Pass area are currently offered for sale.
Sellers in the Park City real estate market appear to have dramatically different ideas of current valuations. In the end, no matter what belief the Sellers have about the market, it is the Buyers that will set the value. Recent sales would appear to show that those Sellers willing to negotiate and/or aggressively reduce their prices are those that will sell their properties in our current market.
For more information regarding Park City sales trends, home valuation opinions, and marketing alternatives
contact a YouInParkCity.com real estate professional.
Tags: Deer Crest, Deer Valley, Empire Pass, Glenwild, Luxury, market, Park City, prices, Promontory, Real Estate, resort, sellers, Ski
Posted in buyers, Park City Economy, Park City Real Estate Notes, sellers |
0 Responses to "Park City Real Estate's Different Worlds"
By Todd Anderson
Oct 06, 2009
The Chateaux at Silver Lake in Deer Valley is a fantastic option for people who are considering the purchase of a condominium in Deer Valley and want the potential for rental income. The home owners recently signed a contract with the Stein Eriksen Lodge to manage the property which, in my opinion, makes the future even brighter.
When a client is interested in generating rental income one of the key factors I look for is the ability for a property to generate revenue on a year round basis. Obviously the Chateaux at Silver Lake's location at mid mountain in Deer Valley generates winter revenue. But what about the spring, summer and fall? With over 9,000 square feet of meeting space the Chateaux has the ability to attract meetings, weddings and other special events throughout the year. Contracting with the Stein Eriksen Lodge will go a long way toward enhancing the perception of the Chateaux in the mind of meeting planners. Convention services, banquets and room standards will all go up a notch. Under the watchful eye of the Stein Eriksen staff the Chateaux's impressive amenities and services which include a large atrium lobby, on-site check-in, evening turndown service, concierge and bell services, complimentary wireless service in each guest room, outdoor heated pool and hot tub, fitness center, specialty shops, underground parking and a gourmet restaurant and lounge will all shine a little brighter.
Another asset that the Stein Eriksen Lodge brings to the Chateaux is an experienced sales and marketing team. These people have been working for years developing relationships with groups that appreciate what Park City and Deer Valley have to offer and demand the high level of service and attention to detail that Stein's provides. This group will hit the street running and should have an immediate and positive impact on rental income for those fortunate enough to own a condominium at the Chateaux at Silver Lake.
Rob Harris
http://youinparkcity.com/
Tags: chateaux, condominium, Deer Valley, income, lodge, Luxury, Real Estate, rental, silver lake, stein, stein eriksen
Posted in buyers, Park City Neighborhoods, Park City Real Estate Notes, sellers |
0 Responses to "The Chateaux at Silver Lake"
By Todd Anderson
Jul 28, 2009
Pricing trends in the Park City and Deer Valley real estate market are very interesting right now. As the national economy tries to find its bottom, Park City, Utah real estate is doing the same while making an effort to prop up its values.
There has been an uptick in the sales activity recently and there is a feel within the real estate community that Buyers are coming back to the marketplace. Recent sales activity confirms the feeling. While the second quarter of 2009 shows 121 sales of land, homes and condominiums in the greater Park City area, there have been 75 closings in the last 30 days. There are some very interesting stories within the numbers here. A third of the sales were for over $1 million which goes against recent trends leaning toward "starter homes" and condominiums. Approximately 30% of the recent real estate sales in Park City and Deer Valley, Utah fall into a category of having drastically reduced prices (at least 20% from original asking price), being a distressed sale (short sales or bank owned properties), or a large variance to current asking prices for a local community.
There is a definite trend toward value no matter what price level, and in the upper most price level there is a tendency to hide sales prices in an effort to keep neighborhood values up. The top 14 sales in this recent report show 5 sales at 20% or more off their original asking price and 6 sales reporting an undisclosed sales price. Utah is a non-disclosure state which means that the sales prices are not part of the necessary data for recording a sale and the sales price is not public record (this is one of the reasons that Zillow has such poor information for Utah). The MLS systems do report sales prices, but again, it is not public record. In an effort to keep data attached to a sale, an undisclosed sales price is recorded in the MLS as 95% of the list price at the time of the sale. The inordinate number of undisclosed sales prices at the top end of the market may artificially inflate the value of these areas, but it can be argued that it is better than no record at all. The number of undisclosed sales prices at the top combined with those sales showing a 20% price reduction (11 of 14 combined) shows that the top levels of the Park City and Deer Valley real estate markets are not immune to the market downturn and that the sellers in the luxury marketplace are also willing to make a deal.
The increased number of real estate transactions in Deer Valley and Park City show that there are strong values in the market and that there are "value shoppers" finding deals here. Not all of these values have a listed price that reflects a value, but with some negotiation, bargains can be found. Contact a YouInParkCity.com real estate professional to claim yours.
Tags: bank owned, buyers, community, condominiums, Deer Valley, distressed, homes, Luxury, market, neighborhood, Park City, prices, real estae, trend, value, Zillow
Posted in buyers, Park City Real Estate Notes, sellers |
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By Todd Anderson
Jul 20, 2009
St Regis, Dakota Mtn Lodge, Treasure Hill, Summit Research Park and more
As the funicular cars fro access to the new St Regis Hotel at Deer Crest in Deer Valley were set to be installed (Friday July 17,2009), local radio station KPCW was airing a story about a Deer Crest residence owner suing the project and its developers.
The radio report indicates that the owner of a home and lot in the lower portion of Deer Crest near the base of the Jordanelle Gondola at Deer Valley Resort has brought a lawsuit against the developers of the St Regis claiming that the developer has improperly changed the original documents pertaining to the parking and access to the hotel at Roosevelt Gap (above the Lower Deer Valley area of Park City, Utah). The complaint stems from the parking that now exists at the hotel and the employee parking lot and shuttle to the hotel from the base area near the gondola. The Deer Crest home owner claims that traffic impacts on the private road through Deer Crest (Deer hollow Rd.) due to the employee shuttles, taxi and limousine service, and service/delivery trucks is outside the scope of the original guidelines for the area and that changes to the guidelines were made improperly.
The St Regis at Deer Crest developers have counter-sued claiming that all changes were made legally and stated that the filing was an attempt to gain access to the amenities of the hotel by the property owner.
In other Park City real estate news, the new Dakota Mountain Lodge at The Canyons Resort in Park City opened its doors for business. The Dakota Mountain Lodge is a part of the internationally renowned Waldorf-Astoria Collection luxury hotels.
The Snyderville Planning Commission has approved guidelines for the Summit Research Park. The research park is an 89 acre development in the Kimball Junction area of Park City just off hwy 224 near the I-80 interchange. The development is scheduled to begin work soon with some road improvements designed to improve traffic flow around the Landmark Dr. Area. The development of the research park with the housing and business construction around it has a possible 20-year build out.
In other planning commission news, the Park City Planning department is scheduled to hear more on the Old Town area Treasure Hill development. This possible large hotel and residential development on the southern hillside above Old Town appears to be moving forward.
The fact that there are major projects finishing up, under construction, and being planned for the near future are positive signs for the future value of real estate in Park City and Deer Valley. These developments will have impacts both positive and negative for many other Park City area communities and developments. To discuss possible recent and future development impacts on your property or future property purchases, contact a YouInParkCity.com Group REALTOR® with Keller Williams Park City Real Estate.
Tags: canyons, Dakota, Deer Crest, Deer Valley, home owner, hotel, kimball junction, lodge, Luxury, mountain, Park City, planning, property, Real Estate, research park, resort, st. regis, treasure hill
Posted in buyers, Park City Economy, Park City Real Estate Notes, sellers |
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By Todd Anderson
Jun 15, 2009
Several clients have asked me if the new St. Regis at Deer Crest will be open for the 2009/2010 Deer Valley® ski season in Park City. And after my tour yesterday of this amenity rich hotel I have to say I believe it will. Everywhere I looked I saw people working, over 400 of them in fact. The 100% wool carpet is going in; kitchen equipment is being hooked up for the banquet kitchen as well as Chef Jean Georges new restaurant. The final touches are being added to features like the waterfall, and the fire garden (my name for it) next to the "ski beach" slope-side pool area. After watching the steady progress over the last couple of years all of the pieces seem to be coming together for the Park City and Deer Valley ski season opening.
Another question I can now answer is: what justifies the price? The condominium and residence units will be appointed at least as well as the other newer luxury homes and condominiums in the Canyons, Empire Pass, Old Town and Upper Deer Valley. I didn't see a residence or condominium without a fantastic view; even those on the first level appear to be about forty feet above the Deer Hollow ski run and look up to other ski runs. But when one considers the Five Star Services and amazing common area which owners of the Residence and Condominium units will include the price seems in line. In my opinion this will be one of the finest real estate offerings in Park City or Deer Valley.
Granted Park City Real Estate has experienced a down turn but I think scarcity will play a role in these condominiums and residences bucking the trend. If you want the level of service, the on hill location and the common area amenities that the St. Regis offers there are only 32 units still available, 8 residences and 24 condominiums. I can't help but think there are 32 more families out there that will see the value in this exceptional project.
For more information on the St. Regis and other Park City and Deer Valley real estate opportunities please contact us.
Rob Harris - YouInParkCity.com
Tags: condominium, Deer Valley, hotel, Jean Georges, Luxury, Park City, Real Estate, residence, Ski, st. regis
Posted in buyers, Park City Real Estate Notes |
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By Todd Anderson
Apr 27, 2009
In the spring of 2008 creditors forced the Promontory luxury golf subdivision in Park City, UT into bankruptcy. The developer, Arizona based Pivotal defaulted on loans amounting to over $270M.
On April 15, 2009 a group named Pivotal 7000 headed by the CEO of Pivotal, Francis Najafi, purchased the development for a price far less than the debt on which Pivotal defaulted. The $70M bid by Najafi which was approved by the U.S. Bankruptcy Court effectively wiped out $275M in loans that had been packaged by Credit Suisse.
During the bankruptcy, Promontory maintained its operations which consist of two golf courses, clubhouses (golf, tennis, kids, outfitters, etc) an equestrian facility and more than 1000 building lots. The assets have been valued between $230M and $560M.
The new ownership plans to move forward with Promontory's original vision for the second home luxury community. While some property owners within Promontory may still have a bad taste for Pivotal, the fact that the development is no longer in bankruptcy and is being run by a company familiar with the project may be a benefit. Promontory's plan of reorganization binds Pivotal 7000, LLC, as the new owner, to observe key provisions of the court-approved plan and sale procedures. These provisions include the obligation to honor Promontory's county-approved master plan, the Promontory Club's membership agreements and membership plan, and the assumption of all lot purchase agreements with Promontory lot and home owners. In addition, provisions have been made in the plan for funding of legitimate unsecured creditor claims and the creation of a reserve fund for Promontory's homeowners' association, the Promontory Conservancy.
The stigma of bankruptcy and the relatively large number of speculative purchases and building that was done by private investors has hurt the market in Promontory. The luxury homes that are for sale in the Promontory area are currently some of the best values in Park City. Now may be a perfect time to invest or purchase a second home in a golf course community as the developer should be on much more stable ground for the near future.
On another positive note, Golf Digest just ranked the Jack Nicklaus and Pete Dye designed courses at Promontory as the number 2 and 3 courses in the state behind Glenwild (also in Park City).
Tags: auction, bankruptcy, development, Glenwild, Golf, homes, Luxury, Park City, Promontory, purchase, rankings, Real Estate, Ski
Posted in buyers, Park City Golfing, Park City Neighborhoods |
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By Todd Anderson
Mar 22, 2009
Efforts to work through the Chapter 11 bankruptcy moved forward last week as it was announced that the Promontory Development will be auctioned off on the 15th of April, 2009. Credit Suisse has opted to send the property and operations to auction rather than provide the $70 Million in exit financing mandated by the bankruptcy court.
It is expected that Promontory will emerge from bankruptcy in April and the winner of the auction will be bound to observe key provisions of the Court-approved reorganization plan and sale procedures. The provisions include the new owner's obligation to honor Promontory's County-approved master plan, the Promontory Club's membership agreements and membership plan and the assumption of all lot purchase agreements with Promontory lot and home owners. With some luck, this will remove some of the cloud of uncertainty that has been over the development since it was forced into bankruptcy in March of 2008.
The Promontory luxury golf, equestrian and "club" community of second homes covers approx. 7200 acres in the Park City Area with a master plan including 5 golf courses (2 are currently complete), pool, tennis, kids clubhouse, trails, outfitters cabin, ski resort amenities at Deer Valley and Park City Resorts and more (many of which are currently in place). The area includes over 1900 home sites. Of the 700 or so lots that have been sold, nearly 300 have homes completed or homes under construction.
Many of the homes and lots were purchased and constructed during the Park City real estate boom. They have not escaped the current market downturn and the effects of the bankruptcy cloud over the development. There are currently over 100 lots for sale and nearly 90 homes in various states of completion. Many of the lots are offered at prices near or below their original sales price. There are 26 homes available for under $2 Million (I can recall a time two years ago when there was only one).
If The Promontory development emerges successfully from this bankruptcy and is able to complete its original vision as a four-season, multi-generational luxury community, this may prove to be one of the best times to purchase. See the Promontory golf page of the YouInParkCity.com website for a couple of our favorites.
Tags: auction, bankruptcy, development, Golf, homes, Luxury, Park City, Promontory, purchase, Real Estate, Ski
Posted in buyers, Park City Economy, Park City Neighborhoods, Park City Real Estate Notes |
0 Responses to "Promontory Bankruptcy Auction Date Set"
By Todd Anderson
Jul 01, 2008
The 123.1 Million dollar sale of The Canyons Resort is reported to have been completed yesterday June 30, 2008. The purchase price is reported to have been $52.1 million in cash and $71 million in senior secured notes to American Ski Company. The sale should put an end to Vail Resorts attempt to purchase the resort although Talisker does retain an option to sell the resort at a future date. Talisker will assume responsibility for pending litigation by The Canyons Resort's former owner Wolf Mountain which claims that American Ski Company defaulted on its lease and that the property should go back to Wolf Mountain.
Talisker plans to keep the current management team of The Canyons Resort in place with Mike Gore as the managing director. There are no plans currently for any major upgrades to the mountain as it is already too late in the summer and planning process to start improvements for the 2008-2009 snow season. There are currently plans for some access lifts to be completed this summer.
Talisker officials stated that they will begin looking at the resort's development master plan soon. The sale of the resort includes as much as 3 million square feet of developable real estate located at the base of the resort as well as mid-mountain. Talisker will run the resorts 3700 acres under a lease agreement with Wolf Mountain (this lease is a major portion of what Talisker has purchased from American Ski Company).
Talisker is a privately held corporation that owns over 10,000 acres in and around Park City. They are the developers of the luxury residences at the Empire Canyon area of the Deer Valley Resort as well as the Tuhaye golf resort just outside of Park City. The Canyons Resort has made great strides in recent years opening new terrain and offering new real estate opportunities in the Park City area. The sale of the resort to a luxury resort owner/operator should benefit the area and its surroundings.
For information on how this may affect your property or future property aquisitions usr the contact us button at the top of the page.
Tags: Deer Valley, development, Luxury, Park City, Real Estate, Talisker, The Canyons Resort, Tuhaye
Posted in Park City Real Estate Notes |
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