Making Sense of Park City, UT Housing Prices

By Todd Anderson

Dec 02, 2017

Park City, Utah home and condominium prices in general are still rising, but a few things have had me scratching my head recently.

I study the data on the Wasatch Back (formerly Park City) Multiple Listing Service (MLS) daily. I watch the new listings, pended sales, completed sales, removed listings and price changes depending on the day of the week, there are 35-75 daily changes.

Price Changes can really give an idea of which way the market is trending although in some cases they make me wonder “what was that agent or owner thinking?” when they priced it originally. Recently I sent a new listing to a client with a note stating, “this is priced well and likely won’t last long”. Two weeks later it still hadn’t sold which made me question my knowledge, but then a price increase on the property showed up with the price going UP by nearly 35%. I somewhat wrote this off to an agent with little experience in our market, but I noticed something similar from a seasoned agent that knows our Park City real estate market well. This time it was a 20% price increase, but both properties remain on the market a few weeks later waiting for offers on their increased prices. Maybe we can chalk it up to greedy Sellers(?).

While price increases on listed Park City properties are fairly rare outside of new construction which often sees pricing go up as the projects are closer to complete, price reductions are common. Owners may like to “test” the market with a high initial price only to lower it after a few weeks. Lately though it has not been uncommon to see prices be lowered by 20% or more. Seeing a $500,000 drop on the price of a home is surely a good talking point, but I’m not convinced that it is a great marketing strategy. Buyers will tend to not even look at a property that is too far above the market and Sellers often get “anchored” to their original price whether or not it was realistic.

The Park City real estate market has a lot of moving parts and inventory can be quite slim depending on what exactly you have to sell or are looking to buy. Properties that are priced well move quickly, but it doesn’t mean that you can get or need to pay 20% more than the market value.

If you are looking to Buy or Sell property in the Park City, Utah area or just want a better feel for what is going on in the market, contact a realty professional with the YouInParkCity.com Group

(435)962-9472.

Tags: market, Park City, Park City real estate, Utah, housing prices, buy property, sell property
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Real Estate Sales in Park City. Q1, 2017

By Todd Anderson

Apr 12, 2017

The real estate market in Park City, UT sky-rocketed during the first quarter of 2017.

Comparing the first quarter real estate sales of 2017 to the first quarter of 2016 looks similar to the snowfall comparisons between the two years.

Unit volume sales of Single Family homes were up nearly 20%
Dollar volume of Single Family homes sales was up nearly 25%
Condominium unit sales were up nearly 40%
Condominium dollar volume was up a whopping 74%

With all that said, the YouInParkCity.com Group knows that 90 days’ worth of sales isn’t enough to be statistically relevant and the small sample size we are dealing with is easily skewed. If we remove the $50M worth of sales at the Stein Eriksen Residences (SER), condominium unit volume changes to being up 30% with dollar volume up 35%.

The timing of new product to the market definitely impacts our numbers in the first quarter which is historically one of the slowest of the year. In addition to SER mentioned above, a similar story may have happened around the Jordanelle Reservoir where unit sales we up nearly 60% with the completion of many townhomes at Black Rock Ridge and Park’s Edge.

The story-line that may be more relevant and reliable in terms of the data is about scarcity. The greater Park City area currently has under 800 homes and condominiums for sale; the first quarter (which we mentioned is normally slow) had over 300 completed sales. That is less than 9 months inventory at the current sales volume. This isn’t necessarily out of whack until we look at pricing and sales within price points.

Current for Sale Inventory of 440 Condos and 340 Homes in greater Park City has been relatively stable for the past four years
The median sales price of a home over the past year has been approx. $1.25M there are 57 active listings below this price (2.5 months’ worth of inventory)
The median sales price for a condominium has been $525,000; there are 105 options on the market below this price (3 months’ worth of inventory)

Note that the stats here are just raw data Park City area home and condo numbers and really don’t take locations, views, finishes and all the things that make a home unique and special into account. Thirty percent of the sales in the past year were on the market for less than two weeks.

Having someone that knows the market and the specifics of what you want to buy or have to sell is imperative. Contact the YouInParkCity.com Group for all your Park City Real Estate needs.

Tags: Park City, Park City real estate, Real Estate, Utah, homes for sale, market sales, 2017, condos for sale
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Ski Condo Investments – Park City, UT

By Todd Anderson

Sep 09, 2016

Is now the right time to invest in a vacation rental in Park City, Utah?

The ski and snowboard magazines rating the new 2016/2017 equipment are in the racks or already in your mail stack, and there are less than 90 days to the opening of the snow ski and ride season. Is now the time to buy a Park City condo you can use a few weeks this season and rent out while you aren’t using it? Here are some of the things you can expect if you start the process now:

Sellers while having been on the market all summer may be less inclined to lower their price

While it may seem like sellers would be willing to get more aggressive and move away from their ski condo, the opposite is often true. After carrying the condo all summer long with little or no use and rental revenue, the reservations for the upcoming Park City ski/ride season are ramping up and Sellers can see a positive revenue stream on the way in the near future. The upside of this for potential Buyers is the same for the non-seller, rental revenues are not far off.

Holiday weeks may already be booked

Peak holiday weeks in Park City can often book a year out. Sundance, Presidents Day, the Christmas to New Year’s holidays and some spring break weeks are already showing strong bookings. This is a positive for your rental cash flow, but may impact your ability to use your condo at these times. On the flip side, it could be a great time to come out and check on your investment (maybe your CPA will allow you to write the trip off?!!).

It is easy to see the available inventory now

Many people get the idea to buy a Park City vacation condo while they are on a ski vacation. The trouble is that if you are here during peak times, many of the condos you want to see are not available due to the fact that they have renters in them. We at YouInParkCity.com encourage you to come out now and enjoy the fall colors while the rental rush is quiet. It will allow you to see the options and make your decision while there is still time to plan your winter stays here.

There is still time to make minor improvements

A full remodel is likely out of the question before the slopes at Park City and Deer Valley open, but a fresh coat of paint, new carpet and adding some personal touches are still viable upgrades before the season starts. These little things make your rental show better in photos and rent better for the upcoming season.

Why wait? There is revenue to be collected to start paying for your new vacation

The results of the upcoming election will have no impact on how much you want to ski this year. And as Warren Miller likes to say: “if you don’t do it this year, you will just be a year older when you do it next year”. It’s time to start making those family memories, skiing is one of the few truly multi-generational sports out there.

For reliable and truthful information regarding Park City and Deer Valley ski (and snowboard) condos contact a local real estate professional with the YouInParkCity.com Group at KW Park City Keller Williams (435)962-9472.

Tags: Deer Valley, Park City, rental, revenue, snowboard, Utah, ski condo
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Park City Gated Golf Course Community Update

By Todd Anderson

Jul 07, 2015

The Park City, UT golf season is in full swing (pardon the pun), so how are real estate sales doing in the nearby gated golf course communities?

Glenwild

There is definitely a renewed interest in Glenwild. There are currently ten homes in some stage of the build process. Ten homes have sold in the past year and three are under contract for sale; this is a huge increase versus the six homes that sold from July 2013 to July 2014. There are 16 homes for sale and 21 building lots, so there is still quite a bit of inventory and buyers are still somewhat calling the shots in Glenwild. Asking prices for Glenwild building lots range from $450K to $1.6M with a median price of $690K. Home prices in Glenwild range from 1.85M to $7.5M with a median price of $2.67M; finished square foot asking price is at $441/ft which is up 25% from a year ago while the median asking price is up $500K from the sales over the past year. The golf course is one of the best in the state and the community has as many permanent residents as vacation homes which speaks volumes about the accessibility of Glenwild to both Park City and Salt Lake City.

Promontory

With two full 18 hole courses and a list of community amenities too long to mention, Promontory is the biggest player in gated golf course communities in Park City. With 180 active listings Promontory makes up nearly 15% of the available real estate in the Greater Park City area and while it isn’t as hot as some local subdivisions, Promontory real estate is moving well. With over 100 building lots for sale and prices ranging from $99K to $1.4M there is a lot to choose from. Be careful to note which lots have a membership attached and check with us to learn about developer incentives on certain building lots for sale. Ready to move into homes are available from $1M to $7.25M with a median asking price of just under $2M (like Glenwild this value is up 25% from the sales of the past year). The new clubhouse at the Jack Nicklaus Painted Valley Golf Course is open and gorgeous. New “cabin” properties with a more modern look and feel than those at the Pete Dye course offer fantastic views of Deer Valley to the south over the course. With more amenities still under construction, Promontory has some great Park City gated golf course community real estate offerings.

Victory Ranch

When it comes to gated golf communities in Park City, this one may be my favorite (although there are trade-offs considering accessibility to Park City). The Rees Jones Designed course is tough but fair and the fishing on a four plus mile private stretch of the Upper Provo is truly something special. Current offerings at Victory Ranch are limited mostly to “cabin” product in pre or under-construction status and building lots. There are 20 active lots for sale ranging from $325K to $1.2M. Cabins (think newly constructed 3-4 bedroom 2500-3000 square foot residences) are available from $1.5-$2M. Ten lots have sold in the past year with a median price just under $600K; the thing to remember about Victory Ranch is that while the area covers nearly 7000 acres, there will only be 350 homes. Last month the Robb Report named Victory Ranch a top 10 place to buy a summer vacation home.

Tuhaye

On the north side of the Jordanelle Reservoir from Victory Ranch sits Tuhaye with its Mark O’Meara designed golf course and easy access to Park City (including ski access at Deer Valley Resort®). Currently there are 18 available building lots and 10 homes for sale at Tuhaye. Lots range from $179K to $799K as with Promontory be careful about whether or not sales include a Talisker Club membership. Home prices range from $775K to $3.195M. Prices at Tuhaye are currently $100 per square foot less than similar homes in Promontory or Glenwild. The questionable status of the area since it has gone into bank receivership may present good values, but there is more risk involved.

Red Ledges

The Red Ledges “four season” community is located in Heber City about 25 minutes’ drive from Park City. This gated community surrounding a Jack Nicklaus Signature golf course (ground was recently broken on an additional Nicklaus Designed 12 hole par 3 course). The community also features a Jim McLean Golf school, Cliff Drysdale Tennis School, Equestrian facility, pool and fitness center. Sales at Red Ledges have been strong with 24 homes sold and 79 building lots sold over the past 12 months. Home sales ranged from $533K to $2.4M with a median price of $793K. Lot sales had a median sales price of $240K. Current offerings for home range from $559K to $2.6M with lots available from $149K-$495K. The brisk

Private Gated Golf Course Communities in and around Park City, Utah are experiencing solid sales and increasing prices overall. To figure out which community best suits you contact a golf realty professional with the YouInParkCity.com Group info@youinparkcity.com or (435)962-9472. We’ll show you the communities and play a round.

Tags: Glenwild, Park City, park city golf, Park City real estate, Promontory, Red Ledges, Tuhaye, Utah, Victory Ranch, gated golf, private golf, golf real estate
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Pinebrook Real Estate Park City 2015

By Todd Anderson

May 27, 2015

Real Estate information for the Pinebrook area of Park City, Utah as of Memorial Day Weekend 2015.

The Pinebrook area of Park City remains a desirable primary home as well as second home location offering great trails, parks, local amenities and easy access to Park City’s Resorts and Main St. as well as Salt Lake City. The current housing market in Pinebrook mirrors the real estate market in Park City with limited supply of homes and condos for sale and great Buyer demand.

There are 18 active Single Family Home listings across the Park City Board of Realtors MLS with prices ranging from $449,000 to $1.5 million. There were 18 sales in the past six months ranging from $550,000 to $1.2 million. This translates to a six month inventory supply (a limited supply in terms of Park City due to its combined primary and second home nature). Looking back at the same time period last year, there were also 18 single family home sales BUT the values of the homes sold has increased dramatically. In the last six months there were six sales over $900,000 while the same time last year had zero. Of the eight current pending sales three have asking prices over $1.3 million. The median sales price over the past six months was $797,125 while for the same period last year it was $696,500.

The lack of Pinebrook homes and condominiums for sale represents obstacles for both Buyers and Sellers. The YouinparkCity.com group at KW Park City Keller Williams Real Estate is ready to help you navigate the Park City real estate market.

For Buyers we will educate you and keep you informed of market changes, recent sales, pending sales, back on market listings and homes not available on the MLS. In today’s market finding a house is often the easy part; negotiating the contract, working through the discovery and remediation processes of due diligence, navigating the financing appraisal hurdles while keeping a cool head with a focus on the end goal are just part of what we do.

For Sellers we pre-market and market your home in such a way that the buyers and their agents are educated to the value it represents to ensure you get the most you can from your home with the least amount of hassle in a timeframe that suits your needs. Similar to the Buying side, getting an offer is often the easy part of the process; negotiating for you while navigating multiple offers, repairs, addenda, title issues and more again are just part of what we are doing behind the scene of your sale.

If you or someone you know is thinking of buying or selling a home or condo Pinebrook or the greater Park City area, contact a YouInParkCity.com realty professional.

Search Pinebrook homes and condos For Sale

Tags: condominiums, for sale, homes, Park City, pinebrook, sales, Utah
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PARK CITY UTAH IS A WORLD CLASS RETIREMENT CITY

By kendrummetblog

May 16, 2015

Park City Real Estate Trends