2020 Vision: Deer Valley Real Estate News

September snow, $12Million condo, Property Tax Primer

By Al Johnson
Sep 08, 2020

 

Wow, It's September Already!
Reasons why September is our favorite Park City month:

1.  Park City summer is usually cool, but in September it really cools down!  Crazy weather and temp swings:  Right now it looks like this, still sort of summer.  We've had a record heat wave in August and early September.  Can't remember it hitting 90 in PC ever before.  Tomorrow it might snow!

Mountaineer Chair lift at Deer Valley

2.  Mountain Colors.  By mid September it will look like this:  It could snow any time, but usually none sticks until early  November.

                          

3.  Quieter.  After Labor Day, it gets nice and quiet in our mountain town.  Less traffic, fewer crowds until Christmas Holiday and ski season!

4.   Looking forward to ski season.  First Ski Magazine hits the stands.   Trying to decide which season pass.  New skis?  Park City announced their opening day of November 20.  But check their website to see how their Covid protocols will work.   Can only ski by  making an online reservation!  Will be interesting.

But, what about Real Estate...?  

Park City/Deer Valley Real Estate Market 

We have experienced a quite active, strong summer market.  Properties at every price range are selling briskly.  In the past 30 days for example, we have seen 21 sales in the Park City local market of properties listed over $6M!

In fact, in the past 30 days, an impressive 538 sales have pended or closed in the local market, at prices ranging from $120k to nearly $14M, for a consistent average of 18 sales a day.   This is pretty incredible, but is due to an influx of  "Urban Refugees" escaping high density living, from East Coast, West Coast, Texas, and in between.   Many of the highest priced sales are of homes on acreage, providing elbow room and social distance from the neighbor!

Most Interesting August/ September 2020 Sales



2750 Meadow Creek Rd
Park Meadows

Sold Appx $6.7M



Quarry Mountain Ranch
Sold  
List Price $14.5M 
Sales Price "Undisclosed"



The Colony
Pending Sale
List Price:  $12.9M 

Most Interesting New Listings


Really a $20M condo?  Well, it's nearly the entire top  floor of the St. Regis.  
Click and take a look!


The Colony
$16M

A "Best Buy"!   Really, how can a $16m home be a best buy?  
Well, it's ski in/ski out on over 5 acres, unbelievable views, and at nearly 28,000 square feet in size, (really only $575/sf)  is one of the largest ski in/out homes in North America.   (Most other "Colony" homes are priced at over $1100/sf!)


"Argent" is a new condominium building now just beginning construction at the base of Deer Valley's Silver Strike lift.  Developed by "East West Partners" they are priced, taking reservations, and have already "sold" a handful.  Should be comparable to the "One Empire" building next door.
Click here for a look


Jordanelle View Dr, Deer Crest
Deer Valley
$12.5M

2020 Property Taxes.  Quick Primer.
Property Tax notices appeared in early August.

Taxes are due by November 30.  We have until September 15 to appeal the assessed valuation of a property (or other items) on the notice.   Summit County gets around to re assessing properties only every few years, so sometimes we can see the assessed valuation suddenly jump. 

As we are a "nondisclosure" state, they cannot go to the recorded deeds to see the sales prices of new sales (they all read $10).  Rather, the Assessor has to do a market analysis, through the Park City Board of Realtors mls system, to evaluate each of the thousands of properties in the County!  Big job.  They're pretty good at it, but don't always get it right!

Here is an interesting recent press release from the Utah State Tax Commission regarding 2020 property taxes and appeals.

This year, in an accelerating real estate market, we have seen that most assessed tax valuations have not risen dramatically.  Next year they might. However, if you or someone you know, feels that it has, and would like to appeal, here is a link to Summit County's on line "BOE" form.  (Wasatch county has a similar one) 

If you think there is valid reason to appeal for a reduced valuation of your property, drop me a note and I can run a few comps to see if there are recent lower sales to justify an appeal, and then provide you with the sold listing comps to attach. 

As always, I will take a look at value, and provide comps for a possible appeal for friends, clients, and associates for free!   Remember, September 15 deadline.
 






January storms and 2019 stats!

By Al Johnson
Feb 12, 2020

January Powder Days and Another BDE at Deer Valley!

What a way to start the new year!  I shot these skiing Wednesday, Jan 15.  Another "Best Day Ever"  (BDE) at Deer Valley!   We just completed an 8 day storm cycle that dumped nearly five feet of snow on Park City and Deer Valley!  Already 148 inches of snowfall so far this season, which is half of the annual average of 300 inches, and it is only mid January!   Epic powder days, and blue skies, for incredible Utah skiing.

BTW, Sundance Film Festival Jan 23-Feb 2 Park City is full, can't park anywhere, but a great time to be on the mountain to ski or ride!  No lift lines, as everyone is watching movies!

Interesting High End January 2020 Sales Interesting, that the three $5M+ sales that closed in the Park City/Deer Valley markets so far this January, were homes in The Colony at the Canyons side of Park City Mountain! However, this $13.5M new construction listing at Red Cloud in Deer Valley, just pended this week!

68 Red Cloud Trail, Deer Valley $13.5M  (pending sale)

151 White Pine Canyon Rd Sold appx 7.5M

231 White Pine Canyon Closed Just under 6M

2475 White Pine Lane Canyons side of PCMR Sold appx. 6.5M

Most Interesting High End New Listing! 10663 Summit View Drive, Deer Crest $10.9M

Did you know that there are 18 residential property listings in the Park City market priced over 10M?  Of these, only two are in Deer Valley, all in Deer Crest, with one in Promontory! Can you guess where the highest priced listing is in the market, and how much? Click here to find out. 

A few 2019 year end market stats
Overall market volume was up 18% over 2018 to over 2.6 Billion in total sales, with an average sales price increase of 3% year over year.  That reflects over 2300 data point sales of condos, homes, lots etc!

Here is a brief summary of Single Family home sales,  showing Year Over Year performance, 2018 vs 2019 in a few select prime Park City market areas:

Upper Deer Valley area:  very active!  55% higher sales volume, at an average sales price of $5M!

Lower Deer Valley:  strong sales 6% higher volume, at average sales price of $2.5M

Deer Crest:  Although only five sales in 2019, the average sales price was up 33% to $9M!  (Caveat...  Much of this number is due to one 23M sale!  Leave this out, and average is about 6M!)

Park Meadows:  One of our strongest areas, nearly doubling 2018 sales from 35 in 2018 to 60 in 2019.  Average sales price of 2.2M

Old Town:  50 home sales, same as 2018!  Average sale price up 4% to 2.15m

Promontory:  Always the highest number of sales of any single area! (80, and up 16% over 2018)  Average sales price of 2.4M

Pinebrook:   42 home sales, remarkably the exact same as 2018!  However, average sales price was up 20% to 1.2M!

Jeremy Ranch:  27% higher sales volume over 2018, with a whopping 61 home sales!  Average sales price up 6% to 1.2M

Tuhaye/Hideout area:   2019 doubled the dollar sales volume in this area, with the average sales price up 60% to $2M

Overall, a great year in the Park City/Deer Valley Real Estate market!

Happy Holidays from AJ's Deer Valley Real Estate News!

By Al Johnson
Dec 19, 2019

What an incredible start to the 2019-2020 ski season at Deer Valley & Park City!  Deer Valley Real Estate is off to a great start with several new developments in the ground and more to come.   Plan on unusually great Christmas skiing this year, and a banner season at both Deer Valley and Park City Mountain!
Most Interesting High End December Sales

2402 Lakeview Court Park Meadows Sold just over 4.5M

2475 White Pine Lane Canyons side of PCMR Sale Pending!  (List price of 6.9M)

Two New developments you haven't heard of! The new condominium buildings at Empire Pass and Silver Lake keep selling out, such as "One Empire", "The Empire Residences"  and The Talisker Residences at Empire Pass, and the new "Goldener Hirsch" at Silver Lake Village .  So here are two more stunning new ones to keep on radar!  Stay tuned and call me for details!

"ARGENT" - THE NEWEST CONDOMINIUM BUILDING COMING TO EMPIRE PASS

 

East West Resorts has recently begun to release information on their upcoming new project in Deer Valley. Located next to Empire Residences in the Village at Empire Pass, Argent will feature an amenity rich building, with beautiful views, and direct ski access to the Silver Strike chairlift. Comprised of 28 residences, Argent's two, three and four bedroom family size homes range from 1,488 to 3,771 square feet. They capture stunning panoramas from Mt Baldy to the glistening Uinta Range with the night-lights of Main Street twinkling below.

The affluent Buyer Market has made a monumental shift away from buildings without amenities & services, and toward buildings that provide a lifestyle that extends well beyond just the Residence. Families that are on precious vacation time expect high level services and amenities that are easily accessible. In addition, expansive windows walls that harness natural light and pristine views plus smart home technology is expected at this level. As a highly anticipated real estate option from well-known east West Resorts, Argent aims to deliver to this lifestyle driven luxury market.

SERVICES

Live-In Concierge to assist Families in creating effortless and memorable vacation experiences:
  • Book dining reservations
  • Coordinate Ski School
  • Schedule Spa Treatments
  • Order groceries & receive packages
  • Coordinate Housekeeping
  • Receive and send packages
  • Coordinate activities with the Talisker Club (IF the owner decides to join)
Ski Valet Staff
  • Manage all owners skis, boots and poles (They store all equipment and bring them to the owner when needed)
  • Assist family members with getting ski boots on.
  • Coordinate all Rental Equipment needs.
  • Wax & Tune Ski Equipement
  • Food & Beverage experience
  • Daily continental breakfast, afternoon Après-Ski Appetizers / Cocktails and all day coffee and hot chocolate service.

AMENITIES

  • Open Concept Ski Lounge with Bar, Large Gathering Table, ski lockers and Media Room (All in the same space)
  • Kid’s room for arts and crafts, video games and board games (places for kid’s to spend time while family skis or is in the Ski Lounge)
  • Bowlski’s Gaming Studio - Modeled after Montage Deer Valley’s Daly’s Pub (2 Bowling Alleys, Video Games, Multiple TV’s with surround sound, Lounge Seating and an Indoor Putting Green)
  • Gym - Peloton Themed Gym with BIG Window walls for natural light and views.
  • Skybox - Rooftop heated outdoor space plus a ‘glass box’ room that is home to the Owner’s Shared Library & Telescope for Stargazing
  • Outdoor Ski Beach Experience - Heated deck with extra-large Hot Tub, Fire Pit and Ski Beach for Après-Ski

PRICING

The development team expects to release final pricing by the end of 2019, but expect it to be approx:
  • 2 Bedrooms - $2.2M to $2.6M
  • 3 Bedrooms - $2.8M to $4.0M
  • 4 Bedrooms - $3.5M to $5.2M
  • Penthouses (4 Bed) - $6.4M to $6.8M

ESTIMATED SALES TIMELINE

Reservations for specific Residences will be accepted Early of 2020 Refundable $100,000 reservation deposit required at this point Reservation to Contract - March 2020 20% Earnest Money Required at this stage Construction to begin - Spring of 2020 Expected Delivery - Late 2021

"Sommet Blanc" at Empire Pass

Empire Pass Deer Valley. The pinnacle of ski-in, ski-out properties at the renowned Deer Valley® Resort. Here, residents enjoy a perfect blend of extraordinary views and unparalleled snow quality at the number one ski resort in Utah.

Coming soon to the final parcel of this exclusive enclave is a rare combination of easy ski access, a serene mountain setting, stunning ski slope views, outstanding amenities, and sophisticated mountain modern design. Sommet ?Blanc offers a unique opportunity of elevated alpine luxury living.

Starting on December 26, Reservations of Interest will be accepted for the Residences - three slopeside residential lodges, and the Alpine Villas - six expansive townhomes.

Many factors separate exemplary ski properties from the rest. Sommet Blanc has a major advantage in that it fronts the Ruby Express chairlift near the summit of Empire Pass. This location allows for easy, short laps on Bandana and Lucky Jack - family favorite ski runs. For new skiers, and especially younger children, this provides an option to lap easy runs from a single chairlift. If the kids get tired quickly or want a hot cocoa break, you are close by and can easily glide right back into the lodge. Another benefit for the kids, the popular Bucky’s Trail, and Ruby’s Trail kid zones are right out your door.

For seasoned skiers, the Empire Express chairlift boasts unrivaled bottomless powder fields and rolling groomers. Looking for an additional challenge? Ski down to Lady Morgan for first tracks in the steep and deep before the day skiers find their way to this far end of the resort.

Sommet Blanc enjoys the best possible ski location on the mountain. From the beginning skier to experienced pro, this premier location offers all ages and all abilities an excellent ski experience at Deer Valley® Resort.

Goldener Hirsch

The spectacular new Goldener Hirsch condominium building at Silver Lake is moving fast.  Siding is going up, sheet rock is in and on site prospective Buyer hard hat tours are available.  Prices from   975k to 3.8M  Seventeen units already pended! Completion March or April 2020!  Call me if you want a tour!

Happy Holidays to all and a big Thank You to my clients and friends for a great 2019 year and for your kind referrals!  I am always available and excited to help your friends or associates find and own their dream home in Park City or Deer Valley!

For superior representation Buying or Selling in the Deer Valley/Park City luxury real estate market, contact Al J at Sothebys Deer Valley for smart, up to date insights on the Deer Valley/Park City area of your interest!

435 640-6008 BigAl@ParkCityDeerValley.com

Best Buys in Deer Valley

6635 Silver Lake Drive, Evergreen At 3.8m, lowest priced ski in/ski out home on the mountain, at less than $600/sf

303 Royal Plaza A rare large studio condo at Silver Lake Village, steps from the lifts! $715k

Early October Deer Valley Snow and High end Park City Real Estate Sales!

By Al Johnson
Nov 07, 2019

Early Snow and Snowmaking We took these photos last week after an October snowstorm and cold nights for productive early snowmaking!  It's a great start, but is a balmy 55 degrees today!   Deer Valley's opening day, as usual, is December 7, while PCMR is November 22.  Ski season in coming! Carpenter Express at Silver Lake/Deer Valley 10/30/19

That is Payday Lift at Park City Mountain 10/30/19

High End October Sales

Bald Eagle 7831 Hawk Court closed for appx. $5M

The Colony 93 White Pine Canyon Rd Sold for nearly $6.6M

Stein Residences This home at Stein Eriksen Residences sold for nearly $6.5M

The Colony This brand new home at The Colony is now pending a sale.  List price is $9.5M

Most Impressive New Listing: The Colony

213 White Pine Canyon Rd This ski-in/ski-out masterpiece in The Colony, designed by award winning architect Michael Upwall, is often heralded as Park City's most elegant & timeless mountain estate.  Click to see details.

Best Buys 3700 Solamere Drive Hidden Meadows at Deer Valley Why...   A super attractive Deer Valley home with unique Porte Cochere entrance and a full acre flat homesite with quiet and privacy.

8786 Promontory Ridge Why...  Brand new modern contemporary custom home on terrific site in Promontory.  Architecturally stunning, great views, open light floor plan.

1263 Pinnacle Court Why...  There are only 10 condo or townhome listings currently available in the Lower Deer Valley area.  This is the largest, the only four bedroom available, and the lowest $/sf price!  Check it out.

Live PC Give PC this week! Event Logo Every November, Live PC Give PC brings our community together for 24 hours of extreme generosity. With everyone in the community giving whatever they can, they have raised millions of dollars for Park City nonprofits. If you feel deeply about your connection to Park City, on November 8, 2019, you can make a real impact! Click  above to see how to support your favorite organization and help them win matching grants and prizes.  I know I will be giving to my favorites!

New Record Home Sale Closed in Deer Valley

By Al Johnson
Oct 05, 2019

Historic Deer Valley Home Sale Closed 

This home in Deer Crest, Deer Valley, listed recently for a stunning $25M, closed escrow last week for nearly $24M!   This ski in/out sale is the highest yet recorded in the local Park City area real estate market.   Listed, pended, and closed within 60 days, this sale tops the prior record (at The Colony in 2004) by $1M

(Click the photo to see details) There are still 12 other $10M+ listings in the Park City real estate Market.  Half of them are at The Colony at The Canyons side of PCMR.  The highest, listed at $18M, is however, exactly next door to the above at Deer Crest, and called the "SKI Dream Home".

Summit View Dr, Deer Crest

Now that the neighbor sold for 24m, maybe this one is next!

Bald Eagle in Deer Valley Home sales in the ski in/ski out gated community of Bald Eagle are fairly rare.  There were none in 2015, only one in both 2016 and 2017.   Yet, two occurred this September within weeks of one another.  While much of the luxury home market activity is in the new chic modern contemporary style; flat roofs, floor to ceiling windows, grey interior tones; the style of this rustic home on Falcon Court is at the opposite end of the spectrum, with rough stone, log, and wood throughout.  It sold and closed last month for just under $9M.

This Bald Eagle home on Hawk Court is also now pending a sale!  List price: $5.5m

New Billion Dollar Ski Resort! Rendering of a portion of the new "Mayflower" Resort at Deer ValleyDeer Valley already has a lift called Mayflower.  The new resort area of same name will be just below and to the South of the existing Mayflower lift.  Hotels, condos, townhomes, homes and new lifts which are rumored to open up to 1000 new acres of skiable terrain.  There has already been some ground clearing for roads etc.  With this size and scale, we are told that this could be a 25 year project to completion.Also unclear at this writing is whether this will end up being a seamless part of Deer Valley, or a separate resort on its own.  Either way, it promises some exciting new skiing and lots of new real estate. Check out this recent article in Forbes Magazine... Article in Forbes

Amazing Park City Area High End Home Sales. Property Tax Primer.

By Al Johnson
Sep 04, 2019

Three Remarkable High End Home Sales in the Park City Market

Follow the big money...  A few fat wallets are obviously getting tired of the wild gyrations on Wall Street.  Up 2%, down 2%, all in one day!  Can drive you nuts.  So, where else to put the money?  Well, to that point, in 2019 so far,  in the Park City/Deer Valley Real Estate market, there have been a stunning 26 residential homes sold and closed with list prices over $5m!

This home in Deer Crest, Deer Valley, listed recently for a stratospheric $25M.  I toured it, and described it as one of the finest homes I've ever seen in our market. Ski in/out of course.  Glass elevator, heated outdoor pool of course, and stellar construction and finishes. (Click the photo to see details) Typical at this price point, real, capable Buyers are rare, and I assumed it would take months, or at least well into next ski season to sell, if at all.  Wrong!    It went under contract to a Buyer in less than three weeks!  The high end of the Park City/Deer Valley real estate market continues to soar.  Keep in mind that the highest priced residential listing ever sold in the local Park City market was a $22M sale of a 33,000 square foot ski lodge at The Colony.

At nearly 22,000 sf, this trophy home is not small.   "Under contract" prices are, as usual not disclosed prior to closing, and I am guessing that in this case, the final closed sales price will also be undisclosed.  Either way, a remarkable sale in our fascinating Park City real estate market.

Another remarkable high end sale closed this month in the Park City market.  A great 8000sf home, no ski access, no river frontage, no helipad.  Listed at $14M.  Closed last week at an undisclosed sales price, but surely above 12M.   Location will surprise you.  Click the photo to see.

And if you think those are big dollar sales... check this one:  "River Bottom Ranch" on the Weber River near Oakley, UT, is a 2000 acre ranch with a 16,000 sf home.  Listed for $34M, the sale closed this week for allegedly over $32M.  Yes, it did include a tennis court.  And a helipad.   Click photo.

Property Tax Primer Every August, every property owner in Summit County (and Wasatch county, and in fact every county in Utah), receives a preliminary annual property tax notice.  A final bill (statement) is then mailed in November, and due by November 30.  No fun, but part of owning real estate!

Property taxes are based on what the County calculates to be your property's current market value: the "Assessed Value".  Primary residences (or those leased out full time to a tenant) are taxed at about .6% (six tenths of one percent) of this value, while second homes,  short term vacation rentals, and land, are taxed at about 1% of assessed value.

The County does not always get it right; often substantially lower than current market.   They do not re evaluate value of every property every year, and sometimes do not re-assess for several years in a row, so that in a strong market, your valuation and taxes could jump suddenly in the year that they get around to it!  Property valuations also do not change automatically upon sale of a property (as in California's Prop 13).

How does the County Assessor make these valuations?  Utah is a "non disclosure" state when it comes to real estate sales, which means that closed sales prices are not automatically disclosed to the county.  Even our recorded deeds only say "Ten Dollars and other good and valuable consideration",  However, our Real Estate mls systems do have closed sales information, so to obtain current market data and comps, the county joins the real estate mls system and mines the same data there, that us Realtors use daily for comps and market analyses!.  As mentioned,  they mostly get it right, but not always.  If you think it's low, don't complain.   If you do think that this year's assessed valuation of your property is suddenly too high, you can easily appeal it with a simple form called a BOE form (see the link below) and a couple of comparable sales from the past 12 months or so to justify an appeal.   Any comps need to really indicate a lower value, or they probably won't buy it. Summit County 2019 "BOE" property tax appeal form

If you do think your 2019 Assessed Value is high, or perhaps are not really sure, I can check comps for you, and send you any appropriate ones, if you decide to submit an appeal.  Happy to do it.  Deadline is September 15!

July 2019 was a great month in Park City!

By Al Johnson
Aug 02, 2019

Interesting Stats and two Doublers

Today's stats show a remarkable result:  In the aggregate market, including Park City, Heber Valley, Kamas Valley, there were 1095 closed sales so far this year, vs 1094 last year to date.   An amazing, nearly identical number of sales, with corresponding average sales price nearly identical at $1.1m throughout those 1095 sales!

Sales volume of homes at The Colony at The Canyons, however, doubled year over year, from 36m to 72m, while home sales in Upper Deer Valley neighborhoods also doubled from 33m to 68m.  The high end of the market continues to outperform!

Most interesting new Listing The "Summit House" at Deer Crest in Deer Valley
Possibly the most stunning home I've seen in many years in the Park City or Deer Valley area.  The elevator alone is worth a second look! $25M (Click for details)
New Developments Under Construction New developments are springing up all around Park City and Deer Valley, from Deer Valley to PCMR, to Canyons and beyond.  Kings Crown, Goldener Hirsch, Pendry, Apex, Lift, Yotelpad to name a few.  Buildable land is more scarce each year within the city limits.  Each new development under construction produces a beautiful pre-marketing website and digital brochure, often with state of the art "Virtual Walkthroughs" of the future finished product.   Here are current photos of a few of the not-so-glamorous construction sites in PC!, and a link to their marketing info! Goldener Hirsch Silver Lake in Deer Valley St. Regis new addition (No info or marketing yet!)

Empire Residences Empire Pass, Deer Valley

     Kings Crown Park City Mountain Resort (On Lowell Street) 

A big Thank You to my clients and friends for your kind referrals!  I am always available and excited to help your friends or associates find and own their dream home in Park City or Deer Valley!

For superior representation Buying or Selling in the Deer Valley/Park City luxury real estate market, contact Al J at Sothebys Deer Valley for smart, up to date insights on the Deer Valley/Park City area of your interest!

435 640-6008 BigAl@ParkCityDeerValley.com

PCMR Parking lots sold to Provo Developer. World's smallest ski in/ski out home.

By Al Johnson
May 06, 2019

Newsflash:  Park City Resort Base Parking lots sold!

Vail Resorts, the owner of Park City Mountain Resort, recently announced an agreement to sell the PCMR parking lots to a Provo-based development firm.

Purchase price for the 10 acres is as yet undisclosed.   A 1990s approval, negotiated by former PCMR owner Powdr Corp, included significant development on the three base area surface parking lots.  Development was contemplated to begin prior to the 2002 Olympics, but never begun.   If started next year, it will likely include a mix of high end retail and residential, and replace the surface parking underground.   Big changes to the Resort base area!  Read the full Park Record article here 

World's smallest ski in/ski out home "Quincy's Cabin" in the woods off Blue Bell ski run at Deer Valley.  About 100sf.  You've probably never seen it!  No, not for sale, and never will be.  Ski school takes kids there for fun!

World's Largest Ski in/Ski out home 14 bedrooms, 33,000sf at The Colony See details

 

Stunning high end sales in Park City market!

By Al Johnson
Aug 22, 2018

Huntsman, White Pine Ranch, Falcor, and more. Stay tuned for details!

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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