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.
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.