The Ironwood development in Deer Valley, Utah launched the Empire Pass area of Park City in 2002. This started a new phase of luxury ski-in/ski-out homes and condominiums in Deer Valley. Empire Pass at Deer Valley homes and condominiums are clustered close together next to ski-in/ski-out access. This clustering next to the resort also serves to preserve thousands of acres of open space around the development. The density trades and resulting cluster of condos and townhomes at the base of the Silver Strike, Northside and Empire Express chairs at Deer Valley does not necessarily give a feeling of scarcity, but a look at the sales and future development possibilities tells another story.
Twelve developments have been completed in the master planned Empire Pass community of Park City. Five developments have sold out while another five of the developments are nearly 80% sold through. Two developments are in their early stages of sales; the Montage at Deer Valley (opened mid Dec 2010) and Belles at Empire Pass (14 Single Family Models still to be built). The majority of new available Empire Pass residences (less that 80 currently) are within the Montage at Deer Valley. Once the current available inventory is sold, there are only 4 development entitlements left within the Empire Pass area of Deer Valley.
Forty five (45) sales closed in the Empire Pass area (17 sales in the Flagstaff development lead the way with 15 in Silver Strike) in 2010. This sales rate is enough to sell through the current inventory listed on the Park City MLS. Yet most Realtors® and developers feel that 2010 was a poor year in terms of sales.
Prices in the Empire Pass area of Park City reflect the luxury nature of the amenity rich homes and condominiums. The finite supply of ski-in/ski-out properties in Park City and the world also impacts pricing. The recent completion of the Montage Deer Valley while adding considerable inventory to the area also adds public amenities that the area was lacking. The new restaurant, spa and public spaces will add a buzz to the area on a year around basis which should create more desire to own in Empire pass. The opportunities at the Montage also put the Empire Pass area of Deer Valley as a whole that much closer to being built out. The scarcity of future development in the area will only drive prices higher.
For more information on the Empire Pass area of Deer Valley, UT or other ski-in/ski-out luxury home neighborhoods in Park City contact a real estate professional with YouInParkCity.com.
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