Category Archives: Our Town

running-with-ed

RUNNING WITH ED 2016

Every year the Park City Education Foundation hosts Running with Ed, a 10-leg, 38 mile, running relay to raise money for the Park City Schools. This year Jess Reid – Christie’s International Real Estate had a team of runners participating. Watch the video for a recap of their fun day!

Running with Ed – Jess Reid – Christie’s International Real Estate from Hilary Greene on Vimeo.

Sponsor-of-the-Thin-Air-Festival

THIN AIR PARK CITY INNOVATION FESTIVAL

We are excited to kick-off the Thin Air Innovation Festival tomorrow in Park City, as sponsors! The Thin Air Innovation Festival will be the first tech conference ever to be held in Park City. This year’s topic will be Innovation in Human Performance.

The event will bring about 1,200 founders and CEOs of tech companies from around the world to Park City. It will be held April 6-8, 2016 and the theme this year is Innovation in Peak Human Performance. The event kicks off April 6th at the Eccles Center with Kevin Plank, founder of Under Armour, as the keynote speaker. To get tickets to the Evening Keynote event on Wednesday night, April 6th visit Thin Air’s website or call us today! The event will wrap up with a free concert by Thievery Corporation on Main Street on Friday. See you there!

Sponsor-of-the-Thin-Air-Festival

Bud Flyfishing

10 COOL TO DO’S WINTER OR SUMMER IN PARK CITY

Looking for something new to do? We are so fortunate to have so many things to do each season in Park City! Contact us if you have any questions or if you need more recommendations! 

1. Catch some rays on a rooftop bar at No Name Saloon or Boneyard.
No Name Saloon is a must-see bar in Park City. They are located on Main Street and they have a rooftop bar that offers great views of Main Street. The heated lamps in the winter and summer allow you to enjoy the rooftop deck year round. Boneyard, located on Kearns Blvd, is a local’s hang out and has great food options. They have live music on the rooftop deck in the summer and they also serve brunch! 

2. Relax at brunch on the deck overlooking the pond at Deer Valley Café.
Deer Valley Grocery Café is one of our favorite spots to grab a coffee or brunch. The outside deck has comfortable seating and looks out over the Deer Valley Pond. In the summer you can enjoy watching stand up paddle boarders paddling out in the pond or doing yoga. Not to mention, another fun activity to try check out Park City SUP. Don’t forget to stop in and say hello at our real estate office located in Deer Valley Plaza! 

3. Visit the only ski-in/out distillery, High West, via PCMR’s Town Lift.
Ever been to a ski-in/ski-out distillery? Now is your chance. High West not only is accessible from the ski-resort but they make a damn good drink too. Try a “Dead Man’s Boots”. 

4. Make a free gourmet s’more at the Montage Deer Valley at Dusk.
The secret is out, and our mouth is watering. Gourmet s’more’s on the deck at Montage will not disappoint, especially after you perfectly brown your marshmallow to your hearts desire over the roaring fire. Visit Montage and visit their s’more bar between 4-5pm during the winter season and from 8-9pm during the summer season. 

5. Grab a coffee and a book at Atticus Coffee and Tea on Main St.

6. Wine o’clock? Cozy up with a glass of wine at Old Town Cellars Wine Bar.
This is what Main Street was missing. The new wine bar in Park City allows you to try different blends of wine. Tasting starts at only $2. Have a sweet tooth? Old Town Cellars has partnered up with Ritual Chocolate and they offer pairings of their wine with small-batch fine chocolate. Our favorite is the sea-salt dark chocolate!

7. Take a short hike up the “PC” Hill to see 360 degree views of Park City.

8. Ride a bike! Check out Mountain Trails Foundation for the scoop.
Thanks to the Mountain Trails Foundation we have over 400 miles of maintained trails in Park City and there is always a new trail to explore. Get out there and mountain bike to cover some ground and see Park City from a different perspective. The iconic Mid-Mountain Trail is one of our favorites, but if mountain-biking isn’t your thing explore the rail trail. 

9. Hike and fish one of the largest wilderness areas in the USA.

10. Tour properties with a local agent and find your dream home!

 

World Cip

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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Apex-2

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

 

Arrowleaf 2

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.

Arrowleaf 2

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