Archive for the ‘Park City value’ Category

Park City Real Estate Sales 2014: Q1

Wednesday, April 9th, 2014

The first quarter of the year is historically the slowest for sales in the Park City real estate market. This often puzzles people as it also represents one of the busiest times in terms of people in town. Maybe our guests in Park City are too busy skiing, dining and enjoying all that Park City has to offer to spend their time hunting for properties; maybe it is the time delay between writing an offer and closing a sale; maybe once the decision to buy here has been made, buyers want to do more research and see all of the options while they are easy to see (not while renters are in town). In any case, January through March is the slowest time for Park City real estate sales.

Park City Real Estate Stats

Real Estate Sales in Park City, UT by quarter

 

The first quarter of 2014 saw a nearly 20% jump in condominium sales for the greater Park City area versus 2013 and it was the best first quarter since 2007. Almost all of the increase came in condominium sales with the Old Town area leading the way. Old Town saw a 40% increase in the number of condominium sales versus the first quarter of last year. The median sales price of condominiums in the greater Park City area also increased from $430,000 to $445,000.

 

Single Family home sales for the quarter were flat for the quarter versus quarter comparison, but the median price did rise by $10,000 to $875,000.

 

Inventory levels rose during the quarter, but there is still a lack of supply of properties below the median sales price. Fewer than 70 homes are available for less than the median sales price from the first quarter which translates to just over 4 month’s supply at the current absorption rate. Similarly, condominium inventory below the median sales price for the quarter represent only a 6 month supply at the current sales pace.

 

The lack of inventory has not translated to large price increases and it is those homes that show well and present a strong value that are selling quickly.

 

Some neighborhoods are experiencing price increases while others have stabilized. For assistance in Buying or Selling in Park City, UT contact the YouInParkCIty.com Group for in depth analysis and expert advice focused on the property type and area of town that matters to you (888)968-4672.

Deer Valley Real Estate Sales Half-Way 2014

Tuesday, February 25th, 2014

Half-way 2014? Yes, we are now just over half way through the ski season for 2013-2014. And it is time to look at how real estate sales are shaping up in Deer Valley and Park City, UT.

 

So far for the 2013-2014 ski season the greater Deer Valley area (Lower Deer Valley, Upper Deer Valley, Deer Crest and Empire Canyon) has seen 23 sales. The sales include 1 building lot, 17 condominiums and 5 single family homes. These numbers are way down when compared to the 41 sales for the same period last ski season (8 lots, 25 condos and 8 homes). In terms of snowfall and ski season visitors, the season has been very similar to last year. So what has changed?

Ski condo

 

Inventory: Inventory levels have changed in multiple ways. The amount of inventory on the market to choose from has diminished. There are currently 64 homes, 158 condominiums and 33 building lots available in the greater Deer Valley area. Many of the homes and condominiums for sale are in need of updating. The quick reservations that were put in on the Stein Eriksen Residences show that the market is ready for new contemporary finishes (although some of these reservations are likely speculative purchase reservations).

 

Pricing: Prices are rising quickly on the more affordable condominiums in the area (possibly beyond what the market will bear) and nearly 70% of the available condominiums in the Deer Valley area have asking prices over $1M.

 

Pending Sales: There are currently more pending Deer Valley real estate sales than there were sales in the past two months. If these sales all close, the number of sold units in Deer Valley will be much closer to that of the 2012-2013 ski season.

 

When I spoke with a few other area realtors about the Deer Valley real estate sales stats for the ski season so far, a few offered that the impact of Vail running Canyons Resort may be having an adverse impact on Deer Valley sales. The sales stats show the Canyons area to be flat compared to last year, so there has been little to no impact yet from Vail Resorts taking over operations at Canyons.

 

When taking everything into account, homes and condos in Deer Valley are selling. The options that are well priced and updated move quickly and while prices are increasing due to lack of inventory, the jump may not be as rapid as some Sellers would like. For more information and assistance in Buying or Selling a Deer Valley or Park City property contact a local real estate professional at YouInParkCity.com (888)968-4672.

 

Park City Home Buying by the Foot

Wednesday, February 19th, 2014

Park City home buyers and sellers often consider the home’s dollar per square foot price when setting the home or condominiums’ price or making an offer. How much should attention should a buyer be paying to the dollar per square foot price when considering a home?

 

Dollars per square foot is only a useful number if you are comparing two homes or condominiums that are identical. The problem here is that it doesn’t matter if it is a Park City Home or a New York City home, no two homes are identical. Even two side by side homes by the same builder will likely have differences. Views can be different, neighbors will be different, access may be different, the distance to an amenity (pool, hot tub, ski run, gym, front desk, elevator, etc.) will be different. Wear and tear on an older home as well as how the previous owner handled maintenance will make the homes different.

 

Things to consider when looking at a dollar per square foot price:
Park City Real Estate by the square footIs the calculation made using the total square feet or the finished square feet? An unfinished basement or room can add greatly to the total square feet thus lowering the dollar per square foot value, but how much value does it add to the home?

 

Are the finishes the same for the properties you are comparing? Are the base and case stain grade or paint grade? Are the doors solid or hollow? Are the countertops custom slab or something you can buy at Home Depot? Are the appliances “professional grade” or not? Is the flooring real wood or laminate, travertine or ceramic tile? All of these items while serving the same purpose come at dramatically different prices and thus impact the dollar per square foot value of the home.
If two homes are different sizes, where does the difference lie? Does one have a theater room that the other doesn’t, or does it have an extra bedroom and bathroom? Is the size difference extra space in each room? And how does that change the way you feel about the home? Sometimes bigger makes rooms just too big while at other times it adds value. Sometimes the extra space you may buy with the lower price per square foot is unusable space or space you just don’t need to heat and maintain. The square foot of the home calculation does not take the lot size into account; nor does it consider views and open space.

 

When comparing two Park City homes, it is important that you are making true apple to apple comparatives. Our three ski areas are not equal, Old Town is not the same as Kimball Junction and Park Meadows is not the same as Silver Springs.

 

For assistance in determining the value of your home or condominium and to better understand the values of homes and condominiums in Park City, Utah contact a local realty professional with the YouInParkCity.com Group (888)968-4672.

 

Ski Resort Rankings

Thursday, September 26th, 2013

It is September 25th and the first snow of the year has hit Park City! No, it will not stick around, and the weekend should see highs pushing 70. Still, seeing snow falling and a white blanket visible on the mountains is a not so subtle reminder that winter is on the way.

 

First Snow Park City

 

There have been other reminders that winter will soon be here; the red leaves on the Gambel Oaks, recent yellow of the Aspen leaves, gear guides reviewing the new equipment and clothing for the season and of course the annual Ski Resort rankings.

 

The Park City area resorts earned rankings very similar to last year. Each year SKI Magazine readers are polled and rank ski resorts in 20 different categories to determine the “Best Resort” in North America. Deer Valley earned the number 2 spots for the second year in a row after 5 years in the number 1 spot overall. In garnering the 2nd overall spot, Deer Valley was ranked number 1 in the categories of Grooming, Service, Lodging, On-Mountain Food, Dining and Family Programs. Deer Valley also earned top ten rankings in seven other categories. Park City Mountain Resort fell one spot to the number 5 overall ranking for best resort. Park City Mountain Resort earned number one rankings for Access, Off-Hill Activities, and Terrain Parks plus a #2 ranking in the Family Vacation category. Canyons Resort once again was ranked as the #10 overall best resort in North America. The Canyons ranked in the top ten in 3 categories including Access, Dining, and Lodging.

 

The annual Ski Magazine survey polls more than 140,000 (with 40,000 responses) skiers and snowboarders review nearly every aspect of winter alpine skiing and snowboarding resorts. The complete list of rankings is listed in SKI Magazine’s October issue, which is on newsstands now.

 

Interesting notes about the rankings; The Park City area earned #’s 1, 2 and 5 in the Access category. Also, while other resorts have seen a yo-yo effect depending on natural snowfall, the Park City are Resorts have remained consistently in the top ten Best Overall despite less than normal snowfall totals the past two years.

 

Having all three Park City area resorts in the Top Ten is a great benefit when it comes to marketing Park City; no other town has this. The effect on visitor nights and real estate values isn’t quantifiable, but it is undeniable.

 

The other resorts rounding out the Top Ten Ski Resorts in the West are: 1. Jackson Hole, 3. Vail, 4. Sun Valley, 6. Whistler, 7. Telluride, 8. Steamboat, 9. Snowmass.

Park City Utah’s Hottest Real Estate Neighborhood

Wednesday, July 31st, 2013

Park City Real Estate prices have been trending up for the past year or two now (we here at YouInParkCity.com called the market bottom around February of 2012). Some areas are seeing prices rise much faster than others.

 

Summer generally sees an increase in sales of the low to middle price point single family homes in Park City and this year has been no exception. Areas with easy access to Salt Lake City as well as local Park City amenities are in the greatest demand.

 

A few of the areas that we generally see heat up during the summer include Silver Springs, Park Meadows, Trailside Park, and Jeremy Ranch, Pinebrook and Prospector. The first half of the year shows Trailside pricing up by 23%, Park Meadows up by 25%, and Pinebrook up by 15%. The variables of the home sizes and age make the relatively small number of homes sold a year ago have the ability to skew the numbers, so while prices are definitely up, home values have not increased by these amounts.

 

home prices in Park City, Utah are on the riseThe Snyder’s Mill area of Silver Springs though may actually have seen this type of increase. While the Park City Board of Realtor statistics show only a 7% rise in prices for the Silver Springs area, sales in Snyder’s Mill represent one of the hottest neighborhoods in Park City. This year has 4 of the top ten highest sold prices that have ever been paid for a home in the Snyder’s Mill subdivision of Park City. Three of the homes have sold recently are the 2nd, 3rd and 4th highest per square foot values that have ever been paid in the Snyder’s Mill area. Current pricing and sales are eclipsing the peak pricing from 2007. When the subdivision was originally built in the early 1990’s, homes sold for as little as $90/sq ft. Tastefully remodeled homes in Snyder’s Mill are now selling for over $300 per square foot.

 

The combination of a well-kept neighborhood in a central location with easy access to Park City (historic as well as the new area at Kimball Junction) and pricing in the sweet spot of the Park City real estate market ($500K-$800K) make Snyder’s Mill one of the hottest real estate neighborhoods in Park City, UT.

 

For information on buying or selling in Snyder’s Mill or any Park City area neighborhood contact a real estate professional with YouInParkCity.com (888)968-4672.

Park City Real Estate Sales 2013

Saturday, July 6th, 2013

Real estate sales in Park City, UT so far in 2013 continue to show strength.

 

Sales when compared with the first half of 2012 were up by 13% in unit volume. Single Family home sales in Park City remained relatively flat, but the median sales price was up by nearly 10%. Condominium sales saw a 10% rise in unit volume along with a 10% rise in the median price of Park City condominiums sold for the six month period. Vacant lot sales saw the largest increase with an increase in sales of over 30%.

 

When compared to the last half of 2012, the Park City real estate sales data is actually down slightly in condominium sales and single family home sales, but up in building lots. However, median sales prices are up by approximately 10% in all categories.

 

park city real estate inventory supply

 

The increase in pricing correlates well with the low inventory levels. The same is true for the increase in building lot sales as potential buyers that cannot find properties that suit their wants and needs turn to building instead. Single family home inventory in the greater Park City area is now at a level of less than 10 months’ supply. But the supply for homes under $1M is less than 6 months at the current sales pace. The situation is similar for condominiums in Park City: current supply is just less than 6 months at the present absorption rate when considering options listed for less than $500,000.

 

The lack of inventory and the current demand especially in the non-luxury price points (less than $500,000 for condominiums and less than $1 million for homes) represent a big change during the past year. Sellers are welcoming the change while buyers have been caught off-guard.

 

Every neighborhood in Park City is different and may have its own unique pricing influences. Contact us for an in depth conversation about the Park City property type and neighborhood that interests you (888)968-4672 or info@YouInParkCity.com.

Canyons Resort Real Estate Prices and Vail Resorts

Friday, May 31st, 2013

The announcement that Vail Resorts will be the new operators of Canyons Resorts has been big news in Park City the past few days. There are many questions about how it will impact the resort employees at Canyons. The biggest question likely lies in the litigation over the land lease with Park City Mountain Resort, but we can’t answer that yet. Overall initial impressions thus far indicate that the change will be positive for Park City and a big plus for area skiers and snowboarders. How will it affect Park City real estate?

photo credit Canyons Resort and Rob Bossi <a href=

http://canyonsresort.com photo credit Canyons Resort and Rob Bossi

 

Vail brings with it a large marketing presence and a huge database of skiers and snowboarders. Recently the resort operator has been shifting its model to focus efforts on resort revenue rather than real estate development. One of the main focus points of this effort is the Epic Pass. Vail Resorts will include Canyons in its Epic Pass program which offers skiers and snowboarders unlimited access to Vail, Beaver Creek, Breckenridge, Keystone, Northstar, Heavenly and Kirkwood all for $689. The impact of this should be huge for Canyons which saw 450,000 skier days last season. The pass is sold to not just locals, but to skiers and snowboarders worldwide (last year saw buyers from 70 different countries). Anyone looking to ski a week at one of Vail Resorts operations can cut their vacation costs by purchasing an Epic Pass and open up the opportunity of skiing in Colorado, California, Utah, Austria and Switzerland all on one ticket. Go to Snow.com/epic-pass for more.

 

The impact of all the Epic Pass holders having essentially free lift passes at Canyons Resort as an added bonus to their pass purchase will undoubtedly bring more skiers and snowboarders to Park City. Home and condominium owners in Park City already know about the easy access and great offerings that are here, but this will open the area up to a whole new set of visitors. The added exposure to Canyons Resort and Park City will lead to increased demand for local real estate and drive up prices as well as add to the rental revenues of current owners.

 

There are many factors to real estate prices and we don’t have a crystal ball to see the future, but what Vail Resorts brings to Canyons and local Park City real estate should only prove positive.

 

Search Canyons Resort Real Estate

 

 

Canyons to be Operated by Vail Resorts

Wednesday, May 29th, 2013

Vail Resorts announced today that it has entered into a long term lease to assume all of the resort operations of Canyons Resort in Park City, Utah.

 

Vail lost out to Talisker a few years back in the bidding to purchase the resort, but is now coming back to take over the operations. Talisker Corporation has retained all of the development rights. In the original battle between Vail and Talisker for the purchase, Talisker’s lack of ski mountain operations background was a point of contention. In today’s press release Vail commended the work Talisker had done with $75M in improvements and other moves that had raised Canyons into the top ten ski resorts in North America as rated by the readers of Ski Magazine.

 

The website home page of Canyons Resort announces that “Utah is now Epic”. This refers to Canyons Resort being included as part of Vail Resorts’ Epic Pass which offers skiing and riding at Vail, Beaver Creek, Breckenridge, Keystone, Northstar, Heavenly, and Kirkwood all for $689 (20% below the price of a Canyons Resort pass last year).Vail Resorts Logo

Canyons Logo

 

The press release states that the companies agreed to a fifty year lease with six fifty year options to renew at a price of $25 Million per year plus a yearly increase and portion of EBITDA.

 

The agreement also includes the land which Talisker currently leases to Park City Mountain Resort. The leased land is mentioned as potential lease without additional consideration. The litigation between Talisker and Park City Mountain Resort is ongoing. The chairman and CEO of Vail Resorts is quoted as saying he hopes “Vail Resorts can play a constructive role in helping to arrive at a solution that offers the best outcome for guests of both resorts”. Great news for skiers and snowboarders at Canyons and Park City, but a questionable phrase for Powder Corp (Owner of Park City Mountain Resort).

 

Park City as a whole should only benefit from what Vail Resorts brings in terms of marketing and resort operation expertise.

Ski Season Home Sales in Park City, Utah 2013

Tuesday, April 23rd, 2013

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.

house price tag (istock)
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.

Why Choose Park City?

Wednesday, April 10th, 2013

Park City Barn Winter

 

Park City has so much to offer in all seasons! Located all within minutes of each other you have three world-class resorts – Canyons, Park City Mountain Resort, and Deer Valley Resort. This town is also filled with other activities and events that the whole family can participate in. Take a look for yourself….enjoy!

 

CLICK HERE TO VIEW!