Park City Real Estate Under Construction

By Todd Anderson

Jun 24, 2014

Summer 2014 sees a construction boom in Park City, UT.

Winter in Park City Utah is a tough time to build, that isn’t to say that there are not a lot of construction projects going on during the winter, they are just more prevalent during the summer months.

From the turn off highway 80 traveling into Park City the new construction can be seen. The Newpark Terrace townhomes above the parking garage at Newpark Town Center are taking shape; sixty percent of the sixty. The additional retail space at Redstone is done and the retail center is busier than ever. New exterior siding is being installed at the Fox Point at Redstone condominiums (this clears a long running lawsuit between the original builder and the HOA). Another small residential development is also working its way through the planning process.

Work continues at Canyons Resort with the golf course which is scheduled for play in summer 2015 as well as projects near the base of the Waldorf gondola.

Construction around town is evidenced mostly through home construction on some of the few remaining in-fill lots and the ever present road improvement projects.

The Old Town area is the site of multiple projects both commercial and residential. Commercial spaces with residential units on top are part of two lower Main St remodels. 820 Park Avenue is ten residential condominiums with great ski and town access all of which had reservations before the project was introduced to the public. Near the top of Main St in the old in the old Main St Mall will be The Parkite with fifteen contemporary luxury residences.

The Upper Deer Valley area has the Stein Eriksen Residences moving forward at full speed. This ski-in/ski-out development between the Silver Dollar and Last Chance ski runs was very well received over the winter and has many reservations already in place.

Heading east out of Park City (affectionately known as the back door to town) the Park City Film Studios are well under way with their large project which includes Film Studios capable of film and television production, sound studios, Film School, Event Center and Studio Village.

Just south of the Film Studio is the Park City Heights Development. The development covers nearly 250 acres and will contain 239 residences when complete. The builder Ivory Homes is one of Utah’s largest builders has a proven track record an ability to complete developments in a timely manner.

Further east on hwy 248, the developments at Park’s Edge and Black Rock Ridge are selling condominiums as fast as they can build them.

The Promontory Club area has over 50 homes in some state of construction (most all of these are custom homes and not spec builds).

To further explore purchasing new construction homes or condominiums in Park City or to discuss how the addition of these developments may affect your current home or condominium’s value, contact a local Park City real estate professional. Email us or call (888)968-4672.

Tags: construction, new homes, Newpark, Park City real estate, Parkite, Promontory, Redstone, stein eriksen
Posted in buyers, Park City Economy, sellers | 0 Responses to "Park City Real Estate Under Construction"

Montage Deer Valley Construction Full Speed Ahead

By Todd Anderson

Apr 04, 2010

Park City, UT: Montage Resort Deer Valley construction goes on 24hrs per day. Park City, Utah officials have given Montage Deer Valley Resort developers the OK to work 24 hours per day. This marks the first time in over 30 years that officials have allowed for such a construction schedule. The unique location of the Montage Deer Valley Resort allows for a schedule that should have minimal effect on nearby property owners and guests. The Montage Deer Valley will sit at an elevation of over 8000' next to the Empire Canyon Lodge and Ruby and Empire Express ski lifts at Deer Valley Resort in Park City. The Deer Valley Ski Resort closes for the season on April 11, 2010 which will minimize the number of guests and owners staying in residences in the Empire Pass area of Park City. The Montage Deer Valley recently celebrated its "topping off" marking a construction milestone with an evergreen tree placed atop the structure after the last beam was put in place. Over 900 workers are presently working within the wrapped scaffolding construction site. The ability to work 24 hours a day will help keep the resort on track for its anticipated opening in December of 2010. The resort will have 174 guest rooms, a 35,000 square foot spa facility, 15,000 square feet of convention space, multiple dining options including 24 hour in room dining services plus indoor and outdoor recreational spaces. The Montage Deer Valley recently released its initial pricing for the 81 private residences with prices starting at just over $2 million and ranging up to nearly $8 million. Incentives are being offered to early buyers which include season ski passes at Deer Valley Resort, guided skiing privileges, Talisker Club access and stays at the Montage Beverly Hills or Montage Laguna Beach. A model residence is complete and available for viewing by prospective buyers. For more info contact a YouInParkCity.com real estate professional.

Tags: construction, Deer Valley, empire canyon, hotel, montage, Park City real estate, prices, residence, resort, Ski
Posted in buyers, Park City Real Estate Notes, Park City Skiing | 0 Responses to "Montage Deer Valley Construction Full Speed Ahead"

Construction in Park City Remains Slow

By Todd Anderson

Jul 02, 2009

The Park Record Newspaper (Park City Utah's twice weekly news resource) ran an article this week stating that while construction costs should be enticing for building, builders and suppliers remain quiet. Park City home building costs have come down recently due to a lower lumber, asphalt, steel and concrete costs. Jim Drexinger, senior vice president of sourcing for Stock Building Supply, which has a large store near Kamas that supplies local builders, said global markets are affecting many of the products they sell. Some lumber products have seen a "significant" reduction in price and some to "multi-year historic lows," he said. Additionally, the slow building market has lead to a glut of construction laborers which has lead to very favorable labor costs for those people choosing to build. Unfortunately while costs are down (Jared Rakisits, president of the Park City Area Homebuilders Association was quoted as saying "It's probably the best time in quite a few years to build a house"), we are still dealing with a tight credit market and construction loans are not easy to obtain in Park City & Deer Valley (or most other spots in the country). Not all home construction costs have gone down in the Park City area. A local lighting retailer noted that prices in their field have been steadily rising at five to ten percent a year. This has some Park City and Deer Valley home builders trying to cut costs and search for cheaper materials. The lack of recent sales of vacant land in the Park City and Deer Valley are another indicator of the slow construction and building market. There are currently over 450 listings for vacant land in the greater Park City real estate area and there have been 9 sales over the past 3 months. Local Park City and Deer Valley builder Richard Jaffa of Jaffa Group Design/Build was quoted as saying ‘While the recession may be over by next year, it will take about three years for the area's housing boom to fully recover.' Predicting the bottom of the Park City and Deer Valley real estate market is anybody's guess, but there is no doubt that the current high inventory levels coupled with low building costs make this an opportune time to purchase and build n Park City, Utah. As skiing film maker Warren Miller liked to say: If you don't do it now, you'll just be a year older when you do next year.

Tags: builders, building, construction, credit, Deer Valley, homes, inventory, market, Park City, park record, Real Estate, Utah, vacant lot
Posted in buyers, Park City Economy, Park City Real Estate Notes | 0 Responses to "Construction in Park City Remains Slow"