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Third Quarter Park City Real Estate Stats!

By Al Johnson
Nov 03, 2017

 

Nov 1, 2017 – The Park City Board of REALTORS® has released year over year quarterly statistics for Summit and Wasatch Counties. The overall real estate market continues to be healthy, stable, and growing at sustainable rates. The number of single family market transactions and the median sales price grew at 7% and 7% respectively over the past year. The bulk of these sales occurred outside the Park City Limits as buyers searched for properties that fit their lifestyle and budget. The condominium market transactions and median sales price grew at 10% and 10% respectively over the past year. These sales were spread more evenly across the Summit and Wasatch markets.

Sara Werbelow, President of the Park City Board of REALTORS® commented, “The real estate market is solid. We have sufficient inventory to meet our client’s needs. Prices do continue to escalate, but at a reasonable pace.”

Remember that these are overall statistics and are simply a snapshot at a moment in time and may not be representative of long-term trends. The Summit and Wasatch markets are composed of numerous diverse micro-markets. More granular statistics are shown below. Buyers and sellers are encouraged to contact a member of the Park City Board of REALTORS® to find answers to specific real estate related inquiries and fully understand trends in the overall market and specific areas of interest.

Year-Over-Year Single Family Home Sales

The number of sales inside the Park City Limits increased by 12% and median price increased 18%.

Highlights:

Park Meadows sales increased 15% and median price increased 21%. Old town sales increased 15% and median price increased 11%. Lower Deer Valley sales decreased 19% but median sales price increased 8%. The number of sales in the Snyderville Basin increased 9% and median sales price increased 2%.

Highlights:

Sales in The Canyons increased 14% and but median price decreased 26%. Sales in the Silver Springs area decreased 6% but median price increased 4%. Pinebrook sales were flat but median sales price increased 13%. Jeremy Ranch sales increased 27% and median sales price increased 5%. Promontory Sales increased 13% and median sales price decreased 12%. Jordanelle sales increased 15% and median price increased 34%.

Heber Valley sales decreased 9% and the median price increased 4%.

Kamas Valley sales increased 32% and the median price decreased 5%.

Highlights:

Kamas and Marion sales increased 135% and median price increased 7%. Oakley and Weber Canyon sales increased 5% and median price decreased 10%. Wanship, Hoytsville, Coalville, Echo, & Henefer sales increased 54% and median price increased 17%. Year-Over-Year Condominium Sales

Sales inside Park City Limits increased 28% and the median price increased 21%.

Highlights:

Old Town sales increased 28% and the median price increased 9%. Lower Deer Valley sales increased 7% and the median price dipped 3%. Prospector sales decreased 4% and the median price dropped 3%. Snyderville Basin sales decreased 9% and the median price increased 6%.

Highlights:

The Canyons sales decreased 13% and the median price dipped 1%. Kimball sales increased 6% and the median price increased 10%. Pinebrook sales decreased 16% and the median price increased 3%. Jordanelle sales increased 17% and the median price dropped 5%.

Winter in September in Park City!

By Al Johnson
Sep 25, 2017

 Fall is the new Winter at Deer Valley!

This photo is from today, September 24 at 3:45 pm (note the time code) and still snowing.  No, it won't stick and the lifts won't open tomorrow, but nice to see an early preview of winter in September!  
Deer Valley #1 again for 2018 with Ski Magazine readers! Ski Magazine readers voted DV the top resort in North America again.  Congratulations to Bob W, and the entire Deer Valley staff for this fabulous repeat accomplishment!  We're sure this accolade will resonate with the new owners as a convincing track and direction for the future of this world class ski resort!     Read more...

 

The new Residences at Goldener Hirsch is an Expansion of the Goldener Hirsch Inn that includes 40 new contemporary residences featuring modern architecture blended with sophisticated design. Residences range from studios to four bedroom floor plans and many of the residences include lock-offs. Sizes range from approx. 570 - 3,270 square feet and are offered fully furnished & impeccably appointed. Located in the center of Silver Lake Village on the last remaining parcel the new residences will connect to the iconic Inn via a Bridge Plaza over Sterling Court.  Amenities and services include a front lobby with check-in, valet & concierge, lobby lounge & courtyard patio with fire pits, rooftop pool & hot tub with stunning views, fitness center and spa treatment rooms, ski-prep locker room, après-ski lounge & konditorei, Goldener Hirsch Restaurant, conference center with outdoor patio and two levels of underground parking. (The Goldener Hirsch is still in Reservation mode, and not yet on the official MLS listings, so does not  yet show up on the typical search sites.  Email or call AJ for pricing or further details)

High end Sales continue in Park City In the last 30 days, we've seen 24 new pending or closed sales over $3mm,  in the Park City market, ten of those in Deer Valley areas.   Notably, two home sales in Red Cloud in the $11m range, and one condo pending at The Montage at over $8m.   Outside Deer Valley, the $3-4m price range is hot, both in homes and condos, with 11 sales from Promontory to Thaynes Canyon to Old Town in last 30 days.

Big Al is Deer Valley Real Estate...  experienced representation for Buyers and Sellers of Park City/Deer Valley homes, condos, and land.   Contact Aj today!  bigal@parkcitydeervalley.com   435 640-6008

Ultra High End Real Estate Sales Continue in Park City Market

By RealCove
Aug 01, 2016

It's all relative.  Super high end real estate in the Park City/Deer Valley market could be considered anything above $5M.   In the past six months we have seen 13 closed sales over this price in the Park City area.   That's over two a month in this stratospheric price range.

And just when we think the $10-11M price point is staggering, this $18M listing pended by a Buyer today!   This castle is not in Tuscany.  It is a 15,000 sf ski house in the pines in the mountains at The Colony.  Ski homes used to look like ski homes, but go figure!

"The Colony Castle"
$5.1m at The Colony
This home in The Colony is the latest ultra high end closed sale at $5.1m.   One recent condo sale was even higher! (yes, Montage)    All these sales were either in upper Deer Valley, Deer Crest, or at The Colony, with the exception of one $6M home sale in Glenwild.

The highest recent closed sale in the Park City area market was a home at Evergreen in Deer Valley for $11.5m.   Later this year the closings of pending sales at Stein Eriksen Residences will eclipse most of our annual real estate stats, with nearly $200m in sales scheduled to close

High, Higher, Highest...    Our high end real estate market is impressive by most standards, considering that the median home price in the US is $231,000, up 9 % from last year, and up 1% from the previous record of $228,000 in July 2005  (to quote CNN)

The median price of the 444 current home listings in the Park City market is $1.9M;   over 8 times the national average.   Lowest priced sfh home in our market is priced at  $429k (Summit Park), while the highest is $25M (Promontory!)  15 homes priced over $10M!

However, if you want to see what real high end real estate is all about, take a look at this:   Homes over $100M in the US market    Makes us look Cheap!

At Sotheby's, I take pride in helping Buyers find and acquire the perfect Park City/Deer Valley mountain home.   I always welcome and respect your personal referrals, and promise knowledgeable and confident guidance throughout your Real Estate search and acquisition!

If you know anyone thinking about a mountain home in Deer Valley/Park City,  I am at your service!

"AJ" Al Johnson

Tired of Brexit? Take a hike. Live the Park City Dream. Never Go Home.

By RealCove
Jun 24, 2016

Deer Lake Village in Deer Valley
Brexit, Schmexit.  Yes, important, but tiring.   Dow down 600.  Pound down 8%.   I'm sure there's something good there for someone in northern England.  If I were David Cameron, I would be retiring too.

Sell stocks and buy Real Estate.   Here in Park City, we have the best skiing and snow in the world, but we also get a little summer-spoiled.  While it's 120 degrees in Phoenix, Park City woke up this morning to a cool 47.  Imagine relaxing at the Deer Lake Village "Beach" or hiking the "Sultan" Trail at 8000' in Deer Valley.  You'll postpone going home.  (Unless you already live here)

"Sultan" Trail in Deer Valley
If you do want to get technical, at Sothebys, I have some fabulous new statistical software for graphing all kinds of market trends.  So when you ask, "How's the market?"  Instead of saying "Great" or "Slow", I can show you "factuals".

This graph visually shows the actual two year increase in sales price and listing price of single family homes in the Park City area market!   Takeaways:   1:  A 2 year upward tend in median price of listings and sales.  2:   The tendency of listing prices to be higher in winter months (Ski related homes are listed for a premium for the winter)  3:   A 38% increase in median sales price in last two years.

And this graph shows the same progression for only Deer Valley properties of all types, combined, indicating a 23% increase in median sales price over past 24 months.   Note that median is sometimes a better stat than average, as one large sale can skew average more than median.  (Ex: the recent 11.5M "Dumb and Dumber" Evergreen sale)
A similar graph for Deer Valley condos only, would show a two year increase of 16% in median sales price.   Remember, however, that Real Estate is always "hyperlocal", meaning even a particular subdivision can behave differently from the overall market, and usually creates its own market stats and trends.   I can create a similar graph any area of the Park City market, from Old Town to Park Meadows to Jeremy Ranch.   LMK if you would like to see one for your area!

A few first quarter real estate stats from Aj

By RealCove
May 19, 2016

Single Family Homes in Park City Throughout the Park City city limits and Snyderville Basin, 134 single family homes were sold in the first four months of 2016.  This is actually down 9% over last year same period.

However, the average sales price of these 134 homes is an astonishing $1.96M!   In the Park City city limits, it is $2.57m!  For the statistically minded, the median in town was a lesser $1.59m, which indicates that a few very high end sales have again skewed the average higher than usual!
Specifically, seven homes sold for over $6m in the first 4 months of this year...  5 in Deer Valley, one at The Colony at Canyons, and one at Glenwild.  The highest was this "Dumb and Dumber" home (photo) which sold for $11.5m in March in the Evergreen neighborhood of Deer Valley.  (Yes, scenes in the film were shot there)
$50m in home sales volume occurred each in Upper Deer Valley and The Colony at The Canyons, each more than doubling the sales volume in their areas over same period last year!   Promontory showed $37M in sales, for 50% higher sales volume than last year ytd.   This shows incredible strength and interest in the highest price points of our market.
Park Meadows
The always interesting Park Meadows neighborhoods, a central in-town primary residential area, was down from from 18 sales to 12 sales in our first four months, but up to a $1.5M median sales price.
Moreover, of the only 17 homes currently listed in Park Meadows, only three are priced below $2M, with six over $4m, and the highest priced at a fat $7.75m!  Click here for a look!    There is of today, only one home on market in Park Meadows under $1m!   With not much to choose from for the Park Meadows Buyer who has a paltry $1-2M to spend, it looks like average citizen may be priced out of Park Meadows (and certainly many other Park City neighborhoods as well!)
Think maybe Old Town is more affordable?  After all, it's "old town".  Aren't all the homes old and ready for fix up?   Not any more.   The average price of a home in Old Town and Park Meadows in first 4 months of this year is nearly identical at $1.47M.
At Sotheby's, I have spent 25 years helping people find and acquire the perfect Park City/Deer Valley mountain home.   I always welcome and respect your personal referrals, and promise knowledgeable and confident guidance throughout the Real Estate adventure.

"AJ" Al Johnson

Sothebys International Realty
Deer Valley/Park City
435 640-6008

What Park City Real Estate and Powerball have in common...

By RealCove
Jan 14, 2016

Recent Powerball winners stand to share about $1.6 Billion in cash.  This is certainly beyond the ridiculous, as the sales volume of the entire 2015 Park City/Deer Valley Real Estate Market was $1.55B!  (an increase of 9% from 2014)  Maybe these winners should be required to buy some Park City real estate, so they don't lose it all in the stock market or at the Casinos in Vegas!

The average sales price of  the 159 homes sold inside the Park City proper city limits (White barn to Empire Pass, to Deer Crest) was $2,188,000!   This is up 17% over 2014.  A few large sales however, can skew this upward, so a look at the median home price shows $1.5m, also up 17% from prior year!
132 White Pine Canyon Rd at The Colony
The highest priced home sale in 2025 was at The Colony at Canyons Resort.  List price was $20m, and sold for an "undisclosed" sales price, probably about $17m.
Stein Eriksen Residences
The prize for highest condo sale of the year went to the new Stein Eriksen Residences, where one sale closed for just under $9m!  Click here to see what is still available for sale at the "SER"!   Only three of these sales have closed so far, but the rest will begin closing this year as construction completes over the coming months.  When all sales are complete, they will total over $200m in sales in one small development!
Notable facts:
1.    Thirty two homes sold in all Deer Valley areas in 2015.  Almost exactly the same number as 2014.  Five homes sold in Deer Crest in 2015 at the same average sales price as 2014:  $6.2m 2.   Sales in Park Meadows dropped a bit from 56 sold to 49.  However average home sale was up 5% to just over $1.7m 3.    538 homes sold in the Park City Market in 2015...  almost exactly the same as 2014!   Overall average home sales price however increased 16% to $1.6m! 4.     52 homes sold in Old Town in 2015.  Average sales price of $1.5m is up 19% from 2014! 5.    Promontory saw 60 home sales in 2015!  36% more than 2014.  Average sales price was $1.9m 6.   As usual, the Jeremy Ranch and Pinebrook residential areas experienced a strong 41 and 48 sales respectively in 2015. Average Jeremy sales price up 8% to $891k

Overall market volume in the Park City Real Estate market rose 9% in 2015 for an average overall sales price increase of 5%.   Very healthy and, in our view sustainable in the near term!

Snow, Bald Eagle Auction, Talisker Sheriffs Sale, and Silver Lake condo sales!

By RealCove
Nov 17, 2015

Talking Deer Valley Real Estate
More  snow!   Snowmaking is under way at Deer Valley.   (Well, this is the way it looked in the 50's anyway)   Looking good so far!  Go El Nino.

However, as always, Deer Valley opens no earlier than their scheduled day no matter how much snow!   Smart economics.  This year it is December 5.   Park City opens this weekend!! Bald Eagle Auction.   The other big Deer Valley event on December 5 is the auction of this Bald Eagle home, which will be sold to highest bidder with "no reserve".  (meaning no minimum... highest bid takes it no matter how low)

High end auctions are usually not distress sales by any stretch.  They simply generate interest and the "illusion" of getting a great deal.  This home is currently an active $10.9m mls listing and Seller has not dropped price at all during the listing. You can see details by clicking the photo above.    The home can in fact can still be purchased prior to auction to beat out the auction goers.   One would need to guess what the Seller expects to get at auction and meet that expectation prior to the auction date.   Interesting poker game.  At the least, there would certainly be a good discount from list price!
Talisker Sheriff's Sale.     Talisker is a Toronto Based development group that has successfully developed and sold numerous properties in the Empire Pass area of Deer Valley, and owns the land under Canyons Resort, and also the Tuhaye Golf Community.  Recently Wells Fargo Bank foreclosed on $165M of debt collaterallized by various pieces of  Talisker owned land, the most interesting of which are 10 high end homesites at "Red Cloud" in Empire Pass, and several development parcels at the base of Deer Valley's Silver Strike lift.
Red Cloud at Empire Pass, Deer Valley
I attended the Sheriff's sale today.  This highly anticipated sale, probably one of the most significant real estate events in recent Park City, took about 60 seconds!     A:  The Sheriff opened the bidding to the public.   B.  A Wells Fargo rep bid $35M.   C. With no other bidders, the Sheriff said, "Sold to Wells Fargo for $35M"    That was it.  No Talisker.  No Deep pocket Chinese or Saudi Royalty.  No Developers.   Just the bank.
Now what's next?  There are probably people already in discussion with Wells about purchasing some of the parcels and lots.   Red Cloud lots are currently listed between $3.3m and $4.5M on the active market, three of which were in today's sale.   Ten Red Cloud lots are worth about $30m alone!  So going forward, Wells will probably re-deed each property in their name, and go about selling them.  Not sure how or when, as they have been tight lipped. Stay tuned!
Silver Lake Condo market strong.    Year to Date condo sales in the Silver Lake area of Upper Deer Valley, have been strong, with three more sales (22) through October than same period last year.  Empire Pass condo sales volume has  dropped 20%.     Excluding Empire Pass and Stein Eriksen Residences, there are now only 30 resale condominium properties on market for Buyers to choose from in the Silver Lake area.   Click this photo below to see all current Silver lake area condo listings!
The brand new Stein Eriksen Residences are the leading Silver Lake Story, with $200m in closed and pending sales under contract.   To provide perspective, this is about 20% of a typical good year's entire Park City/Deer Valley real estate market...   In one ski in/ski out development!  BTW, two have already closed at $7M each, with the rest scheduled to close sometime in 2016.  That's going to skew next year's market stats!
I proudly represent Buyers and Sellers in the Deer Valley Real Estate market.   Contact me any time for further info, a quick question, or to refer an associate!

Winter's Here at Deer Valley... we've got snow!

By Al Johnson
Nov 06, 2015

Well, maybe not that much, but we did get a shot of snow and is clearly cold enough for good snowmaking at all the Utah Resorts.  Here is a shot of Deer Valley laying down a good early base at Silver Lake at the Sterling lift!  Opening day is December 5!

High End Deer Valley Real Estate continues to move throughout the community.   The last 30 days have seen closed sales at Montage, St. Regis, and this stunning newly built home in Deer Crest at $6.5m!  click the photo to see details.

 Deer Crest
Click here to see all condo and home sales closed in Deer Valley areas in the last 60 days!  Note that there have been three home sales but 16 closed condo sales in that period in all Deer Valley areas.   Condos are on the move pre-season, and should continue through the winter.
How about a quick look a Park Meadows, always one of the underpinning barometers of the Park City Real Estate Market...   Thirteen sales either closed in last 60 days or currently pending.  Good pace.  Click here to see these sales and pending sales.  Dollar volume up 18% over first three quarters of last year, while average sales price is up 9%!
In the first three quarters of 2015, the number of home sales in the Park City city limits, is remarkably identical to that of same time last year, at 125,  while the average sales price is up 10% to 2.1m.    In September, we did pass the $1Billion mark in total closed sales volume in the Park City/Snyderville Basin market!
To learn more about the changing Park City and Deer Valley Real Estate markets...

 
 
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