Park City Realty versus Other Ski Towns

By Todd Anderson

Aug 22, 2012

Park City is a member of the Western Mountain Resort Alliance which gathers quarterly to discuss and share real estate information in the ski towns of Vail, Steamboat, Sun Valley, Whistler, Big Sky, Jackson Hole and Lake Tahoe. The most recent meeting provided some interesting real estate activity information for the ski towns of the west.

WRMA ski town resorts including Park City, UT and Vail CO

Inventory levels in all of the resort areas providing data fell versus last year (and 2011 had shown a similar decrease in inventory levels). Similarly, all of the resorts reported an increase in the number of sales (with the exception of Park City which reported the same number of sales in the first 2 quarters of 2012 as in 2011). Changes in prices varied among the resorts, but Park City, Vail and Lake Tahoe all reported relatively small changes when compared to 2011.

The resort areas of Park City, UT, Vail, CO and Lake Tahoe, CA appear quite similar statistically. The real estate markets in each of these resort areas are much larger in terms of available inventory, sales, and number of active agents than the other resorts that participate in the WMRA. The average sales price in each of these three resort towns for homes and condominiums showed little variance between 2011 and 2012 (less than 2%).

Statistically the resorts are showing signs of price stability and the decreasing inventories are making it tougher for buyers to find what they want which should in time lead to increasing prices. Many of the real estate markets in California are showing signs of improvement and the fact that all of these resorts see many visitors and second homeowners from California should also lead to increasing demand.

While some people may try and make decisions based on resort real estate values, comparing the different resorts and their real estate values doesn’t make much sense. Each resort has its pros and cons and these vary for the individual purchasing or selling in each area. But seeing the similar trends in pricing and sales currently may signal a bottom of the market.

For more information specific to the Park City, UT area and local Park City real estate values contact a professional with the YouInParkCity.com Group at (888)968-4672 or send us an email at info@YouInParkCity.com.

Tags: inventory, lake tahoe, Park City, prices, Real Estate, realty, ski towns, UT, vail, values, WMRA
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Luxury Mountain Estate Auction - Park City, UT

By Todd Anderson

Feb 19, 2011

A 160 acre estate complete with luxury home, guest house and barn is to be sold at auction to the highest bidder Tuesday February 22. This estate is currently listed for sale on the Park City MLS for $17,500,000. The auction has no minimum bid and the seller has agreed to accept any offers above $8 Million (there is a 10% buyer's premium to be added to the sales price). This luxury estate features a main residence of approximately 13,000 sq ft with six bedroom suites, seven full and 5 half baths. Beyond the impressive entryway the home opens up to high ceilings and fantastic views. The gourmet kitchen provides and understated country feel capable of both elegance and casual comfort. The master suite encompasses 1000 sq ft including a saltwater spa in a grotto like setting plus sauna, his and hers closets, exercise room and wet bar. Seven stone fireplaces assure that warmth and ambiance can easily be found throughout the home.

The guest house features nearly 2000 sq ft of living space; two bedrooms, two and one half baths, two fireplaces, laundry, kitchen with separate dining area, great room and two car heated garage. Finishes that mirror the quality of the main residence give the guest house an intimate elegance and luxury worthy of a permanent residence. The barn is a state-of-the-art climate controlled stable and indoor riding arena covering 8500 square feet. Nearly 3000 sq ft are devoted to the sand based riding arena with windows on all sides taking in the beauty of Wolf Creek Ranch. There are 5 luxury stalls and a dedicated birthing stall. The estate lies within the private gated community of Wolf Creek Ranch. The community is comprised of 14,000 acres that border the 2.2 Million acre Uinta National Forest. Over 50 miles of maintained trails run throughout the community. Over 100 acres are devoted to common areas which include a 6000 sq ft Owners lodge, 3000 sq ft community guest house and four yurts. All of this is only minutes from Park City, Utah and just over an hour's drive from Salt Lake International airport. The nearby airport in Heber can handle small private jets. A helipad near the front entrance to the community offers quick access to this National Park like get-away. The custom furniture that adorns this luxury get-away estate are included to make this estate turn-key and ready to become part of your family legacy and memories. True custom luxury estates with the accessibility of nearby destination resorts are seldom transferred but usually handed down among family members. This auction may be the perfect opportunity to obtain a legacy property. For more information contact a Park City realty professional with YouInParkCity.com. This auction was cancelled. Bidders showed for the auction, but none were willing to bid above the $8M minimum.

Tags: auction, estate, Luxury, park, Park City, private, realty, Uinta, UT, wolf creek ranch
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Park City Real Estate Trends

By Todd Anderson

Oct 21, 2010

Has the Park City Real Estate market has hit the bottom? Unfortunately, you never know until the market has gone consistently back up. There are some areas that I believe still are vulnerable and there are also areas of Park City that appear to be relatively healthy. Looking at the big picture there are several indicators that I find interesting. I reviewed all of the new listings put across the Park City MLS in the last 30 days for Summit County, UT. This includes single family homes and condos inside of the Park City limits, the Snyderville Basin and the Kamas Valley. Of the 149 new listings, 12 have already sold or have accepted sales contracts in place. In addition to this, in the last quarter compared to the same quarter in 2009 the volume of transactions has increased roughly 15%. Is this a blip or a trend? The increase in the number of transactions for Summit County in the first three quarters of 2010 is up slightly over 50% compared to 2009. Drilling down further, the same percentage holds true for sales of condominiums and single family home sales within the Park City limits. What is selling in Park City? While only 10% of the homes and condos for sale in Park City are distressed sales (short sales or bank owned properties) nearly 35% of the homes sold this year fall into this category. In my opinion buyers are realizing the value of these homes and condos both in terms of the current and historical markets and when "a steal" goes on the market they are acting quickly. If you are interested in more information on the Park City real estate market, specific neighborhood trends and statistics, or specific homes or condominiums please contact us at (888)968-4672 or by email. Rob Harris - YouInParkCity.com Group - Keller Williams Park City Real Estate

Tags: Park City Real Estate Market Trends, realty, sales, Summit, UT
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Park City Real Estate 3rd Q 2009 Sales

By Todd Anderson

Oct 16, 2009

The end of September marks a shift in focus for Park City and Deer Valley real estate Buyers. Traditionally we see a shift away from single family residential homes and toward resort and ski property as the winter nears. This marks a good time to take a look back and compare the latest quarter real estate sales with past years. Park City real estate sales for the 3^rd quarter 2009 show only a small drop in sales and unit volume versus the same period last year. Unit sales were effectively flat while dollar volume dropped by about 9%. -Note that for statistic purposes The YouInParkCity.com Group uses only sales in the 84060 and 84098 zip codes and only considers sales of single family homes, condominiums and vacant land- The 3^rd quarter of 2008 is when sales in the Park City area started seeing the impacts of the economic downturn and people began to realize that we were not totally insulated from the national housing crisis. The downturn in dollar volume indicates that prices have receded slightly. Price corrections have varied greatly by neighborhood and the relatively small unit volume means that a few sales can have a large impact statistically. As a case in point, Dakota Mountain Lodge at The Canyons Resort sales represent over 10% of the dollar volume for this past quarter. Pricing in general is also showing downward pressure as the sold prices versus the list price was off by 8% while the list prices had shown an 8% discount already. Year to date sales versus the same period in 2008 show a decrease in dollar and unit volume of over 35%. The fact that the current period is flat may indicate that the downward market pressures have subsided and we are experiencing a bottom. There is a "feel" among most REALTORS® in town that business is getting better. Most agents are busy with many clients searching for values and beginning to write offers. To discuss more in depth statistics and analysis of the Park City and Deer Valley real estate markets, contact a YouInParkCity.com realty professional.

Tags: Buyer, condominiums, Deer Valley, homes, market, Park City, quarter, Real Estate, realtor, realty, resort, statistics, The Canyons
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Park City Utah Real Estate Trending Upward (?)

By Todd Anderson

Aug 19, 2009

The Park City real estate market place has been showing recent signs of increased activity. Most REALTORS® in Park City and Deer Valley will tell you they feel that things are getting better. Sales figures for the Park City Board of Realtors may or may not support this feeling. The month of July had 69 closings within Park City and approximately the same number outside the Park City zip code (Kamas and Heber Valleys). Park City area real estate sales totaled nearly $70M for the month while sales in areas outside of Park City (but through the PCBR) totaled about $12.5M. The sales figures represent an increase of approximately 50% over the same time last year. This quick glance will no doubt be the sound bite for the Board of Realtors. Upon closer inspection, the numbers remain strong, but maybe not quite as robust as they seem. Closings of recently completed construction account for $20M of the total -one closing of a newly built home in the Paintbrush subdivision of Empire Pass at Deer Valley accounted for over $11M of the total. Closings at the newly completed Dakota Mountain Lodge at The Canyons Resort accounted for over $9M and should be even larger in the month of August. Without the new construction closings (most of which were put under contract in 2007), sales figures for July are not as strong. Yet the numbers are still larger that a year ago. Other positive market signals for Park City and Deer Valley are that sales have been dispersed through all portions of the market. Not everything that has sold has been distressed and lower priced home inventory. At least 10 of the real estate sales completed in July were for over $1M and were not distressed or new constructions including a $5M home in the Bald Eagle subdivision of Deer Valley. Outside Park City sales volume was up by 30% from last year with total dollar volume slightly down. This illustrates that there may be stronger deals in the outskirts of Park City. Outlying areas have definitely seen larger price variations. Overall, the Park City real estate market has shown an uptick for the last month, and pending sales for the last two weeks total over 50 potential sales. Buyers and Sellers in Park City and Deer Valley are finding common ground and making deals. Each neighborhood and subdivision is different as are the pressures on individual Buyers and Sellers to better understand if it is the right time for you to buy or sell Park City & Deer Valley real estate, contact your local YouInParkCity.com realty professional. .

Tags: Dakota, Deer Valley, Empire Pass, inventory, lodge, market, Park City, Real Estate, realtors, realty, sales
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Park City Utah Real Estate Statistics 1st Quarter 2009

By Todd Anderson

Apr 15, 2009

The first quarter of 2009 Park City real estate statistics show that the Park City and Deer Valley area are not immune to the impacts of the national and global economic downturn. There were 91 total sales in the greater Park City area (PCMLS 1-22): 30 Single Family Homes, 55 Condominiums, and 6 Vacant Land parcels. These numbers as a total are less than half when compared to the same period for 2008 both in terms of total unit volume as well as total dollar volume. While these numbers show a steep decline in the market, there are some bright spots. One major difference between Park City real estate sales in the first quarters of 2008 and 2009 is the lack of new development communities available in 2009. In the first quarter of 2008, nearly half of the condominiums sold were brand new (Newpark Hotel and Silver Star were a large portion of sales). If these are removed from the comparatives, the 2009 numbers while definitely down, do not show nearly as dramatic a decrease. A more telling statistical comparison may be to look at original price versus list price when sold and final sales price. For the first quarter of 2008, the list price of homes sold was actually higher than its original price and the final sales price was about 5% off of the list price. So prices were holding very steady and sellers were getting offers very close to their asking price. The first quarter of 2009 shows a definite softening of prices. Original prices versus list price when sold show a 3% drop in price while the actual sold price represents an additional discount of approximately 8% versus asking price. As with all statistical analysis, it can be very hard to see a true picture when too small or too large a sample is taken. The Park City and Deer Valley real estate markets have bright and dim spots which vary not only from subdivision to subdivision, but vary greatly depending on which side of a transaction you find yourself. Real estate sales in Park City are influenced dramatically by location and views as well as amenities available to the property. Scarcity is a major factor and while there are new products on the horizon, there are very few places that can offer all of what Park City offers its residents and second home owners. For more complete analysis or information on a particular Park City neighborhood or community contact a YouInParkCity.com Group Keller Williams Park City REALTOR® or call us at (888) 968-4672. Data compiled from the PCMLS for sales of Single Family Homes, Condominiums, and Vacant Land in areas 1-22 from 1/1/2009 thru 3/31/2009 deemed reliable but not guaranteed

Tags: condominiums, Deer Valley, homes, owners, Park City, Real Estate, realtor, realty, residents, sales, single family, statistics, transactin, Utah, vacant land
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Park City, Utah Real Estates Sales Statistics 2008

By Todd Anderson

Feb 08, 2009

The Park City Board of REALTORS® last week released statistics for the year ending December 31, 2008. The February press release shows that sales in the Park City, Utah area were down by nearly 50% in dollar volume versus 2007. The sales dollar volume at just over $1 billion was roughly equal to the sales of 2004. Looking at the sales a little closer and narrowing the scope of the statistics to only include Park City (not outlying areas such as Kamas, Francis, Heber and Midway) and focusing on sales by property type and unit volume, the statistics show that: single family home sales were down by 43%, condominium sales were down 41%, and leading the fall was vacant land sales which fell by 75% in unit volume. Local REALTORS® are quick to note that median sales prices have only fallen slightly and that Park City and Deer Valley fundamentals remain strong. The president of the Park City Board of REALTORS® was quoted as saying: "People buy homes in Park City because it is based on a lifestyle choice. Our market has never been primarily driven by speculation and investment our product is very diverse and buyers have a wide range of properties that fit their needs and budget. Park City's world class resort facilities and year-round recreation opportunities will continue to make our community an attractive choice for many buyers." While this may be true, there is no denying that our market is affected by what goes on in the rest of the country and the rest of the world. The Park City and Deer Valley real estate markets have many opportunities and choices for buyers; something that wasn't true while the market was soaring. Vacant lot sales indicate that home building is down (Park City building department permits concur) and will be for the near term. There are a number of very high-end properties due to open in the near future including the St. Regis Deer Crest Resort, Montage Resort at Deer Valley and Dakota Mountain Lodge which is being serviced by the Waldorf Astoria and includes the Golden Door Spa. The impact of these resorts and the associated real estate sales will be felt in the next two years. Sales of new construction condominiums played a major part in Deer Valley sales in 2007 with over half of the 180 condominiums that sold being newly built. Sales of condominiums in Upper and Lower Deer Valley combined with Deer Crest and Empire pass were down 67% in 2008, but there were far fewer new condominiums available. Real Estate numbers nationwide show slow sales and many point to the fact that we still have sales in the Park City area as a good sign. To discuss how these sales numbers affect you and your decision of whether or not to buy or sell realty in the Park City and Deer Valley, Utah area call or email your http://www.youinparkcity.com/ Keller Williams Park City Real Estate agent today.

Tags: buyers, condominiums, Deer Valley, homes, market, Park City, Real Estate, realtors, realty, sellers, statistics, trends, Utah
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Why Park City Prices Remain Strong

By Todd Anderson

Oct 20, 2008

I was speaking with a fellow REALTOR® here in Park City last week and she stated that she was surprised that prices here in Park City and Deer Valley hadn't fallen as much as she had expected. While news articles from around the country show home values dropping as much as 30%, Park City hasn't seen very dramatic price changes. Many people ask "why?" Here are some of the contributing factors. The reasons vary somewhat according to the property involved; primary residences and second or vacation properties. In this article we'll focus on the latter. Second homes and vacation properties are a luxury item and they are bought by people that can afford them. As much as 70% of Park City and Deer Valley area property can be attributed to second homes and vacation property. The majority of these property owners have relatively small or no mortgages on these properties and most have an "if it doesn't sell at this price, I'll just hold onto it" attitude. Few of the second home owners have a true need to sell. In the sellers mind, the property is worth ‘x' and in time it probably will be. Sellers here in Park City have "staying power" and while overall sales volumes are currently down 45%, prices are holding somewhat steady. Sellers are willing to wait, and Buyers are not necessarily willing to jump at prices that have held steady which leads to more property on the market. This Seller's resistance to drop their prices and ability to wait is a major reason that prices in resort towns don't fall as much as national averages in a down market. A driving force behind the national market downturn was the sub-prime and "risky" mortgages. Park City saw relatively few of these mortgages. It may seem odd from the outside, but few of the second homes with values over $1M have any mortgage debt at all. Historically, fifty percent of real estate purchases in Park City and Deer Valley are cash. In general even with as easy as credit was recently, it was still tougher to mortgage secondary homes as creditors know that if there is trouble, these are the first thing debtors walk away from. That is not to say that sub-prime mortgages in our market don't exist or that there are no property owners that are in financial trouble, only that this number is smaller in relation to the Nation's trouble spots. Another reason that Park City second home and vacation property values have stayed strong is that things the have not changed much here. People still want to be here, whether it is to vacation or to live. Park City is a beautiful, easily accessible. The city offers endless recreational opportunities and a great climate. Park City's economy has not been greatly impacted by the national "crisis". In addition, the Utah economy has been touted as one of the best in the country. Finally, there is scarcity built into Park City. There are only so many places in the world that are like our city, and much of the town is truly "built out". These are some of the reasons that Park City has not seen a dramatic change in its prices as compared with other spots in the Country. That is not to say that prices in Deer Valley and Park City have not fallen; they have. As noted earlier, pricing remains fairly steady, but many of the properties that have sold were priced aggressively and represent pricing similar to 2005. There are good values and realty opportunities in Park City, and the situation for each seller is unique. Just don't expect to see rows of homes for sale with foreclosure signs in every other window as you search for a place to live or vacation in Park City. For more detailed information about recent price trends in Park City, Utah and Deer Valley, UT go to: http://www.youinparkcity.com/. Price trends, highs and lows, averages and days on market information is available for each Park City neighborhood.

Tags: Buyer, change, home, homes, Park City, price, prices, Real Estate, realtor, realty, second, seller, UT, Utah, vacation
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Opportunists Eying Park City Realty

By Todd Anderson

Aug 02, 2008

Let the bargain hunting begin. Home prices may still be falling, but they are getting low enough for some investors to be buying and selling to pocket a tidy profit, or buying investment property that actually returns a positive cash flow. Rock-bottom prices have finally begun to lure real estate investors into the fray with the effect that prices may be stabilizing in some markets. For example, in south Florida where home prices have dropped nearly 27% a broker bought a three-family home for $195,000 that had been listed at $350,000. Quick flips are in. Even in the Seattle area, where prices are down just 5% (similar to Park City) from a year ago, an investor purchased a 2700 square foot home for $330,000 and quickly sold it within 3 months for $415,000 (a 25% profit). Many of these transactions involve a "short sale" (see blog dated 5/13/2008 entitled Short Sales in Park City, Utah), where the seller owes more than realistic market value, and the lender is willing to accept a low offer. But, in the Park City market, some transactions just reflect the lower market value. In other words, there are some real bargains on the market right now! This week, I talked to representatives of the three ski resorts in Park City: The Canyons, Park City Mountain Resort, and Deer Valley. They are all reporting that advanced sales of lift tickets and skier services are substantially ahead of last year already. It looks like another great ski season in Park City, UT is just months away. And more good news was reported in the Salt Lake Tribune this morning. A new survey by Ball State University's Bureau of Business Research ranked Utah the second best state in the country for manufacturing success. Previously, Forbes.com and CNBC placed Utah in the top five states for its business climate. Today, the Nation's Unemployment Rate was announced at 5.7 percent for July with a loss of 51,000 jobs while Utah gained 1.3 percent jobs and listed unemployment at just 3.2 percent. For current market information on vacation homes or investment properties in the Park City area, use the "Contact Us" button at the top of this page. You can expect a response within 24 hours from one of the http://www.youinparkcity.com/ real estate experts. Technorati Profile Submitted by Ken Drummet, 8/2/2008

Tags: bargain, homes, investors, Park City, prices, Real Estate, realty, short sale, UT, Utah, values
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Park City Real Estate Trends