Park City Real Estate Trends

Deer Valley, UT New Home Scarcity

By Todd Anderson
Feb 01, 2011

             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. Deer Valley Sold            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.

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.

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