We have talked for years about what is or is not a best buy and at $16,000,000 this one of a kind home named Deerfield Estate, in the Deer Crest area of Deer Valley, Utah without a doubt, qualifies. 

                Every week we look at homes in the Park City Real Estate and Deer Valley markets. Very rarely are we awed by a condominium or home.  In the Deer Crest area of Deer Valley there are many very well done homes, the “Ski Dream Home” and others come to mind but this estate home on 4 acres is a notch above. In looking for adjectives I landed on elegant, sophisticated and comfortable. While most of the Deer Crest homes and lots are ski in ski out very few provide direct skier access to Deer Valley’s Snow Park Lodge.  At the end of the ski day there is a private gondola to take you home.

                The home’s statement of detail and quality starts when you enter the private gate to Deerfield Estate and continue up the drive to a grand vaulted portico from which hangs a custom iron lantern.  The entrance to the home is two massive hand carved oak doors with antique bronze hardware that originally graced a Chicago mansion.

                Deerfield Estate has all of the amenities one would expect in a luxury Deer Valley home but the finishes are in a class  of their own;  hand hewn posts, beams and trusses, hand painted tiles, custom bronze sconces and lighting fixtures and much more. To my chagrin many of the items needed to be explained to me by Bruce Martin, owner of Bruce Martin Interiors of Sun Valley, Idaho.  http://www.brucemartininteriors.com/index.html

                Created as one of the crown jewels of the Achristavest group, its team of designers and craftsmen took full advantage of this site’s breathtaking ski area and Jordanelle Reservoir views. There is even a intimate sitting area above the gondola from which the view is truly 360 degrees.  This luxurious home gives you the feeling of being in the heart of the Deer Valley Resort and yet in a world of your own

                Deerfield Estate is conveniently located ½ mile from the St. Regis, 1 mile from the Deer Crest gate and only 2 miles from the base of the Deer Valley Ski Resort’s Snow Park Lodge.  Through the back entrance to Deer Crest it is only about 20 minutes to the private airfield in Heber.  So if you are looking for the privacy with convenience, sophisticated elegance, and want that one of a kind ski mountain estate in Park City, UT; this home might be right for you.

                Originally priced at $28,975,000 and reduced to $15,875,000 for auction this estate quality home easily qualifies for the YouInParkCity.com Best Buys list.

                For more information on Deerfield Estate or to register for the upcoming auction, contact Rob Harris or Todd Anderson at the YouInParkCity.com group (888)968-4672.

            Real estate prices in Park City, Utah show a wide array of ownership possibilities. Single family home prices start in the mid $300K range and top out at over $50M. While there are homes that may be considered reasonably attainable for the average buyer, the influences of the luxury resort community impact averages and median pricing. Of the nearly 600 homes currently listed for sale across the Park City MLS, more than one third presently are priced above 2 million dollars. Over sixty percent of the homes on the market are priced at $1M and above. These offerings bring the average asking price to well over $2 million.

            Many agents in the Park City area have considered these multi-million dollar homes and their Buyers and Sellers to be somewhat insulated from the effects of the national economy. There is without a doubt a certain air among Sellers that the price they paid or believed the home was worth a few years ago is still the current value. Other Sellers however are aggressively making price reductions in an effort to move their property. It would almost appear as if these Sellers are living in different worlds.

Here are some examples of each:

            In the Glenwild subdivision – a 200 unit private development of custom luxury homes situated around Utah’s best rated golf course – a showcase home finished and offered for sale in the middle of 2008 has seen price reductions of over $2M since its first offering. The price reductions and aggressive changes make for a nearly 40% off sale price.

            In the Deer Crest community of 144 homesites and the new St. Regis luxury hotel, the “Ski Magazine Dream Home” with its 6 bedrooms, 10 baths, 15 fireplaces, fantastic view and ski-in/ski-out location has actually seen its price rise by over $2M during the 3 years that it has been offered for sale.

            The Promontory golf club and resort second home community in Park City has after emerging from bankruptcy seen prices slashed in many cases by more than half of original asking price. Some homes in this area have been priced below their replacement or build costs in an effort to move them quickly.

            The new Dakota Mountain Lodge at The Canyons Resort is part of the Waldorf-Astoria collection of luxury hotels. The resort condominium hotel has been open just a few months and still has over 50 contracts still waiting to close (most all were written years ago during the height of the Park City real estate boom). One owner recently closed on their 4 bedroom 4 bath top floor model and immediately offered it for sale at $300K over the price they paid.

            The developers of the Silver Strike Lodge in the Empire Pass area of Deer Valley are auctioning 8 units of the development next month with opening bids set at approximately half of their original asking price. Approximately one third of the homes and condominiums that are complete in the Empire Pass area are currently offered for sale.

            Sellers in the Park City real estate market appear to have dramatically different ideas of current valuations. In the end, no matter what belief the Sellers have about the market, it is the Buyers that will set the value. Recent sales would appear to show that those Sellers willing to negotiate and/or aggressively reduce their prices are those that will sell their properties in our current market.

            For more information regarding Park City sales trends, home valuation opinions, and marketing alternatives contact a YouInParkCity.com real estate professional.

 St Regis, Dakota Mtn Lodge, Treasure Hill, Summit Research Park and more

            As the funicular cars fro access to the new St Regis Hotel at Deer Crest in Deer Valley were set to be installed (Friday July 17,2009), local radio station KPCW was airing a story about a Deer Crest residence owner suing the project and its developers.

            The radio report indicates that the owner of a home and lot in the lower portion of Deer Crest near the base of the Jordanelle Gondola at Deer Valley Resort has brought a lawsuit against the developers of the St Regis claiming that the developer has improperly changed the original documents pertaining to the parking and access to the hotel at Roosevelt Gap (above the Lower Deer Valley area of Park City, Utah). The complaint stems from the parking that now exists at the hotel and the employee parking lot and shuttle to the hotel from the base area near the gondola. The Deer Crest home owner claims that traffic impacts on the private road through Deer Crest (Deer hollow Rd.) due to the employee shuttles, taxi and limousine service, and service/delivery trucks is outside the scope of the original guidelines for the area and that changes to the guidelines were made improperly.

            The St Regis at Deer Crest developers have counter-sued claiming that all changes were made legally and stated that the filing was an attempt to gain access to the amenities of the hotel by the property owner.

            In other Park City real estate news, the new Dakota Mountain Lodge at The Canyons Resort in Park City opened its doors for business. The Dakota Mountain Lodge is a part of the internationally renowned Waldorf-Astoria Collection luxury hotels.

            The Snyderville Planning Commission has approved guidelines for the Summit Research Park. The research park is an 89 acre development in the Kimball Junction  area of Park City just off hwy 224 near the I-80 interchange.  The development is scheduled to begin work soon with some road improvements designed to improve traffic flow around the Landmark Dr. Area. The development of the research park with the housing and business construction around it has a possible 20-year build out.

            In other planning commission news, the Park City Planning department is scheduled to hear more on the Old Town area Treasure Hill development. This possible large hotel and residential development on the southern hillside above Old Town appears to be moving forward.

            The fact that there are major projects finishing up, under construction, and being planned for the near future are positive signs for the future value of real estate in Park City and Deer Valley. These developments will have impacts both positive and negative for many other Park City area communities and developments. To discuss possible recent and future development impacts on your property or future property purchases, contact a YouInParkCity.com Group REALTOR® with Keller Williams Park City Real Estate.

            With the end of June came what is considered summer here in Park City after an unusually wet spring “mud-season”. The end of June also marks the end of the 2^nd quarter and time for a Park City and Deer Valley real estate market update. The Park City and Deer Valley home and condominium sales for the quarter show that the market has slowed, but probably not as much as people think.

            For comparison purposes, we will look only at areas 1-22 for the Park City MLS which includes the Park City neighborhoods of: Old Town, Thaynes, Lower Deer Valley, Deer Crest, Upper Deer Valley, Empire Canyon, The Aerie, Prospector, Park Meadows, The Canyons, Olympic Park, Silver Springs, Old Ranch Road, Kimball Junction, Pinebrook, Summit Park, Jeremy ranch, Silver Creek/Glenwild, Trailside park and Promontory. Our data for comparison will be limited to single family homes, condominiums and vacant land.

            Sales data for Park City real estate for the quarter are as follows: 120 total units sold for the quarter with 55 being single family homes, 56 being condominiums, and 9 parcels of vacant land or building lots. These numbers represent a drop in total sales volume of 44% versus 2008 and 67% versus 2007. The drop in dollar volume versus 2008 was 58% and 74% when compared to 2007 sales. The lack of new product has a very pronounced effect on the condominium data; look for these numbers to turn around dramatically in the next two quarters as we see the St. Regis at Deer Crest and Dakota Mountain Lodge sales recorded.

            The YouInparkcity.com group feels that of particular interest is the relation of the actual sales price versus the original and asking prices at the time of sale: sales prices were discounted 10% versus asking price and 19% versus the original price for the quarter. Of course the relatively small sample size we are dealing with can skew these numbers. For more information or data regarding a certain segment of the Park City and Deer Valley real estate market contact us or call (888) 968-4672. Areas we feel may be of particular interest statistically include Promontory and Empire Pass.

      Located at the top of the Jordanelle Gondola in the Deer Crest area of the Deer Valley Ski Resort, SKI Magazine along with Resorts West and Deer Valley Resort have teamed up to produce a fantastic ski home.

      This is much more than a little ski chalet for weekend getaways.  The home features 6 bedrooms and 10 baths spread out in a space of over 13,000 square feet.  I know that this number sounds huge, but the builders and designers have done a magnificent job in making this much space seem very live-able. 

      The home is located at 9806 N Summit View Dr in Park City at an elevation of nearly 8000 feet.  Access is through the gated Deer Crest community by car, and the ski runs off the Jordanelle Gondola and Deer Crest Lift are right out the door.  The outdoor pool/grotto and over-sized hot tub have a view of skiers passing by (in awe of the home and gawking at its inhabitants no doubt).  Views can be enjoyed from nearly all rooms in the home as well as from the 4500 square feet of deck space that wraps the home.

      While the SKI Magazine Dream Home feels very live-able, there is no doubt that this house is made for entertaining.  The gourmet kitchen features multiple Sub Zero refrigerators, freezers and an ice maker.  Chefs will appreciate the Wolf dual ranges, ovens, microwaves and warming ovens.  Three Asko dishwashers are ready for the dishes after a meal is done.  A theatre with stadium seating and a 124″ screen featuring 7.4 surround sound offers fantastic movie viewing.  A dance floor complete with a DJ booth sit outside the theatre area as does a pool table and plasma screen TV.  A Full Swinggolf simulator is there to keep your swing in tune during the winter months or the evenings when you can’t be on a nearby course.   There are 2 wine “cellars” and chillers (one next to the dining room table (a spot that makes much more sense than flights of stairs away).  The 15 fireplaces add a sense of warmth to all areas of the home as well as a more cozy intimate feel.

      The bedrooms are situated to give a private feel within each one.  The bathrooms all have a warm feel and no two are even remotely the same.  An elevator connects the 3.5 stories of the home although using it seems like a waste of the beautifully designed and finished staircase.  A day spa suite makes for a complete get-away, lose yourself ability (bring your own masseuse or therapist) within the home.  Design finishes throughout the home are well done without feeling over-the-top.   

      The is no doubt that this home contains many elements of worthy of Dream status.  Whether or not it is your Dream Home is up to personal taste, but it is truly hard to find many deficiencies in this one.  Asking price $18,950,000.  This property is listed by Resorts West Real Estate.  If this fits your attainable dream wishes, please contact us.  See the Deer Crest portionof our website for more info and photos.