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.

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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Park City Mountain Resort to Improve Base Area

Resort Officials of Park City Mountain Resort announced to the Park City Council and Planning Committee that they are beginning to explore new development around the resort base area.

In recent years the resort has positioned itself as a ski resort operator and not a developer. They now point to new base area development as a way to ensure that they are adequately taking care of their customers as well as increasing capacity for new resort guests.

There have been many rumors in the past about possible resort hotels going in at the base of the resort where the parking lots are currently located. The recent additions of the Hyatt Escala and Waldorf Astoria at Canyons Resort as well as the St Regis and Montage Hotels at Deer Valley leave Park City Mountain Resort without a luxury offering to compete with Deer Valley and Canyons. The lower lots near the base of the First Time Lift and Super-pipe would appear to be the most logical place for a new resort hotel and base area expansion. A Four Seasons Resort Hotel was once rumored for this location; maybe it is a step closer to reality (?).

The plans are still conceptual at this point, but as the supply of new luxury condominiums in Park City dwindles another resort property will make sense. The addition would be great for the Town of Park City as well as the Park City Mountain Resort.

            Luxury real estate sales in Park City, UT for the year so far show a slight decrease when compared to the pace of 2010.

            2010 saw luxury home sales in Park City, UT buoyed by the St Regis Hotel at Deer Crest and Silver Strike Lodge at Empire Pass.  2011 is seeing strong sales from the new Montage at Empire Pass as well as continuing sales of the Flagstaff condominiums in Empire Pass.

            The average sale price for homes listed at over $2M remains fairly steady at nearly $3M. Relatively small sample sizes in this market combined with the occasional sale in the $10M range have impacts on this data.

            The luxury residence category overall is may be beginning to show more pricing pressure. Currently the Park City MLS shows over 170 homes and 70 condominiums in the luxury category over $2M. Current sales show a discount rate of over 15% from asking price and the influence of undisclosed sales prices across the Park City MLS means that this discount rate could be considerably higher.

            The luxury home market in Park City and Deer Valley is a tough category to consider as a whole because there are many factors which makes each of the homes and condominiums in the luxury category unique. For a more complete analysis and in-depth information about individual properties contact a realty professional with YouInParkCity.com (888)968-4672.

            A 160 acre estate complete with luxury home, guest house and barn is to be sold at auction to the highest bidder Tuesday February 22. This estate is currently listed for sale on the Park City MLS for $17,500,000. The auction has no minimum bid and the seller has agreed to accept any offers above $8 Million (there is a 10% buyer’s premium to be added to the sales price).

            This luxury estate features a main residence of approximately 13,000 sq ft with six bedroom suites, seven full and 5 half baths. Beyond the impressive entryway the home opens up to high ceilings and fantastic views. The gourmet kitchen provides and understated country feel capable of both elegance and casual comfort. The master suite encompasses 1000 sq ft including a saltwater spa in a grotto like setting plus sauna, his and hers closets, exercise room and wet bar.  Seven stone fireplaces assure that warmth and ambiance can easily be found throughout the home.

            The estate lies within the private gated community of Wolf Creek Ranch. The community is comprised of 14,000 acres that border the 2.2 Million acre Uinta National Forest. Over 50 miles of maintained trails run throughout the community. Over 100 acres are devoted to common areas which include a 6000 sq ft Owners lodge, 3000 sq ft community guest house and four yurts.  All of this is only minutes from Park City, Utah and just over an hour’s drive from Salt Lake International airport. The nearby airport in Heber can handle small private jets. A helipad near the front entrance to the community offers quick access to this National Park like get-away.

            The custom furniture that adorns this luxury get-away estate are included to make this estate turn-key and ready to become part of your family legacy and memories.

            True custom luxury estates with the accessibility of nearby destination resorts are seldom transferred but usually handed down among family members. This auction may be the perfect opportunity to obtain a legacy property. For more information contact a Park City realty professional with YouInParkCity.com.

          This auction was cancelled. Bidders showed for the auction, but none were willing to bid above the $8M minimum.

             The Empire Pass area of Park City, Utah’s Deer Valley was launched in 2002 with the Ironwood Development. This began a new phase of luxury ski-in/ski-out homes and condominiums in Deer Valley. The developments at Empire Pass have been clustered close together in order to allow true ski-in/ski-out access and to preserve thousands of acres of open space around them. The density of condos and townhomes at the base of the Silver Strike, Northside and Empire Express chairs at Deer Valley does not necessarily give a feeling of scarcity, but a look at the sales and future development possibilities tells another story.

            Twelve developments have been completed in the Empire Pass area of Park City. Five of these developments have sold out. Another five of the developments are nearly 80% sold through. Two developments are in their early stages of sales; the Montage at Deer Valley and Belles at Empire Pass (14 Single Family Models still to be built). The majority of available units (less that 80 currently) are within the Montage.  Once the current available inventory is sold, there are only 4 development entitlements left within the Empire Pass area of Deer Valley.

            2010 saw 45 sales close in the Empire Pass area (17 sales in the Flagstaff development lead the way with 15 in Silver Strike). This number is enough to sell through the current inventory listed on the Park City MLS. And most Realtors® and developers feel that it was a poor year in terms of sales.

            Pricing in the Empire Pass area of Park City reflects the luxury nature of the amenity rich homes and condominiums.  The scarcity of present and future development in the area as well as the finite supply of ski-in/ski-out properties in Park City and the world also impacts pricing here. The recent completion of the Montage Deer Valley while adding considerable inventory to the area also adds public amenities that the area was lacking. The new restaurant, spa and public spaces will add to the buzz around the area on a year around basis. The opportunities at the Montage also put the Empire Pass area of Deer Valley as a whole that much closer to being built out. The scarcity of future development in the area will only drive prices higher.

            For more information on the Empire Pass area of Park City, UT contact a realty professional with YouInParkCity.com.

            The Real Estate market in Park City, Utah has not been immune to the value changes that the rest of the country has seen. Early on in the National housing and credit collapse many agents in Park City claimed that our area was insulated and we would not be affected by the changes the rest of the country was experiencing. An in depth analysis of our market now shows that market changes in Park City mirror the national averages. Prices have retreated to the 2005-2006 levels in many areas while falling well below that in the outlying areas of the city.  The change has occurred in residential entry level condominiums and every market segment right through multi-million dollar luxury ski villas.

            Changes can be seen not only in sales prices, but also in the mindset of the Buyers. Park City is a destination ski resort area offering arguably one of the county’s best vacation and second home experiences. The things that made Park City desirable before the economic change have not changed, but the Buyers now have a different perspective on real estate here. Buyers still want to own in Park City and the emotion behind the decision to buy here has not changed. The focus that drives which Park City home a Buyer purchases has changed and the emotional drive toward a particular home is gone. In past years Buyers fell in love with a home, now the buyers can be just as focused on the deal as they are a particular home. Park City real estate buyers now often have a somewhat indifferent attitude to the home or condominium they are purchasing; as long as they are getting a deal, they love the home.

            Prospective property owners are writing offers on multiple homes with the intent of purchasing whichever property presents the best bargain. Park City real estate Buyers are still focused within a particular area, property type, and price range, but the message to Sellers is “I like your home best, but I’ll substitute it with the home down road or in the next subdivision if I believe it represents is a better value”.

                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.

            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.

            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.