Park City Real Estate Trends

Summit & Wasatch County 2017 Annual Home Sales Statistics

By keziah
Jan 26, 2018

The Park City Board of REALTORS® has released annual statistics for Summit and Wasatch Counties. The 2017 year-end summary report indicates the overall real estate market continues to be healthy, steady, and growing at sustainable rates.

The number of single-family home transactions and the median sales price grew at 5% and 14% respectively over the past year. 84% of these sales occurred outside the Park City Limits, as primary home buyers’ demand for the Wasatch Back lifestyle increased. The number of condominium transactions and median sales price grew at 4% and 6% respectively from 2016 to 2017. Condominium sales grew at a slightly faster pace inside the Park City Limits than in other areas in Summit and Wasatch Counties.

You In Park City's Todd Anderson, President of the Park City Board of REALTORS® commented, “These growth rates are highly sustainable. We believe the real estate market in Summit and Wasatch Counties is balanced between buyers and sellers. That being said, the market could always use more inventory.”

Remember that these overall statistics are simply a snapshot at a moment in time and may not be representative of long-term trends. Summit and Wasatch County markets are composed of numerous hyper local markets. More granular statistics are shown below. Buyers and sellers are encouraged to contact a You In Park City Realtor® to find answers to specific real estate related inquiries and fully understand trends in the overall market as well as specific areas of interest.

Year-Over-Year Single Family Home Sales

Sales inside the Park City Limits increased by 13% and median sales price increased by12%.

Highlights:

Park Meadows sales were flat but median sales price increased 13%. Old Town sales increased 30% but median sales price increased only 2%. Prospector sales increased 30% and median sales price increased 7%. Sales in the Snyderville Basin increased by 7% and median sales price increased by 6%.

Highlights:

Sales in the Canyons area were up 13% but median sales price decreased 31%. Sales in Silver Springs were flat and median sales price increased 6%. Pinebrook sales were also flat but median sales price increased 7%. Jeremy Ranch sales increased a healthy 25% and median sales price increased 5%. Promontory continued to grow as sales increased 20% but median sales price decreased 14%. Other Summit and Wasatch County Area Highlights:

Heber Valley sales decreased slightly but the median sales price increased 15%. Jordanelle sales increased 66% and median sales price increased 9%. Kamas Valley sales increased 4% and the median sales price increased 1%, while Kamas and Marion sales were up significantly and median sales price increased 3%. Oakley and Weber Canyon sales and median sales price decreased 13% and 2% respectively. Wanship, Hoytsville, Coalville, Echo, & Henefer sales increased 13% and median sales price increased 9%.

Year-Over-Year Condominium Sales

Sales inside Park City Limits increased by 14% and the median sales price increased by 6%.

Highlights:

Old Town sales led the way with a 19% increase but the median sales price was flat to last year. Lower Deer Valley sales increased by18% and the median sales price was up slightly. Prospector sales and median sales price were essentially unchanged from 2016 to 2017. In the Snyderville Basin sales decreased by 4% and the median sales price increased by 6%.

Highlights:

Canyons sales decreased 6% and the median sales price also dipped 10%. Kimball sales increased 3% and the median sales price sales increased 33%. Pinebrook sales decreased 17% but the median sales price increased 10%. The number of condominium sales and median sales price in the Jordanelle area increased by 1%. Similarly, the number of Heber Valley sales and median sales price were flat to last year.

Conclusions

At a 40,000-foot level, the Greater Park City Area real estate market looks healthy and steady. However, each micro-market needs to be understood apart from the overall market; simply reviewing the numbers is not suficient to understanding property value. Sales in individual markets can be influenced by a number of factors, including unique outlier sales that can heavily weight the statistics. In addition, amenities, property condition, floorplan, location, inventory, and new construction impact the numbers. The only sure way to fully understand the real estate market in Summit and Wasatch Counties is to contact a You In Park City Realtor®.

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.

Making Sense of Park City, UT Housing Prices

By Todd Anderson
Dec 02, 2017

Park City, Utah home and condominium prices in general are still rising, but a few things have had me scratching my head recently.

Wasatch Back MLS Market WatchI study the data on the Wasatch Back (formerly Park City) Multiple Listing Service (MLS) daily. I watch the new listings, pended sales, completed sales, removed listings and price changes depending on the day of the week, there are 35-75 daily changes.

Price Changes can really give an idea of which way the market is trending although in some cases they make me wonder “what was that agent or owner thinking?” when they priced it originally. Recently I sent a new listing to a client with a note stating, “this is priced well and likely won’t last long”.  Two weeks later it still hadn’t sold which made me question my knowledge, but then a price increase on the property showed up with the price going UP by nearly 35%. I somewhat wrote this off to an agent with little experience in our market, but I noticed something similar from a seasoned agent that knows our Park City real estate market well. This time it was a 20% price increase, but both properties remain on the market a few weeks later waiting for offers on their increased prices. Maybe we can chalk it up to greedy Sellers(?).

While price increases on listed Park City properties are fairly rare outside of new construction which often sees pricing go up as the projects are closer to complete, price reductions are common. Owners may like to “test” the market with a high initial price only to lower it after a few weeks. Lately though it has not been uncommon to see prices be lowered by 20% or more. Seeing a $500,000 drop on the price of a home is surely a good talking point, but I’m not convinced that it is a great marketing strategy. Buyers will tend to not even look at a property that is too far above the market and Sellers often get “anchored” to their original price whether or not it was realistic.

The Park City real estate market has a lot of moving parts and inventory can be quite slim depending on what exactly you have to sell or are looking to buy. Properties that are priced well move quickly, but it doesn’t mean that you can get or need to pay 20% more than the market value.

If you are looking to Buy or Sell property in the Park City, Utah area or just want a better feel for what is going on in the market, contact a realty professional with the YouInParkCity.com Group

(435)962-9472.

Real Estate Sales in Park City. Q1, 2017

By Todd Anderson
Apr 12, 2017

The real estate market in Park City, UT sky-rocketed during the first quarter of 2017.

Comparing the first quarter real estate sales of 2017 to the first quarter of 2016 looks similar to the snowfall comparisons between the two years.

  • Unit volume sales of Single Family homes were up nearly 20%
  • Dollar volume of Single Family homes sales was up nearly 25%
  • Condominium unit sales were up nearly 40%
  • Condominium dollar volume was up a whopping 74%

With all that said, the YouInParkCity.com Group knows that 90 days’ worth of sales isn’t enough to be statistically relevant and the small sample size we are dealing with is easily skewed. If we remove the $50M worth of sales at the Stein Eriksen Residences (SER), condominium unit volume changes to being up 30% with dollar volume up 35%.

The timing of new product to the market definitely impacts our numbers in the first quarter which is historically one of the slowest of the year. In addition to SER mentioned above, a similar story may have happened around the Jordanelle Reservoir where unit sales we up nearly 60% with the completion of many townhomes at Black Rock Ridge and Park’s Edge.

The story-line that may be more relevant and reliable in terms of the data is about scarcity. The greater Park City area currently has under 800 homes and condominiums for sale; the first quarter (which we mentioned is normally slow) had over 300 completed sales. That is less than 9 months inventory at the current sales volume.  This isn’t necessarily out of whack until we look at pricing and sales within price points.

  • Current for Sale Inventory of 440 Condos and 340 Homes in greater Park City has been relatively stable for the past four years
  • The median sales price of a home over the past year has been approx. $1.25M there are 57 active listings below this price (2.5 months’ worth of inventory)
  • The median sales price for a condominium has been $525,000; there are 105 options on the market below this price (3 months’ worth of inventory)
Note that the stats here are just raw data Park City area home and condo numbers and really don’t take locations, views, finishes and all the things that make a home unique and special into account. Thirty percent of the sales in the past year were on the market for less than two weeks.

Having someone that knows the market and the specifics of what you want to buy or have to sell is imperative. Contact the YouInParkCity.com Group for all your Park City Real Estate needs.

Ski Condo Investments – Park City, UT

By Todd Anderson
Sep 09, 2016

Is now the right time to invest in a vacation rental in Park City, Utah?

The ski and snowboard magazines rating the new 2016/2017 equipment are in the racks or already in your mail stack, and there are less than 90 days to the opening of the snow ski and ride season. Is now the time to buy a Park City condo you can use a few weeks this season and rent out while you aren’t using it? Here are some of the things you can expect if you start the process now:

  • Sellers while having been on the market all summer may be less inclined to lower their price

While it may seem like sellers would be willing to get more aggressive and move away from their ski condo, the opposite is often true. After carrying the condo all summer long with little or no use and rental revenue, the reservations for the upcoming Park City ski/ride season are ramping up and Sellers can see a positive revenue stream on the way in the near future. The upside of this for potential Buyers is the same for the non-seller, rental revenues are not far off.

  • Holiday weeks may already be booked

Peak holiday weeks in Park City can often book a year out. Sundance, Presidents Day, the Christmas to New Year’s holidays and some spring break weeks are already showing strong bookings. This is a positive for your rental cash flow, but may impact your ability to use your condo at these times. On the flip side, it could be a great time to come out and check on your investment (maybe your CPA will allow you to write the trip off?!!).

  • It is easy to see the available inventory now

Many people get the idea to buy a Park City vacation condo while they are on a ski vacation. The trouble is that if you are here during peak times, many of the condos you want to see are not available due to the fact that they have renters in them. We at YouInParkCity.com encourage you to come out now and enjoy the fall colors while the rental rush is quiet. It will allow you to see the options and make your decision while there is still time to plan your winter stays here.

  • There is still time to make minor improvements

A full remodel is likely out of the question before the slopes at Park City and Deer Valley open, but a fresh coat of paint, new carpet and adding some personal touches are still viable upgrades before the season starts. These little things make your rental show better in photos and rent better for the upcoming season.

  • Why wait? There is revenue to be collected to start paying for your new vacation

The results of the upcoming election will have no impact on how much you want to ski this year. And as Warren Miller likes to say: “if you don’t do it this year, you will just be a year older when you do it next year”.  It’s time to start making those family memories, skiing is one of the few truly multi-generational sports out there.

For reliable and truthful information regarding Park City and Deer Valley ski (and snowboard) condos contact a local real estate professional with the YouInParkCity.com Group at KW Park City Keller Williams (435)962-9472.

Park City Real Estate Sales 2015 Review

By Todd Anderson
Jan 26, 2016

Park City Real Estate sales for 2015 continued to show strength and appreciation. The Park City Real Estate Market has shown consistent growth in each of the last eight years going back to 2008. The numbers show steady growth in terms of both unit volume and dollar volume (over $1.85 Billion).

Park City area real estate sales volume

Inventory within the Greater Park city area (Park City Proper, Snyderville, and the Jordanelle area) remains tight with approximately 750 homes and condominiums available. This number translates to an absorption rate of just under 7 months at current sales rates. Note that while this number is higher than national averages, for the Park City real estate market the average absorption rate since 2010 has been 11 months. So we are still in a Sellers’ market in Park City.

New and upgraded homes and condominiums demand a premium and move quickly from active for sale status to pending contracts. Statistics for 2015 indicate that approximately 25% of the sold homes and condos were active for sale listings for less than 2 weeks. Acting quickly or even searching out properties that are not actively listed can make the difference between owning a property and missing out. Ask YouInParkCity.com about how we can help.

Price increases for single family homes have continued to outpace the condominium market. The median sales price of an “in-town” home for 2015 was over $1.5 Million while median prices in the Snyderville Basin and Jordanelle are quickly approaching the $1 Million mark. Price increases from 2014 to 2015 increased approximately 17%. The Park City real estate market for entry-level homes is ultra-competitive. Less than 5% of all home sales in the Greater Park City area for 2015 were for less than $500,000. At the time of this writing, there were zero homes available under $500,000 and less than 10 listed for sale at less than $600,000.

  • The Median Price of a Single Family Home in Greater Park City was $1,070,000 in 2015
Condominium sales in the Park City area increased 7% in 2015 as median prices rose about 15% to $449,000. The impact of new construction and inventory levels had a great impact in specific neighborhoods. The Old Town area saw sales fall by 35% while the Kimball Junction area had sales jump over 100% and median sales prices increase 60%.
  • The Median Price of a Condominium in the Greater Park City area was $449,900 in 2015
Real estate values, pricing and demand in Park City is very localized, sometimes even down to which building in a subdivision or floor and view corridor within a building. For accurate reliable information contact a real estate professional with the YouInparkCity.com group to discuss how these intricacies will play into your real estate sale or purchase in the Park City, UT area.

Data herein derived from PCMLS data. Information is deemed reliable, but not guaranteed.

Things to Do on Presidents’ Day in Park City

By Todd Anderson
Jan 15, 2016

freedom-united-states-of-america-flag-americaThe Presidents’ Day holiday is one of the most popular weekends in Park City.  Many visitors flock to the area to enjoy this long weekend, and Park City doesn’t disappoint with the many events and activities.  Don’t miss a day on the slopes of our great mountains.  Both Park City and Deer Valley are great places to enjoy a day of skimming down the slopes before enjoy a great meal at one of the many area restaurants.  Here’s a look at some of the special events that will be happening during this exciting weekend:

San Francisco Gay Men’s Chorus

Eccles Center for Performing Arts

February 13

Tickets available at the Eccles Center, 1750 Kearns Blvd.

Since 1978, this touring group has brought harmony – and endearing playfulness – to the gay rights movement. Enjoy the musical stylings of this chorus, under the direction of Dr. Timothy Seelig, as they continue to keep the soundtrack of civil rights going strong.

The Association

Egyptian Theatre

Thursday, Friday and Saturday, Feb. 11-14

Come out and enjoy the sounds of The Association on the group’s 50th Anniversary Tour! Making history since 1965, this group has received seven Grammy nominations and has six gold and three platinum records. Enjoy favorite hits such as “Never My Love”, “Windy”, and “Cherish”.

2016 Winter Art Salon

Feb. 12-16

The Winter Art Salon is a four-day event showcasing highly recognized artists and other vendors. You will have the opportunity to purchase art and luxury goods, as well as participate in seminars and discussions with artists and experts. All of the events will take place on the slopes of Deer Valley and all proceeds will benefit the Kimball Art Center.

Combine Valentine’s and Presidents’ Day

This year, Valentine’s Day falls during the same weekend as Presidents’ Day. Take this opportunity to enjoy the romance of Park City.  This is the perfect time for a weekend getaway. You can enjoy a cozy bed and breakfast or mountaintop luxury retreat.

Go on a romantic sleigh ride. What’s more romantic than cuddling under a warm blanket while being taken across a winter wonderland? You can enjoy a sleigh ride with or without a delicious dinner.

Park City is home to plenty of romantic restaurant offerings. There are more than 100 restaurants in Park City, offering everything from high end dining to casual eateries. Just make sure that you make those reservations in advance!

What’s new in Historic Old Town Park City real estate?

By Todd Anderson
Oct 06, 2015

One of the areas in Park City where there is value being created by scarcity is Old Town. In the span of years from the mid 1800’s until now most of the lots have been built on. In a typical real estate cycle homes will age and then be torn down to develop new product. The difference in Old Town is that there are a significant number of structures on the Historical Register and these cannot be removed to build new structures. These structures include homes, sheds, garages and even chicken coops. Depending on the historical designation many of these structures cannot even be moved. This is why new construction in Old Town is so valuable.

That being said there are some exciting new construction opportunities in Old Town Park City.

The Parkite & 820 Park Ave

The Parkite:

This redevelopment of the Main Street Mall is nearing completion. Located on upper Main Street these 15 condos located in the heart of Old Town’s Historic District is a must see for Park City’s luxury buyer. For more information or to view available listings click The Parkite.

820 Park Avenue:

There are only three condominium subdivisions contiguous to the Town Lift Plaza ski lift and 820 Park Avenue, which is nearing completion, will be the newest most luxurious of the three. All ten of these condos are under contract.

Single Family Homes:

Sampson Ave, Echo Spur and King Rd

There is a s home on King Road that is under construction with an undetermined completion date. It will be between 1800 and 2100 sf and have three bedrooms and three baths. There is a possibility that there will be a basement added but at this point we are unsure.

A recent sale of a home on Sampson In the historic district that had all of the bells and whistles. There was no detail over looked. This home had 5 bedrooms and 5 bathrooms with a total sf of 3,870. This home sold at $4,000,000 for a per sf price of $1,034.

Echo Spur:

Echo Spur is a new Subdivision of 7 homes on Rossi Hill. Most of the homes will have exceptional views up to Empire Pass in Deer Valley. The most unique element to these homes will be the developer’s commitment to building a “Green Home”

45 King Road:

We identified a 10,000+ sf parcel that had a historic home on it and, for one of our investors, spearheaded the process with the city staff, historical planners and the City Council to get it re-platted. A typical Old Town lot is 1,875 sf. By combining parts of 8 different lots that made up this parcel we were able to create two 5000+ sf lots. We also worked to get the design and plans approved for a new home that incorporates the historic home. Construction is now underway on a 3400 sf home 1 ½ blocks from the top of Main Street on a flat lot a shared private drive. The views are exceptional. This home should be available in early summer of 2016. For more information contact Rob@YouInParkCity.com

There are other homes and condominiums in the design or construction phase. To find out which home might be the best fit for you or to determine the value of your property in Old Town contact the  YouInParkCity.com Group at KW Park City Keller Williams Real Estate (435)962-9472.

Park City Real Estate Competition by Price Point

By Todd Anderson
Sep 29, 2015

Whether you are a Buyer or a Seller in the Park City Real Estate market, the price point that you are buying or selling in can have dramatic impacts on how easy or hard the process is.

The Park City Real Estate Market has seen its strongest 12 month period for sales since 2006. Inventories are low and prices in many areas are above their historic peaks.  With that said it does not mean that there are no deals to be found or that the property you list for sale will be gone in a matter of days. There are many factors that make up the ultimate value of a home or condominium in Park City and of course location is the most important; the age, shape, layout, views and design also contribute to the value. Once all of the of the value factors of a home are considered, the ultimate price has an impact on what competitive part of the market you are buying or selling in.

Queen Esther at Deer Valley, Park City, UTah Under Contract in less than a week $549,000

A look at the past year’s sales, current under contracts, and active inventory in the Park City Real Estate Market homes and condominiums provides a lot of insight to the competition levels at different price points.

The Park City MLS recorded 844 condominium sales over the past 12 months and there are 395 currently listed for sale which gives us about 5.5 months of inventory at the past 12 months sales rate. This absorption rate though is dramatically different depending on the price range you are searching. For condominiums under $500K, that supply drops to months and increases to 20 months for condominiums listed for sale at over $1 million.

On the Market amid heavy competition $8 million - Courtesy KW Keller Williams Park City On the Market amid heavy competition $8 million - Courtesy KW Keller Williams Park City

Single family homes in the Park City real estate market show similarities: the current 388 homes listed for sale would be gone in 8.4 months at the past 12 month’s sales rate, but when broken down into price points a different storyline appears. The inventory of homes priced under $1M would last only 3.7 months at the current absorption rate while homes priced over $2M have an inventory that would last nearly 2 years (23.2 months) at the sales rate of the past 12 months.

Lower priced homes and condominiums are more competitive on the Buying side while higher priced homes and condos have more competition when it comes to Selling. To truly understand the implications of this we need to delve further into specifics of a Buyer or Sellers’ individual property types, subdivision, state of repair and of course location.

For a professional assessment and action plan for your Park City Real Estate needs contact a realty professional with the YouInParkCity.com Group of KW Park City Keller Williams Real Estate.

Park City Gated Golf Course Community Update

By Todd Anderson
Jul 07, 2015

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.

Promontory Painted Valley Course

 

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.

Victory Ranch Golf 2015

 

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.

Jeremy Ranch Real Estate Park City 2015

By Todd Anderson
Jun 18, 2015

Real Estate information for the Jeremy Ranch area of Park City, Utah for the first half of 2015.

The Jeremy Ranch area of Park City is the sunny side of the highway across from Pinebrook. The neighborhood surrounds the private Jeremy Ranch Golf and Country Club golf course. Jeremy’s northern open space boarder is a great elk habitat and a number of hiking and biking trails accent the area. The local elementary school is considered one of the best in the state and the proximity to Salt Lake City and Park City makes this a very desirable community.

Real estate in Jeremy Ranch is experiencing similar market pressures as seen in other Park City communities; high buyer demand with relatively low inventory for sale.

Jeremy Ranch homes for saleOn June 10, 2015 there were 30 single family homes and no condominiums for sale in Jeremy Ranch. The last six months has seen 19 home sales and 11 condominium sales. Single family home sales are the same as a year ago but the median price of the homes sold has risen nearly 30% to $875,000. Condominium sales nearly doubled from the same period last year, but the median sales price has only risen by 15%. This mirrors most of Park City as recent sales prices for single family homes have risen more than condominium sales prices.

A quick look at the pending sales shows that homes priced well are moving quickly. Of the ten current pending sales in Jeremy Ranch, six (60%) were on the market less than two weeks. Normally only 25% of active listings sell in the first three weeks, indicating that current buyer demand is strong.

This strong demand for homes in Jeremy Ranch is great for Sellers but bad for Buyers. Working with the YouInParkCity.com Group at KW Park City Keller Williams Real Estate will give you an advantage whether you are Buying or Selling. Contact us to discuss the advantages of putting us on your side.

Pinebrook Real Estate Park City 2015

By Todd Anderson
May 27, 2015

Real Estate information for the Pinebrook area of Park City, Utah as of Memorial Day Weekend 2015.

The Pinebrook area of Park City remains a desirable primary home as well as second home location offering great trails, parks, local amenities and easy access to Park City’s Resorts and Main St. as well as Salt Lake City. Pinebrook Homes and Condos For Sale | Park City, Utah The current housing market in Pinebrook mirrors the real estate market in Park City with limited supply of homes and condos for sale and great Buyer demand.

There are 18 active Single Family Home listings across the Park City Board of Realtors MLS with prices ranging from $449,000 to $1.5 million. There were 18 sales in the past six months ranging from $550,000 to $1.2 million. This translates to a six month inventory supply (a limited supply in terms of Park City due to its combined primary and second home nature). Looking back at the same time period last year, there were also 18 single family home sales BUT the values of the homes sold has increased dramatically. In the last six months there were six sales over $900,000 while the same time last year had zero. Of the eight current pending sales three have asking prices over $1.3 million. The median sales price over the past six months was $797,125 while for the same period last year it was $696,500.

The lack of Pinebrook homes and condominiums for sale represents obstacles for both Buyers and Sellers. The YouinparkCity.com group at KW Park City Keller Williams Real Estate is ready to help you navigate the Park City real estate market.

For Buyers we will educate you and keep you informed of market changes, recent sales, pending sales, back on market listings and homes not available on the MLS. In today’s market finding a house is often the easy part; negotiating the contract, working through the discovery and remediation processes of due diligence, navigating the financing appraisal hurdles while keeping a cool head with a focus on the end goal are just part of what we do.

For Sellers we pre-market and market your home in such a way that the buyers and their agents are educated to the value it represents to ensure you get the most you can from your home with the least amount of hassle in a timeframe that suits your needs. Similar to the Buying side, getting an offer is often the easy part of the process; negotiating for you while navigating multiple offers, repairs, addenda, title issues and more again are just part of what we are doing behind the scene of your sale.

If you or someone you know is thinking of buying or selling a home or condo Pinebrook or the greater Park City area, contact a YouInParkCity.com realty professional.

Search Pinebrook homes and condos For Sale

PARK CITY UTAH IS A WORLD CLASS RETIREMENT CITY

By kendrummetblog
May 16, 2015

What? Right, most people think of Park City as a World Class ski city, and it is, with three great ski areas of Deer Valley, Park City Mountain Resort and Canyons; and it is an Olympic town too, with training facilities for bobsled, luge, skeleton, ski jumping and aerialists.

Retirement in Park City isn't about rocking chairs Retirement in Park City isn't about rocking chairs

Park City real estate appeals to retirees, those ready or just planning for the future because Park City is a small town where you can know almost everyone, find part-time employment,, or fulfill your need to help others by volunteering in numerous non-profit organizations. Just over the hill is Salt Lake City, where you will find convenient access to an International airport, trauma medical centers, several universities, museums, and unlimited entertainment venues.

A low-humidity, temperate, bug-free climate, allows you to enjoy summer hiking, biking, golfing, fishing, camping, and attending numerous music events. Venture out seven hours from Park City and you will find nine National Parks, more than twenty National Monuments, and numerous State parks and campgrounds. Most retirees find they don't have enough time to do all they want to do....but you can be outside and active year round.

Prepare for your retirement in Park City and call an agent with the YouInParkCity.com real estate group today to find your perfect home...and be ready to be visited frequently by friends and family.

Victory Ranch Revisited

By Todd Anderson
May 04, 2015

Much more than one of the Best Golf Courses in Utah.

If you’ve read up on Victory Ranch through YouInParkCity.com you are aware that we consider the golf there one of Utah’s Best; a recent excursion reminded us that it is so much more.

Changes at Victory Ranch recently have made great enhancements to the outdoor lifestyle and the community feel of Victory Ranch.

The 350 residences nestled around the golf course are bordered by large open spaces (Victory Ranch covers 6700 acres).

Construction within the community include new golf “cabins” with spectacular views.

Victory Ranch 1

River Cabins that can be used while you are building or as over-flow for your guests, are well appointed with a feel of being away from it all just outside your door.

The Post is well on its way with framing complete and construction workers feverishly moving forward, the building will be the centerpiece for member activities including gym facilities, an outdoor pool, lunch to go and gathering spaces.

New this spring was the addition of the Ski-in/Ski-out Clubhouse for Victory Ranch Members at the base of the Town Lift on Main St in historic downtown Park City. It is a perfect before and after ski locker space and lounge area.

Over 4000 of Victory Ranch’s 6700 acres is designated as “Backcountry” set aside for exploring on foot, horseback or in four-wheel drive ATV’s. More than 20 miles of mountain bike trails run through the Backcounty; easily accessed on the complimentary full suspension or fat tire mountain bikes.

The Double Barrel is a 5-stand shooting facility with 5, six clay target launchers and experienced range masters can make even someone that has never handled a shotgun feel comfortable and have fun.

Double Barrel shooting at Victory ranch

Victory Ranch’s location along the Upper Provo River has always been one of the things that differentiated it from other second home options in and around Park City, Utah. Its four miles of private world class fly fishing truly sets it apart. Stocked ponds on the property offer a perfect introduction to the sport.

Our most recent outing at Victory Ranch courtesy of its year-round concierge and activity guides gave us an overview of its amenities that reinforced our feeling that this is a truly special private community.

Not all ownership opportunities are listed across the MLS and there are new river view and golf view homesites that we feel are great opportunities.

For more information and a tour of Victory Ranch contact YouInParkCity.com.

Park City Real Estate Q1 2015

By Todd Anderson
Apr 24, 2015

Inventories continue to fall as prices rise.

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

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

Median Sale Price for Park City Homes

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

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

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

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

    Data herein was compiled from the Park City Board of Realtors MLS System. Information is deemed reliable, but not guaranteed.

    Is it Too Early to Shop for a Park City Ski Vacation Home?

    By Todd Anderson
    May 06, 2014

    It is just barely May, there are still snowflakes in the Park City, UT 10 day weather forecast and I haven’t even thought about taking out a pair of short pants; so is it too early to think about the 2014/2015 ski season and owning a home or condo in Park City?

     

    My email inbox is trying to tell me that even though I haven’t tuned up my mountain bike or straightened out my golf swing that it is time to think about winter.

     

    Season pass deals for next ski season are on sale now and with some great incentives to buy now. Adult season passes for Park City Mountain Resort start at $725 if purchased before May 15; after that they move to $815 (and up). Epic passes for Canyons Resort (and 10 other Vail Resorts run mountains) include two Buddy passes if you put down $49 toward the pass before May 26, 2015. Buying now also gets you the upcoming summer biking and hiking season at both resorts (scheduled to start June 12th at Canyons and May 23rd at Park City Mountain Resort).

     

    Park City Mountain Homes On top of season ski pass deals in my email inbox, I’m already seeing messages from property management companies with deals on 2014/2015 winter bookings which include lift tickets or gift cards for those that plan early.

     

    So how does this apply to Park City real estate? In the past 21 days (effectively the end of the ski season), there have been 20 ski vacation homes and condominiums that have gone under contract. There have also been 30 new listings of homes and condominiums we would consider to be in line with ski vacation ownership property. Three of these new 30 are already under contract!

     

    The end of the season often brings a clean break for Buyers and Sellers when it comes to mountain vacation properties. The deals are out there and as the ski season gets closer, prices often times go up. If you are considering owning in Park City for the upcoming ski season, contact a resort real estate expert with YouInParkCity.com (888)968-4672 and start the process now.

    Deer Valley Real Estate Sales Half-Way 2014

    By Todd Anderson
    Feb 25, 2014

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

     

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

    Ski condo

     

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

     

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

     

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

     

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

     

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

     

    A Deer Valley Real Estate Tour on Skis

    By Todd Anderson
    Jan 28, 2014

     

    Resort real estate in Park City is a very large portion of the market. Many of the homes and condominiums in and around Park City are second homes with out of state or international owners. Homes located very near to or on the ski slopes are a very special commodity. I compare these properties to homes on the beach…there are only so many that are directly on the beach (a block away is not the same as on the water or boardwalk). A tour of the slope-side homes and condominiums in Park City can take hours and cover many miles as well as many different price points.

     

    Deer Valley offers the most ski-in/ski-out opportunities in the Park City area; at the time of this writing there were nearly two hundred properties for sale within 100 yards or so of the ski slopes with prices starting at $90,000 for shared ownership and $600,000 for whole up to over $20,000,000 for the ultimate in ski-in/ski-out luxury estates.

     

    To see these Deer Valley homes and condominiums on skis, we’ll start from the Snow Park base area of Deer Valley Resort and focus first on homes and condominiums in and around the Bald Eagle Mountain area of Deer Valley. At the base area there are three options within the 100 yard range of the slopes (four if you include the St. Regis Hotel, but that will be part of another tour); Powder Run just north of the main entrance to the resort, Black Diamond Lodge next to the Wide West (beginner area) and Trails End just off the Success ski run. All three of these condominium options are walking distance to Snow Park while Trials End has ski-in access and Black Diamond is ski-in/ski-out.

    Deer Valley homes on skis

     

    Take the Carpenter lift from Snow Park at Deer Valley and exit the lift with a hard left turn to the Success Ski Run. At the base of the first pitch of Success, the Stag Lodge is on your left. Continuing straight puts you on the Last Chance Ski run there are currently 4 homes here in the Evergreen subdivision for sale with direct access to the Last Chance Ski run plus the new construction of the Stein Eriksen Residences which will offer 16 homes and 38 luxury residential condominiums. Bearing left to the Silver Dollar Ski run you’ll pass the elevator and ski access for the Belle subdivisions (Bellarbor, Bellemont, Belleterre, and Bellevue) the ski run has many of the Belle’s on your left. Continue on the run which loops back to Last Chance and merges with Success back to the Snow Park base area.

     

    Another trip up the Carpenter chair and this time continue straight after exiting the chair. Half way down the Silver Link run is an access trail before going over the bridge. This trail will access Double Eagle, and Cache subdivisions; across the street is trail access to ski down between Aspen Hollow, Ridgepoint, Trailside and the Woods. This ski access trail eventually merges with Last Chance and once again down into Snow Park. The access trail makes these condominiums more ski-out than ski-in, but still you are skiing without having to get in a car or shuttle.

     

    One more time up the Carpenter lift from Snow Park and skiing on the Silver Link run; this time go over the bridge. A hard right will put you into the Sterling Lodge, Deer Valley Club, and Sterlingwood subdivisions. Continuing down Silver Link, take a left turn onto McHenry and ski down to the Crown Point chair lift. The top of the chair provides access to most of the homes in the Bald Eagle Club Subdivision. From the chair it is a left to the Sunrise Run, or a right down Kimberly to Rising Star and Roamer with options leading to the Deer Crest area via Navigator or Little Stick (that leads to tour #2); stay on Kimberly to Big Stick and ski back into Snow Park.

     

    The routes described above will lead you through the ski-in/ski-out homes with direct access to and from the “lower Mountain” portion of Deer Valley and the Snow Park Base area.

     

    Of course one of us at the YouInParkCity.com team would be happy to take you on any of these tours…

     

    For more information on ski-in/ski-out Deer Valley and Park City homes and condominiums contact www.YouInParkCity.com (888)968-4672.

     

    Park City Real Estate Sales 2013

    By Todd Anderson
    Jan 21, 2014

    We are now solidly into 2014 so it is time to take a look at what happened in the Park City real estate market for 2013.

     

    Sales of single family homes and condominiums in the Greater Park City, Utah area were very solid with sales unit volume up 14% from 2012. This represents the best year since 2006. Park City Home Sales by Quarter

     

    The median sales price for both single family homes and condominiums in and around Park City also rose during 2013. The median price for a home rose by 5.8% to nearly $800,000 while Park City condominiums saw their median sales price rise 8.7% to nearly $380,000.

     

    Inventory levels have continued to fall with last year’s absorption rate correlating to just over seven (7) months of inventory currently for sale in the Park City area. During the market downturn of 2008 and 2009 inventory levels and sales rates correlated to nearly thirty (30) months of inventory.

     

    The lack of inventory has Sellers beginning to push prices up (although some of these appear to be more than the market will bear currently). The lack of inventory is most prominent in the lower price ranges; current inventory with 2013 sales rates puts less than 6 months inventory for condominiums under $1M and less than 4 months for homes under $1.5M. Entry level options in Park City (homes under $750,000 and condos under $400,000) have current supply levels of 2.3 and 3.8 months respectively.

     

    Buyers for luxury homes and condominiums in Park City will find more to choose from. While sales of homes listed at $1.5M and over saw a 40% increase in sales last year versus 2012, current inventory levels represent nineteen (19) months’ supply. Condominium sales of over $1M saw a more modest sales increase of 6% and supply at current absorption rates is eighteen months. The ultra-luxury class (homes over $3M and condos over $2M) was mixed with single family home sales up 30% and condominium sales down 15%. Buyers in this small marketplace have the slowest moving inventory to choose from while Sellers encounter greater competition.

     

    The current lack of inventory makes finding a home tougher as competition for the best homes can be fierce. Buyers are finding that they have to pay higher prices and borrow at higher interest rates. Sellers can hold out for higher prices and better terms.

     

    The Park City real estate can be very hard to view as a whole; individual neighborhoods and subdivisions can and do experience very different sale pressures. Contact a Park City realty specialist with YouInParkCity.com to discuss your individual Buying or Selling real estate needs within Park City. (888)968-4672

     
     
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