Local Area And Real Estate News

            Luxury real estate sales in Park City, UT for the year so far show a slight decrease when compared to the pace of 2010.             2010 saw luxury home sales in Park City, UT buoyed by the St Regis Hotel at Deer Crest and Silver Strike Lodge at Empire Pass.  2011 is seeing strong sales from the new Montage at Empire Pass as well as continuing sales of the Flagstaff condominiums in Empire Pass.

            The 33 sales so far this year of homes or condominiums with asking prices over $2M include 6 Flagstaff condominiums and 5 Montage residences. With over 70 residences at the Montage still to be sold, the Montage will likely impact luxury sales in Park City for the foreseeable future.  Also of note in recent sales are the sales of 3 homes (plus 2 pending contracts) in the Colony area of Canyons Resort.             The average sale price for homes listed at over $2M remains fairly steady at nearly $3M. Relatively small sample sizes in this market combined with the occasional sale in the $10M range have impacts on this data.             The luxury residence category overall is may be beginning to show more pricing pressure. Currently the Park City MLS shows over 170 homes and 70 condominiums in the luxury category over $2M. Current sales show a discount rate of over 15% from asking price and the influence of undisclosed sales prices across the Park City MLS means that this discount rate could be considerably higher.             The luxury home market in Park City and Deer Valley is a tough category to consider as a whole because there are many factors which makes each of the homes and condominiums in the luxury category unique. For a more complete analysis and in-depth information about individual properties contact a realty professional with YouInParkCity.com (888)968-4672.