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.

$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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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.

Are we entering a Seller’s Market in Park City, UT?

The Salt Lake Tribune reported that the median sales price for single family homes in Salt Lake County rose last quarter for the first time in 5 years. Will Park City real estate see similar statistics soon?

National statistics are beginning to show strength and there are many reports indicating prices on the rise (similar to the reports from Salt Lake City). Park City and other resort communities tend to lag the national indicators as people must feel comfortable with their primary home before purchasing secondary homes and condominiums.

Sales statistics so far for the year have been flat with the previous year in terms of volume and again this last period showed a slight decline in the median sales price for single family homes in Park City. The decline was not even across all areas and some areas experienced an increase in median sales prices. Inventory levels are having an impact on sales in most areas and especially in the lower price points in all neighborhoods.

Recent Park City area home sales statistics report that inventory levels are at a five year low. This lack of inventory shows very prominently in the lower price levels in all neighborhoods and also can be seen in the lack of REO product. For example, single family homes in Park City under $500K that aren’t considered cabin properties actively for sale numbers under 50 while over 100 such homes have sold in the past 12 months. A look at the Promontory area shows 14 home sales (non-“cabins”) in the past 12 months under $1.5M and only 9 active non-cabin listings offered at under $1.5M.

Park City Home Sales and Inventory

The lack of inventory is causing multiple offer situations in many situations as well as frustration on buyer’s sides trying to purchase a deal.

Lower inventory levels and lower prices will not last long as the demand will begin to force prices up.

As mentioned above, sales statistics and inventory levels vary between Park City neighborhoods and price ranges. Contact YouInParkCity.com for specifics about the price point and neighborhood matters most to you (888)968-4672.

A look at Park City home and condominium sales in the first quarter plus some interesting resort news.

If we had to pick out what stood out most about the first quarter of 2012 in Park City, the weather might be the first thing to talk about. Winter just never seemed to take hold this season; snowfall totals for the year were less than half of last year.

The lack of snowfall seems to have affected the locals much more than the tourists. Most locals will tell you that they hardly skied or snowboarded at all this past year and yet Park City Mountain Resort reported that ticket sales for the season were down by just 4%. Similarly the lodging occupancy totals for the year so far are off by only 3%. This is a tribute to area snowmakers and groomers who did an amazing job at area resorts.

Park City area real estate sales for the first quarter of the year were relatively flat compared with the first quarter home sales of 2011. Single family home sales in the greater Park City area registered 81 (down from 100 in the 2011 period) with the median price falling to $692K. Condominium sales saw a slight boost with 131 sales and a median price of $402K up from 121 and $381K for the same period last year. Building lots saw a sharp decline but prices were way up as the number of distressed sales have fallen. Distressed inventory (bank REO and Short Sales) made up less than 20% of the sales and are currently under 9% of the active real estate inventory in Park City.

As we move into the summer season (which has come about quickly with the low snowpack from the winter and current 70 degree weather), real estate in Park City is experiencing a decline in available inventory and deals are getting tougher to find.

For in depth information on buying or selling in a particular segment of the Park City real estate market contact a realty professional with the YouInParkCity.com group at (888)968-4672 or email info@YouInParkCity.com.

Real Estate sales in Deer Valley, Utah for the current year.

We here at the YouInParkCity.com group keep a constant eye on what is going on in Park City real estate through a consistent watch of the Park City MLS, regular open house attendance, talking with other agents and monitoring what our clients and local visitors tell us among other things. A recent post indicating that Deer Valley sales were on an uptick caught our eye. Here is a summary of what we found to be true:

Current Park City MLS data shows that there have been 40 sales of homes condominiums and vacant land in Deer Valley since the first of the year. This number is almost identical to the real estate sales for the same period for last year. The average sales price is down a bit at just under $2 million, but the median sales price (half above and half below) is off by nearly $1M. So, thus far in 2012, half of the real estate sales in Deer Valley have been for less than $1M. While we are still seeing movement in the luxury market with sales at the Montage and St Regis Deer Crest hotel residences, real estate sales of above $2M in Deer Valley are currently off by 25% from this time last year. The 16 current pending sales represent a possible upward movement if they make it through to closed sales.

Overall the Deer Valley real estate market is a somewhat mixed bag with pockets of strengths and weaknesses but overall fairly stable in relation to last year. For an in-depth analysis of the portion of the Deer Valley or Park City real estate market that interests you contact a realty professional with YouInParkCity.com at (888)968-4672.

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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