Deer Valley Real Estate Sales 2012

By Todd Anderson

Mar 17, 2012

Real Estate sales in Deer Valley, Utah for the current year.

We here at the YouInParkCity.com group keep a constant eye on what is going on in Park City real estate through a consistent watch of the Park City MLS, regular open house attendance, talking with other agents and monitoring what our clients and local visitors tell us among other things. A recent post indicating that Deer Valley sales were on an uptick caught our eye. Here is a summary of what we found to be true:

Current Park City MLS data shows that there have been 40 sales of homes condominiums and vacant land in Deer Valley since the first of the year. This number is almost identical to the real estate sales for the same period for last year. The average sales price is down a bit at just under $2 million, but the median sales price (half above and half below) is off by nearly $1M. So, thus far in 2012, half of the real estate sales in Deer Valley have been for less than $1M. While we are still seeing movement in the luxury market with sales at the Montage and St Regis Deer Crest hotel residences, real estate sales of above $2M in Deer Valley are currently off by 25% from this time last year. The 16 current pending sales represent a possible upward movement if they make it through to closed sales.

Overall the Deer Valley real estate market is a somewhat mixed bag with pockets of strengths and weaknesses but overall fairly stable in relation to last year. For an in-depth analysis of the portion of the Deer Valley or Park City real estate market that interests you contact a realty professional with YouInParkCity.com at (888)968-4672.

Tags: analysis, condominiums, Deer Valley, deer valley real estate, homes, MLS, Park City, Park City real estate, sales, Utah
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Park City Utah's $55M Property

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
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Park City Failed Development

By Todd Anderson

Nov 11, 2009

The Park Record reported Saturday that a portion of the Black Rock Ridge Development outside Park City, Utah has been sold to the Talisker Company and is slated to become employee/affordable housing. Talisker owns the Canyons, Tuhaye, Empire Canyon and other properties in Summit and Wasatch Counties. Black Rock Ridge was slated to be a community of approximately 250 condominiums and townhomes ranging form 800 to 2000 square feet. The development offered its first completed models for sale in early 2008. Black Rock Ridge was promoted as affordable mountain style townhomes and condominiums in Park City, Utah. The development offered new construction homes at prices just below $300 per square foot. The product appeared well received, but the timing was poor. Black Rock Ridge is technically in Wasatch County and not Park City. This may have had something to do with its poor sales too as Wasatch County is outside of the nationally ranked Park City School District. Five unit sales in Black Rock Ridge were recorded across the Park City MLS. The remaining project was foreclosed upon by the bank this past spring. What will happen with the uncompleted common area amenities and future phases of the development is unknown. The Talisker Corporation purchased 26 of the unfinished units and has an agreement with Park City which will allow Talisker to use them (along with other concessions) to satisfy some of their employee and affordable housing components of the Empire Pass development. A Talisker representative was quoted as saying the company would sell the 9 townhomes at market value and the 17 condominiums when complete for $200K - $240K. The current owners at Black Rock Ridge will welcome some completion to the project, but are unhappy (to say the least) that the development will become "affordable housing" as the impact on their investment is decidedly negative. The location of Black Rock Ridge is less than 5 miles from the center of Park City making the area easily accessible. There are 2 other residential developments currently under construction in the area - Park's Edge and The Retreat at Jordanelle. There are also commercial development possibilities in the area which is home to Stock Building Supply. Presently the area is a bit of no-man's land and given the current economic state, it may be a while before this changes. The YouInParkCity.com group advises to carefully examine these and other unfinished Park City real estate developments before purchasing.

Tags: affordable, Black Rock Ridge, community, condominium, development, empire canyon, jordanelle, MLS, Park City, Parks edge, Real Estate, retreat, Talisker
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Stale searches from Yahoo.com

By Todd Anderson

Apr 10, 2008

Hitwise (a web metrics company) reported that in March, 2008 the top 4 real estate websites in terms of market share were Realtor.com, Re/max, Yahoo.com and Zillow.com. If you watch the month to month statistics that lead to these rankings, nothing seems wrong. These are big companies with large marketing budgets and many people working to make sure the sites show up when people use various search engines to find real estate. As many of the various MLS's (multiple listing services) become more transparent and the use of the internet increasingly becomes where consumers start their housing searches, web traffic to these sites seems normal. There is one glaring problem with some of these searches; stale and/or incorrect data, as well as inconsistencies. Recently while I was working with a Buyer, I was sent a list of MLS numbers that the client wished to see. There were nine numbers emailed to me which corresponded to the 2 different MLS systems available to the greater Park City, Utah area (Park City MLS and Wasatch Front MLS). Being a member of both the Park City and Salt Lake Boards City of Realtors, the numbers didn't present a problem. After searching the numbers, I found not one "active listing" in the homes my client had liked. All of the listings had sold or expired, some had new listing numbers. The sales had happened a year ago or more. All of the data that my client had searched was stale and effectively worthless. What a waste of time! I asked what search was used and the response was "Yahoo". I redirected the Buyer to my website http://www.youinparkcity.com/ which features an IDX feed from the Park City MLS and my client found current active listings and information. While the You In Park City group will never have the budget of a Yahoo or Zillow, it is somewhat comforting to know that we will always have a better ability to stay current and offer better information and service than the big dot com's.

Tags: internet, MLS, Park City, Real Estate, search, Utah, Yahoo, Zillow
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