Category Archives: Real Estate Market Updates

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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!

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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

 

 

 

 

 

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MARKET OVERVIEW – MID YEAR 2015

MARKET REPORT – PARK CITY REAL ESTATE 2015 MID YEAR

Click below to view the market report:

The Greater Park City real estate market has the highest number of closed sales and total dollar volume, for the first half of the year in 2015, since 2007. The market is growing at a steady pace and is showing many notable improvements. The overall sold volume for our market is up 6% to $827,826,405, for the first two quarters.

Single family homes have an average sales price of $1,047,661 and the number of sales is up 9%. Old Town saw a healthy 45% increase, with an average sales price of $1.5M. Promontory, Jordanelle and Glenwild also had a prominent increase in sales volume.

Condominiums are continuing to lead our recovery. Condominium sales volume is up 15% and the average sales price is $721,455, which is up 8%. Prospector had the highest jump in sales with 25 sales compared to 8 in the first half of 2014.

Vacant land sales volume is down; 17% to $82,010,103. Although, lot sales volume in Promontory is up 29%, in Jordanelle it is up 11%. In Lower Deer Valley the average sales price for a lot is up 70% to $590,946, compared to the first half of 2014. A lot of this volatility is related to lower inventory – especially as areas in the city limits get built out.

Deer Valley vacant land and condominiums are currently the most amplified sector in the area with the sales volume up 51% collectively. Single family home sales are down 17%, which we believe is due to lack of inventory. Condominium sales are higher than home sales with newer ski-to and from properties increasing in value. Condos near the base of the resort are selling quickly, being remodeled and are considered a good value with room for appreciation.

Synderville Basin offers home buyer’s more space for a more reasonable price then living in Park City proper. However, prices in Synderville Basin are increasing. The median sales price for a single family home is $850,000 up 18% from one year ago.

A large range of prices is evident in Park City. Although we have a high average sales price there are areas that offer great locations for a great value that could significantly appreciate with a remodel. For example, condos in Prospector range from $100-300,000, lower-end condos in Old Town start at $200,000, older single family homes in Park Meadows start at $750,000 and new construction condos in Kimball Junction, at Bear Hollow Ridge, start at $305,000.

Other market influences worth noting include the final expenditures of our walk-ability bond. This includes enhanced bike paths, pedestrian paths and tunnels at highly trafficked areas to improve safety and enjoyment for walkers and bikers. The Mountain Accord working with Greater Salt Lake City is making progress on solving traffic congestion in the area, among other things, as we have increasing seasonal and year-round population. This is important to carry on the quality of life that the Greater Park City area provides.

Inventory levels have been consistently low since 2012. As of July 1, our inventory was higher than it has been in a year. However, our segmented market shows that inventory in many desirable areas and price ranges is low.

There is only one. Park City. Our town is now home to the largest ski resort in America with over 7,000 acres of skiable terrain. Vail Resorts has initiated many improvements as part of a $50 million dollar project, which includes the new 8-person Quicksilver Gondola that will connect Park City Mountain Resort and Canyons Resort.

Luxury home sales in the overall Greater Park City area have increased and there is an increasing number of high-end buyers that have re-entered the market since the great recession. The number of sales over $1M have seen a 17% increase with 149 sales over $1M

in the first two quarters. $5M – $10M sales are healthy but are constant with last year so far.

Auctions have been introduced as a current trend in our market. This year, four homes over $6M sold. Jess Reid – Christie’s International Real Estate is pleased to have represented a client that purchased one of the homes listed at $11,750,000.

Christie’s International Real Estate releases a White Paper annually that gives us an insight on the global luxury property market. In 2014, US $1M plus sales were up 16%, over 2013. In 2012-2013 they reported an explosion in urban luxury home sales growth. However in 2014, we are excited to see that second-home resort markets are red hot, leading the growth in luxury property sales. The report shows that the average price in a lifestyle and regional resort market is about $1.5M. Park City’s median home price for the first two quarters of 2015 is $1.34M.

Life in Park City is something that we are thankful for every day. Our sense of community and our unique mountain-town that offers abundant open space is unlike any other place in the world. Call us today to learn how you can make Park City your home or get-away from home.

CONTACT US! With three locations in Park City and Deer Valley we are ready to answer any questions you have about the market and would be happy to provide you with a more detailed market report of a specific area or property type.

To view Greater Park City graphs – click here

To view Deer Valley graphs – click here

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PARK CITY MARKET SNAPSHOT – GENERAL TRENDS

To better understand the Park City Real Estate market we crunch stats each quarter. Our most recent “Park City Market Snapshot” includes simplified graphics so you can see changes from the first half of 2014 to the first half of 2015. Contact us today if you would like us to hook you up with one of our agents to learn more about a specific area and to learn more about market trends!

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WHISKEY WEDNESDAY – JESS REID – CHRISTIE’S INTERNATIONAL REAL ESTATE VISITS BLUE SKY

As wine enthusiasts, we pride ourselves on being experts when it comes to “pairings”. So, when our team heard that whiskey was being distilled, in combination with an “American West” mountain resort setting in Wanship, UT, we jumped at the opportunity to see how the “pair” would impress locals and visitors of the Greater Park City area.

We headed out on “whiskey Wednesday” to Blue Sky, the 3500 acre ranch about 20 miles from Park City off of I-80. After passing through a gated entry, we were shuttled up a winding road, lined with open-space and pastures. We learned on the short drive that Blue Sky is truly a working ranch with over 45 horses and 100 head of cattle. Five minutes later, we arrived at the new High West Distillery.

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High West, one of our favorite restaurants and the only distillery in the heart of Park City, welcomed us into their new 20,000 sq ft lab, which is still under construction. One 1,600 gallon copper still is currently in place and was imported from Scotland (insert “oooo and ahhh” here). The top-of-the-line equipment will allow High West to eventually make whiskey from rye, wheat, oat and malt and produce “25 times the amount of whiskey” than the current Park City location was capable of. The experienced distillers at High West are always raising the bar so expect to see new “flavors” added into the mix.

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The distillery is just one piece of the bigger picture that Blue Sky has envisioned. Currently, a 9,000 sq ft High West restaurant and visitor center is being built and nearing completion. This building encompasses incredible open vistas, spacious decks and will have private meeting spaces, tasting rooms, a restaurant and a gift shop.

Blue Sky will also build a secluded, luxurious, Amangari style, 40 room hotel on the property. The hotel will be uniquely placed and seamlessly blended into the landscape on the gorgeous ranch. Blue Sky offers, by appointment only, dozens of outdoor adventures, including; backcountry skiing, cross country skiing, clay shooting, horse-back riding, mountain biking and fly fishing.

Our sales team would like to thank Stuart, Henry, LeAnne, both Eric’s and the rest of the staff for welcoming and informing us of this exciting new project. Our sales team prides ourselves on being knowledgeable about the entire Greater Park City area. It is a pleasure to have a great understanding of Blue Sky’s collaboration with High West and we are excited to share more news with our buyers and sellers. Please contact us today if you have any questions or if you would like to see more photos!

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LUXURY HOMES FEATURED WORLDWIDE!

When you list your luxury property with Jess Reid – Christie’s International Real Estate you are exposing it to a world-wide network of buyers that are looking for luxury homes. Each and every one of our high-end properties are advertised through Christie’s International Real Estate, on their website and in print media. The links to these properties on their sophisticated website get hundreds of views each day.

Buyers for luxury homes in the Park City and Deer Valley area are often International buyers and we have the resources to advertise in these markets.

Please contact us if you are interested in utilizing our brand to offer your luxury home more exposure.   Christie's

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First Quarter Year-to-Year Stats – Park City Real Estate Market

The newest, most up-to-date Park  City Real Estate stats are in! We have simplified and made them easy to comprehend. We look at the first quarter of 2014, months January – April, and compare them to the first quarter of 2015, months January – April. We compare the entire volume of Greater Park City, number of transactions and average sold price. Then we break it down into different types of properties, condos, single family homes and vacant land. Finally, we separate Deer Valley from everything to take a closer look at that segment of the market.

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If you would like more detailed stats about specific areas or neighborhoods. Please let us know. We would be happy to share the information that we have for just your area of interest.

To see the graphs that compare the first quarter of 2014 to 2015 of all Greater Park City; click here.

To see the graphs that compare the first quarter of 2015 to 2015 for Deer Valley only; click here.

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SPRING IS IN THE AIR – PARK CITY REAL ESTATE NEWSLETTER

Spring is in the air and we have a lot of exciting things to share with you! Our newsletter is a combination of lifestyle, business and real estate in Park City. We love to share with you some of our favorite properties and give you an insider’s look at what is going on in our town. Please sign up for our newsletter if you haven’t by clicking here.

To read the most recent Spring newsletter click here.

Contact us today if you have any further questions.