The Promontory development of Park City, Utah bills itself as a four-season resort with activities and amenities geared toward year round use, but its two golf courses place it firmly in the golf community real estate category for the summer months.

The Promontory community has weathered the downturn and financial crisis well and could be said to actually have benefitted from it in certain aspects. Promontory is without a doubt the most amenity rich option of the social club and golf communities in the Park City, UT area. The amenities they offer and the scope of their membership opportunities have grown each year.

Views from “The Shed” at Promontory

Golf Digest for 2013 ranked the Dye Canyon Course as #3 in the state followed by the Nicklaus Painted Valley course at #4 in the state. The Pete Dye designed Canyon Course also was named as #48 of the top 100 public golf courses by Golf Digest.

Real estate sales at Promontory show similar numbers for the past 12 months as the preceding 12 months, but there is a different feel. Pricing of the sales is up. The median sales price on building lots is up 20% and the median price on sold homes is up 15%. The number of distressed sales at Promontory has dropped dramatically. The last 12 months shows 16 sales of homes for a price of under $300 per square foot while the previous year had 27 such sales in the same number of total sales. There are currently 6 offerings on the Park City MLS in Promontory for under $300 per square foot of the 55 active sales.

The recent sales data at Promontory has been strong enough that the developer (The Pivotal Group) is beginning to re-introduce developer owned lots as well as increasing their “cabin” home offerings. Developer owned lots and cabins at Promontory can include memberships and delayed or deferred social club and golf fees which need to be considered as part of the Promontory amenities, so not all purchase prices are equal.

Non-golf related developments are a huge contributing factor to the value at Promontory. The Shed which opened last year has been a huge success. This year’s new additions include a “dog park” athletic and social club refurbishing and an additional pool. Most noticeable are the $1M spent by the Promontory Conservancy on trees.

With the total development still being less than have done and still a large number of resale opportunities; there is quite a bit of territory and many options to consider. For a tour and assistance in navigating the options at Promontory contact a golf realty specialist with YouInParkCity.com at (888)968-4672.

The Jack Nicklaus signature course at Red Ledges just seems get better every time we play it. In 2010 and 2011 Golfweek Magazine ranked it as “Best of State” and we think it is certainly in the top 3. There were no major changes made on the course last year. The reworking of several of the greens that was done a few years ago to make those greens more receptive and hold shots has paid off. The bent grass greens have had a couple of growing seasons since the alterations and they are rolling true and holding good shots.

Red Ledges, one of Park City Real Estate’s premier golf communities, sold 48 properties in the in the past 12 months. For the same time period last year there were 36 sales. This shows a very healthy improvement. Part of what we see as very encouraging (for Park City’s golf community market) is that 10 lots were sold to smaller builders who intend to break ground on spec homes. New homes being built and in the planning stages is yet another sign that the Park City Real Estate market is turning the corner. Another positive indicator that Red Ledges is healthy is that a new neighborhood is breaking ground. It is called Mountain View. Mountain View will offer 4 models that will be priced in the $500,000 to $700,000 range. Red Ledges is differentiating itself in Park City’s golf market by offering homes in more price ranges than the other golf communities. With a few lots still available for under $200,000 and single family homes starting in the $500,000 range Red Ledges has with increased their pool of buyers compared to the other Golf communities. Golf or lifestyle memberships are currently included in developer sales but we expect that to come to an end soon.

Red Ledges amenity package now includes the Jack Nicklaus 18 hole championship signature course, a comprehensive practice facility, the Jim McLean Golf School, the Cliff Drysdale Tennis academy, a golf shop, and swimming pool and equestrian programs. The most exciting news is that they will be breaking ground on the Clubhouse next month. The current goal is to have all of the planned amenities in place in the next 5 years.

For more Red Ledges real estate information or for a tour of the community and facilities contact a realty professional with the YouInParkCity.com Group at (888)968-4672.

We are close to having one year of sales data for the Montage at Deer Valley and the sales data shows surprising strength given the overall market and world economy. Thirteen sales have been completed for Montage Deer Valley Residences. The sales represent just over 15% of the available units but were nearly 50% of all sales in Park City’s luxury real estate enclave of Empire Pass. Sales prices have ranged from $1.6M to $8M.

The latest release of residence models at Montage Deer Valley will feature a showcase residence that is a collaboration between interior designer Philip Gorrivan and One Kings Lane (a leading online site for designer décor, furnishings and accessories). The 3471 square foot home is a two story three bedroom, three bath model featuring a large great room, dining room, gourmet kitchen, and den. Three private balconies offer incomparable ski resort and valley views. The designer elements in the home have created a mountain modern feel in which each room has its own unique sense and appeal to the luxury Park City lifestyle. Our recent tour through this home was impressive.

The home will enjoy access to all of the Montage Deer Valley spa and resort services and amenities; not the least of which is its slope-side Deer Valley location.

For more information about this special Montage Deer Valley home or a private tour focused on luxury Park City and Deer Valley real estate contact YouInParkCity.com at (888)968-4672.

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With 45 days left before the end of the year, we probably won’t see significant changes in Park City real estate sales totals.

Current for sale inventory in Park City’s Lower Deer Valley area includes 28 single family homes and 54 condominiums. This number will likely rise slightly as we move closer to the ski season.

To date there have been 7 single family home sales this year and 2 other homes have accepted sales contracts. So the inventory levels indicate a 3-4 year supply of single family homes in the Lower Deer Valley area. The inventory varies greatly with offerings ranging from $775k to just over $3M. Lower Deer Valley has some homes that are beginning to show their age; this fact can be seen in the variations of asking price with the least expensive homes in the low $200’s/square foot and the highest end well into the mid $500’s/sq.ft. Single Family homes sales for Lower Deer Valley are likely to lag 2010 numbers by nearly 30%.

Condominium sales in the Lower Deer Valley area of Park City show a strong increase versus 2010, but there are factors that have skewed this number dramatically. To date 49 condominiums have sold in Lower Deer Valley and another 6 have pending sales contracts. With 53 active for sale condominium listings, the current inventory represents just over a one-year supply. Lower Deer Valley condominium sales totaled 32 for 2010, so this year’s numbers at first blush are very strong. The twist is that 22 of the sales were bank (or corporate) REO properties. The sales of the bank owned condominiums had an average sales price in the low $300’s per square foot. By contrast, the average sales price for non-bank owned properties was over $375 per square foot.

Many of the homes and condominiums in the Lower Deer Valley area were built from the early 1980’s through the mid 1990’s and many of the properties are “showing their age”. The new construction in the past few years in the Empire Canyon area of Deer Valley has impacted sales greatly as buyers tend toward more “turnkey” products. The Lower Deer Valley area offers great access to all Park City has to offer and there are definitely gems to be found in the for sale listings. For information regarding specific realty listings in Lower Deer Valley, contact YouInParkCity.com at (888)968-4672.

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             A look at sales for 2010 shows that the Promontory Club area of Park City was one of the sales “hot spots”.  87 Homes and Vacant Lots were sold in the Promontory area during 2010. This accounts for over 9% of all the sales in the greater Park City area for the year.

            To date there have been about 800 lot sales in Promontory and there are currently about 300 completed homes with another 25 under construction. The Promontory area was hit hard by the economic downturn, but recent indications show that investors and value shoppers are buying the deals up quickly. The developer is waiting to release new areas and building lots when they feel that prices and inventories warrant new product.

            Promontory executives currently consider any lot priced under $300,000 or home priced at less than $300/sq ft to be a distressed sale.  Given these parameters, all but one of the 52 lots that sold last year were distressed, and nearly 70% of the 35 homes that sold last year were distressed properties.

            A look at the current inventory shows an inventory level of slightly more than one year for vacant lots, but most still fit within the developer’s distressed category (there are 64 lots for sale in Promontory and 50 of them are priced under $300K, ten are actually under $100K).  Current available Single Family Homes in Promontory total 74 including 4 bank REO’s and 8 short sales with a total of 19 being offered at less than $300/sq ft. The offerings in the distressed category (less than $300/ sq ft) represent less only 10 months worth of inventory at last year’s absorption rate. To put this number in perspective, the absorption rate for Park City as a whole is over 24 months.

             So far this year, 8 sales have closed in the Promontory area of Park City and there are 20 sales pending. Current trends show prices within Promontory on the rise and inventory levels falling. The deals are getting harder to find and Buyers need to react quickly.  Current levels of distressed homes in the greater Park City area are down considerably from their peak.

             For more Promontory Ranch Club information and assistance finding the Park City home that is a “steal” in your book, contact a realty professional with YouInParkCity.com.

                  If you are looking for a Park City Condominium with easy access to skiing but in a setting that is a little off the beaten path without the “hustle and bustle” of condos within the Park City limits, you may want to consider the Jordanelle area when searching the web for Park City Real Estate. There are a couple of great options on the south side of the Jordanelle Reservoir that are just a few minutes from Deer Valley Ski Resort’s gondola.  Access to the Jordanelle Reservoir is quick as well if you like water skiing, boating, fishing or sailing. Another advantage to the Jordanelle area of Park City real estate is that you are only about 15 minutes from Park City’s historic Old Town or Kimball Junction when you decide you want to do a little shopping or enjoy one of the many exceptional restaurants. Heber City and Midway, UT are also just minutes away to the south. The Jordanelle area has the ability to at some point become a viable base area for Deer Valley Resort and a community of its own with restaurant and retail facilities and multiple hotels and housing options. As with most homes or condos in Park City, the south side of the Jordanelle is only about 35 to 40 minutes for Salt Lake International Airport.

                If you want a condominium, the Fox Bay condominiums may be a great option in the area and are definitely worth considering.  These 1028 square foot two bedroom two bath condos have many amenities including underground parking, a pool, spa, recreation room, fitness room, playground and a fenced basketball court.  The recreation room comes complete with a big screen television, pool table, ping pong table and small kitchen.  The fitness room and play ground are well equipped if you or the kids have any energy left after a day of skiing. Fox Bay has an active HOA working hard to ensure the safety and cleanliness of the area as well as encouraging community activities.

                The price for a Fox Bay condominium currently range from around $210,000 to S244,900.  Fox Bay prices reached a high of $347,000 in 2006 and represent a very good value now.  Be aware that if you see a price significantly below this price range it may be a deed restricted condo. Deed restrictions are base on average household incomes in Wasatch County, UT.

                For photos and property searches of Fox Bay condominiums go to the Fox Bay at Jordanelle page of the YouInParkCity.com website or call (888)968-4672.

             More than just the skiing, it is the community and local amenities that make Park City Real Estate Valuable.

            Ask a local why they live in Park City, UT and many will answer that they came here for a winter and never left. In this ongoing blog chapter we will talk about some of the many things that make Park City, Utah a special place to live and own real estate.

            Today’s topic: The Kimball Art Center

            The Kimball Art Center is Park City’s nonprofit community art center. Located in the heart of Historic Old Town the Kimball is considered by many the hub of the arts in Park City. Most renowned for hosting the Park City Arts Festival, one of the top art festivals in the country the Kimball Art Center also has classes for artists of all ages and abilities. While I take at least one class a year one of my favorite things do is the monthly Friday night gallery stroll which starts and ends at the Kimball and includes a stop at all of the galleries in Old Town. Most galleries provide beverages and light hors d oeuvres. Of course the center also hosts some fantastic exhibitions featuring both local and nationally known artists. Like the Park City Transit System the Kimball Art Center is free to the public.

            While the Kimball has no affiliation with the Park City Real Estate community it is considered by many locals and potential home buyers to be one of the important amenities that make Park City such a great place to live or vacation.

            For a list of events or classes at the Kimball visit their web site at http://www.kimballartcenter.org/  or visit the YouInParkCity.com events section at http://youinparkcity.com/events.php. If you stop by the Kimball and have any questions about Park City Real Estate stop by our office at 693 Main Street located right next door to the lower level entrance to the Kimball and ask for Rob or Todd.

If there is a Park City community amenity that you have questions about, drop The YouInParkCity.com Group an email.

            More than just the skiing, it is the community and local amenities that make Park City Real Estate Valuable.

            Ask a local why they live in Park City, UT and many will answer that they came here for a winter and never left. In this ongoing blog chapter we will talk about some of the many things that make Park City, Utah a special place to live and own real estate.

            Today’s topic: The Park Record

            The Park Record is Park City’s local newspaper. The paper comes out bi-weekly on Wednesdays and Saturdays. You can receive the paper by mail, or purchase it at many local outlets and distribution boxes for $0.50. It is also available online at http://www.parkrecord.com/.

            The Park Record is a great avenue for learning about what is going on in Park City. When someone walks in the front door here at the Keller Williams office at 693 Main St in Park City asking about what is going on in town, I recommend the Park Record as one of the best resources. It isn’t your source for national or world news. The paper is full of articles about local residents, local businesses, local politics and happenings. The paper is a great source for retail and restaurant specials, job openings and long term rentals.

            Park City real estate advertising makes up a good portion of the advertising, but the internet is a much more complete and frequently used portal for searching real estate for sale (see http://YouInParkCity.com/search  ) .

            If there is a Park City community amenity that you have questions about, drop The YouInParkCity.com Group an email.

            Park City real estate encompasses many showcase homes and ultra high-end luxury properties. Slope-side homes in The Colony at The Canyons, Upper Deer Valley, Deer Crest, and more as well as golf course homes in Glenwild, Tuhaye and Promontory commonly see price tags of over $5 million (in fact there are over 60 such homes currently listed on the Park City MLS). But the home at 5000 Royal St. in Park City’s Upper Deer Valley real estate area with an asking price of $55 million stands apart in the premium Park City property listings.

            What makes this Park City home different from the others (apart from the price tag)? There are many features that one would expect of a luxury residence in Deer Valley. The home is over 20,000 square feet and includes 12 bedrooms and 16 baths and custom built furniture throughout. The gourmet kitchen is designed to make a professional chef feel at home while still being a comfortable living area. Exterior spaces offer great gathering areas amid the pines away from nearly any city feel. A large gaming room provides a location for hours of fun and an indoor pool and hot tub make for alternative recreation to the outdoors. Two attached garages provide adequate capacity for transportation. The hillside location provides great views. The home’s location, while not slope-side is just yards from the slopes at Deer Valley and minutes from Historic Main St. Park City. These things can be found in many of Park City and Deer Valley luxury resort residences. What 5000 Royal St has that others don’t is: a private 60+ acre estate, the size of the estate alone is something that sets it apart; the fact that it is so central to Park City makes it truly one of a kind. While there may be the ability to subdivide apportions of the estate, it would be a shame.  An attached heated garage is capable of storing and show-casing a car or “toy” collection of 20 or more vehicles. The main home lies within a 3 acre fenced and landscaped grounds.

            The construction and materials of this home come with a story as do the residents and guests. The home was constructed with logs reclaimed from the Yellowstone park area of Wyoming. The logs represent the structural integrity of the home as steel beams were not used. This is truly “old world” craftsmanship that took years to complete. The rustic finishes and western feel are authentic and irreplaceable.  The Huntsman family has many fond memories of the estate.  The home has been an escape for Governors, Heads of State and Prime Ministers from around the world.  This home can truly be said to stand apart from other multi-million dollar homes in Deer Valley, Park City, Utah or the world.

            Contact your YouInParkCity.com real estate professional for more.

             The Park Record reported Saturday that a portion of the Black Rock Ridge Development outside Park City, Utah has been sold to the Talisker Company and is slated to become employee/affordable housing.  Talisker owns the Canyons, Tuhaye, Empire Canyon and other properties in Summit and Wasatch Counties. Black Rock Ridge was slated to be a community of approximately 250 condominiums and townhomes ranging form 800 to 2000 square feet. The development offered its first completed models for sale in early 2008.

            Black Rock Ridge was promoted as affordable mountain style townhomes and condominiums in Park City, Utah. The development offered new construction homes at prices just below $300 per square foot. The product appeared well received, but the timing was poor. Black Rock Ridge is technically in Wasatch County and not Park City. This may have had something to do with its poor sales too as Wasatch County is outside of the nationally ranked Park City School District.

            Five unit sales in Black Rock Ridge were recorded across the Park City MLS. The remaining project was foreclosed upon by the bank this past spring. What will happen with the uncompleted common area amenities and future phases of the development is unknown. The Talisker Corporation purchased 26 of the unfinished units and has an agreement with Park City which will allow Talisker to use them (along with other concessions) to satisfy some of their employee and affordable housing components of the Empire Pass development. A Talisker representative was quoted as saying the company would sell the 9 townhomes at market value and the 17 condominiums when complete for $200K – $240K. The current owners at Black Rock Ridge will welcome some completion to the project, but are unhappy (to say the least) that the development will become “affordable housing” as the impact on their investment is decidedly negative.

            The location of Black Rock Ridge is less than 5 miles from the center of Park City making the area easily accessible. There are 2 other residential developments currently under construction in the area – Park’s Edge and The Retreat at Jordanelle. There are also commercial development possibilities in the area which is home to Stock Building Supply. Presently the area is a bit of no-man’s land and given the current economic state, it may be a while before this changes. The YouInParkCity.com group advises to carefully examine these and other unfinished Park City real estate developments before purchasing.