Park City, UT Real Estate News

By Natalie Southwick
(Aspen Creek Realty)
On Saturday August 23rd Park City will hold its 12th annual Park City Marathon. It will be the same beautiful scenic course as last year with its 8 mile down hill finish. Along the way there will be plenty of entertainment for the runners and the spectators as there will be 3 bands at different parts of the course. They will be playing music all day. The three bands are the Taiko Drum Troupe(to keep you on your running rhythm at mile 13), John Boy's Mule (little bit of bluegrass at mile 20) and The Best (adding some rock at mile 23). In addition to the entertainment along the course there will be first aid booths, as well as fruit and water stations available for all the runners. Also a great bonus, the race has decided to go green this year. Everything that is used on race day will be ...
Comments 0
By Rob Alday & Rachel Peterman
(Snow Park Realty)
Since late last week we have seen 69 new properties come on the market, 25 go under contract, and 20 close. The high points are: ACTIVE:-Silver Star ski in/ski out at Park City Mtn Resort come on the market at $1.5m; 3bd/3ba, 1986 sq ft, $755psf....this is not too bad for a 3bd/3ba ski in/ski out.-Pinnacle at Deer Valley at $955,000; 4bd/4ba, 3530 sq ft, $270psf...under $300psf is good in my book, especially for a downhill unit that will have great rental revenue!-Promontory home at $2.5m; 4bd/7ba, 8500 sq ft, $294psf...again under $300psf is a steal! This one very well might be priced just above construction cost.-Tuhaye home for $3.5m; 4bd/6ba, 5400 sq ft, $648psf....kind of a ridiculous ppsf for this one. Especially since the spec home inventory at Tuhaye is not exactly jumping off ...
Comments 0
By Rob Alday & Rachel Peterman
(Snow Park Realty)
yup that's right..!...we got 'em! i'm so excited to sponsor these towns and to get down to business preparing great information and updates for locals and potential buyers! i really enjoy activerain and localism and am so happy to participate at this level on another note, i heard the other day that mr. obama may be holding a fundraiser here in park city!  i think that would be really exciting and although i am still trying to learn as much as i can about both candidates...there is just something very refreshing and enlightened about obama and all that he stands for (at least as far as i can tell)...i would love to see what kind of park city people would attend an event like that and i'd love even more to have a chance to hear mr. obama speak....our little town has been getting quite th...
Comments 2
By Natalie Southwick
(Aspen Creek Realty)
A recap of our real estate activty last month. Park City Property Type Total Listings # New Listings July # Listings Sold July Average List Price Average Sold Price Average Days On Market Single Family Homes 1318 237 43 $810,620 $769,890 170 Condominiums 909 153 29 $644,375 $619,363 176
Comments 0
By Rob Alday & Rachel Peterman
(Snow Park Realty)
In the past five days we have seen 59 properties come on the market, 24 go under contract and 25 close. Of note:  ACTIVE: -Old Town home at $2.1m on Lower Norfolk Ave; 3bd/2ba, 2635 sq ft, $767psf....seems a little high for 3bd/2ba. -3 Old Town lots for $2.4 on Park Ave....only if these were on Main St would this price make sense. Once you build out all your profit is gone....this does not pass my "Buy verus Build" proportion...in order for land to start moving again, the price of land must proportionately be below what it cost to buy a new home compared to what it cost to buy and build and spend hundreds of hours of your own time. -Aspenwood condo in Deer Valley at $850,000; 3bd/3ba, 2010 sq ft, $422psf...I just went through this one and if you do not mind the stairs it could be a gre...
Comments 0
By Natalie Southwick
(Aspen Creek Realty)
As beautiful as the summers in Park City are, many of us are constantly searching for something exciting and different to do. Now we’ve found something right in our backyard! Park City Mountain Resort offers a ZipRider that propels you 110 feet above the Resort’s gorgeous ski trails. The ZipRider can get up to 45 miles per hour, and, since there are four cables, you can even race your friends to see who’s the fastest! Less than $20 will get you a ton of fun on a single ride. The ZipRider is open through October 12 to anyone who is between 75 and 275 lbs. Check the website, as the hours change throughout the summer, and the ZipRider is subject to early closure due to weather. For hours, updates, and even a video of the ZipRider, check it out here.
Comments 0
By Natalie Southwick
(Aspen Creek Realty)
As a homeowner in Park City, do you take advantage of the recycling program offered to you? Park City’s community recycling center is located on Woodbine Way. You can drop off your recyclables (paper, plastic, glass, mixed metal, batteries…even non-working major appliances!) for free at the 5,000 square foot Recycle Utah facility. The center is open 24 hours a day, seven days a week for drop off only, and the office and re-use building are open everyday from 10AM to 4PM. Keep in mind Recycle Utah’s motto of the Four Rs: Reduce, Reuse, Reycle, Rethink. Not sure what you can and cannot bring to the recycling center? Call the facility at 435.649.9698 or visit its website at http://www.recycleutah.org.
Comments 0
By Kenneth Drummet
(Park City Resort Homes-Keller Williams)
Let the bargain hunting begin.  Home prices may still be falling, but they are getting low enough for some investors to be buying and selling to pocket a tidy profit, or buying investment property that actually returns a positive cash flow. Rock-bottom prices have finally begun to lure real estate investors into the fray with the effect that prices may be stabilizing in some markets.  For example, in south Florida where home prices have dropped nearly 27% a broker bought a three-family home  for $195,000 that had been listed at $350,000. Quick flips are in.  Even in the Seattle area, where prices are down just 5% (similar to Park City) from a year ago, an investor purchased a 2700 square foot home for $330,000 and quickly sold it within 3 months for $415,000 (a 25% profit). Many of thes...
Comments 1
By Rob Alday & Rachel Peterman
(Snow Park Realty)
Sorry it has been a while since the last market update, but we have been working on changing the the layout of this website...it is going to be great when it is complete! So in the last week we saw 76 properties come on the market, 30 go under contract, and 25 close. Here are the high notes: ACTIVE:-Lower Deer Valley Solamere home at $1.995m; 6bd/5ba, 5050 sq ft, $395psf....under $400psf is not too bad for Solamere and I have a feeling that they will go lower.-Newly constructed Lookout townhome in Upper Deer Valley at $4.45m; 5bd/6ba, 6182 sq ft, $720psf...this is one of the best units in the development.-Little Belle condo in Upper Deer Valley for $2.55m; 4bd/4ba, 2812 sq ft, $906 psf....the price per sq ft seems very high! I have not been in the unit yet, but this one might sit on the...
Comments 0
By Rob Alday & Rachel Peterman
(Snow Park Realty)
 What a busy couple weeks Rob and I have been having!...Between the summer concert series at Deer Valley, the locals deals at our favorite restaurants and all the weddings and events that summer-time brings...it's been hard to keep up! Not to mention our ever-more-demanding jobs! ;)I thought I'd post some ideas for how to make the best of your weekend here in Park City whether it be the weekend we are entering today or another one just as sunny and wonderful in the future.Restaurant Deals:-There are plenty of restaurant deals here in Park City. You can find out about them easily via coupons listed in the local paper, the Park Record. What tends to be offered are two-for-one entrees or $25 off your bill for two people.-Our favorite restaurant in town, Jean Louis' usually comes up with mo...
Comments 0
By Rob Alday & Rachel Peterman
(Snow Park Realty)
As we look at the mid-year activity in the outlying areas in Park City, we see a 50% decrease in activity but prices have increased. The area in discussion is everything past the White Barn except Jeremy and Pinebrook....so it covers Promontory, Glenwild, Old Ranch Rd, Canyons, Bear Hollow, Redstone, Tuhaye, and the Jordanelle. SINGLE FAMILY HOMES: 2007 1/1/07 - 7/14/07 Ave sales price $1.295m Ave ppsf sold $332psf Ave days on market 175 2008 YTD (through 7/14/08) Ave sales price $1.325m Ave ppsf sold $303psf Ave days on market 210 CONDOS: 2007 1/1/07 - 7/14/08 Ave sales price $476,422 Ave ppsf sold $421psf Ave days on market 357 2008 YTD (through 7/14/08) Ave sales price $570,000 Ave ppsf sold $408psf Ave days on market 420 Vacant Land 2007 Ave sales price $716,000 Ave days on market 1...
Comments 0
By Rob Alday & Rachel Peterman
(Snow Park Realty)
   While the number of sales has fallen off 39% in Park City proper (in-town), the other vital statistics have not changed much and we have seen an increase/appreciation in condo and lot #s:SINGLE FAMILY HOMES:2007 stats from 1/1/07 to 7/14/07-Ave Sales price $2,376,000-Ave PPSF sold $496psf -Ave Days On Market 1852008 stats YTD (though 7/14/08)-Ave Sales price $2,349,000-Ave PPSF sold $478psf-Ave Days On Market 187CONDOS:2007 stats from 1/1/07 to 7/14/07-Ave Sales price $1,183,000-Ave PPSF sold $590psf-Ave Days On Market 2032008 stats YTD (though 7/14/08)--Ave Sales price $1,348,000-Ave PPSF sold $603psf-Ave Days On Market 215VACANT LAND:2007 stats from 1/1/07 to 7/14/08-Ave Sales price $1,306,000-Ave Days On Market 1932008 stats YTD (though 7/14/08)-Ave Sales price $1,728,000-Ave Days...
Comments 0
By Todd Anderson, Park City | Deer Valley Real Estate
(You In Park City group - KW Park City Keller Williams Real Estate)
The second quarter of 2008 has come to an end and the statistics are out for the Park City, Utah real estate market. It is always interesting to see how the numbers stack up to what your gut feeling about how the market is doing.  A quick look at the numbers can show that my gut feeling is both right and wrong, as usual, the numbers can be spun to show whichever story you want to tell. Well, almost... There is almost no classification in which it can be shown that sales volumes are up. Single Family home sales for the first 2 quarters of the year were off by 45%.  Pricing though was effectively flat (up 1% in town, down 6% in the Snyderville Basin, up 1% in the Heber Valley). Bright spots can be found in single family home sales if you look at Woodland and Francis, sales prices were up ...
Comments 0
By Rob Alday & Rachel Peterman
(Snow Park Realty)
Affordable housing seems to be one of the main topics around town this week. The Planning Commission approved Talisker's project for affordable housing on the 100 block of Marsac Ave this week, and commended the developer for their efforts...I am not such why you get a pat on the back for being 3 years late, but hey just get it done already. While in the county, The Summit County Commission is poised to move forward this year with more aggressive legislation to create affordable housing. The proposed incentives would allow builders to construct denser neighborhoods in exchange for constructing affordable units. By agreeing to provide about half the overall number of units in their subdivisions as work force housing, builders could substantially increase the value of their projects by ob...
Comments 0
By Rob Alday & Rachel Peterman
(Snow Park Realty)
Just before the long weekend, the bankruptcy court approved dip financing that will continue operations at Promontory through January 2009. Pivotal (the current developer of Promontory, who was forced into Bankruptcy in March) provided the financing from one of their other Pivotal company...the judge ruled that the two companies, Pivotal Promontory and the other Pivotal company that provided this financing, were separate enough where this is not a conflict....hmmm??? Got me there. This is good news for the membership, and should give everyone enough time to reorganize. There are a number of hypothesis's and rumors flying around about how it will shake out, but a large consensus believes that it will shake out like the Credit Suisse/Highland Capital deal at Lake Las Vegas. Most everyone ...
Comments 0
By Rob Alday & Rachel Peterman
(Snow Park Realty)
 So as we prepare for the Forth of July, and all the festivities Park City has to offer on one of the greatest days to be a Parkite....here is a little market update:We have seen 39 properties come on the market this week so far, 23 close, and 24 pending. The high notes are:ACTIVE:-Portico unit on Deer Valley Loop for $699,000; 3bd/3ba, 1600 sq ft...this units are super cool and close to everything-Glenwild home at $4.2m; 4bd/6ba, 6454 sq ft, $651 psf....let's see another sell in Glenwild!-2 lots in Promontory, both at $1.4mPRICE CHANGE:-Jordanelle home for $1.395m; 5bd/6ba, 6200 sq ft, $225 psf is a good deal!-Oaks in Deer Valley lot for $899,000....there are only a hand full of these that are available each year.PENDING:-Aerie home at $1.895m; 5bd/5ba, 4399 sq ft, $431 psf...this one ...
Comments 0
By Jim and Billie Harsch
(Keller Williams/Mountain Town Realty Group)
The Park City Board of Realtors statistics for the First Half of 2008 indicate that Gross Sales Volume was down to $610M, a decrease of 39% from the same Half of 2007, prices increased 8%.     Gross Sales for Single Family Homes were $260M, down 45% from 2007 and prices were approximately even.   Condominium Gross Sales were down 24% to $259M, which prices rising 17%. Old Town Condos saw a 24% price increase and Kimball Junction Condos sales volume increased by 131%  primarily with the Newpark Hotel, with prices up 19%.   Gross Sales of Vacant Land (Lots) decreased 57% to $72M with prices increasing 16%.    With a large inventory selection and banks lending at historically low interest rates, now is a great time to pick up a vacation property.     For complete details of each area, plea...
Comments 0
By Jim and Billie Harsch
(Keller Williams/Mountain Town Realty Group)
Talisker Corporation completed the purchase of The Canyons in Park City, UT on Monday for $123M according to the Park Record and Securities and Exchange Commission documents.   The Canyons was the last property owned by the American Skiing Company.  The Canyons now becomes part of the Talisker group of Park City properties including Empire Pass at Deer Valley and the Tuhaye golf development.   Talisker Canyons Finance Co. LLC will assume the responsibility for pending litigation with the resort's former owner, Wolf Mountain, which contends that is should regain the property because ASC defaulted on the lease.  The trial is projected to take place early next year in Park City District Court.   The sale should stimulate activity at the resort, relieving a great deal of uncertainty about t...
Comments 0
By Rob Alday & Rachel Peterman
(Snow Park Realty)
Talisker just closed on the Caynons deal. The Toronto-based developer, also developing Empire Pass, announced its intentions to purchase The Canyons from Park City-based American Skiing Company last July. Talisker completed the sale June 30 by paying ASC $123 million, a document filed Monday with the Securities and Exchange Commission states. The proceeds were received in the form of $51 million in cash and $71 million "in secured senior notes," the SEC document states. Talisker has tried to close the sale since 2007. American Skiing Co. intends to use proceeds from the sale "in accordance with its plan of dissolution, which was approved on June 20, 2007," according to the SEC report. But land at The Canyons is still controlled by Wolf Mountain Resorts, which will be Talisker Canyons Fi...
Comments 0
Yet again Talisker failed to close on the Canyons. They did put up an additional $5m, to bring their total non-refundable deposit to $25m. Talisker officials were "unavailable" for comment...we'll keep our ear to the ground to see what is going on behind the scene...stay tuned.Here is an Empire Pass at Deer Valley year to date update:Single Family homes-7 are on the market at an average price of $6.7m; 5531 sq ft and averaging out at $1,255psf-2 homes have sold for and average of $5.975m; 4525 sq ft and $1320psf-7 homes are pending for an average of $6.46m; 6044 sq ft and average of $1054psfCondos-76 are on the market for an average of $3.167m and $1436psf. Of the 76 unit, 28 are in the new Flagstaff launch. That leaves us with 48 on the market not in Flagstaff and the majority of those...
Comments 1