Park City Real Estate Luxury Sales 2011

By Todd Anderson

Mar 27, 2011

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.

Tags: colony, Deer Valley, homes, Luxury, montage, Park City, sales, Utah
Posted in buyers, Park City Economy, Park City value, sellers | 0 Responses to "Park City Real Estate Luxury Sales 2011"

Summit Land Conservancy

By Todd Anderson

Nov 20, 2010

How does Park City maintain the mountain feel and charm that drew many of us to make Park City home or consider buying Park City Real Estate? The Summit Land Conservancy is one of the organizations entrusted to making this happen. Land conservancy is no small task when you consider that the land preserved must serve many purposes including protecting the historic agricultural flavor, providing recreation, protecting wetland and animal habitat and maintaining the "Big Sky" views we all expect to wake up to every day. Based in Park City, the Summit Land Conservancy's mission is to permanently preserve large parcels of land in Summit County, Utah. It does this in partnership with private land owners. The Conservancy holds conservation easements on over 2,300 acres in Summit County and continues to add easements that will create a "permanent legacy of open space for future generations". McPolin Farm is the most recognizable property in the Conservancy's portfolio. The large white barn is hard to miss when you are driving in to town. It sits on 120 acres which is home to a wide variety of wildlife from birds on large game. You will also notice hikers, cross country skiers, people walking dogs and nature tours. If you live in Aspen Springs Ranch or in Iron Canyon you are fortunate to have a view of this preserved land every day. With McPolin Farm the conservancy has preserved Park City history, a sense of entry to our community and has ensured present and future recreational use for locals and visitors alike. Empire Canyon is probably better known to visitors for its skiing and ski in/ski out homes and condos such as Flagstaff, Arrowleaf and the latest addition, the Montage. What many may not know is that there is a 1080 acre conservation easement in place that ensures areas like the Lady Morgan Springs marsh habitat will be protected as a breeding ground for Elk and other wild life. Alpine skiing, hiking, mountain biking, snow shoeing are other approved activities in this easement. Round Valley is lesser known to visitors but is a prized by locals for its extensive trail system. With trail heads conveniently located in the Old Ranch Road and Park Meadows neighborhoods it is easily accessible. It is no wonder it is often called the "Central Park" of Park City. Winter or summer you will see people and wildlife taking full advantage of this open space for biking, skiing or just walking the dog. This area is currently 694 acres with more to be added soon. One of my favorite additions will be Iron Mountain. Iron Mountain boarders the Colony nestled inside the boundaries of the Canyons Ski Area. The 600 acres in the proposed easement will create 900 acres of open space protecting both wild life and the entry corridor into Park City. It will also provide habitat protection to moose, elk, deer, and many of Park City's wilder native residents. Much more is currently in the works. By the end of 2010 or in early 2011 the Summit Land Conservancy plans to add another 2000 acres of perpetually protected open space. Click for more information on the Summit Land Conservancy. For more information on Park City and Park City Real Estate visit http://www.youinparkcity.com/.