Park City Real Estate Trends

What’s new in Historic Old Town Park City real estate?

By Todd Anderson
Oct 06, 2015

One of the areas in Park City where there is value being created by scarcity is Old Town. In the span of years from the mid 1800’s until now most of the lots have been built on. In a typical real estate cycle homes will age and then be torn down to develop new product. The difference in Old Town is that there are a significant number of structures on the Historical Register and these cannot be removed to build new structures. These structures include homes, sheds, garages and even chicken coops. Depending on the historical designation many of these structures cannot even be moved. This is why new construction in Old Town is so valuable.

That being said there are some exciting new construction opportunities in Old Town Park City.

The Parkite & 820 Park Ave

The Parkite:

This redevelopment of the Main Street Mall is nearing completion. Located on upper Main Street these 15 condos located in the heart of Old Town’s Historic District is a must see for Park City’s luxury buyer. For more information or to view available listings click The Parkite.

820 Park Avenue:

There are only three condominium subdivisions contiguous to the Town Lift Plaza ski lift and 820 Park Avenue, which is nearing completion, will be the newest most luxurious of the three. All ten of these condos are under contract.

Single Family Homes:

Sampson Ave, Echo Spur and King Rd

There is a s home on King Road that is under construction with an undetermined completion date. It will be between 1800 and 2100 sf and have three bedrooms and three baths. There is a possibility that there will be a basement added but at this point we are unsure.

A recent sale of a home on Sampson In the historic district that had all of the bells and whistles. There was no detail over looked. This home had 5 bedrooms and 5 bathrooms with a total sf of 3,870. This home sold at $4,000,000 for a per sf price of $1,034.

Echo Spur:

Echo Spur is a new Subdivision of 7 homes on Rossi Hill. Most of the homes will have exceptional views up to Empire Pass in Deer Valley. The most unique element to these homes will be the developer’s commitment to building a “Green Home”

45 King Road:

We identified a 10,000+ sf parcel that had a historic home on it and, for one of our investors, spearheaded the process with the city staff, historical planners and the City Council to get it re-platted. A typical Old Town lot is 1,875 sf. By combining parts of 8 different lots that made up this parcel we were able to create two 5000+ sf lots. We also worked to get the design and plans approved for a new home that incorporates the historic home. Construction is now underway on a 3400 sf home 1 ½ blocks from the top of Main Street on a flat lot a shared private drive. The views are exceptional. This home should be available in early summer of 2016. For more information contact Rob@YouInParkCity.com

There are other homes and condominiums in the design or construction phase. To find out which home might be the best fit for you or to determine the value of your property in Old Town contact the  YouInParkCity.com Group at KW Park City Keller Williams Real Estate (435)962-9472.

Park City Mountain Ski Homes

By Todd Anderson
Dec 06, 2010

             The ski and snowboard season opening is upon us in Park City, Utah.  Park City real estate sales statistics for the year have shown that property in Park City is selling. Here we will take a more in-depth look at which homes and condominiums in Park City are selling with a focus on ski and snowboard slope-side locations at Park City Mountain Resort.             Park City Mountain Resort offers the fewest opportunities for true ski-in/ski-out real estate in Park City, UT (in comparison to Deer Valley and Canyons Resort areas). Due to this fact, we will broaden the scope of the analysis to include walk-to skiing and riding homes and condominiums. There are three lift access points to consider in determining a walk-to-ski/ride home or condominium at Park City Mountain Resort: The Park City Mountain Resort Base Area, The Town Lift / Historic Old Town Area and the Silver Star Lift area.

Silver Star at Park City

            Of the just under 100 homes and condominiums that have been sold in the Historic Old Town area of Park City this year, over 40 of them can be counted in the walk-to-ski category. There have been over 950 home and condominium sales in the greater Park City area this year.  Many Park City real estate sales are to buyers looking for vacation and second home properties, but not all of the properties are ski-in/ski-out or walk-to-ski.             One quarter of the sales of the Park City Mountain Resort walk-to-ski/ride properties have been in the Silver Star at Park City subdivision. There are still a few developer owned condominiums at Silver Star, but the sales within Silver Star have been both re-sales and developer owned models. This indicates that the market has found the correct sales price and buyers are responding. The sales prices at Silver Star this year represent an average of nearly 30% off the historic high asking prices.             For more information on Park City Mountain Resort (which opened for the season on Nov. 20) ski-in/ski-out or walk-to-ski homes and condominiums contact a realty professional with YouInParkCity.com.

The Kimball Arts Festival

By Todd Anderson
Aug 06, 2010

 What Makes Park City Real Estate Valuable? The Kimball Arts Festival             I as I was driving into work today with my wife, she mentioned that it was the Arts Festival that brought her to Park City. Ask a local why they live in Park City, UT and many will answer that they came here for a winter and never left. In my wife's case, it was pictures from the Arts Festival that was the draw that put things over the top.    Arts Festival Before the Crowds         The annual Kimball Arts Festival is one of the many things beyond the skiing, biking, golf, snowboarding, hiking or ... that make Park City, Utah special. It is a vibrant piece of the local Park City community (residents and vacationers alike actively volunteer to help with the festival).  Local amenities like the Arts Festival make Park City Real Estate Valuable by adding to the Park City Lifestyle.             This year marks the 41st annual Kimball Arts Festival. The festival runs Friday August 6th (6pm-8pm) Through Sunday August 8th (Sat 9 am-7 pm, Sun 9 am-6pm). Note that the Friday evening opening is a special "local" event that is free (suggested $10 donation goes to the Kimball Arts Center) and the least crowded time of the festival.             The Kimball Arts Festival in Park City, UT is touted as one of the top ten arts festivals in the country (don't ask me who said this). Each year they receive more than 1000 applicants for only 325 spaces. Tents line the middle of Main St as the area is closed to traffic for the weekend to make way for the anticipated 45,000 attendees. Only the Sundance Film Festival and Fourth of July Parades in Park City put so much pressure on Historic Main St. Things will be crowded, but that is part of the lure. It is impossible to walk through without running into friends you haven't seen in a while.             Music has been a recent addition to the Arts Festival with 3 different stages running throughout the festival. A free film screening by the Sundance Institute will be held on Friday night at Park City's City Park. Local restaurants have also gotten into the spirit with the "Taste of Art" offering festival goers special pricing and limited time menu offerings.             Real Estate for parking in Park City is at a premium during the Kimball Arts Festival. Follow the signs and directions of the volunteers. Plan on parking away from the festival and walking in or hopping on a free shuttle.             For more festival information go to: http://www.kimballartcenter.org/             Have a great time, and when you find yourself thinking "If I owned a home in Old Town I could just walk over to events like this on Main St." contact your YouInParkCity.com Group Keller Williams Real Estate Professional to make it possible. (888)968-4672

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