Category Archives: Our Town

Stats-Newsletter

FIRST HALF 2017 MARKET REPORT AND STATS

It just keeps getting better! The Greater Park City real estate market’s overall sales volume, when comparing the first half of 2016 to the first half of 2017, was up 15% to $1.17B – all properties and all types. If the market continues at this rate, we will surpass 2016’s year-end sales volume of $2.1B. Overall, the Greater Park City market has seen a 10% increase in transactions and 4% increase in the average sold price. The increased sales volume indicates that our market continues to grow at a strong and steady pace in Greater Park City, and the outlying areas such as Heber Valley and Kamas. Notable influences on our market include lack of inventory in some areas, extensive remodeling, and new construction projects. Read on to learn about the diverse segments of our market.

To view stats for the first half of 2017 compared to the first half of 2016, see below:

Bike Share

PARK CITY’S NEW ELECTRIC BIKE SHARE

On July 19th, Park City became the first city in the nation to launch an all-electric bike share program. There are currently 88 bikes at nine bike station kiosks around the city, including some in Kimball Junction, Canyons Village, Prospector Square, and Old Town, among others. What’s even better is that this is just the first phase, and phase 2 will launch next summer with even more bikes and stations!

The bikes have a pedal-assisted lithium battery, which makes it easy for anyone to conquer hills all around town. The assisted-pedal system feels a lot like the cruise-control on a car going up a hill, and it kicks in as you push harder on the pedals. The bikes go up to 14.5 miles per hour and have a break on each side of the handlebars. There is also a basket on the front of each bike, which makes them great for a quick run to the grocery store, etc.  There is a screen on the front of each bike that tells the rider how fast they’re going, on how much time they have left on their ride.

Users can purchase a $2 one-time pass or signup for weekly, monthly and annual passes at the kiosk stations. Local workers and residents are eligible for an annual pass for $90, which includes unlimited 90-minute rides throughout the year. Single-ride passes include 45 minutes of riding before an additional $2 is charged on the user’s credit card for every 30 minutes after that. When you download the Summit Bike Share application on your smartphone, it will walk you through the sign-up process and you can easily unlock any bike at the kiosk by putting the bike number into the app. The app also has a map of the stations in the area, and it tells you how many bikes and openings are currently at each station.

Just a few weeks before the launch of the electric bikes, Park City launched new electric buses that are part of an express route between Kimball Junction and Old Town. The busses and the new bike system are both part of Park City’s plan to have a net-zero carbon footprint by 2022.

New Dev Main Photo

FIRST QUARTER 2017 – REAL ESTATE MARKET UPDATE

The single family home segment is strong with total closed volume up 39%, and the number of transactions up 23%. In Park City proper, properties that are priced below $2M move quickly and are not on the market for long. Each area of our market is very unique. Here are average single-family sales prices in popular areas: Old Town – $1.8M, Park Meadows – $1.8M, Silver Springs – $990,000, Jeremy Ranch – $1M, Heber Valley – $496,000 and Deer Valley’s is $4M. See below for entire market report:

New Dev Main Photo

FOUR NEW DEVELOPMENTS IN DEER VALLEY

New construction has been in demand the past few years, especially in the luxury market segment. Deer Valley has four new developments that are in different stages.

Stein Eriksen Residences:
The development is the newest addition to the luxurious and legendary Stein Eriksen brand, which has upheld a 5 star/5 diamond benchmark for many years. The ski-in/ski-out private homes and condominiums are sophisticated and contemporary and have many services and amenities on site.

• Price range: $1,975,000 – $6,975,000
• 2 – 5 bedroom floorplans
• Approximately 4,400 – 5,800 square feet
• 54 residences (39 closed, 17 for sale)

SER for blog

 

 

 

 

 

One Empire Pass:
An intimate community of 27 private ski-in/out residences with unprecedented amenities at Deer Valley Resort. Located at the bottom of the Silver Strike chairlift, it is complete with a spa deck, a fitness facility, and more. Reservations are currently being taken.

• Price range: $1,575,000 – $5,795,000
• 2 – 4 bedroom floorplans
• Approximately 1,510 – 4,350 square feet
• 27 residences (18 pending, 3 for sale)

One Empire Blog

 

 

 

 

 

Goldener Hirsch Residences:
This expansion to the Goldener Hirsch Inn will include 38 new contemporary residences. The new residences will feature modern architecture blended with sophisticated design, they will be fully furnished and there will be a sky-bridge that connects the new residences to the Inn. This is the last remaining parcel in Silver Lake and is an easy walk-to-ski location in the center of Silver Lake Village. Reservations will begin in winter of 2017. View more information here.

• 38 residences
• Studio – 3 bedroom floorplans
• Approximately 570 – 2,400 square feet
• Call today for more information regarding pricing an reservations

Goldener for blog

 

 

 

 

 

Empire Pass Residences:
This new development is located in Empire Pass and features dramatic mountain vistas, mountain modern design and a ski-in, ski-out location. The new residences will be built next to Shooting Star, adjacent to the Silver Strike chairlift. The developers plan to break ground in June 2017 and they are currently taking reservations for the 19 residences. View more information here.

• Price range: $1,800,000 – $4,600,000
• 2 – 4 bedroom floorplans
• Approximately 1,725 – 3,678 square feet
• 19 residences (1 reserved, 18 for sale)

Empire Pass for Blog

 

 

 

 

 

For more information or for a private showing contact us today.

Affordable Housing Photo

4 THINGS TO KNOW ABOUT AFFORDABLE HOUSING IN PARK CITY:

In many high-end resort communities, it can be hard for many people who work full-time in town to afford to buy housing in town as prices continue to rise. Park City is addressing this issue and providing more affordable housing opportunities. By providing more affordable housing, Park City will increase the quality of life for full-time workers by allowing them to live in the town where they work, including (but not limited to) teachers, nurses, police officers and office workers. Below, we’ll go over a few important things you should know if you’re going to start looking for affordable housing in Park City.

1. Learn About the Different Developments
There are currently 4 different neighborhoods in Park City that are being developed into affordable housing. Here are the opportunities in the works:

a. Park City Heights
This will be townhomes, park homes and larger cottages that will be built across Hwy 248 from the Hospital. There will be two, three and four bedroom units. Sale prices range from $299,900 for a two-bedroom townhome to $438,500 for a three bedroom single family (Park Home), and $506,008 for a four-bedroom cottage on a larger lot. Each year, four townhomes, six park homes and one or two cottage homes are being built. To get in line for these, contact the sales manager for Ivory Homes (the builder) – Troy Goff at (435) 729-0550 or troyg@ivoryhomes.com.

b. Woodside Park
This infill neighborhood project spans from Park Avenue (across from City Park – Miners Hospital) to Empire Avenue. There will be 8 units (plus five accessory apartments to be rented to qualified individuals) in Phase I under development on the old Fire Station lot (Park Avenue to Woodside Avenue). Construction will begin on Phase I in late summer of 2017. Phase II will produce 50 to 62 units depending on final design and will likely be a mixture of ownership and rental units. Phase II is on the other side of Woodside up to Empire Avenue (base of Park City Mountain Resort). Sales pricing for Phase I hasn’t been finalized, but is likely to range between $185,000 and just over $400,000, depending on the size of the unit and whether or not an accessory apartment is included as an income generator. Household income limits will likely range from $47,221 to $98,400 depending on household size.

c. Park Avenue
This is a small infill neighborhood under construction on Park Avenue (lower part, north of old town near the 7-11). All detached houses, the completed project will include two one-bedroom units (750 square feet), five two-bedroom units (1,120 square feet), and one three-bedroom (1,300 square feet). Sale prices will vary from $195,000 to $285,000, depending on the size of the unit. Sales will be limited to households with annual incomes ranging between $47,221 and $78,720 depending on household size. Applications for these units, as well as the selection process, will likely be announced by late June 2017, and move-in dates will be in September/October of 2017.

d. Central Park Condos
This project will consist of 11 condos in prospector. There will be seven 2-bedroom/1.5-bathroom units, three two-bedroom/2-bathroom units and one studio will be sold in October of this year. Sale prices and income limits are not finalized yet. Applications will likely be available in the same timeframe as the 1450-1460 Park Avenue project listed above.

2. See if you Qualify – Fill Out Applications
As you’ve probably noticed, each project listed above will have different requirements in order to qualify as a purchaser. The income requirements vary based on household size, and depend on which project you’re looking at. Some projects have not yet announced income requirements, so keep an eye out for those. To receive updates on the projects, you can email Rhoda Stauffer at rhoda.stauffer@parkcity.org. Rhoda is the Affordable Housing Program Manager for Park City, and she keeps a database of persons interested in projects going on within the city limits. Mountainlands Community Housing Trust, in cooperation with the city, also helps to inform residents about the upcoming projects and assist with the application and qualification process. Steve Laurent is the Programs Manager for Mountainlands, and will be working with Rhoda to put out applications for the upcoming projects. We suggest getting in touch with both of them to stay up-to-date on the happenings in the affordable housing community. You can reach Steve at steve@housinghelp.org.

3. Understand Deed Restricted Properties
Affordable housing projects are considered deed restricted properties in most communities. A deed restricted property varies quite a bit from a normal market-value property. One of the main differences in owning a deed restricted property is that your home cannot appreciate more than a certain amount each year (typically 3%), in order to keep the property affordable. Another big difference is that you normally can’t rent the property on a nightly basis in order to make additional income (no Airbnb!). The owner also needs to live in the property year-round, and typically needs to work at least 30 hours/week in Park City (or another defined area). Most of the time, however, you can rent out any additional bedrooms year-round to other locals of the Park City area. Check out the deed restrictions page on the Mountainlands website for more information on deed restrictions for different projects.

4. Look at your Other Options, and Talk to an Agent
If affordable housing/deed restricted ownership isn’t for you (or even if it is, but you want to look at all your options), we suggest talking to an agent with knowledge of the affordable market. It is possible to find other affordable options in and around Park City that are not deed restricted, and that can appreciate more than 3% each year. Having an agent keep a close eye on the market for you is a must, because they’ll see everything right when it gets listed, and those lower-priced properties tend to go quickly!

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.

alder-and-tweed

WHAT ARE THE INTERIOR DESIGN EXPERTS SAYING?

We called our friends over at Alder and Tweed, an interior design firm in Park City, to get an update on what’s hot this season. Here is what is currently trending:

  1. Factory windows: We love the pained glass and industrial look of factory windows and glass. For those clients who don’t want to take a risk or incur the expense of replacing the windows in their house, we think it looks great as a shower enclosure as well.
  1. Gold plumbing fixtures and hardware: Don’t think this is your parents 80’s brass, the new gold fixtures have warm finishes and make a space feel cozy and current.
  1. Black and White: Think white cabinets with black lighting fixtures and black wood floors, there’s something fresh and fabulous about this contrast that people are asking for again and again!

Deer crest Residence from Alder and Tweed on Vimeo.

These are just a few of their favorite things right now. Remember, some people still love the old cabin feel with lots of logs, some people love the super mountain-modern feel, and some like a mixture of both! Check out Alder and Tweed’s website to see current looks and get some ideas for your property. Let us know if you have any questions or would like us to put you in touch with them!

We are so excited that Alder and Tweed recently helped us give all three of our offices a makeover. Feel free to stop in and see our new updated look, we are in love with the textured wallpaper and patterned carpet that made our offices feel very current but timeless!

3rd-quarter-stat-photo

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.

3rd-quarter-stat-photo

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.