Park City Real Estate Trends

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.

Is this Subdivision Going to the Dogs?

By Todd Anderson
Dec 14, 2017

Park City, UT is often referred to as “Bark City” by its residents, but many Home Owners Associations aren’t so dog friendly. What can you do when your Buyer or Renter has an emotional support dog?

I met someone the other night at a social function who told me he was a member of a home owners association board of directors. He mentioned having recently dealt with a renter with an Emotional Support Animal.

The Homeowners Association (HOA) has a strict ‘no dogs’ policy. The renter presented the HOA with a Certificate of Registration for the dog and a letter from a psychiatrist stating that the dog is an essential part of the renter’s treatment for anxiety. So, the question becomes: which one wins, the rules of the HOA or the renter?

Park City DogsA 2013 newsletter from the US Department of Housing and Urban Development (HUD) states this:

The Fair Housing Act prohibits landlords from discriminating based on disability, race, color, national origin, religion, sex, and familial status.

Further: “Disability-related complaints, including those that involve assistance animals, are the most common discrimination complaint we receive. This notice will help housing providers better understand and meet their obligation to grant reasonable accommodations to people with disabilities that require assistance animals to fully use and enjoy their housing.”

HUD’s new notice explains housing providers’ obligations under the Fair Housing Act, including the requirement to provide reasonable accommodations to people with disabilities who require assistance animals. Pet restrictions cannot be used to deny or limit housing to people with disabilities who require the use of an assistance animal because of their disability. Housing providers must grant reasonable accommodations in such instances, in accordance with the law.

In effect, the renter is stating that they have a disability and that there is little that the HOA can do in terms of disallowing the dog without being in violation of the Fair Housing Act.

The HOA director I met checked with a friend who is a lawyer who told him that: “you don’t want me to fight this, you can’t afford it.”

In a recent dealing with a client with an emotional support dog, I initially thought to nudge toward Park City complexes that do not have a ‘no dog’ policy, but I realized that even that could be construed as a violation. In the end I made sure that the client was aware of the policies of the HOA’s and directed this potential Buyer to a few attorneys that specialize in dealing with these issues.

Comments or Questions? Contact the YouInParkCity.com Group (435)962-9472

Park City’s Real Estate Inventory Problem

By Todd Anderson
Dec 07, 2017

Like many other communities in the country, Park City, Utah is experiencing a lack of available homes for sale.

How can that be when a search of the active properties on Wasatch Back MLS (Summit and Wasatch Counties) brings nearly 1900 results?

  • Just over 700 of those listings are for Vacant Land (Acreage and Building lots)
  • Another 140+ of these listings are for Fractional Ownerships or Commercial properties
  • So, there are 1042 active listings of Homes and Condominiums on the WBMLS
  • 109 of these are outside Summit or Wasatch Counties (mostly in the greater Salt Lake area)
  • Further Subtraction of the homes in the Heber Valley, Kamas Valley and Coalville area removes another 240+ homes from the initial search results
The final tally leaves 691 Homes and Condominiums in the Greater Park City Area for sale (this includes Park City Proper, the Snyderville Basin, and the Jordanelle Reservoir area). The split between Homes and Condominiums is almost even (348 vs 343).

Park City Housing InventoryYear to date sales for homes and Condominiums in the Greater Park City area is 1335 (574 Houses and 761 Condos). This data gives a 6.7 month supply for Homes and a 5 month supply for Condos. These numbers sound very reasonable for most metro markets in the US and might even be considered a Buyer’s market by some standards. A deeper dive shows the real issues in the Park City Market.

Of the active homes for sale, 223 have an asking price of $2 million or more; this is a 17 month supply at the sales rate so far this year. At the other end of the spectrum, there are only 32 Homes listed for less than $1 million; at current sales rates would sell these homes in a mere 1.5 months. Homes between $1 and $2 show a 5 month supply at the current absorption rate.

  • Of the current active listings in Old Town, the median asking price is over $2.1 million
  • Only 6 Homes on the market in Old Town have a price under $1 million; none of these were built after 1920 and half of these are under 1000 square feet.
  • Sales prices for new construction homes in Old Town are averaging approximately $1000/sq ft.
  • The Pinebrook and Jeremy Ranch areas in the Snyderville Basin have 2.5 months worth of inventory at current absorption rates.
  • There were 62 sales this year in these areas under $1 million; there are currently 6 homes for sale in Jeremy Ranch and Pinebrook with an asking price below $1 million.
Condominium sales and active listings show similar discrepancies between inventories at higher and lower prices.
  • There are 31 active condo listings priced above $1 million, a little over 1 year’s worth of inventory at the current absorption rate (note the 5 month condo supply mentioned above).
  • The Racquet Club Condominiums in Park Meadows have seen 4 sales this year all representing the highest prices ever recorded for the area.
  • There were 46 condo sales in Pinebrook this year, there are currently ZERO on the market.
The lack of inventory in certain price points can lead Sellers to believe that they can get any price they choose, but that just really isn’t the case. The current low mortgage rates mean that many Buyers are still getting a mortgage, and in that case the property will need to appraise. Appraisals are a back-ward looking price determination based on recent sales, this keeps prices from jumping too fast or Sellers getting a high price just because they have the only one on the market. Inventory that is on the market a long time is usually over-priced; Buyers won’t pay too much over the last comparable sale unless there is truly something special.

Park City’s low inventory levels can make both Buying and Selling harder (for different reasons), but either way you’ll find that the knowledge and guidance of a local real estate professional is a must. Contact the YouInParkCity.com Group (435)962-9472 at KW Park City Keller Williams to help you through.

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.

Do I Need An Agent for a New Construction Home?

By keziah
Mar 15, 2017

Many years ago, I was doing online research as we prepared for a new home purchase. I found a website for a community of newly built homes that checked most of the boxes on our “must-haves” list. An appointment was set to meet with the builder’s listing agent to tour the property. (This happens most often when people are out driving around and see those “Model Open” signs.)

The listing agent couldn’t have been nicer – very personable, excellent communication skills and follow through, thorough knowledge of the development and the community – a true professional. We went home, slept on it, and asked to meet again as a next step. During that visit, the agent walked through the entire process and timeline. It all sounded reasonable and simple. Fortunately, my husband and I had a sudden reality check. No matter how perfect the property, location, price, features, etc. – this agent was not working for us. They worked for the seller. (Who happens to be the builder.) Here’s what this equation looks like:

Builder + listing agent = seller representation

vs

Buyer + listing agent = seller representation

 

You quickly get a sense of the imbalance here. In this story, we were happy with the property, so made the decision to move forward. But, our next step was to find a Buyer’s Agent to join us on this transaction. Looking back, we realize it was one of our better business decisions. And now as a Realtor®, I strive to educate my clients on the benefits of having their own agent on a new construction home. I’ve assembled 5 key insights from the YouInParkCity.com team, as well as publications that include Zillow.com, the National Association of Realtors (NAR), and realtor message boards.

1. Who’s on your side? Bottom line - every transaction should have equal fiduciary representation. When you sign an Exclusive Buyer’s Agent Agreement – your agent now works for you. They will advise you on every step of the purchase from vetting reputable builders, reviewing contracts, negotiating on your behalf, monitoring deadline dates, advising on which upgrades will get you the best resale value, and help to ensure you stay within your target budget and not jeopardize your appraisal value before closing.

2. Won’t I save money if I just work with the selling agent? Yes, we asked this question, too. The answer is always NO. Every builder has a listing agreement with a selling agent. So, whether you bring an agent to represent you or not does nothing to change their agreement. The builder isn’t going to discount the selling price by the amount of the commission they’d be paying, since doing so would drive down the posted sold price and thus the comparative value of the properties. But wait… they offered me free upgrades! Sorry to be a buzzkill, but the truth is that builders can have huge mark-ups on their upgrades. So those may not translate into a return on your investment when it comes time to sell. The full commission will be paid, but when you don’t have an agent representing you – that means the builder just received more money.

3. Understanding HOA and CC&R’s Full Disclosure – agents are not expected to be experts on HOA’s and CCR’s. They are however, experts on knowing where to guide, advise and educate their clients. Every Homeowner’s Association has its own set of rules and regulations. In my example above – the CC&Rs were 90 pages long (no joke). We were fortunate to have an agent who was a lawyer in a past life, so he actually read the entire document. Then he went over it with us to point out what was most critical, what was standard, and what was worth asking about. He encouraged us to also read the entire document – so we did. We’ve been in our home for over 2 years, and still meet neighbors that don’t know nearly as much about the CC&Rs as we do.

4. Warranties Most builders want to build not just homes, but good reputations. Most of the time they do, but there are exceptions. As part of our buyer due diligence task list, our agent advised us to “Go talk to the neighbors. Ask them what they liked and didn’t like about working with the builder.” So we did! It was incredibly helpful. We crafted a list of issues to address and have the builder sign off of before we agreed to move forward. We saved potentially thousands of dollars and future aggravation simply by having this valuable representation by our agent.

5. What else is out there? Your agent is a networking ninja! They are dialed into the community, so they know what’s happening with the property you’re looking at from more than just the value standpoint. They will know what the long-view planning and activities are of the community. Once you show them your list of must-haves, let them go to work to either validate the value of your find, or even to show you options you hadn’t considered, but are absolutely open to once you see them. That’s the magic of a really good buyer agent!

Now you know… That was one of many buying experiences where I learned to never enter into a transaction without a real estate professional in my corner. I hope you’ll see the value as well. It’s our promise that when you hire a YouInParkCity agent – you can expect more than just real estate representation. You can expect partnership, customer service and expertise on the unique needs of buying and selling in Park City, Deer Valley, and the surrounding Heber Valley – by the entire team.

Is it the right time to buy a building lot?

By Todd Anderson
Oct 08, 2016

Fall is upon us and while the changing leaves may make the views that much better, how will it impact your Park City Utah real estate purchase?
  1. You likely won’t be able to start building right away. This is true regardless of when you buy a building lot. Unless you are purchasing a lot with approved building plans and a builder in place, you will have to spend time with architects, builders and a planning department before you get started. Purchasing a building lot now may give you more time in this process.
  2. You’ll have time to find the right builder. Builders and contractors in Park City are very busy trying to get jobs done before the ski season starts. It isn’t uncommon to not even get an answer to your phone calls right now, but give them a call January 2nd and they’ll likely be more than happy to set up work for the spring. You can be first on the list for when the snow melts.
  3. You’ll have time to refine your plans. We all have an idea of the perfect home (though we’ve never been in it). A little extra time in the planning process can allow for a few tweaks that sill make your new home that much closer to perfection. I know from personal experience that sending floor plans for friends to look at brought some great changes to my personal home.
 

Are you ready for a great home site with space between you and your neighbors, fantastic views in a gated community that's located just 20 minutes to Park City, Utah? Look no further... The Heber Valley has nearly 200 building lots for sale! That may seem to offer you a lot of choices, but inventory is moving quickly!  If you are looking to have space between you and your neighbors, there are fewer than forty 5+ acre lots for sale. And if you want to spend less than $300,000 for the privacy with easy access and amazing views of the Wasatch Back and Timpanogos mountains, there are fewer than 10 lots available.

When you're ready to start planning, you'll need reliable and honest knowledge of the Park City and Heber Valley regions. Please contact one of our experienced real estate professionals at YouInParkCity.com Group at KW Park City Keller Williams Real Estate at (435)962-9472 or Info@YouInParkCity.com

Greenerhills View Lot For Sale

Greenerhills

Park City Real Estate Sales 2016 Q1

By Todd Anderson
May 16, 2016

With the ski season in Park City now over (everyone except Mother Nature and the snow gods believe this to be true), it is time to take a look at real estate sales since January and our current Park City Real Estate Market.

If we had to size it all up in one line, it might read “Prices are up and sales volume (in units) is down” but that really doesn’t tell the whole story.

Park City, UT has a complex real estate market made up of many sub-markets; it is in-town vs out-of-town, in the Park City school district versus out, ski-in/ski-out versus a shuttle to the slopes, the Heber Valley, the Kamas Valley, Resort/Second home versus primary residence, dogs vs cats and more. We’ll take a look at some of these sub markets with a strong focus on prices; if we’ve missed something that is particularly important to you call or email us and we’ll give you an in depth look at the area that means the most to you as a Buyer or Seller.

  • Quarter vs Quarter stats may be too small of a sample size for comparison, but:
  • Old Town & Lower Deer Valley condo sales are down considerably while median sales prices are relatively flat
  • Empire Pass condo sales are flat while median sales prices dropped considerably (low sales at the Montage likely impacted this number greatly)
  • Canyons Village sales were buoyed by Blackstone new construction sales but were otherwise flat
  • Jordanelle area condo sales are almost exclusively new construction completions
While the number of available homes and condominiums for sale in the greater Park City area (In-town, Snyderville (out-of-town) and the Jordanelle area) has remained fairly constant over the past couple of years, asking prices for the available inventory has become very skewed.

Available homes for sale in Park City under $1M Homes in Park City under $1million

The Single Family home sales inside the city limits show a median sales price of just over $1.5M for the past 12 months yet of the active 125(+) MLS listings less than 15 have an asking price below $1.5M and 100 have an asking price above $2M. The Snyderville Basin (out-of-town area) is only slightly better with less than 15% of its active MLS listings below its 12 month median sales price of $912,500.  There are currently no homes for sale in the Greater Park City area for under $500K. Moving outside of Park City into the Heber and Kamas Valleys (10-15 minutes to the south and east) dramatically changes what can be purchased. The changes lie mostly in the price as these two valleys have over 150 current for sale homes priced for less than $1 million, but both have the same issue of relatively few homes available below their median sales prices (only about 20 % of the available inventory is priced below the median sold prices of the past 12 months).

Available homes for sale in Park City over $1M Homes in Park City for sale over $1million

Condominiums in the Greater Park City area are experiencing a similar inventory crisis with only 30% of the active inventory having an asking price below the median sales price for the past 12 months. This number doesn’t appear as skewed as the Single Family home data for Park City, but much of that has to do with the availability of smaller units (studio and one bedroom models). Condominium pricing is still heavily weighted toward higher prices over 40% of the active condominium inventory has an asking price over $1 million.

The lack of inventory in the Greater Park City areas continues to have an impact on how quickly sales happen as nearly 35% of all sales in the past year were on the market for less than 2 weeks before being sold. We are in both a Buyers’ and Sellers’ market; higher priced homes and condominiums give the Buyers a lot of choices while Sellers in lower price categories for their neighborhood can play “hard ball”.

For assistance from REALTORS® you can trust to help you with your Park City area properties contact the YouInParkCity.com Group at KW Park City Keller Williams Real Estate: info@YouInParkCity.com (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.

Park City Real Estate Sales 2015 Q3

By Todd Anderson
Oct 12, 2015

The Park City, UT real estate market continued its strong trends for 2015 with the highest quarterly sales for the year and the third highest quarterly sales volume (unit sales) since 2006.

As per the YouInParkCity.com norm we look only at home and condominium sales in the “Greater Park City Area” (Park City and Deer Valley, the Snyderville Basin and the Jordanelle Reservoir Area.

Park City Single Family Homes Sold Q3 2015 Sold Park City Homes Q# 2015

There were 145 Single Family Home sales in the Greater Park City area during the third quarter of 2015. This number was down slightly from the same time in 2014 by approximately 10%. Conversely the median sales price jumped by $105,000 to reach $955,000. Sales of homes under $500k have almost completely vanished as there were seven such sales in the past quarter while the same period last year had twenty.  At the time of this writing there were two available homes listed for under $500K. At the other end of the spectrum, there were thirty five sales for more than $2M the same period last year had only nineteen. The current inventory of homes listed for over $2M is over two hundred.

Condominium Sales for the third quarter saw a large jump versus the third quarter of 2014 with 227 sales versus 193 during 2014. The median price stayed about the same as last year at $421K. A large portion of the bump in sales volume can be attributed to the completion of the Newpark Terrace development with forty sales recorded. With the exception of Newpark Terrace, condominium sales in Park City were spread evenly among developments.

Once again sales are happening very quickly with 38% of the recorded sales being on the market for less than two weeks. This is more significant for homes and condominiums under the median sales price. With fewer options on the market, Buyers need to quick to react to new listings.

Scarcity is a driving factor for Park City real estate; our focus in this report is Park City area homes and condominiums. Areas immediately outside Park City make up 25% of the sales across the Park City MLS system. The Kamas and Heber Valleys as well as Wanship & Coalville areas can provide viable alternatives to Park City with more property inventory and less scarcity.

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 (435)962-9472.

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

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.

Deal Reached to Acquire Acreage Near the Rail Trail

By Todd Anderson
Sep 25, 2015

wood-landscape-nature-forestRecently, City Hall entered into an agreement that will acquire land just off the Rail Trail in the Prospector area. This is part of a conservation deal that keeps the possibility of using a small area of the acreage for a housing project open.

The transaction, which was unanimously authorized by the City Council, involves just a bit more than 14 acres of land on the south side of the Rail Trail. The land also climbs a hillside on the south side. The deal cost $500,000 and was entered into with Ted Sommer, the landowner. City Hall indicates that the transfer will be funded using two sources. One source is City Hal’s housing fund, while the other is generated from a portion of sales taxes that are set aside for uses such as conservation acquisitions.

Staffers at City Hall indicate that there is a possibility that a small portion of the land may be used for a municipal housing project. However, the decision has not been finalized and it is not known the type of project or how many units it would involve. One report that was submitted to officials also indicated a park might also be built on part of the land.

The Citizens Open Space Advisory Committee recommended the acquisition, saying, “The parcel holds significant open space value, as it is one of the remaining large parcels within city limits.” The recommendation continued, “…has significant hillside acreage visibility through much of town.”

The conservation efforts by City Hall date back more than two decades and are considered one of the government’s most highly praised programs. Officials have set aside large tracts of land from development. These areas include areas such as the S.R. 225 entryway and Round Valley. As you can see, it is not uncommon for large parcels of land inside the city limits to be acquired by City Hall.

At YouInParkCity.com and KW Park City Keller Williams Real Estate, we understand the intricacies and ins and outs of land acquisitions. If you are interested in purchase or selling any type of real estate in our area, please contact us. Our knowledgeable, experienced, and friendly staff can help you maneuver through a successful real estate transaction, no matter the size, as we specialize in all types of Park City real estate.

How could the new RESPA rule affect our Clients?

By Todd Anderson
Aug 28, 2015

Home sales in Park City, UT

By Rob Harris and Todd Anderson

I originally wrote this back in May anticipating implementation August 1, 2015. When the start date was delayed I shelved this thinking this would be addressed by the state or our forms committees. I haven’t seen any resolution to what I think puts our buyers at risk.

As we know the new RESPA rule will require, for contracts written starting October 3, 2015, that the “closing disclosure” be in the hands of the consumer no less than 3 days prior to closing.  As is often the case with new regulations, the implementation of them can have unforeseen and possibly negative results.

In May I attended a class on the new regulation and asked the presenter how an agent should deal with it when the contractual settlement and closing deadlines are delayed as a result of this regulation. The response was that the agent should just ask for extensions. As we all know extensions are not always granted. If the extension is not granted and the settlement and or closing do not occur according by the contract deadline could the seller view this as a breach of contract? Could the seller decide decide to keep the earnest money and accept an offer (better) from another buyer?

I am not an attorney and I don’t know but I am certainly concerned. I have been trained that if something is not part of the contract it doesn’t have standing in court.

Should there be an addendum to the REPC that defines how delays in settlement and or closing as a result of complying with Dodd Frank TRID regulations will be dealt with?. I am sure our brokers and the State will come up with a form that addresses this but until they do should our clients have attorneys draft an addendum to cover this?

An example might be:

  1. The buyer and the seller agree that any delays in the Settlement and Closing Deadlines that are a result of complying with the RESPA regulations implemented as of October 3, 2015 will be accepted by both parties. The settlement and closing deadlines will be extended to allow for compliance with the regulation.
Some agents are of the opinion that the chances of there being a delay and the seller opting to cancel the contract are small. I agree but I am unwilling to roll the dice with my client’s money. I have no interest in asking a seller for an extension with earnest money at risk. On the flip side I wouldn’t want this to be something my seller has to think about at the last minute. We should address this when we are writing and negotiating contracts. October 3rd will be here soon. Please talk to your Brokers if you are an agent and your agent if you are buying or selling a home.

 

Park City Named Friendliest City!

By Todd Anderson
Aug 28, 2015

Park City, UTWas it a surprise when we found out that Park City was recently named in a Conde Nast readers’ poll as the Friendliest City in America? Actually no, it wasn’t! All of us at KW Park City Keller Williams Real Estate and YouInParkCity.com know the myriad reasons we were awarded such a standing.

Park City was actually highlighted in a slide show on CNTTraveler.com — a site that reaches nearly 2.6 million travel enthusiasts — titled “The 2015 Friendliest and UnFriendliest Cities in the U.S”.

There are so many reasons for Conde Nast to say Park City is a “great place that brings city life to outdoor enthusiasts, film geeks and families”. We also like to point out that Park City is a well-known travel destination renown for hip culture, a rich history and of course, its exciting party atmosphere.

Readers participating in the survey were asked to rate different cities as to whether or not the felt welcome. Other cities that joined Park City in the friendliest category included:

  • Burlington, Vermont
  • New Orleans, Louisiana
  • Jackson, Wyoming
  • Asheville, North Carolina
  • Santa Fe, New Mexico
  • Austin, Texas
  • Nashville, Tennessee
  • Charleston, South Carolina
  • Savannah, Georgia
Visitors and locals alike love the warmth and atmosphere of the city, whether they are enjoy the great banter from bartenders at establishments such as The Spur, The No Name, or O’Shucks. They can also enjoy high-end service at places such as St. Regis and the Montage — there’s something for everyone.

We can’t forget to point out that our area ski resorts have also ranked high on the ratings for their customer service and satisfaction from both visitors and residents. There really is no better place to ski that Park City.

Not to mention the great summers we have with all sorts of great activities such as hiking, biking, and fishing. And of course, you’ll be finding yourself among some of the friendliest people around during the many outdoor concerts happening all summer long.

KW Park City Keller Williams Real Estate and YouInParkCity.com are proud to be a part of what is now known as the “Friendliest City in the U.S.”. We invite you to stop by and check out some great real estate that can put you in the heart of this area so you can experience all the wonderful aspects of our great city.

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.

Park City Real Estate Sales 2014 Q2

By Todd Anderson
Jul 08, 2014

Real estate sales in Greater Park City for the second quarter of 2014 present quite a few different talking points regarding the Park City, UT real estate market.

The combine number of sales for single family homes, condominiums and vacant lots fell by 12% compared to the same quarter last year. This is the first comparative drop in quarterly sales volume in nearly 4 years.

The drop in sales was lead almost entirely by a drop in single family home sales. But while the number of sales dropped, the median Park City area single family home sales price rose by 5%. Inventory levels have also risen, so we may be seeing a slight “push back” from buyers to the price increases.

Park City Real Estate Trends

Home sales in the $500K-$750K represent the hottest portion of the market. This market segment in the Park City area saw 43 sales last quarter with 46 currently available or effectively a 3 months’ inventory supply.

Inventory of single family homes between $1M and $2M has been increasing and the current supply would take well over a year to sell at last quarter’s sales rate. Beyond $2M the supply grows to over 2 years at current absorption rates.

Greater Park City area condominium sales for the quarter were almost identical to the same period last year, but the median sales price was up over 10% and the average sales price was up nearly 20%.

The sales of new condominium product in the Jordanelle area remains very strong and the pending sales for models that are still under construction will likely keep this trend going for the foreseeable future (note the previous YouInParkCity.com blog on Park City under construction).

The sales of residential condominiums currently show a much higher demand versus resort condominiums and the same is true for single family homes. This trend is especially true in the Deer Valley area (although pre-sales for the Stein Eriksen Residences bucks this trend).

All of the points above point to a complex and very localized Park City real estate market. The trend in one neighborhood is not necessarily the same for the next. Call or email us to analyze and discuss your particular Park City real estate situation; (888)968-4672 or info@YouInParkCity.com.

Park City Real Estate Under Construction

By Todd Anderson
Jun 24, 2014

Summer 2014 sees a construction boom in Park City, UT.

 

Winter in Park City Utah is a tough time to build, that isn’t to say that there are not a lot of construction projects going on during the winter, they are just more prevalent during the summer months.

 

From the turn off highway 80 traveling into Park City the new construction can be seen. The Newpark Terrace townhomes above the parking garage at Newpark Town Center are taking shape; sixty percent of the sixty. The additional retail space at Redstone is done and the retail center is busier than ever. New exterior siding is being installed at the Fox Point at Redstone condominiums (this clears a long running lawsuit between the original builder and the HOA). Another small residential development is also working its way through the planning process.Newpark Terrace

 

Work continues at Canyons Resort with the golf course which is scheduled for play in summer 2015 as well as projects near the base of the Waldorf gondola.

 

Construction around town is evidenced mostly through home construction on some of the few remaining in-fill lots and the ever present road improvement projects.The Parkite

 

The Old Town area is the site of multiple projects both commercial and residential. Commercial spaces with residential units on top are part of two lower Main St remodels. 820 Park Avenue is ten residential condominiums with great ski and town access all of which had reservations before the project was introduced to the public. Near the top of Main St in the old in the old Main St Mall will be The Parkite with fifteen contemporary luxury residences.

 

The Upper Deer Valley area has the Stein Eriksen Residences moving forward at full speed. This ski-in/ski-out development between the Silver Dollar and Last Chance ski runs was very well received over the winter and has many reservations already in place.

 

Heading east out of Park City (affectionately known as the back door to town) the Park City Film Studios are well under way with their large project which includes Film Studios capable of film and television production, sound studios, Film School, Event Center and Studio Village.

 

Just south of the Film Studio is the Park City Heights Development. The development covers nearly 250 acres and will contain 239 residences when complete. The builder Ivory Homes is one of Utah’s largest builders has a proven track record an ability to complete developments in a timely manner.

 

Park City Heights Construction

 

Further east on hwy 248, the developments at Park’s Edge and Black Rock Ridge are selling condominiums as fast as they can build them.

 

The Promontory Club area has over 50 homes in some state of construction (most all of these are custom homes and not spec builds).

 

To further explore purchasing new construction homes or condominiums in Park City or to discuss how the addition of these developments may affect your current home or condominium’s value, contact a local Park City real estate professional. Email us or call (888)968-4672.

Park City Real Estate Sales 2014: Q1

By Todd Anderson
Apr 09, 2014

Park City Real Estate Stats Real Estate Sales in Park City, UT by quarter

The first quarter of the year is historically the slowest for sales in the Park City real estate market. This often puzzles people as it also represents one of the busiest times in terms of people in town. Maybe our guests in Park City are too busy skiing, dining and enjoying all that Park City has to offer to spend their time hunting for properties; maybe it is the time delay between writing an offer and closing a sale; maybe once the decision to buy here has been made, buyers want to do more research and see all of the options while they are easy to see (not while renters are in town). In any case, January through March is the slowest time for Park City real estate sales.

 

The first quarter of 2014 saw a nearly 20% jump in condominium sales for the greater Park City area versus 2013 and it was the best first quarter since 2007. Almost all of the increase came in condominium sales with the Old Town area leading the way. Old Town saw a 40% increase in the number of condominium sales versus the first quarter of last year. The median sales price of condominiums in the greater Park City area also increased from $430,000 to $445,000.

 

Single Family home sales for the quarter were flat for the quarter versus quarter comparison, but the median price did rise by $10,000 to $875,000.

 

Inventory levels rose during the quarter, but there is still a lack of supply of properties below the median sales price. Fewer than 70 homes are available for less than the median sales price from the first quarter which translates to just over 4 month’s supply at the current absorption rate. Similarly, condominium inventory below the median sales price for the quarter represent only a 6 month supply at the current sales pace.

 

The lack of inventory has not translated to large price increases and it is those homes that show well and present a strong value that are selling quickly.

 

Some neighborhoods are experiencing price increases while others have stabilized. For assistance in Buying or Selling in Park City, UT contact the YouInParkCIty.com Group for in depth analysis and expert advice focused on the property type and area of town that matters to you (888)968-4672.

Why Now IS A Good Time to Buy a Ski Vacation Home

By Todd Anderson
Mar 20, 2014

 

The 2013/2014 ski season is nearly over, but the storm that blew through Park City, UT Tuesday is a reminder that there will be fresh powder to reports still to come this Spring. There are still four plus weeks of good skiing left in the season. Spring skiing in Park City brings great opportunities to diversify your day, ski the morning and go fishing or play golf in the afternoon… a 20 minute drive to the Heber Valley makes this more than viable now that daylight savings has kicked in and the sun is out until nearly 8PM.

 

With the season coming to a close, it is the perfect time to think about buying. How many years have you been thinking it would be great to own in Park City? If you don’t get to it now, another year will likely pass you by. Purchasing now would give you time to come out during the summer (you’ve heard every local tell you “they moved for winter and stay because of summer”) and add the touches to make it yours. If you decide to make bigger changes or things that need a contractor, it is best not to wait until the fall… you’ll only to find that the contractors are all busy with every other job that waited until the last minute.

 

Purchasing real estate in Park City now will make all of the planning easier. You’ll likely have to force yourself into making an extra ski vacation next year (darn!). But, you can work around your schedule instead of trying to find a rental.

 

Buy a Park City Home or Condo Now

 

Sellers are ready to move on; it can be a good time to make a deal. There’s no need to hassle with existing rentals and management contracts. Sellers know they are moving into the slow season and will have higher upcoming carrying costs.

 

We are not advocating that you buy a Park City vacation home now because there won’t be another chance in the future, we are just pointing out that there are many good reasons not to wait until next year.

 

There is a chance that if you start thinking about the 2014/2015 ski season now, you may actually find time to get in shape for it before it gets here.

Park City Home Buying by the Foot

By Todd Anderson
Feb 19, 2014

Park City home buyers and sellers often consider the home’s dollar per square foot price when setting the home or condominiums’ price or making an offer. How much should attention should a buyer be paying to the dollar per square foot price when considering a home?

 

Dollars per square foot is only a useful number if you are comparing two homes or condominiums that are identical. The problem here is that it doesn’t matter if it is a Park City Home or a New York City home, no two homes are identical. Even two side by side homes by the same builder will likely have differences. Views can be different, neighbors will be different, access may be different, the distance to an amenity (pool, hot tub, ski run, gym, front desk, elevator, etc.) will be different. Wear and tear on an older home as well as how the previous owner handled maintenance will make the homes different.

 

Things to consider when looking at a dollar per square foot price: Park City Real Estate by the square footIs the calculation made using the total square feet or the finished square feet? An unfinished basement or room can add greatly to the total square feet thus lowering the dollar per square foot value, but how much value does it add to the home?

 

Are the finishes the same for the properties you are comparing? Are the base and case stain grade or paint grade? Are the doors solid or hollow? Are the countertops custom slab or something you can buy at Home Depot? Are the appliances “professional grade” or not? Is the flooring real wood or laminate, travertine or ceramic tile? All of these items while serving the same purpose come at dramatically different prices and thus impact the dollar per square foot value of the home. If two homes are different sizes, where does the difference lie? Does one have a theater room that the other doesn’t, or does it have an extra bedroom and bathroom? Is the size difference extra space in each room? And how does that change the way you feel about the home? Sometimes bigger makes rooms just too big while at other times it adds value. Sometimes the extra space you may buy with the lower price per square foot is unusable space or space you just don’t need to heat and maintain. The square foot of the home calculation does not take the lot size into account; nor does it consider views and open space.

 

When comparing two Park City homes, it is important that you are making true apple to apple comparatives. Our three ski areas are not equal, Old Town is not the same as Kimball Junction and Park Meadows is not the same as Silver Springs.

 

For assistance in determining the value of your home or condominium and to better understand the values of homes and condominiums in Park City, Utah contact a local realty professional with the YouInParkCity.com Group (888)968-4672.

 

 
 
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