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:

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:

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.

Tags: condos, homes, new construction, Old Town, Park City, Parkite, Real Estate, Echo Spur, 820 Park
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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.

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 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.

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.

Tags: construction, new homes, Newpark, Park City real estate, Parkite, Promontory, Redstone, stein eriksen
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