$679,000
Square Feet: 1728
2 Beds/3 Bath

This roomy two bedroom Deer Lake Village condominium offers Deer Valley Resort views new countertops throughout plus new kitchen appliances. Enjoy the ease of a shuttle to Deer Valley for skiing and a one car garage in case you need to venture farther. Dual master bedrooms with vaulted ceilings, great light and a well managed HOA make this an easy second home/rental or primary residence. All information deemed reliabel but not guaranteed, buyer to verify.

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Glenwild is without a doubt one of the best golf courses in Utah and a premier Park City real esate area; in 2006 the course was rated as “Best in State” by Golf Digest and it has remained at the top of lists ever since. It should, without a doubt, be on your list if you are considering a second home in one of Park City’s golf communities. Located only 20 minutes from downtown Park City or Salt Lake City it should also be a consideration for families wanting to live in Park City who commute to Salt Lake. The par 71 championship course was designed by Tom Fazio and plays up to 7451 yards from the tips but with four tee boxes there is enough variation in yardage for players of all abilities to enjoy the experience. Last summer the greens, which are perfectly manicured, stimp as high as 12.

Now to Glenwild real estate. Of the 200 luxury homes and home sites at Glenwild there are 12 homes and 12 lots for sale currently. In the past 12 months there were 7 Glenwild homes sold. During this time 20 lots sold. The average price per square foot of the homes sold was $378 while the average for homes for sale is $419 per square foot. The active buyers in the Park City Real Estate market seem to be saying that they are willing endure the building process unless the price of an existing home is very compelling. The YouInParkCity.com group, as a member of the “Builder Services” division of Keller Williams Park City Real Estate works with many of the Park City builders and has access to a wealth of information regarding building trends and costs and what buyers are saying makes a lot of sense. At the builder service practice group we leverage these contacts and information to help ensure the design build process goes smoothly for our clients.

What makes Glenwild unique among Park City’s 5 golf communities, in our opinion, is that it offers a more intimate setting than most of the other golf developments which are substantially larger. The amenities which, in addition to golf, include an exceptional trails system, state of the art spa, spacious swimming pool, tennis courts, an elegant clubhouse and an inviting restaurant are sized to accommodate the limited membership. Glenwild is also the only gated golf community in Park City to offer memberships to people that don’t own property in the community.

There are currently 36 of the 325 memberships available. The price for a golf membership is $75,000 with annual dues running $12,000. Social memberships are also available for $15,000 with annual dues costing $6,000.

For more information about the real estate opportunities and how the Glenwild community may fit your lifestyle contact a local realty expert with YouInParkCity.com at (888)968-4672.

Golf in and around Park City, UT is near and dear to the YouInParkCity.com group so with the days getting longer and the golf season fast approaching; it is time to take a look at the past 12 months in the five amazing private Park City golf communities. The communities of Glenwild, Promontory, Red Ledges, Tuhaye and Victory Ranch are home to some of the top courses in the state; all of the courses have received national recognition. Which course ranks where is a matter of opinion but in terms of layout and condition they are all exceptional. The courses are all relatively young and are only improving.

In the past 12 months there have been 149 sales plus 35 pending sales in Glenwild, Promontory, Red Ledges, Tuhaye and Victory Ranch combined. This number includes vacant land, single family homes and condos. For the same time a year ago total sales were 127 properties. Both years had approximately two dozen distressed sales. Current distressed inventory makes up less than 5% of the current available inventory.

The more than 15% rise in sales has been accompanied by an increase in prices with the average selling price of vacant lots up by nearly 30%. Market indicators for Park City area real estate are very strong and this bodes well for the private golf course communities in Park City as well. In the next few weeks we here at YouInParkCity.com will break down the real estate sales for the past year and review the upcoming and ongoing improvements being made at each of the five private golf course communities in the area.

All of the local Park City area public golf courses are already open and the private courses will be open by Memorial Day. For specifics on a particular golf course community homes in Park City, UT contact the YouInParkCity.com Group at (888)968-4672.

Real Estate sales in the Park City area for the 2012-2013 ski season increased dramatically from the previous ski season.

Resort skiing at Park City’s three Resorts has ended for the season although the snow continues to fall. It is typical spring weather as we move from 50 degrees to a blizzard and back again in a 2 day period.

The Park City Chamber of Commerce Convention and Visitors Bureau statistics show that lodging nights were up for the season and city hall has reported higher tax revenues. Park City area real estate sales were right in step. While inventory levels are at their lowest in years, sales for the ski season increased and so did prices.

Total sales for this past season (homes, condominiums and building lots) were up by over 25% from the previous year.

The largest jump in sales was in building lots with 99 sales, nearly twice the 54 from the previous season. Low inventory and lower building costs have something to do with this as buyers gave up and have decided to build after home searches did not satisfy their desires. Distressed sales in the Hideout Canyon area made up 15% of the lot sales in the Park City area for the season. The median value of the building lots that sold remained steady with the previous year at $325,000.

Park City Condominium sales jumped nearly 20% while the median sales price rose by over 10%. The Old Town area lead the way with 50 condominiums sold during the ski season with a median sales price of $500,000. The overall Park City condominium market had a median sales price of $402,500. New construction sales near the Jordanelle Reservoir were also very strong.

Sales of single family homes for the ski season were also up from the previous year with a 12% rise in sales volume and a 10% rise in the median sales price. The Park Meadows area of Park City lead the way in sales with 22 and an average sales price approaching $2M and a median price near $1.5M. Single Family home sales in the other parts of Park City were also strong with the median sales price rising to $864,000 from $790,000 last year.

Real estate sales in Park City, UT are location specific and many factors specific to location should be considered when determining which area or subdivision is best for you. Contact a Park City realty professional with YouInParkCity.com at (888)968-4672 for more information.

This data has been derived from sales statistics as posted on the Park City Board of Realtors MLS using only statistics involving single family homes, condominiums, and vacant land in the greater Park City areas (1-23) for the periods of December 1st to April 15th of the past 2 ski seasons. Data is considered accurate, but not guaranteed.

The third quarter of 2012 has slipped by and fall is in the air in Park City, Utah. Real estate sales for the area are changing focus a bit from single family residential to vacation second homes and condominiums more focused toward winter sports.

Year versus year sales data for Park City real estate shows a market gaining strength. Single family home sales so far for the year are up 6% versus the first three quarters of 2011 and condominium sales in Park City have seen a 10% increase.

Sales comparisons for the most recent quarter show condominium sales rising quickly in Park City. Sales of condominiums for the third quarter were up by nearly 25% from the same time period last year. This increase represents nearly the total difference in sales when comparing the quarters. A large portion of this was a bulk sale at the Newpark Hotel. When excluding this bulk sale, sales were still up by over 10%. Also of note in Park City condominium sales is the fact that the median price of the condominiums sold is that the median sales price was up over 10%. The median sales price of $315,000 ($340,000 excluding the bulk sale) would indicate that over half of the sales are condominiums that would be classified as vacation rentals.

Single family home sales by contrast have seen a decline in their median sales price ($705,000 in Q-3 of 2012 versus $750,000 for Q-3 of 2011).

The impact of distressed sales fell again this past quarter with only 25 sales that were bank owned properties. This was down from 38 for the same quarter last year; a 35% decrease. Competition in purchasing bank owned homes and condominiums in Park City continues to be fierce; most experience multiple offers, sales prices above asking price and almost all end in a cash purchase sales.

Real estate sales in Park City, UT are location specific and many factors specific to location should be considered when determining which area or subdivision is best for you. Contact a Park City realty professional with YouInParkCity.com at (888)968-4672 for more information.

This data has been derived from sales statistics as posted on the Park City Board of Realtors MLS using only statistics involving single family homes, condominiums, and vacant land in the greater Park City areas (1-23). Data is considered accurate, but not guaranteed.

The Park City Heights development has started work.

What is the Park City Heights Development? It is a Master Planned Development near the corner of Highway 40 and State Road 248. The Quinn’s Junction area commonly referred to as the ‘back door’ into Park City, UT. The development when completed will cover 239 acres and have nearly 240 residences.

The location is just behind the much disputed film studio that was approved earlier this year. Unlike the film studio, this master planned development worked with the city and has met all of their guidelines regarding density, impacts, etc. Because there aren’t any neighborhoods nearby, the public was largely silent during discussions about the new neighborhood. I expect that there will be more of an uproar now that the construction process has started and as the impacts become more visible.

The original Master Plan was a collaboration between Park City and The Boyer Company (which is currently developing the Tech Center at the other entrance to Park City (Highway 80 and State Road 224). The construction of the development has since been transferred to Ivory Homes (one of Utah’s largest builders). Ivory homes is known for entry level home communities throughout the state, but has also recently added some higher end product in the Red Ledges Community in Heber City just south of Park City, UT. Over 70% of the development will be open space. The community will have a 3000’ community center/ club house as well as 15000’ of community garden space. Trails, both paved and dirt will run through the community and connect to other trails in Park City.

The Park City Heights community is slated for 160 market rate cottages and single family homes plus 28 deed restricted townhomes and 41 other deed restricted (affordable) units. Questions about the need or possible overbuilding of the deed restricted or workforce housing components of developments like this have been prevalent with the downturn in the economy. These 79 units will have the added benefit of being within the city limits.

Future residents in the area will have great access to the Quinn’s Junction recreational amenities (Park City’s Ice Arena, soccer and ball fields, the dog park as well as Round Valley Trails and the Rail Trail. The area will though add traffic to the already congested roads in front of the Tri-school area on SR248. This new construction will also have effects on real estate sales and values in the Prospector area as well as the new construction developments in the Jordanelle area (Black Rock Ridge, Parks Edge, and the Retreat at Jordanelle).

For more information about Park City Heights and its impacts on the Park City Real Estate Market contact a Park City Real Estate professional with YouInParkCity.com at (888)968-4672.

Park City is a member of the Western Mountain Resort Alliance which gathers quarterly to discuss and share real estate information in the ski towns of Vail, Steamboat, Sun Valley, Whistler, Big Sky, Jackson Hole and Lake Tahoe. The most recent meeting provided some interesting real estate activity information for the ski towns of the west.

Inventory levels in all of the resort areas providing data fell versus last year (and 2011 had shown a similar decrease in inventory levels). Similarly, all of the resorts reported an increase in the number of sales (with the exception of Park City which reported the same number of sales in the first 2 quarters of 2012 as in 2011). Changes in prices varied among the resorts, but Park City, Vail and Lake Tahoe all reported relatively small changes when compared to 2011.

The resort areas of Park City, UT, Vail, CO and Lake Tahoe, CA appear quite similar statistically. The real estate markets in each of these resort areas are much larger in terms of available inventory, sales, and number of active agents than the other resorts that participate in the WMRA. The average sales price in each of these three resort towns for homes and condominiums showed little variance between 2011 and 2012 (less than 2%).

Statistically the resorts are showing signs of price stability and the decreasing inventories are making it tougher for buyers to find what they want which should in time lead to increasing prices. Many of the real estate markets in California are showing signs of improvement and the fact that all of these resorts see many visitors and second homeowners from California should also lead to increasing demand.

While some people may try and make decisions based on resort real estate values, comparing the different resorts and their real estate values doesn’t make much sense. Each resort has its pros and cons and these vary for the individual purchasing or selling in each area. But seeing the similar trends in pricing and sales currently may signal a bottom of the market.

For more information specific to the Park City, UT area and local Park City real estate values contact a professional with the YouInParkCity.com Group at (888)968-4672 or send us an email at info@YouInParkCity.com.

How much off the list price can I expect to pay for Park City Real Estate?

We live in a time when everyone wants a deal and consequently people don’t want to pay the asking price for just about anything. Discounts flood our email in-boxes, coupons fill the mail and newspapers are delivery vehicles for weekly sale circulars. It has gotten to the point that we readily know that full price isn’t what we’ll pay in the end.

There are of course some exceptions; we know the price of an iPad will be the same wherever we buy it and there won’t be any discounts, and we don’t wait to go to Starbucks until the coffee is on sale.

What about houses and condominiums in Park City, UT? Are people paying full price or is everything on sale?

Over the past 90 days there have been 228 sales registered across the Park City MLS. Of these sales, 36 recorded at or above the asking price. Over 15% of the sales were full price or more. Moreover over half of the transactions recorded with a sales price of 95% or more of the asking price. In terms of a retail sale, a 5% off banner wouldn’t turn any heads. What happened to the big discounts? Only 39 of the 228 real estate sales in Park City were discounted by more than 10%.

This isn’t necessarily an indication that people are willing to pay full price, but rather that people are willing to pay for value. If full price is less than a comparable recent home sale and/or if the home or condo is better than other options or part of a limited supply, asking price can be a good value or deal.

Interestingly, not all of the sales that were not discounted moved quickly. Nearly half of the sales that show 5% or less discounting from their original price had been on the market for over 90 days.

Your YouInParkCity.com Group real estate professional can help you determine if a Park City or Deer Valley home or condominium is “on sale” and a value in our current market. Call us at (888)968-4672 or email info@youinparkcity.com to discuss current area home values.

Days on market for real estate in the Park City adn Deer Valey, Utah area

Days on Market is a piece of information that can give us some information about home sales in an area, but it is not the end-all statistic. In Park City, Utah the current average days on market for real estate is about 150 days from initial list to sale. This statistic counts only those properties that have sold (not inventory or expired/removed properties).

In general a lower number of days on market relates to a “hotter” market and less of a “buyer’s market” but there are other factors that also have to be considered. Note that the 2007 timeframe has a relatively higher days on market; yet things were selling within days at this time. New construction is the reason in this case. Projects were selling out quickly, but the days on market statistic counts from the time the property goes under contract until the sale closes which in this case does not happen until the home or condominium is complete. Similarly, current days on market may be averaging a little longer due to the loan process taking longer now than it did a few years ago.

Buyers often ask how long something has been on the market and try and use that information in determining an initial offer. Unfortunately the correlation between days on market and accepted sales price does not always have a straight forward correlation. No two properties are exactly the same, so the sales price of two similar homes need not be the same. Similarly, the financial situation and reasons for selling are never the same for two individual sellers.

This is not to say that days on market does not have any value in determining a fair price. It is interesting to note that of the over 500 sales in the past 6 months, over 20% sold in less than 21 days (sales this quick are cash purchases). The average sales price of these quick sales was over 95% of the list price. Conversely, Park City properties that took longer than 180 days to sell had a sales price of about 90% of the list price.

The 2011-2012 ski season is half over; hard to believe, but it is true. It is a great time to check on real estate sales in Park City as well as a time to remind yourself to get out and ski before you start thinking about summer related activities.

So far this season the lack of snowfall hasn’t impacted Park City real estate sales. The December through mid-February period equating to half of the winter season shows sale numbers about on par with the same period in 2010-2011 even though the snow depth has been less than half of last season. Current trends still show pricing down (about 4% on single family homes and 10% on condominiums). Unit sales of homes and condominiums are nearly identical for the periods while building lots are off nearly 40% for the period. The drop in vacant lot sales appears to have been impacted by the drop in bank REO offerings which represented 25% of the sales last year and only 5% of the vacant lot sales this season so far.

Other interesting trends for the current ski season real estate sales include:

Fewer sales of condominiums over $1M and half as many sales of Park City area condominiums in the luxury category (over $2M) compared to the previous season.

Park City Single family home sales remain steady across all market levels including the luxury segment over $2M.

Bank REO sales were down dramatically for the compared seasons, but look for that to change as the MERS issues are cleared nationally.

Canyons Resort real estate is showing stronger condominium sales, but weaker single family home sales.

Data herein is derived from the Park City MLS system for sales in the greater Park City areas (areas 1-23). Data is deemed reliable but not guaranteed. For specifics about any Park City real estate neighborhood contact a realty professional with the YouInParkCity.com group at (888)968-4672.

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