Category Archives: Featured Neighborhoods

newpark-resort

WHAT’S NEW IN KIMBALL JUNCTION?

Nestled on highway I-80 and bordered by the 1,200 acre Swaner Nature Preserve is Kimball Junction, which is part of Synderville Basin.  Kimball Junction is home to the Redstone Shopping Center where there are locally owned boutiques and cafes side-by-side with “big-box” stores and food-chains such as, Best Buy, PetCo and Café Zupas. The area is also well-known for the Utah Olympic Park, Tanger Outlet Plaza, and the off-leash trail Run-a-Muk.

Kimball Junction has been experiencing retail and commercial growth because it’s convenience to I-80 and neighboring communities. We are excited to share recent changes and a few of the notable changes that we will see in the near future:

  1. New transit center: The fare-free bus system in Park City has always been a major luxury in Park City. The city is continuing to expand and improve mass transportation in Park City to reduce traffic and help the environment. In their long term plan, view here, they have many projects that will help those causes. The city has already started construction on the new Kimball Junction Transit Center that will help buses move quickly from Kimball Junction to Main Street. Read more about the plan here.
  1. Woodward Park City: What better place than Park City is there to open the newest Woodward? Woodward is a training facility for sports and it will offer action sports parks for snowboarding, skiing, skateboarding, BMX, MTB and cheer.  The facility will include ramps, concrete park, foam pits, trampolines, spring floor and a digital media lab. Check out Woodward Park City here.
  1. Whole Foods: You may have heard by now that Whole Foods is moving across the street. Whole Foods is building a bigger store which will be 40,000 sq ft and will feature an expanded prepared foods department and a taproom with local beer and wine on tap. Read the press release here.
  1. Vessel Kitchen: The newest, HEALTHY fast-food restaurant just opened in Kimball Junction. We love the fact that you can get healthy sides, salads, kombucha on tap and more! Check out their menu here and stop in next time you are in Kimball Junction and need a healthy meal.
  1. Expansion of the Basin Recreation Fieldhouse: The Basin Recreation Fieldhouse is one of our favorite places to get our sweat on. This 55,500 sq ft facility has started construction and they are adding approximately 29,800 sq ft to the current space. The new expansion will include a new lap pool, fitness rooms, a party/conference room and more. Check out photos and more details here.

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MARKET REPORT – FIRST 3 QUARTERS 2016

The Greater Park City real estate market is strong and steady. The sales volume the first 3 quarters of 2016 compared to the first 3 quarters of 2015 is up approximately 25%. The market report, written by Principal Broker Jess Reid, highlights on a few notable changes in the area and more. Please contact us if you have any questions or if you would like a detailed overview of a specific area.

Below are graphs that show details for each area and each type of property.

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MARKET REPORT – FIRST THREE QUARTERS OF 2016

The Greater Park City real estate market is strong and steady. The sales volume the first 3 quarters of 2016 compared to the first 3 quarters of 2015 is up approximately 25%. The market report, written by Principal Broker Jess Reid, highlights on a few notable changes in the area and more. Please contact us if you have any questions or if you would like a detailed overview of a specific area.

Mountain Retreats

MOUNTAIN RETREATS BOOKLET – CHRISTIE’S INTERNATIONAL REAL ESTATE

We are excited to have two of our properties in Park City featured in Christie’s International Real Estate’s Lifestyle Collection. The Mountain Retreats book features homes from around the world that are tucked away in the mountains. To view an electronic version of the book or if you would like a hard copy contact us today!

Mountain Retreats write up Promontory Mountain Retreat Deer Crest Mountain Retreat

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WINTER 2016 NEWSLETTER

Every quarter we put together interesting material about what is happening in Park City and share with you all updates we have on the Park City Real Estate Market. In this newsletter, we share the end of year stats for 2015 and compare the market to 2014. To read the entire newsletter click here and sign up to receive our newsletters directly to your inbox here!

Newsletter

DV Volume

BRIEF MARKET REPORT – 2014 COMPARED TO 2015

MARKET REPORT – PARK CITY REAL ESTATE 2015 MID YEAR

Click below to view the market report:

The Greater Park City real estate market’s overall sales volume was up 10%, when compared to 2014, to $1,850,000,000. The market is improving at a steady pace, although it is a segmented market. It was a great 2015 with almost all sectors of our market showing positive gains. Read on to learn about the diverse segments of our market.

The single family home segment is healthy and with the total closed volume up 16%, compared to last year, with the number of transactions up 5%, 1005 sales total for the year. Here is a sampling of average sales prices: Old Town saw a 19% increase to $1.5 million, Park Meadows had a 5% increase to over $1.7 million, Silver Springs saw a 25% to $960,000 and Deer Valley’s average sales price was up 7% to $4.4 million.

What’s HOT? A condo in the city limits under $650,000, a single family home in the Snyderville Basin under $850,000, and new construction (see below).

Condominium sales volume is up 7% and the overall average sales price remains stable. Another great example of segmentation in our market is the diversity of prices of condominiums. In Prospector, the average sales price of a condo is $179,000 and in Empire Pass (Deer Valley) the average sales price for a condominium is $3.3 million.

Vacant land sales volume has remained steady. This is a hard-to-read area of our market, as there is little-to-no inventory of lots available in the city limits and with an increased amount of lots becoming available in the Jordanelle and Basin area. There are still opportunities if a buyer is looking to purchase vacant land, however the currently low inventory levels are pushing prices upward. Anyone interested in purchasing vacant land should work with an experienced Realtor to help understand the different areas that have vacant land available because they are so diverse in price, amenities, etc.

Snyderville Basin continues to see dramatic appreciation in values. The Basin offers more square footage for a lower price per square foot and generally newer construction, than the city limits. The average sales price for a single family home in the Basin is approximately $900,000, which is also up over the previous year. Silver Springs and Ranch Place have a very quick absorption rate and well-priced homes generally sell within a few weeks of their listing date. The condo market has been very strong as well with an average sales price of $440,000 and an increase of 52% in sold volume.

Deer Valley has evolved into a diverse market as it has grown over the past years. For example, Lower Deer Valley condos are selling for an average of $865,000, while Upper Deer Valley/Empire Pass condos have an average sales price of $3.3 million. Single family homes range from $1.9 to $11 million. There are two exciting new projects in Deer Valley. Stein Eriksen Residences has pre-sold 39 of the 54 units in their project. These are selling for $2.2 million to $8.8 million. Coming up soon for pre-sales is One Empire Pass, this 27 unit luxury residences project should sell rapidly. These units will be selling for approximately $1.5 million to $4 million. Over the years Deer Valley has proven itself to be a sound area to invest in for luxury homes.

Canyons Village at Park City Mountain Resort is bustling with visitors that are taking full advantage of the Epic Pass, a pass that grants access at over 12 resorts worldwide. Canyons Village currently has three new projects under construction and the master plan shows abundant growth within the next ten years. Canyons is desirable because of the resort village feel, the recently new golf course and the abundance of summer activities offered.

Inventory levels have been consistently low overall. In 2009, our market had over 2000 listings and currently we are just over 1000 listings. However, this should change as our market continues to grow and more new construction is introduced to the market.

New construction has been in high demand the past few years because many home buyers do not want to spend the extra time and money to remodel an older residence. With over 20 new projects currently being developed in the Greater Park City area, this demand is finally being met and pre-sales have been very successful. New projects range from affordable housing in Snyderville Basin to beautiful new high-rise condominiums in Empire Pass

Golf course communitiesPromontory leads the way with $165 million in developer sales and resales. Glenwild remains a healthy market for multi-million dollar homes. Victory Ranch has seen a very healthy increase in sales of developer homes and lots. Tuhaye remains slow and undervalued with the uncertainty of the Talisker foreclosure and Red Ledges continues to experience brisk sales activity.

Exclusive Homes. Extraordinary Art. We are proud to be the exclusive affiliate of Christie’s International Real Estate in Utah, with over $115 billion dollars sold in 2015 our network is the world’s leading luxury real estate network. We have connections with 139 affiliated brokerages in over 46 countries. Our network is part of the world’s leading art-auction house, Christie’s.

Looking ahead despite fears over the global economy and the US stock market, 2016 should be an even better year for real estate in Park City. All the elements are in place to continue to drive our market; incredible quality of life, proximity to an international airport and major metropolitan area, great schools, clean air, safe community and seemingly endless recreational and cultural opportunities. It’s no surprise that everyone wants to be here!

To view Greater Park City graphs – click here

To view Deer Valley graphs – click here

 

 

 

 

 

Empire-Pass-Interior-with-View

RARE NEW PROJECT IN EMPIRE PASS – ONE EMPIRE PASS

We have the inside scoop on One Empire Pass, the new ski-in, ski-out development in Empire Pass, Deer Valley that has an estimated completion date of winter 2017-2018. One Empire Pass will have 27, three and four bedroom, units that will feature spectacular views of Deer Valley Ski Resort, Old Town Park City and the Uintas.

One Empire Pass 1

The project is being designed and managed by a team of seasoned developers from East West Partners. East West Partners has conceived many successful projects including: Shooting Star, Larkspur, Paintbrush, Arrowleaf and Flagstaff in Empire Pass, along with other projects in Bachelor Gulch and Beaver Creek in Colorado. Their design is unique and is tailoring One Empire Pass to buyers who want a high-end ski-property that has all of the amenities and features that are sought after. Two, three and four bedroom residences will be offered and prices will range from $2.5M-$4M.

Empire-Pass-Interior

Amenities and features include:

  • Private elevator access to each unit
  • Large living and kitchen areas with views
  • 10 feet tall – floor to ceiling windows
  • Two over-sized hot-tubs on the “amenity deck”
  • A hammock garden and large patio for lounging outside
  • Talisker membership available
  • Large ski-lockers accompanied by a bar and breakfast/après ski lounge and ski-valet
  • Live-in residence manager
  • Mountain-contemporary interior design by Barclay Butera

Contact us today for more information about One Empire Pass and for a tour of the building site.

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Empire-Pass-Interior-with-View

RARE NEW PROJECT IN EMPIRE PASS

We have the inside scoop on One Empire Pass, the new ski-in, ski-out development in Empire Pass, Deer Valley that has an estimated completion date of winter 2017-2018. One Empire Pass will have 27, three and four bedroom, units that will feature spectacular views of Deer Valley Ski Resort, Old Town Park City and the Uintas.One Empire Pass 1

The project is being designed and managed by a team of seasoned developers from East West Partners. East West Partners have conceived many successful projects including; Shooting Star, Larkspur, Paintbrush, Arrowleaf and Flagstaff in Empire Pass, along with other projects in Bachelor Gulch and Beaver Creek in Colorado. Their design is unique and is tailoring One Empire Pass to buyer’s who want a high-end ski-property that has all of the amenities and features that are sought after.Empire-Pass-Interior

Amenities and features include:

  • Private elevator access to each unit
  • Large living and kitchen areas with views
  • 10 feet tall – floor to ceiling windows
  • Two over-sized hot-tubs on the “amenity deck”
  • A hammock garden and large patio for lounging outside
  • Talisker membership available
  • Large ski-lockers accompanied by a bar and breakfast/après ski lounge and ski-valet
  • Live in residence manager
  • Mountain –contemporary interior design by Barclay Butera

Contact us today for more information about One Empire Pass and for a tour of the building site.

 

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INTRODUCING APEX THE FIRST SKI-THROUGH VILLAGE DEVELOPMENT

We are excited to have information about the newest project in Canyons Village, Apex. Apex will be the first ski-through development in Canyons Village at Park City Mountain.

Canyons Village  is the base of the, now, largest ski resort in North America. With $50 million dollars in improvements made by Vail Resorts, Park City Mountain now offers:

• Over 7,300 skiable acres, 2 gondolas, and 38 lifts
• Only a 30 minute commute to Salt Lake City International Airport
• New on and off-mountain dining optionsApex---Canyons-Village

Apex – Canyons Village

Apex will offer slope-side living with dramatic vistas and is offering:

  • Apex offerings 63 Residences
  • Prices range from $1.4m–$3.0M+
  • Featuring a range of bedrooms 3, 4 & 5
  • Floor plans spanning approximately 2,000–3,800 sq ft*
  • 2 packages for interior design options – mountain contemporaryApex
    The stunning clubhouse at Apex offer owners private access to 5,800 sq ft of amenities including a:

    • Fitness club
    • Heated outdoor pool
    • Splash pad and 2 hot tubs
    • Fire pit
    • Club room and bar
    • Dedicated concierge
    • Treatment rooms
    • Game room

    APEX is managed by Vail Resorts Hospitality

 

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TALISKER FORECLOSURES DONE!

Written by: Jess Reid

As of today, November 17th, 2015, the final foreclosure sale was conducted for Talisker properties at the County Courthouse. The underlying lender, Wells Fargo, made a credit bid for $35M for the properties in Summit County only. On October 29th, Wells Fargo also made a winning credit bid for $35M for the Wasatch County based properties.

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Arrowleaf in Upper Deer Valley

At the foreclosure sale, there were approximately 70-75 people attending. However, the only bid was placed by Wells Fargo.

No one seems to know yet what Wells Fargo will do with the properties or if they already have buyers waiting in the wings. My best guess is that by essentially taking back these properties on a credit bid it will clean up any complications related to the prior owner (Talisker). I am told that a credit bid is when the lender takes a property back for the amount of debt owed and others participating bidders would need to beat the lender’s bid. This would allow Wells Fargo to have more control over the disposition of the properties. Wells Fargo may want to break up the big bundle of properties and sell off parcels separately to bring more money in to either minimize their losses or make money on the sale.

We will keep you posted as this historical event continues to unfold.

Park Record Articles on the matter:

Developers ‘salivating’ as Talisker land heads to auction – November 13
Bank is the only bidder – November 17