Archive for the ‘sellers’ Category

Park City Real Estate Sales 2014 Q2

Tuesday, July 8th, 2014

Real estate sales in Greater Park City for the second quarter of 2014 present quite a few different talking points regarding the Park City, UT real estate market.

 

The combine number of sales for single family homes, condominiums and vacant lots fell by 12% compared to the same quarter last year. This is the first comparative drop in quarterly sales volume in nearly 4 years.

 

The drop in sales was lead almost entirely by a drop in single family home sales. But while the number of sales dropped, the median Park City area single family home sales price rose by 5%. Inventory levels have also risen, so we may be seeing a slight “push back” from buyers to the price increases.

Park City Real Estate Trends

 

Home sales in the $500K-$750K represent the hottest portion of the market. This market segment in the Park City area saw 43 sales last quarter with 46 currently available or effectively a 3 months’ inventory supply.

 

Inventory of single family homes between $1M and $2M has been increasing and the current supply would take well over a year to sell at last quarter’s sales rate. Beyond $2M the supply grows to over 2 years at current absorption rates.

 

Greater Park City area condominium sales for the quarter were almost identical to the same period last year, but the median sales price was up over 10% and the average sales price was up nearly 20%.

 

The sales of new condominium product in the Jordanelle area remains very strong and the pending sales for models that are still under construction will likely keep this trend going for the foreseeable future (note the previous YouInParkCity.com blog on Park City under construction).

 

The sales of residential condominiums currently show a much higher demand versus resort condominiums and the same is true for single family homes. This trend is especially true in the Deer Valley area (although pre-sales for the Stein Eriksen Residences bucks this trend).

 

All of the points above point to a complex and very localized Park City real estate market. The trend in one neighborhood is not necessarily the same for the next. Call or email us to analyze and discuss your particular Park City real estate situation; (888)968-4672 or info@YouInParkCity.com.

Park City Real Estate Under Construction

Tuesday, June 24th, 2014

Summer 2014 sees a construction boom in Park City, UT.

 

Winter in Park City Utah is a tough time to build, that isn’t to say that there are not a lot of construction projects going on during the winter, they are just more prevalent during the summer months.

 

From the turn off highway 80 traveling into Park City the new construction can be seen. The Newpark Terrace townhomes above the parking garage at Newpark Town Center are taking shape; sixty percent of the sixty. The additional retail space at Redstone is done and the retail center is busier than ever. New exterior siding is being installed at the Fox Point at Redstone condominiums (this clears a long running lawsuit between the original builder and the HOA). Another small residential development is also working its way through the planning process.Newpark Terrace

 

Work continues at Canyons Resort with the golf course which is scheduled for play in summer 2015 as well as projects near the base of the Waldorf gondola.

 

Construction around town is evidenced mostly through home construction on some of the few remaining in-fill lots and the ever present road improvement projects.The Parkite

 

The Old Town area is the site of multiple projects both commercial and residential. Commercial spaces with residential units on top are part of two lower Main St remodels. 820 Park Avenue is ten residential condominiums with great ski and town access all of which had reservations before the project was introduced to the public. Near the top of Main St in the old in the old Main St Mall will be The Parkite with fifteen contemporary luxury residences.

 

The Upper Deer Valley area has the Stein Eriksen Residences moving forward at full speed. This ski-in/ski-out development between the Silver Dollar and Last Chance ski runs was very well received over the winter and has many reservations already in place.

 

Heading east out of Park City (affectionately known as the back door to town) the Park City Film Studios are well under way with their large project which includes Film Studios capable of film and television production, sound studios, Film School, Event Center and Studio Village.

 

Just south of the Film Studio is the Park City Heights Development. The development covers nearly 250 acres and will contain 239 residences when complete. The builder Ivory Homes is one of Utah’s largest builders has a proven track record an ability to complete developments in a timely manner.

 

Park City Heights Construction

 

Further east on hwy 248, the developments at Park’s Edge and Black Rock Ridge are selling condominiums as fast as they can build them. (more…)

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.

 

Park City Real Estate Sales 2013

Tuesday, January 21st, 2014

We are now solidly into 2014 so it is time to take a look at what happened in the Park City real estate market for 2013.

 

Sales of single family homes and condominiums in the Greater Park City, Utah area were very solid with sales unit volume up 14% from 2012. This represents the best year since 2006.

Park City Home Sales by Quarter

 

The median sales price for both single family homes and condominiums in and around Park City also rose during 2013. The median price for a home rose by 5.8% to nearly $800,000 while Park City condominiums saw their median sales price rise 8.7% to nearly $380,000.

 

Inventory levels have continued to fall with last year’s absorption rate correlating to just over seven (7) months of inventory currently for sale in the Park City area. During the market downturn of 2008 and 2009 inventory levels and sales rates correlated to nearly thirty (30) months of inventory.

 

The lack of inventory has Sellers beginning to push prices up (although some of these appear to be more than the market will bear currently). The lack of inventory is most prominent in the lower price ranges; current inventory with 2013 sales rates puts less than 6 months inventory for condominiums under $1M and less than 4 months for homes under $1.5M. Entry level options in Park City (homes under $750,000 and condos under $400,000) have current supply levels of 2.3 and 3.8 months respectively.

 

Buyers for luxury homes and condominiums in Park City will find more to choose from. While sales of homes listed at $1.5M and over saw a 40% increase in sales last year versus 2012, current inventory levels represent nineteen (19) months’ supply. Condominium sales of over $1M saw a more modest sales increase of 6% and supply at current absorption rates is eighteen months.

The ultra-luxury class (homes over $3M and condos over $2M) was mixed with single family home sales up 30% and condominium sales down 15%. Buyers in this small marketplace have the slowest moving inventory to choose from while Sellers encounter greater competition.

 

The current lack of inventory makes finding a home tougher as competition for the best homes can be fierce. Buyers are finding that they have to pay higher prices and borrow at higher interest rates. Sellers can hold out for higher prices and better terms.

 

The Park City real estate can be very hard to view as a whole; individual neighborhoods and subdivisions can and do experience very different sale pressures. Contact a Park City realty specialist with YouInParkCity.com to discuss your individual Buying or Selling real estate needs within Park City. (888)968-4672

Park City Real Estate Sales 2013

Tuesday, October 15th, 2013

The first three quarters of 2013 are now in the books (it is hard to believe that ski season is only a month away!). Park City real estate sales for the first 3/4ths of the year have been very strong. Sales volume is up and so are prices while inventory is down.

 

Single family home sales in the greater Park City area are up eighteen percent (18%) when compared with the first three quarters of 2012. The median sales price of Park City, UT homes sold in 2013 is up by over $60,000 to $810,000 (half of the homes sold for above this price while half sold below this price).

 

Inventory levels continue to be a big part of the story. Single family home sales under $500K have a current less than 3 month supply while homes in the $500-750K category have less than 4 months’ supply at current sales rates. Luxury homes still a have large number of for sale options but sales of homes over $2M were up by 30+ percent versus the first three quarters of 2012.

 

Over 40% of the sales so far this year have had homes on the market for less than 30 days. Good values still exist in the market, but Buyers need to be ready to move quickly.

 

Park City, Utah home sales 2013

 

Condominium sales in the greater Park City area had similar gains to single family homes in the area. Sales volume is up by eighteen percent (18%) while the median sales price has risen by over ten percent (10%). Current sales volume has an absorption rate of only 4 months for condominiums under $250K while there is a nine (9) month supply in the $500-$1M price range. Even the luxury condominiums valued at $1M or more only show a one year supply at the current sales rate.

 

Building lot sales in greater Park City also experienced dramatic increases with sales up over fifty percent (50%) and median prices up by ten percent (10%) to $323,500. By adhering to the idea that the value of a home’s lot should be twenty to twenty five percent (20-25%) of the value of the home, the median value of the new homes to be built on the recently purchased lots should be in the $1.3M to $1.6M.

 

Mixed into all of the sales in Park City over the past nine months there are of course areas that have not experienced the same increases and a few that have had values drop. For a comprehensive analysis of the Park City real estate market segment that matters to you contact a realty professional with YouInParkCity.com today.

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

 

 

Park City Private Golf Community Udpate

Wednesday, May 1st, 2013

Golf in and around Park City, UT is near and dear to the YouInParkCity.com group so with the days getting longer and the golf season fast approaching; it is time to take a look at the past 12 months in the five amazing private Park City golf communities. The communities of Glenwild, Promontory, Red Ledges, Tuhaye and Victory Ranch are home to some of the top courses in the state; all of the courses have received national recognition. Which course ranks where is a matter of opinion but in terms of layout and condition they are all exceptional. The courses are all relatively young and are only improving.
Golf in Park City Utah

 

In the past 12 months there have been 149 sales plus 35 pending sales in Glenwild, Promontory, Red Ledges, Tuhaye and Victory Ranch combined. This number includes vacant land, single family homes and condos. For the same time a year ago total sales were 127 properties. Both years had approximately two dozen distressed sales. Current distressed inventory makes up less than 5% of the current available inventory.

 

The more than 15% rise in sales has been accompanied by an increase in prices with the average selling price of vacant lots up by nearly 30%. Market indicators for Park City area real estate are very strong and this bodes well for the private golf course communities in Park City as well. In the next few weeks we here at YouInParkCity.com will break down the real estate sales for the past year and review the upcoming and ongoing improvements being made at each of the five private golf course communities in the area.

 

All of the local Park City area public golf courses are already open and the private courses will be open by Memorial Day. For specifics on a particular golf course community homes in Park City, UT contact the YouInParkCity.com Group at (888)968-4672.