Park City Real Estate Trends

Deer Valley Real Estate Ski Tour #2

By Todd Anderson
Feb 21, 2014

Ski-in/ski-out homes and condominiums represent the ultimate ease and convenience when it comes to a ski vacation. In this tour, we will be skiing Deer Valley Resort with a focus on the Deer Crest Subdivision.

 

The first Deer Valley Ski Tour focused on the homes around Bald Eagle Mountain. With the exception of the Bald Eagle Club area, all of the homes and condominiums could be reached on skis as well as by car. The Deer Crest area by contrast is all within a private gated community, so driving the area isn’t possible and skiing to many of the homes without permission also is not possible. Many of the Deer Crest properties can be seen on skis from the lifts and public trails at Deer Valley Resort. Deer Valley Ski Homes at Deer Crest

 

The start of our ski tour of the Deer Crest area will begin at Deer Valley’s Snow Park base area on the Carpenter Express lift. From the top of the chair, ski back toward Snow Park while bearing right on the Little Stick ski run. Little Stick is an easy intermediate level trail effectively a “cat-track”, the run was the start of the Olympic Slalom course in 2002 and it offers great views of the Snow Park Base area and the Lower Deer Valley community. Little Stick merges with the Deer Hollow Run and enters the Deer Crest area just above the St Regis Hotel.

 

The Deer Hollow trail is the ski access for the St Regis at Deer Valley (condominiums and residences). The funicular visible from Snow Park is the non-ski guest access for the resort. Current ownership opportunities at the St Regis Deer Valley start at $1.37M for a 1-bedroom 2-bath model and range up to $18M for a 5-bedroom 7-bath custom penthouse residence. Skiing out of the St Regis is on the Deer Hollow trail to the Mountaineer Express lift then down Deer Hollow to Little Stick to access the rest of Deer Valley Resort via Snow Park.

 

For our tour we will exit the Mountaineer Express to the left and onto the Jordanelle ski run at Deer Valley. The Jordanelle ski run at Deer Valley from the top of Little Baldy Peak to the base of the gondola is the only public access trail winding through the homes in the Deer Crest Estates area. The ski runs through the Deer Crest area are a little steep and narrow for beginners, but they are well maintained and generally not crowded. Most all of the homes will access the Jordanelle Gondola and then ski down into Snow Park to access the rest of the mountain. There are approximately ten homes and homesites that have direct ski access to Snow Park without skiing down to the gondola first.

 

The Jordanelle ski Run passes a few homes for sale and offers a good idea of the ski-in/ski-out access of others. As the trail flattens out you’ll note a sign where the gondola to the Deer Pointe Villas as you approach the gondola, the Deer Crest Townhomes are visible just to the south. The gondola ride back to the top provides views of more Deer Crest Estates homes and a glimpse of the possible future expansion area at Deer Valley to the south. The gondola tops out at the top of the Deer Hollow ski run; follow this back to Little Stick and into Snow Park where this real estate ski tour started.

 

For more information about ski-in/ski-out homes at Deer Valley Resort, contact a ski real estate specialist with the YouInParkCity.com Group at (888)968-4672.

 

Park City Real Estate Sales Stats for 1st Quarter 2010

By Todd Anderson
Apr 08, 2010

Park City Real Estate Sales             The end of the first quarter of 2010 gives us some concrete evidence of what is happening in the Park City real estate market.             Sales volume when compared with first quarter of 2009 is up well over 200%. Granted that is not saying a whole lot, but the numbers are equivalent to those of 2008.             For the quarter there were 70 single family homes that sold in the greater Park City area from January 1 to March 31, 2010. The average sales price was slightly over $1.1M. The median price was $820K.  Park City single family home closed sales prices versus list price varied by a little over 10%.             Condominium sales in Park City for the first quarter of 2010 were very strong. This is largely due to sales of at The St. Regis Deer Crest and the auction sale at Silver Strike in Empire Pass. There were 123 condominium sales in the first quarter with an average sales price of $1.17M. If the sales at the St Regis and Silver Strike are ignored, the average sales price drops to just over $600K.             Vacant land sales in Park City, UT for the first quarter may be a good indication of future building in the area. There were 30 land sales in Park City for the quarter with an average sales price of $370K. The Promontory Golf Resort area made up over one-third of these sales as buyers found value in the distressed inventory there.             Distressed sales and bank REO property levels have increased dramatically in the Park City area. Distressed listings now make up nearly 10% of the property for sale in Park City.             Home prices in Park City are showing large variations. Some areas have held values very well while others are seeing prices similar to those of 2005 and earlier. For more information on specific properties and neighborhoods in Park City contact a professional with YouInParkCity.com.

Real Estate News: Park City, Utah

By Todd Anderson
Jul 20, 2009

 St Regis, Dakota Mtn Lodge, Treasure Hill, Summit Research Park and more             As the funicular cars fro access to the new St Regis Hotel at Deer Crest in Deer Valley were set to be installed (Friday July 17,2009), local radio station KPCW was airing a story about a Deer Crest residence owner suing the project and its developers.             The radio report indicates that the owner of a home and lot in the lower portion of Deer Crest near the base of the Jordanelle Gondola at Deer Valley Resort has brought a lawsuit against the developers of the St Regis claiming that the developer has improperly changed the original documents pertaining to the parking and access to the hotel at Roosevelt Gap (above the Lower Deer Valley area of Park City, Utah). The complaint stems from the parking that now exists at the hotel and the employee parking lot and shuttle to the hotel from the base area near the gondola. The Deer Crest home owner claims that traffic impacts on the private road through Deer Crest (Deer hollow Rd.) due to the employee shuttles, taxi and limousine service, and service/delivery trucks is outside the scope of the original guidelines for the area and that changes to the guidelines were made improperly.             The St Regis at Deer Crest developers have counter-sued claiming that all changes were made legally and stated that the filing was an attempt to gain access to the amenities of the hotel by the property owner.             In other Park City real estate news, the new Dakota Mountain Lodge at The Canyons Resort in Park City opened its doors for business. The Dakota Mountain Lodge is a part of the internationally renowned Waldorf-Astoria Collection luxury hotels.             The Snyderville Planning Commission has approved guidelines for the Summit Research Park. The research park is an 89 acre development in the Kimball Junction  area of Park City just off hwy 224 near the I-80 interchange.  The development is scheduled to begin work soon with some road improvements designed to improve traffic flow around the Landmark Dr. Area. The development of the research park with the housing and business construction around it has a possible 20-year build out.             In other planning commission news, the Park City Planning department is scheduled to hear more on the Old Town area Treasure Hill development. This possible large hotel and residential development on the southern hillside above Old Town appears to be moving forward.             The fact that there are major projects finishing up, under construction, and being planned for the near future are positive signs for the future value of real estate in Park City and Deer Valley. These developments will have impacts both positive and negative for many other Park City area communities and developments. To discuss possible recent and future development impacts on your property or future property purchases, contact a YouInParkCity.com Group REALTOR® with Keller Williams Park City Real Estate.

Park City and Deer Valley real estate sales for Q2 2009

By Todd Anderson
Jul 11, 2009

            With the end of June came what is considered summer here in Park City after an unusually wet spring "mud-season". The end of June also marks the end of the 2nd quarter and time for a Park City and Deer Valley real estate market update. The Park City and Deer Valley home and condominium sales for the quarter show that the market has slowed, but probably not as much as people think.             For comparison purposes, we will look only at areas 1-22 for the Park City MLS which includes the Park City neighborhoods of: Old Town, Thaynes, Lower Deer Valley, Deer Crest, Upper Deer Valley, Empire Canyon, The Aerie, Prospector, Park Meadows, The Canyons, Olympic Park, Silver Springs, Old Ranch Road, Kimball Junction, Pinebrook, Summit Park, Jeremy ranch, Silver Creek/Glenwild, Trailside park and Promontory. Our data for comparison will be limited to single family homes, condominiums and vacant land.             Sales data for Park City real estate for the quarter are as follows: 120 total units sold for the quarter with 55 being single family homes, 56 being condominiums, and 9 parcels of vacant land or building lots. These numbers represent a drop in total sales volume of 44% versus 2008 and 67% versus 2007. The drop in dollar volume versus 2008 was 58% and 74% when compared to 2007 sales. The lack of new product has a very pronounced effect on the condominium data; look for these numbers to turn around dramatically in the next two quarters as we see the St. Regis at Deer Crest and Dakota Mountain Lodge sales recorded.             The YouInparkcity.com group feels that of particular interest is the relation of the actual sales price versus the original and asking prices at the time of sale: sales prices were discounted 10% versus asking price and 19% versus the original price for the quarter. Of course the relatively small sample size we are dealing with can skew these numbers. For more information or data regarding a certain segment of the Park City and Deer Valley real estate market contact us or call (888) 968-4672. Areas we feel may be of particular interest statistically include Promontory and Empire Pass.

Park City's New St. Regis in Deer Valley

By Todd Anderson
Jun 15, 2009

                Several clients have asked me if the new St. Regis at Deer Crest will be open for the 2009/2010 Deer Valley® ski season in Park City. And after my tour yesterday of this amenity rich hotel I have to say I believe it will. Everywhere I looked I saw people working, over 400 of them in fact.  The 100% wool carpet is going in; kitchen equipment is being hooked up for the banquet kitchen as well as Chef Jean Georges new restaurant. The final touches are being added to features like the waterfall, and the fire garden (my name for it) next to the "ski beach" slope-side pool area. After watching the steady progress over the last couple of years all of the pieces seem to be coming together for the Park City and Deer Valley ski season opening.                  Another question I can now answer is: what justifies the price? The condominium and residence units will be appointed at least as well as the other newer luxury homes and condominiums in the Canyons, Empire Pass, Old Town and Upper Deer Valley. I didn't see a residence or condominium without a fantastic view; even those on the first level appear to be about forty feet above the Deer Hollow ski run and look up to other ski runs. But when one considers the Five Star Services and amazing common area which owners of the Residence and Condominium units will include the price seems in line. In my opinion this will be one of the finest real estate offerings in Park City or Deer Valley.                 Granted Park City Real Estate has experienced a down turn but I think scarcity will play a role in these condominiums and residences bucking the trend. If you want the level of service, the on hill location and the common area amenities that the St. Regis offers there are only 32 units still available, 8 residences and 24 condominiums. I can't help but think there are 32 more families out there that will see the value in this exceptional project.                 For more information on the St. Regis and other Park City and Deer Valley real estate opportunities please contact us.                 Rob Harris - YouInParkCity.com

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