As skiers and vacationers ascend upon Park City during one of the busiest weeks of the year, what will they encounter when they look at Park City real estate prices?
Single family home prices in the area range from the mid $300K up to over $50M. Of the nearly 600 available homes, the average asking price is over $2M. Prices in general have fallen, but Park City real estate Sellers have mixed views of the market's direction.
Here are some examples of the varied pricing trends:
In the Glenwild subdivision - a 200 unit private development of custom luxury homes situated around Utah's best rated golf course - a showcase home finished and offered for sale in the middle of 2008 has seen price reductions of over $2M since its first offering. The price reductions and aggressive changes make for a nearly 40% off sale price.
The "Ski Magazine Dream Home" in the Deer Crest community of 144 homesites and the new St. Regis luxury hotel, has actually seen its price rise by over $2M during the 3 years that its 6 bedrooms, 10 baths, 15 fireplaces, fantastic view and ski-in/ski-out location has been offered for sale.
The Promontory resort second home community in Park City has, after emerging from bankruptcy, seen prices slashed; in many cases by more than half of original asking price. Some homes in this area have been priced below their replacement or build costs in an effort to move them quickly.
At The Canyons Resort the new Dakota Mountain Lodge is part of the Waldorf-Astoria collection of luxury hotels. One owner closed on their 4 bedroom 4 bath top floor model and immediately offered it for sale at $300K over the price they paid. Meanwhile, the resort condominium hotel has been open just a few months and has over 50 contracts still waiting to close (most all were written during the height of the Park City real estate boom).
In the Empire Pass area of Deer Valley the developers of the Silver Strike Lodge are auctioning 8 units next month; opening bids are set at approximately half of their original asking price. Nearly one third of the homes and condominiums that are complete in the Empire Pass area are currently offered for sale.
The Park City real estate market has dramatically different ideas of current valuations. In the end, no matter what belief the Sellers have about the market, it is the Buyers that will set the value. Recent sales would appear to show that those Sellers willing to negotiate and/or aggressively reduce their prices are those that will sell their properties in our current market.
For more information regarding Park City sales trends, home valuation opinions, and marketing alternatives contact YouInParkCity.com .
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