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Park City Market Update

By
Real Estate Agent with Snow Park Realty
Over the past few days we have seen 51 properties come on the market, 14 go under contract, and 15 close. The high points are:
ACTIVE:
-Thanyes Canyon home at $799,000; 4bd/3ba, 2208 sq ft, $361psf….An amazing lot with great upside!
-Deer Valley lot in Hidden Meadows at $598,000….not too shabby of a price.
-Deer Crest home at $3.595m; 5bd/7ba, 8035 sq ft, $447psf….looks like a deal in Deer Crest!
-Chateaux at Silver Lake in Deer Valley unit at $1.485; 2bd/3ba, 1379 sq ft, $1079psf….seems really high on the ppsf! These units do rent like wildfire….but they will come down on price, as the market will determine what it is worth.
-Black Bear Lodge in Silver Lake at Deer Valley for $775,000; 2bd/2ba, 1409 sq ft, $550psf….this is right next door to the Chateaux unit (listed above) and is about half the price per sq ft!!! Which one would you buy? Black Bear is still a steal!!!
-Grand Lodge unit in Empire Pass at Deer Valley for $4.295m; 5bd/6ba, 3243 sq ft, $1324psf….it will be an interesting winter to see how the luxury ski in/ski out properties fair. Up unitl now, they have still done relatively well.
-Promontory lot at $499,000…this is a great lot for the price.
PRICE CHANGE:
-Old Town home near PCMR down to $999,000 from $1.295m; 4bd/4ba, 2435 sq ft, $410 psf….good deal for the right Buyer.
-Glenwild home down over $1m to $3.35m; 5bd/7ba, 8265 sq ft, $405psf…even the ultra-hot Glenwild has slowed!
-Promontory lot down from $699,000 to $250,000.
-Tuhaye cabin down $500,000 to $1.2m; 3bd/4ba, 3057 sq ft, $305psf….pretty good deal.
PENDING:
-Vacant Land in Old Town at $1.3m…this is a development parcel that could have a couple of homes built on it.
-Deer Valley unit at the Lodges at Deer Valley for $850,000; 2bd/3ba, 1407 sq ft, $604psf….these rent great too!
CLOSED:
-Sky Lodge unit at $228,000; 2bd/2ba, 1260 sq ft, ownership of one-eighth…these have really fallen off!
-Deer Valley lot at $1.175m.
-Empire Pass home in the Nakoma development at Deer Valley for $5.25m; 5bd/5ba, 6000 sq ft, $875psf.
-Promontory home at $1.5m; 4bd/6ba, 5968 sq ft, $251psf….nice pick up for the Buyer.
Kent Anderson
Coldwell Banker Resort Realty, Sandpoint, Idaho - Sandpoint, ID
from Schweitzer to the Lake
I love Park City but freaked out at the prices. I work at the Schweitzer Mountain, Idaho office of Coldwell Banker and our prices are so much lower...still, our close rates are probably lower here than in Park City. Good luck in 2009...if the snow keeps up the way it has been falling, we should all see some good numbers. (By the way, I get it...with Park, Deer Valley, Alta, Snowbird, etc. all around, Park City has a lot to offer.)
Dec 25, 2008 02:17 PM