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).
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.
Tags: condominium sales, Home Sales, market statistics, Park City, Park City real estate, UT, park city real estate 2015
Posted in market statistics |
0 Responses to "Park City Real Estate Sales 2015 Review"
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.
On 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.
Tags: condos, homes, Jeremy, jeremy ranch, Park City, prices, sales, UT
Posted in Park City Neighborhoods, market statistics |
0 Responses to "Jeremy Ranch Real Estate Park City 2015"
By Todd Anderson
Aug 27, 2012
The Park City Heights development has started work.
What is the Park City Heights Development? It is a Master Planned Development near the corner of Highway 40 and State Road 248. The Quinn’s Junction area commonly referred to as the ‘back door’ into Park City, UT. The development when completed will cover 239 acres and have nearly 240 residences.
The location is just behind the much disputed film studio that was approved earlier this year. Unlike the film studio, this master planned development worked with the city and has met all of their guidelines regarding density, impacts, etc. Because there aren’t any neighborhoods nearby, the public was largely silent during discussions about the new neighborhood. I expect that there will be more of an uproar now that the construction process has started and as the impacts become more visible.
The original Master Plan was a collaboration between Park City and The Boyer Company (which is currently developing the Tech Center at the other entrance to Park City (Highway 80 and State Road 224). The construction of the development has since been transferred to Ivory Homes (one of Utah’s largest builders). Ivory homes is known for entry level home communities throughout the state, but has also recently added some higher end product in the Red Ledges Community in Heber City just south of Park City, UT. Over 70% of the development will be open space. The community will have a 3000’ community center/ club house as well as 15000’ of community garden space. Trails, both paved and dirt will run through the community and connect to other trails in Park City.
The Park City Heights community is slated for 160 market rate cottages and single family homes plus 28 deed restricted townhomes and 41 other deed restricted (affordable) units. Questions about the need or possible overbuilding of the deed restricted or workforce housing components of developments like this have been prevalent with the downturn in the economy. These 79 units will have the added benefit of being within the city limits.
Future residents in the area will have great access to the Quinn’s Junction recreational amenities (Park City’s Ice Arena, soccer and ball fields, the dog park as well as Round Valley Trails and the Rail Trail. The area will though add traffic to the already congested roads in front of the Tri-school area on SR248. This new construction will also have effects on real estate sales and values in the Prospector area as well as the new construction developments in the
Jordanelle area (Black Rock Ridge, Parks Edge, and the Retreat at Jordanelle).
For more information about Park City Heights and its impacts on the Park City Real Estate Market contact a Park City Real Estate professional with YouInParkCity.com at (888)968-4672.
Tags: community, homes, master planned development, new construction, park city heights, Park City real estate, Quinns Junction, UT
Posted in Park City Real Estate Notes |
0 Responses to "What’s that New Construction in Park City?"
By Todd Anderson
Aug 22, 2012
Park City is a member of the Western Mountain Resort Alliance which gathers quarterly to discuss and share real estate information in the ski towns of Vail, Steamboat, Sun Valley, Whistler, Big Sky, Jackson Hole and Lake Tahoe. The most recent meeting provided some interesting real estate activity information for the ski towns of the west.
Inventory levels in all of the resort areas providing data fell versus last year (and 2011 had shown a similar decrease in inventory levels). Similarly, all of the resorts reported an increase in the number of sales (with the exception of Park City which reported the same number of sales in the first 2 quarters of 2012 as in 2011). Changes in prices varied among the resorts, but Park City, Vail and Lake Tahoe all reported relatively small changes when compared to 2011.
The resort areas of Park City, UT, Vail, CO and Lake Tahoe, CA appear quite similar statistically. The real estate markets in each of these resort areas are much larger in terms of available inventory, sales, and number of active agents than the other resorts that participate in the WMRA. The average sales price in each of these three resort towns for homes and condominiums showed little variance between 2011 and 2012 (less than 2%).
Statistically the resorts are showing signs of price stability and the decreasing inventories are making it tougher for buyers to find what they want which should in time lead to increasing prices. Many of the real estate markets in California are showing signs of improvement and the fact that all of these resorts see many visitors and second homeowners from California should also lead to increasing demand.
While some people may try and make decisions based on resort real estate values, comparing the different resorts and their real estate values doesn’t make much sense. Each resort has its pros and cons and these vary for the individual purchasing or selling in each area. But seeing the similar trends in pricing and sales currently may signal a bottom of the market.
For more information specific to the Park City, UT area and local
Park City real estate values contact a professional with the YouInParkCity.com Group at (888)968-4672 or send us an email at info@YouInParkCity.com.
Tags: inventory, lake tahoe, Park City, prices, Real Estate, realty, ski towns, UT, vail, values, WMRA
Posted in Park City Real Estate Notes, Park City value |
0 Responses to "Park City Realty versus Other Ski Towns"
By Todd Anderson
Mar 13, 2012
How much off the list price can I expect to pay for Park City Real Estate?
We live in a time when everyone wants a deal and consequently people don’t want to pay the asking price for just about anything. Discounts flood our email in-boxes, coupons fill the mail and newspapers are delivery vehicles for weekly sale circulars. It has gotten to the point that we readily know that full price isn’t what we’ll pay in the end.
There are of course some exceptions; we know the price of an iPad will be the same wherever we buy it and there won’t be any discounts, and we don’t wait to go to Starbucks until the coffee is on sale.
What about houses and condominiums in Park City, UT? Are people paying full price or is everything on sale?
Over the past 90 days there have been 228 sales registered across the Park City MLS. Of these sales, 36 recorded at or above the asking price. Over 15% of the sales were full price or more. Moreover over half of the transactions recorded with a sales price of 95% or more of the asking price. In terms of a retail sale, a 5% off banner wouldn’t turn any heads. What happened to the big discounts? Only 39 of the 228 real estate sales in Park City were discounted by more than 10%.
This isn’t necessarily an indication that people are willing to pay full price, but rather that people are willing to pay for value. If full price is less than a comparable recent home sale and/or if the home or condo is better than other options or part of a limited supply, asking price can be a good value or deal.
Interestingly, not all of the sales that were not discounted moved quickly. Nearly half of the sales that show 5% or less discounting from their original price had been on the market for over 90 days.
Your YouInParkCity.com Group real estate professional can help you determine if a Park City or Deer Valley home or condominium is “on sale” and a value in our current market. Call us at (888)968-4672 or email info@youinparkcity.com to discuss current area home values.
Tags: buyers, condominiums, deals, homes, Park City, prices, Real Estate, UT, value
Posted in buyers, Park City Real Estate Notes, sellers |
0 Responses to "Are Buyers Paying Asking Price for Homes in Park City?"
By Todd Anderson
Jan 28, 2012
Park City, Utah has seen its share of distressed real estate sales in the past 2 years.
A look at the sales statistics from the Park City area MLS reveals that distressed sales have made up 25% of the total sales of homes, condominiums and land in the Greater Park City area in 2010 and 2011.
The sales of bank owned properties have far outpaced the short sales (more than 2 to 1) and 2011 saw a smaller percentage of distressed sales than 2010.
The number of distressed for sale real estate listings in Park City has been steadily decreasing. People looking to buy bank owned properties in the Park City area are increasingly encountering multiple offer situations and sales prices are often higher than the listing price for bank owned Park City properties.
The sales of bank owned in relation to the number available is an indicator of how quickly they move. The number of short sales completed is an indication of how hard they can be to complete. Also of note is that half of the current short sale supply has offers awaiting bank approval. Buying distressed real estate in Park City is possible, but there can be many pitfalls and the competition can be fierce.
For more information about real estate sales in Park City, Utah
contact a Park City realty professional with YouInParkCity.com at (888)968-4672.
Data and sales information from the Park City MLS deemed reliable but not guaranteed.
Tags: bank owned, condos, distressed, homes, land, Park City, property, Real Estate, sales, UT, Utah
Posted in buyers, Park City Real Estate Notes, Park City value |
0 Responses to "Distressed Real Estate Sales in Park City, UT"
By Todd Anderson
Nov 16, 2011
With 45 days left before the end of the year, we probably won’t see significant changes in Park City real estate sales totals.
Current for sale inventory in Park City’s Lower Deer Valley area includes 28 single family homes and 54 condominiums. This number will likely rise slightly as we move closer to the ski season.
To date there have been 7 single family home sales this year and 2 other homes have accepted sales contracts. So the inventory levels indicate a 3-4 year supply of single family homes in the Lower Deer Valley area. The inventory varies greatly with offerings ranging from $775k to just over $3M. Lower Deer Valley has some homes that are beginning to show their age; this fact can be seen in the variations of asking price with the least expensive homes in the low $200’s/square foot and the highest end well into the mid $500’s/sq.ft. Single Family homes sales for Lower Deer Valley are likely to lag 2010 numbers by nearly 30%.
Condominium sales in the Lower Deer Valley area of Park City show a strong increase versus 2010, but there are factors that have skewed this number dramatically. To date 49 condominiums have sold in Lower Deer Valley and another 6 have pending sales contracts. With 53 active for sale condominium listings, the current inventory represents just over a one-year supply. Lower Deer Valley condominium sales totaled 32 for 2010, so this year’s numbers at first blush are very strong. The twist is that 22 of the sales were bank (or corporate) REO properties. The sales of the bank owned condominiums had an average sales price in the low $300’s per square foot. By contrast, the average sales price for non-bank owned properties was over $375 per square foot.
Many of the homes and condominiums in the Lower Deer Valley area were built from the early 1980’s through the mid 1990’s and many of the properties are “showing their age”. The new construction in the past few years in the Empire Canyon area of Deer Valley has impacted sales greatly as buyers tend toward more “turnkey” products. The Lower Deer Valley area offers great access to all Park City has to offer and there are definitely gems to be found in the for sale listings. For information regarding specific realty listings in Lower Deer Valley, contact YouInParkCity.com at (888)968-4672.
Search Lower Deer Valley Real Estate
Tags: condominiums, Deer Valley, homes, lower deer valley, Park City, Real Estate, sales, UT
Posted in buyers, Park City Neighborhoods, Park City Real Estate Notes, sellers |
0 Responses to "Lower Deer Valley Real Estate 2011"
By Todd Anderson
Nov 13, 2011
The Western Mountain Resort Alliance is composed of 13 destination ski resort area Boards of REALTORS®. The alliance was founded on the idea that while the resorts vary geographically, they share many of the same real estate and development issues due to their vacation resort status. The alliance publishes quarterly sales statistics for the various destination ski areas.
While we here in Park City, UT believe that our resort community offers some of the best recreational opportunities and easiest access of any Western North American Ski Resort, a look at what can be purchased in other resort towns can be very informative.
VS.
Having spent 10 years in Vail, CO, I am jaded to believe that it is the resort with most in common to Park City. In terms of total available inventory if we exclude vacant land, the two areas are almost identical although the single family homes versus condominiums is reversed with Park City having nearly double the number of single family homes on the market as Vail. The number of units sold in the two towns shows Park City’s sales being up 18% in unit volume for the first three quarters of 2011 while Vail’s sales were relatively flat. Available inventory is down in both Park City and Vail versus 2010. The average sales price in Park City saw a 10% decline while Vail registered a 25% decline versus the same period last year.
Another interesting comparison stat between Park City and Vail is the median sales prices. Park City area single family home sales saw a median price (half above and half below) of nearly $550K while Vail shows $400K. Conversely, condominium sales median pricing shows Vail at $480K and Park City at $325. Average sales prices for both single family homes and condominiums are considerably higher in Vail than in Park City.
Maybe Park City and Vail don’t have as much in common as I thought in terms of real estate and the associated values. This likely has a lot to do with the differences in terms of Park City having been an old mining town that developed ski resorts versus Vail having been a ski resort that developed into a town.
For in-depth neighborhood by neighborhood
real estate information about Park City, UT, contact a realty professional with the YouInParkCity.com Group at (888)968-4672.
Tags: CO, comparison, condominiums, homes, Park City, Real Estate, resort, sold, UT, vail, value
Posted in buyers, Park City Real Estate Notes, Park City value |
0 Responses to "Ski Resort Real Estate: Park City or Vail"
By Todd Anderson
Mar 12, 2011
The March 5th, 2010 edition of Barron's PENTA ranked Deer Valley, UT as #6 among the top 15 places to own a second home. PENTA is a standalone quarterly pullout section of Barron's which focuses on individuals with $5M or more to invest.
In considering the rankings Barron's focused "In seeking out and ranking these havens, we looked for beauty, comfort, convenience, a range of lifestyles and -- always the paramount criterion at Barron's -- value. We wanted prices that had clearly hit bottom and were either rising or ready to rise." The article also notes that "home prices in moneyed enclaves climbed more than 10% last year".
The accolades are great; Deer Valley deserves to be named one of the best places in the country to own a second (or first) home. Deer Valley without a doubt ranks among the top spots in the world for the criteria of beauty, comfort, convenience and range of lifestyle opportunities. The Barron's article notes that the proximity of Park City to Salt Lake International Airport gives the area an advantage over other rocky mountain ski destinations. Reasons why Deer Valley and Park City, UT in general are worthy of these accolades are too numerous to list.
The Barron's PENTA article goes on to name and include a photo of a home in Tuhaye as the place to be in Deer Valley. The article notes that sales in 2009 in Tuhaye were 0 while the median price for 2010 was $1.3M (there were 9 single family home sales shown across the Park City MLS for the area in 2010). Worth noting within this is the fact that nearly all of the sales were bank REO or distressed sales (something that wasn't mentioned in the article). These sales may represent the new market values for the area and very well may mark the bottom of the market in which case the value proposition for Tuhaye is very strong. Tuhaye has great views of Deer Valley though it is not necessarily part of what locals and Park City real estate professionals recognize as Deer Valley.
This is not the first time that Park City and Deer Valley have been recognized as one of the world's best places to own a vacation home; the fact that this trend continues points to the fact that what makes this are desirable has not changed.
Call the YouInParkCity.com Group of Keller Williams Park City Real Estate to discuss the current opportunities for home ownership in one of the best places to own a (first or) second home Deer Valley, Utah (888)968-4672.
Tags: Barron's, Deer Valley, Park City, Real Estate, second home, Tuhaye, UT
Posted in buyers, Park City Economy, Park City Real Estate Notes, Park City value |
0 Responses to "Deer Valley ranked #6 in Best Places for Second Homes"
By Todd Anderson
Feb 19, 2011
A 160 acre estate complete with luxury home, guest house and barn is to be sold at auction to the highest bidder Tuesday February 22. This estate is currently listed for sale on the Park City MLS for $17,500,000. The auction has no minimum bid and the seller has agreed to accept any offers above $8 Million (there is a 10% buyer's premium to be added to the sales price).
This luxury estate features a main residence of approximately 13,000 sq ft with six bedroom suites, seven full and 5 half baths. Beyond the impressive entryway the home opens up to high ceilings and fantastic views. The gourmet kitchen provides and understated country feel capable of both elegance and casual comfort. The master suite encompasses 1000 sq ft including a saltwater spa in a grotto like setting plus sauna, his and hers closets, exercise room and wet bar. Seven stone fireplaces assure that warmth and ambiance can easily be found throughout the home.
The guest house features nearly 2000 sq ft of living space; two bedrooms, two and one half baths, two fireplaces, laundry, kitchen with separate dining area, great room and two car heated garage. Finishes that mirror the quality of the main residence give the guest house an intimate elegance and luxury worthy of a permanent residence.
The barn is a state-of-the-art climate controlled stable and indoor riding arena covering 8500 square feet. Nearly 3000 sq ft are devoted to the sand based riding arena with windows on all sides taking in the beauty of Wolf Creek Ranch. There are 5 luxury stalls and a dedicated birthing stall.
The estate lies within the private gated community of Wolf Creek Ranch. The community is comprised of 14,000 acres that border the 2.2 Million acre Uinta National Forest. Over 50 miles of maintained trails run throughout the community. Over 100 acres are devoted to common areas which include a 6000 sq ft Owners lodge, 3000 sq ft community guest house and four yurts. All of this is only minutes from Park City, Utah and just over an hour's drive from Salt Lake International airport. The nearby airport in Heber can handle small private jets. A helipad near the front entrance to the community offers quick access to this National Park like get-away.
The custom furniture that adorns this luxury get-away estate are included to make this estate turn-key and ready to become part of your family legacy and memories.
True custom luxury estates with the accessibility of nearby destination resorts are seldom transferred but usually handed down among family members. This auction may be the perfect opportunity to obtain a legacy property. For more information contact a Park City realty professional with YouInParkCity.com.
This auction was cancelled. Bidders showed for the auction, but none were willing to bid above the $8M minimum.
Tags: auction, estate, Luxury, park, Park City, private, realty, Uinta, UT, wolf creek ranch
Posted in buyers, Park City Events, Park City value, sellers |
0 Responses to "Luxury Mountain Estate Auction - Park City, UT"
By Todd Anderson
Feb 01, 2011
The Empire Pass area of Park City, Utah's Deer Valley was launched in 2002 with the Ironwood Development. This began a new phase of luxury ski-in/ski-out homes and condominiums in Deer Valley. The developments at Empire Pass have been clustered close together in order to allow true ski-in/ski-out access and to preserve thousands of acres of open space around them. The density of condos and townhomes at the base of the Silver Strike, Northside and Empire Express chairs at Deer Valley does not necessarily give a feeling of scarcity, but a look at the sales and future development possibilities tells another story.
Twelve developments have been completed in the Empire Pass area of Park City. Five of these developments have sold out. Another five of the developments are nearly 80% sold through. Two developments are in their early stages of sales; the Montage at Deer Valley and Belles at Empire Pass (14 Single Family Models still to be built). The majority of available units (less that 80 currently) are within the Montage. Once the current available inventory is sold, there are only 4 development entitlements left within the Empire Pass area of Deer Valley.
2010 saw 45 sales close in the Empire Pass area (17 sales in the Flagstaff development lead the way with 15 in Silver Strike). This number is enough to sell through the current inventory listed on the Park City MLS. And most Realtors® and developers feel that it was a poor year in terms of sales.
Pricing in the Empire Pass area of Park City reflects the luxury nature of the amenity rich homes and condominiums. The scarcity of present and future development in the area as well as the finite supply of ski-in/ski-out properties in Park City and the world also impacts pricing here. The recent completion of the Montage Deer Valley while adding considerable inventory to the area also adds public amenities that the area was lacking. The new restaurant, spa and public spaces will add to the buzz around the area on a year around basis. The opportunities at the Montage also put the Empire Pass area of Deer Valley as a whole that much closer to being built out. The scarcity of future development in the area will only drive prices higher.
For more information on the Empire Pass area of Park City, UT contact a realty professional with YouInParkCity.com.
Tags: Belles, Deer Valley, Empire Pass, Flagstaff, ironwood, Luxury, montage, Silver Strike, ski out, ski-in, UT
Posted in buyers, Park City Economy, Park City Real Estate Notes, Park City value, sellers |
0 Responses to "Deer Valley, UT New Home Scarcity"
By Todd Anderson
Nov 30, 2010
The Headline touts rental revenue, but what is "great revenue" in Park City, UT?
Park City, UT is home to many second homes and vacation homes that are used infrequently by their absentee owners. Many of these homes and getaways are available as short term rentals for vacationers. Also, the majority of the hotels in Park City are condominium hotels meaning that each unit is separately owned and a rental management company is running the hotel amenities while sharing room revenues with the owners. Thus when a property is listed for sale in Park City, the subject of rental revenue opportunity is often mentioned, if not by the seller, then by the prospective buyer.
Great rental revenue though is subjective. Will the purchase produce a positive cash flow? Will it be revenue neutral? Or will the buyer be making monthly payments to own a little piece of Park City? The answer is, it all depends.
I have a "rule of thumb" that generally holds true for nightly rentals in the Park City area. Enough revenue will be generated to cover taxes and HOA fees after the revenue split with the property manager. There are many variable in this simple equation: how much owner usage will there be and during what times? How well is the property marketed? What is the management split (in Park City it is usually around 50% for nightly rental property)? What amenities are available to the renters? Etc. etc.
Recent price changes have made many of the revenue opportunities look stronger, but you must also consider that rental revenues have been falling along with condominium prices in Park City. A recent travel symposium speaker estimated that nightly rental prices will be off by 17% this year after falling 10% last year and 10% the year before, so while nightly lodging tallies which count room nights show increasing visitor nights, rental revenues are far from their peaks. Buyers and Sellers should also note that added rooms in the Park City area bring more competition to fill each bed.
Will the "great rental revenue" on the property you buy in Park City prove to be a good retirement scheme? I doubt it. Will it provide you with a great place to vacation, create family memories, and provide a drive to keep you working in hopes of retiring here? Definitely. I always say "purchase a home or condo in Park City for the lifestyle it can provide and the enjoyment it will bring you".
Rarely does a property in Park City "pencil" when it comes to rental revenue. Note that I didn't say "never" and appreciation cures everything when it comes to investments. Besides, do you really want to stay in that great revenue producing storage facility you bought in Salt Lake City?
Let the
YouInParkCity.com Group assist you in finding a home or condominium in Park City, UT.
Tags: condominium, home, Investment, Park City, rental revenue, UT
Posted in buyers, Park City Economy, Park City Real Estate Notes |
0 Responses to "Great Rental Revenue"
By Todd Anderson
Nov 14, 2010
The Escala Lodges at Canyons Resort in Park City, Utah is set to become the newest Hyatt ski property.
Hyatt hotels, which manage ski properties in Beaver Creek, Co, Breckinridge, Co and the Lake Tahoe, CA areas will take over management of the Escala Lodges the week of Thanksgiving.
With Canyons set to open for the 2010-2011 ski and snowboard season on Friday Nov. 26th, Hyatt joins the Waldorf Astoria, St. Regis, and Montage hotels as big name luxury brands in Park City, UT.
While the Escala Lodge development is only 2 years old, the Hyatt has plans for renovations to meeting spaces and the completion of the restaurant and bar amenities at the condominium-hotel. Escala is located at Canyons main base area and is considered ski-in/ski-out via the Sunrise lift.
Since completion, sales of the 85 condominiums which can be configured into 178 rooms have been slow. Only 30 individual units have been sold with most of those going to contract well before the project completion. Current offerings real estate at The Hyatt Escala Lodges range from one bedroom 680 square foot models at $550,000 to 2800 square foot 4 bedroom 5 bath models offered in the $2 million range.
Sales of condominium-hotel developments in Park City have been tough since the change in the economy and products like these that have not adjusted prices are finding buyers to be increasingly scarce. The change to the Hyatt management may help future rental revenue, in turn making realty purchases at Escala a better investment.
As with all Park City Real Estate opportunities, the YouInParkCity.com Group of Keller Williams Park City Real Estate encourages you to buy for the lifestyle that Park City has to offer. Consider Escala Lodges in terms of its slope-side location within a destination resort (Canyons, Park City) whose owners (Talisker) are spending over $50 million in upgrades this year coupled with the name recognition and service standards associated with the Hyatt name.
For more information and assistance in purchasing real estate in Park City, UT contact a realty professional with YouInParkCity.com.
Tags: canyons, Escala Lodges, Hyatt, Park City, Real Estate, UT
Posted in buyers, Park City Economy, Park City Real Estate Notes, Park City Skiing |
0 Responses to "Escala Lodges to be Managed by Hyatt"
By Todd Anderson
Oct 21, 2010
Has the Park City Real Estate market has hit the bottom? Unfortunately, you never know until the market has gone consistently back up. There are some areas that I believe still are vulnerable and there are also areas of Park City that appear to be relatively healthy.
Looking at the big picture there are several indicators that I find interesting. I reviewed all of the new listings put across the Park City MLS in the last 30 days for Summit County, UT. This includes single family homes and condos inside of the Park City limits, the Snyderville Basin and the Kamas Valley. Of the 149 new listings, 12 have already sold or have accepted sales contracts in place. In addition to this, in the last quarter compared to the same quarter in 2009 the volume of transactions has increased roughly 15%. Is this a blip or a trend? The increase in the number of transactions for Summit County in the first three quarters of 2010 is up slightly over 50% compared to 2009. Drilling down further, the same percentage holds true for sales of condominiums and single family home sales within the Park City limits.
What is selling in Park City? While only 10% of the homes and condos for sale in Park City are distressed sales (short sales or bank owned properties) nearly 35% of the homes sold this year fall into this category. In my opinion buyers are realizing the value of these homes and condos both in terms of the current and historical markets and when "a steal" goes on the market they are acting quickly.
If you are interested in more information on the Park City real estate market, specific neighborhood trends and statistics, or specific homes or condominiums please contact us at (888)968-4672 or by email.
Rob Harris - YouInParkCity.com Group - Keller Williams Park City Real Estate
Tags: Park City Real Estate Market Trends, realty, sales, Summit, UT
Posted in buyers, Park City Economy, Park City Real Estate Notes, sellers |
0 Responses to "Park City Real Estate Trends"
By Todd Anderson
Aug 06, 2010
What Makes Park City Real Estate Valuable? The Kimball Arts Festival
I as I was driving into work today with my wife, she mentioned that it was the Arts Festival that brought her to Park City. Ask a local why they live in Park City, UT and many will answer that they came here for a winter and never left. In my wife's case, it was pictures from the Arts Festival that was the draw that put things over the top.
The annual Kimball Arts Festival is one of the many things beyond the skiing, biking, golf, snowboarding, hiking or ... that make Park City, Utah special. It is a vibrant piece of the local Park City community (residents and vacationers alike actively volunteer to help with the festival). Local amenities like the Arts Festival make Park City Real Estate Valuable by adding to the Park City Lifestyle.
This year marks the 41st annual Kimball Arts Festival. The festival runs Friday August 6th (6pm-8pm) Through Sunday August 8th (Sat 9 am-7 pm, Sun 9 am-6pm). Note that the Friday evening opening is a special "local" event that is free (suggested $10 donation goes to the Kimball Arts Center) and the least crowded time of the festival.
The Kimball Arts Festival in Park City, UT is touted as one of the top ten arts festivals in the country (don't ask me who said this). Each year they receive more than 1000 applicants for only 325 spaces. Tents line the middle of Main St as the area is closed to traffic for the weekend to make way for the anticipated 45,000 attendees. Only the Sundance Film Festival and Fourth of July Parades in Park City put so much pressure on Historic Main St. Things will be crowded, but that is part of the lure. It is impossible to walk through without running into friends you haven't seen in a while.
Music has been a recent addition to the Arts Festival with 3 different stages running throughout the festival. A free film screening by the Sundance Institute will be held on Friday night at Park City's City Park. Local restaurants have also gotten into the spirit with the "Taste of Art" offering festival goers special pricing and limited time menu offerings.
Real Estate for parking in Park City is at a premium during the Kimball Arts Festival. Follow the signs and directions of the volunteers. Plan on parking away from the festival and walking in or hopping on a free shuttle.
For more festival information go to: http://www.kimballartcenter.org/
Have a great time, and when you find yourself thinking "If I owned a home in Old Town I could just walk over to events like this on Main St." contact your YouInParkCity.com Group Keller Williams Real Estate Professional to make it possible. (888)968-4672
Tags: arts, community, festival, Kimball, local, Main St, Old Town, Park City, Real Estate, sundance, UT, Utah
Posted in buyers, Park City Economy, Park City Real Estate Notes, Park City value, sellers |
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By Todd Anderson
Jul 15, 2010
As the summer heats up, Park City Utah Real Estate Prices have continued to fall.
Outlying areas of Park City have been hit worst in terms of price depreciation with some areas seeing prices equivalent to those in 2001 and 2002. To give you a better feel for this, the largest increase in area prices happened in the 2004-2005 timeframe. There are now condominiums being offered at prices of over 50% off the peak sales prices of 2006-2007.
Granted, these sale prices refer to bank owned and distressed sales, but that currently makes up about 10% of the Park City real estate market. Also, purchasing homes and condominiums at these fire-sale prices requires patience, quick response to new listings and most times cash (no financing contingencies allowed). So the great deals are out of reach for many would be buyers.
There is evidence that these aggressive sales prices by banks and distressed sellers is having an impact on the neighborhoods around them. Prices continue to fall in an effort to compete with nearby distressed property. This is especially true within the condominium market where there is less variation between units than in the single family home market (some local areas have shown a surprising strength and stability with very little downward pricing pressure).
Stringent lending criteria and appraisals based on a falling marketplace is making the pool of qualified buyers smaller which adds to the downward pricing pressure.
Strong value can be found in almost all areas of Park City and Deer Valley real estate and we are approaching pricing in outlying areas that may make investment with positive cash flow possible.
As always, real estate is local and each segment of Park City and Deer Valley can be different. For assistance in finding the perfect home or condominium for you or to sell your current Park City, UT home; contact a professional with YouInparkCity.com at (888) 968-4672.
Tags: bank, Buyer, condominium, Deer Valley, distressed, home, Park City real estate, property, sale, seller, UT, Utah
Posted in buyers, Park City Economy, Park City Real Estate Notes, sellers |
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By Todd Anderson
Jun 11, 2010
More than just the skiing, biking, golf, snowboarding, hiking or ...it is the community and local amenities that make Park City Real Estate Valuable.
Ask a local why they live in Park City, UT and many will answer that they came here for a winter and never left. In this ongoing blog chapter we will talk about some of the many things that make Park City, Utah a special place to live and own real estate.
Today's topic: The Park City Farmers Market
Every Wednesday throughout the summer, there is a local Park City Farmers Market held in the lower parking lot of The Canyons Resort.
The weekly event is held rain or shine. It is one of those great spots around town where you are bound to run into friends. Stop by and grab lunch, along with some fresh produce, local raised beef and lamb, fresh fish, bread, cheese, flowers and more. The Wednesday Park City Farmers Market is a great stop for food and snacks on your way to the free concert at Deer Valley too.
The market is also home to some local artisans featuring sculptures, art, jewelry, antiques and more. The Wednesday Market has been the inspiration for a few other indoor and outdoor markets around Park City and it is still one of the best.
For more information about the Park City Farmers Market, go to: http://www.parkcityfarmersmarket.com/.
The Park City Farmers Market gives locals and visitors alike a sense that our community is not just about our resort amenities, Summit county not long ago was a mixture of mining and farming communities and to the east of park City, the farming still thrives. Local markets such as this one provide an easy way to be "green"...think global, buy local.
If there is a Park City community amenity that you have questions about, drop The YouInParkCity.com Group an email.
Tags: community, Deer Valley, farmers, food, local, market, Park City, Real Estate, resort, UT, Utah, value
Posted in Park City Economy, Park City Real Estate Notes, Park City value |
0 Responses to "Park City Real Estate Value #4"
By Todd Anderson
Nov 23, 2008
For many people the name Sundance brings to mind a famous, high profile, independent film festival held each January in Park City. Crowds, traffic, famous and not-so-famous Hollywood types and paparazzi complete the idea of Sundance for these people. Sundance Resort is truly the opposite of the festival image.
The Sundance Resort is located about 30 miles southwest of Park City, Utah, and a short drive northeast of the Provo/Orem area of Utah. It is a quiet area tucked up a canyon with a feeling that is miles away from city hustle and bustle. The area is known for its rustic charm and its owner Robert Redford. Redford stumbled across this place in the 1950’s and purchased a cabin lot in Sundance in 1961. As development threatened to move into the area in the late 60’s, Redford rallied friends and investors to purchase 3000 acres and stave off the development. What has resulted from these actions that started thirty years ago is an area of 6000 acres of which more than 5000 acres is part of an environmental easement and a 450 acre ski and summer resort.
The Sundance Resort has space for only 250 nightly guests in its 95 cabins. In addition to this, there are only 300 private homes in the area. The residences here vary from A-frame cabins to magnificent homes with beautiful interior finishes and fabulous views masked behind an unpretentious mountain contemporary exterior.
It is the unpretentious nature of Sundance that makes it a truly special place. Sundance has great restaurants and spa amenities, but its beauty is natural and comes from its lack of development and awe inspiring views of Mt Timpanogos’ 12000’ peak. The resorts’ environmental easements and wilderness area feel will keep it genuinely different from its nearby ski resort neighbors in Park City. The true scarcity, low-key feel and lack of mega-resort status make Sundance priceless in comparison to other resorts.
For more on skiing at Sundance Resort, see the December 2008 edition of SKI or go to www.SkiNet.com. For information on Sundance estate opportunities including the home pictured above, go to www.YouInParkCity.com and www.2983RidgeTopRd.com.
Tags: film, for sale, orem, Park City, property, provo, Real Estate, resort, robert redford, Ski, Skiing, sundance, timpanogos, UT, Utah
Posted in Uncategorized, buyers, Park City Skiing, sellers |
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By Todd Anderson
Oct 20, 2008
I was speaking with a fellow REALTOR® here in Park City last week and she stated that she was surprised that prices here in Park City and Deer Valley hadn't fallen as much as she had expected. While news articles from around the country show home values dropping as much as 30%, Park City hasn't seen very dramatic price changes. Many people ask "why?" Here are some of the contributing factors.
The reasons vary somewhat according to the property involved; primary residences and second or vacation properties. In this article we'll focus on the latter. Second homes and vacation properties are a luxury item and they are bought by people that can afford them. As much as 70% of Park City and Deer Valley area property can be attributed to second homes and vacation property. The majority of these property owners have relatively small or no mortgages on these properties and most have an "if it doesn't sell at this price, I'll just hold onto it" attitude. Few of the second home owners have a true need to sell. In the sellers mind, the property is worth ‘x' and in time it probably will be. Sellers here in Park City have "staying power" and while overall sales volumes are currently down 45%, prices are holding somewhat steady. Sellers are willing to wait, and Buyers are not necessarily willing to jump at prices that have held steady which leads to more property on the market. This Seller's resistance to drop their prices and ability to wait is a major reason that prices in resort towns don't fall as much as national averages in a down market.
A driving force behind the national market downturn was the sub-prime and "risky" mortgages. Park City saw relatively few of these mortgages. It may seem odd from the outside, but few of the second homes with values over $1M have any mortgage debt at all. Historically, fifty percent of real estate purchases in Park City and Deer Valley are cash. In general even with as easy as credit was recently, it was still tougher to mortgage secondary homes as creditors know that if there is trouble, these are the first thing debtors walk away from. That is not to say that sub-prime mortgages in our market don't exist or that there are no property owners that are in financial trouble, only that this number is smaller in relation to the Nation's trouble spots.
Another reason that Park City second home and vacation property values have stayed strong is that things the have not changed much here. People still want to be here, whether it is to vacation or to live. Park City is a beautiful, easily accessible. The city offers endless recreational opportunities and a great climate. Park City's economy has not been greatly impacted by the national "crisis". In addition, the Utah economy has been touted as one of the best in the country. Finally, there is scarcity built into Park City. There are only so many places in the world that are like our city, and much of the town is truly "built out".
These are some of the reasons that Park City has not seen a dramatic change in its prices as compared with other spots in the Country. That is not to say that prices in Deer Valley and Park City have not fallen; they have. As noted earlier, pricing remains fairly steady, but many of the properties that have sold were priced aggressively and represent pricing similar to 2005. There are good values and realty opportunities in Park City, and the situation for each seller is unique. Just don't expect to see rows of homes for sale with foreclosure signs in every other window as you search for a place to live or vacation in Park City.
For more detailed information about recent price trends in Park City, Utah and Deer Valley, UT go to: http://www.youinparkcity.com/. Price trends, highs and lows, averages and days on market information is available for each Park City neighborhood.
Tags: Buyer, change, home, homes, Park City, price, prices, Real Estate, realtor, realty, second, seller, UT, Utah, vacation
Posted in buyers, Park City Economy, sellers |
0 Responses to "Why Park City Prices Remain Strong"
By Todd Anderson
Oct 06, 2008
Saturday Morning TV seems to be filled with shows o
n HGTV and the DIY network among others that show people upgrading their homes followed by a Realtor telling them how much more it is worth.
The country's present real estate market shows us that those upgrades may not all be good and definitely don't necessarily make you money in the end. This is not to say that something can't be bought at a great price have a few cosmetic upgrades done and be sold for a profit, but the days of the easy fix and flip may be gone.
The Park City area, having a resort originally built in the 60's and 70's (not to mention miners shacks from the early 1900's), has some properties that are in need of a remodel. The majority of the guests coming here expect a world class resort and accommodations to match. Real estate buyers in Park City have come to expect granite countertops surrounding professional grade appliances, jetted tubs and travertine tile in bathrooms, LCD or Plasma screen TV's, hot tubs plus plenty of snow in the winter and sun in the summer.
Maybe your Park City home or condominium doesn't currently have all this. Do you have to upgrade? If so, what should you do and how much should you spend? To answer these questions you really need to consider what end result you are trying to accomplish. Are you looking to sell soon? Are you looking for better rental revenue? Are you looking to just please yourself or spouse by making your place more comfortable? Do you just want to smile when you turn the corner and see your home come into view? Each of theses answers may lead to a different upgrade and investment in your property.
If your intention is to fix up the property and sell it, consult your local Realtor about which project to tackle first and the resulting revenue difference it may make in the sales price of your home. Remember that the most important part will be to get people to come into your Park City house or condominium, so work on the outside "curb appeal" first (this is the first and last thing people see when they come to look at your property).
If your intention is to remodel the inside of your home, take a look at the cost of remodels and the average return on that investment in the Sellers section of our website. Remember why you are making an upgrade, if it brings you happiness while you are living in the home; consider that value in your return on investment calculation.
Also, for those of you that plan to "do-it-yourself" note that it is never as easy as the ½ hour TV show would lead you to believe. Think about what type of person you are (are you a perfectionist or do you settle for adequate?), make sure that you finish the project to the end and not just do "good enough" especially if your end wish is for better resale value.
Tags: condominium, home, Investment, market, Park City, property, Real Estate, remodel, revenue, upgrade, UT, Utah
Posted in Uncategorized, sellers |
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