Quick overview of the current Park City Real Estate market.
Numbers are by the Park City Board of Realtors (11/1/2013).
Quick overview of the current Park City Real Estate market.
Numbers are by the Park City Board of Realtors (11/1/2013).
The second quarter of 2013 was the largest and strongest quarter of Park City Real Estate sales in more than 5 years. With both the number of sales and the median sales price up from last year we are very optimistic and excited for buyers to find great opportunities, and prices have come back to allow new sellers the opportunity to sell again.
We have seen a total of 991 sales this first half of 2013 which shows a 19% increase over the same time period in 2012. Total sales dollar volume is also up 19% over last year, reaching over $698 million to date. In fact, this first half of 2013 had the highest numbers of sales AND the highest total dollar volume since 2007.
Inventory is still about 9% less than what we have seen in previous years but it is slowly increasing. We currently see an absorption rate (the average time a listing remains on the market) for single family homes, condominiums, and vacant land of 5.7 months. That is a drastic reduction from the high point of just under 50 months set in April of 2009.
The number on foreclosures and short sales continue to decline and only make up about 5% of all sold properties in the second quarter of 2013, compared to 17% of all sales in 2012 and about 33% in 2011.
Single Family Homes
Good News! The median sales price in the Greater Park City real estate market is up 10% from last year. Within the Park City limits the median home price is up 12% to about $1,245,000. We also experienced a 16% increase in the number of sales within the Park City limits. Of course, these values vary slightly from neighborhood to neighborhood. For example, while sales are up in Silver Springs, sales are down on Old Ranch Road. On the other hand, median sales price in Silver Springs only increased by 6% while it increased by 62% in Old Ranch Road.
The Greater Park City condo market is up 12% in terms of sales and 6% in regards to sales price. The median sales price of condominiums in the Park City Limits, for the second quarter, is down slightly to $572,000 compared to $605,000 in 2012. Again, this varies from neighborhood to neighborhood. Sales are up 52% in the Jordanelle area and 47% in Old Town while sales are down 10% in Lower Deer Valley. Median sales price in the Jordanelle area is up 8% and 34% in Old Town.
In the Greater Park City real estate area, the median sales price for land is down 20%. Some areas like Synderville or Jordanelle are up in sales but only due to a decrease in median sales price. However, vacant land sales climbed 39% in the Snyderville Basin and spiked upward 138% in the Jordanelle Area compared to 2012! In the Park City Limits, vacant land sales followed the same trend as single family homes with an increase in the number of sales of 26% compared to the same time period last year and a moderate increase in median price of 12%, reaching $525,000.Contact Steve Blankenship for a FREE! Market Analysis of your property.
The market is coming back and we are happy to see that new homes and developments are being built in the Park City & Deer Valley real estate market. This project we are particularly excited about. The Stein Eriksen Residences will be located on a 6 acre residential site in Upper Deer Valley - close to Evergreen and Bellemont. Situated at the intersection of the ski trails Last Chance and Silver Dollar, Stein Eriksen Residences will include 54 units with a mix of ski condos and houses. Most residences will have spectacular views and ski-in/ski-out access. The developers' design team planned a community that adapts to its natural surroundings and maximizes on the views and accessibility to the ski trails.
An agreement has been reached this week that the development will be managed by the same company that operates Stein Eriksen Lodge and The Chateaux at Silver Lake Deer Valley. Services shall include housekeeping, the operation of a restaurant, snowplowing and landscaping. Owners at the Stein Eriksen Residences will be able to access the spa at Stein Eriksen Lodge and have preferred status at all its facilities. A model of the Stein Eriksen Residences is set to open by Christmas and work on one of the condominium buildings is set to start in 2014. It will house residential units, a pool, a spa, a gym and possible meeting facilities.
For more information about how to reserve a condo or lot for your home contact Steve Blankenship at 435-640-6966.
Vail took over the lease at Canyons Resort this summer and is now offering a low-priced Epic season pass for only $689. This season pass provides all season pass holders with the privilege to ski all Vail Resorts in the world for free.
Park City Mountain Resort and Deer Valley want to offer more options for their guests as well. After an agreement has been reached with Alta & Snowbird, season pass holders can now take advantage of three single-day lift tickets at each of the other resorts. Some restrictions may apply.
More changes to the ski industry in town are planned. Deer Valley is considering expanding towards Jordanelle Reservoir and wants to put in a gondola to connect Upper Deer Valley with Main Street. Ski Link - a connection between Canyons Resort & Snowbird is still up in the air and the Canyons are working hard on the completion of their golf course. Park City Mountain Resort is currently in a law suit with Talisker in regards to who owns the lease for the land. If Talisker wins the law suit, Vail will also take over Park City Mountain Resort. Results are expected in April of 2014 at the very latest.
As winter is just around the corner - plan ahead. Invest in a Park City Ski home or ski condo and take advantage of all the wonderful benefits Park City has to offer! Contact Real Estate Specialist Steve Blankenship at 435-640-6966 for more information.
This could be a great benefit for Park City Real Estate and everyone who loves to ski here! Vail Resorts has reached an agreement with Talisker to lease Canyons Resort in Park City, Utah and assumed all resort operations while Talisker will retain the development rights of the resort. Vail was given a lease term of 50 years with an option of six 50-year renewals. It may also have the possibility to lease Park City Mountain Resort in case the litigation between PCMR and Talisker is decided in Taliskers favor.
Although Talisker has made $75 million in mountainside improvements since it acquired the Canyons in 2007, more could be on the way. But Vail is in the early stages of evaluating and crafting a plan for the resort, and many things are yet to be determined. Overall, this is a great opportunity for the Canyons. Vail is a leader in the mountain resort industry and will hopefully replicate its success here in Park City.
This next season Canyons will offer the Epic Pass which is a multi-resort pass sold by Vail Resorts. This season pass allows people to ski/ride Canyons on an unlimited and unrestricted basis as well as other resorts such as Vail, Beaver Creek, Breckenridge, Keystone in Colorado and the Lake Tahoe-region resorts of Northstar, Heavenly and Kirkwood. Current price for a season pass is $689.The Ski Link gondola to connect Solitude and Canyons still needs to be researched and discussed by Vail.
For more information on Canyons Real Estate contact Resort Specialist Steve Blankenship at 435-640-6966.
I hope everyone enjoyed the holidays and the New Year finds you and your family well. I still want to take a moment to thank all my past, current and future clients for allowing me to work with you. For it is YOU that allows me to be in business, doing what I love, helping you and others with your Park City & Deer Valley real estate needs. Thank you so much for your continued loyalty and support.
Whether you listed with me, allowed me to be your buyers representative, referred me to a friend or just needed a lease-to-purchase-option, your confidence was the best reward possible. As we look forward to 2013, I see another year of continued growth of the real estate market.
The Park City Board of Realtors released their third quarter market report this week. According to the statistics, Park City Real Estate is currently somewhere between a buyer's and seller's market with home prices and sales in the middle ground.
2012 Sales and Median Prices by Neighborhood:
For help buying or selling Park City Real Estate, secure the best representation possible and call Steve Blankenship at 435-640-6966.
The readers of SKI magazine have voted all 3 Park City Ski resorts into the Top 10 Ski Resorts in North America.
Canyons Resort ranked No.10; Park City Mountain Resort ranked No. 4 and Deer Valley, for the first time in 5 years, "only" ranked No. 2. However, Deer Valley is still a strong runner-up due to its red-carpet service, on-hill fine dining, and prime ski-in/ski-out access.
We are especially happy to see Canyons Resort in the Top 10 for the first time in history of this survey. Fueled by more than $50 million in infrastructure investment since 2010, lifted by the only enclosed heated-seat chairlift in North America, lauded for adding 300 prime acres of intermediate and advanced trails at Iron Mountain and fed by widespread upgrades in both resort village and on-mountain dining, Canyons earned the #10 overall ranking a tremendous leap from #20 just three years ago before a massive resort transformation began.
Ski Magazine's ranking is based on lodging, snow and terrain quality, staff friendliness, mountain culture and apres ski.
Check for ski properties at your favorite resort today:
Deer Valley is in the talks of adding a new lift to connect the resort with Main Street. The City and Deer Valley are currently working on possible locations for the terminals. The City is considering the paid parking lot next to the Wasatch Brew Pub, at the top of Main Street as a close contender. Deer Valley is considering Silver Lake as a possible terminal to connect to Main Street.
Formal decisions have not been made and terminals are not yet finalized. Adding another lift to Main Street would make Park City the only Ski town in North America with downtown links to two mountain resorts. Deer Valley has said the earliest a gondola could open, if one is pursued, is the 2014-2015 ski season.
For Park City Real Estate information please contact Steve Blankenship at 435-640-6966.
Since Talisker took over the Canyons Ski Resort in 2008, we have seen many great changes happen and Talisker has not rested for one minute since. They opened a bike park, a trout pond, a miniature golf course, put in a childrens play ground, amphitheater, new restaurants and most importantly started working on the 18-hole golf course in full swing.
Nonetheless, Talisker is still talking to improve the Canyons experience even further. One of the biggest ideas is to connect the resort with Solitude Mountain Resort in Big Cottonwood Canyon. A timeline and idea of whether it would be connected with a tram or lift system is undecided. County and Forest approvals are still needed as well.
A connection would likely become a crucial marketing tool for both Canyons and Solitude. There are 5,200 acres of skiing terrain between the two of them, an expanse that would make them a behemoth in the industry. For more information and news visit SkiLink.com.
Big changes are also coming to Canyons Resort's food scene. The Silverado Lodge is opening Bistro at Canyons the first certified kosher restaurant open all winter at any ski resort in the country. Traditional Sabbath meals will be offered Fridays and Saturdays. To-Go breakfasts and lunches for on-the-mountain will be offered as well. The restaurant will feature an Shul for synagogue services.
The Waldorf Astoria's restaurant has a new French chef who specialies in Alpine cuisine. The restaurant features a new name SLOPES and will also get a new look.
The Hyatt Escala Lodge invested $3.5 million into a new restaurant, bar and gourmet food market. It is scheduled to open in November.
Invest into Canyons Real Estate today! It offers world class world-class lodging and a great year-round family resort experience.
Hotel Park City is joining the Marriotts new Autograph Collection. The transition should be completed by the end of November.
Hotel Park City will soon have 4 Marriott properties including The Park City Marriott, SummitWatch and MountainSide.
Not much will change because the Autograph Collection includes a group of handpicked, independent, original and rich in character hotels.
The new signage will be in small letters below the current signs. Nothing will change with Ruth's Chris Steakhouse or the Park City Golf Club pro shop.
Hotel Park City offers full-ownership condominiums while others are timeshare properties.
For the fifth year in a row Deer Valley has successfully defended its position as No. 1 ski resort in North America. Readers of SKI magazine also voted it No. 1 for grooming, weather, service, on-mountain food, lodging and dining.
According to the resort's General Manager Bob Wheaton, Deer Valleys unprecedented success is due to its ability to know its clients and consistently meet its clients' expectations. Considered a boutique resort Deer Valley excludes snowboarders and limits the sale of tickets on busy days to control the experience on its mountains.
Stein Eriksen Lodge and St. Regis Deer Valley were also recently voted into the top 10 of the Worlds Best by Travel & Leisure magazine. Stein Eriksen was named the second-best resort hotel in the U.S. and Canada, and St. Regis Deer Valley was named the 10th best. In the list of top 100 hotels in the world, Stein Eriksen Lodge was No. 27 while St. Regis Deer Valley was No. 71. Park City Mountain Resort was named No. 6 overall in North America and No. 1 for "Family Vacation.
Do you love skiing at Deer Valley yourself? Search Deer Valley Homes for Sale, Deer Valley Condos or view Ski Homes & Ski Condos for sale at the Canyons or Park City Mountain Resort. Make Park City your second home and take advantage of the great outdoors. Only in Park City you find the best snow on earth in combination with first-class customer service and near proximity to the airport.
Red Ledges has seen over 22 sales in July this year. This is a number only seen in Promontory lately.
Red Ledges is gaining more and more interest in buyers. With a new marketing strategy: new home plans are now starting at $500,000 making it affordable to own golf property. Red Ledges also added new amenities such as a tennis, swim and fitness club. In addition to that the new relationship with St. Regis Deer Valley allows members of Deer Crest Club to enjoy golf at Red Ledges and vice versa.
Compared to Promontory, Red Ledges has only seen two foreclosures since 2007. Red Ledges is located east of Heber - 15 minutes from Park City and 45 minutes from the Salt Lake International Airport.
Yes, you heard it right! The Utah Transit Authority will begin public bus service between Salt Lake City and Park City on October 2, 2011. So far they are calling to charge $5.50 for a one-way ticket or $242 for a monthly pass. 16 buses a day are supported to run during the peak months of December to April and 12 buses a day from May to November. Stops will include: the Salt Lake Central Station; State Street at 200 South; University Hospital; a park-and-ride near the mouth of Parleys Canyon; Jeremy Ranch; Kimball Junction; the Canyons resort; Park City Mountain Resort; Old Town Transit Center in Park City; and Deer Valley. A stop at Salt Lake City International Airport has not been included yet. UTA is hoping to attract tourists as well as commuters and students.
According to Ski Utah, the ski season of 2010-11 was the best since 2007. The record snow fall attracted more than 4.2 million people to the 14 ski and snowboard resorts in Utah. Overall spending was up as well - people spent more money on lessons, rental equipment, food and drinks.
The Canyons has also seen a great return on their improvements around the resort. Caitlin Martz, spokesperson for Canyons Resort, said Our many re-creation projects generated overwhelmingly positive responses from both destination visitors and locals and certainly helped enable Canyons to have a fantastic winter season. We look forward to continuing to build on this positive momentum next winter."
This winter we saw about 34 percent more snow than we did during the previous season. Resorts were able to extend their opening days and Snowbird is even planning on staying open until July 4th this year.
Park Citys Planning Commission approved the long proposed Park City Heights development at Quinns Junction May 11, 2011. The project shall include 239 residential units on 239 acres. 79 of those units would be work force units, also called affordable housing, which are priced below market value.
The developer wants to create a 15,000 square foot community garden, a large community center clubhouse as well as three to four miles of trails and sidewalks.
Park City Heights is one of the largest projects considered inside Park City in years.
St. Regis is located slope-side on the #1 Ski Resort in America. Red Ledges golf course is #1 is Utah.
According to an interview with Park Record, Red Ledges and St. Regis Deer Valley have formed a partnership to offer more exclusive benefits to its members.
Red Ledges is located in Heber City about 15 minutes from St. Regis Deer Crest. Red Ledges was named #1 Best Golf Course in 2009 by Golf Magazine offering a Jack Nicklaus Signature Golf Course as well as a 9-hole short course, Jim McLean golf school, Cliff Drysdale tennis school, a spa, fitness center and equestrian center. The Golf course is scheduled to open April 30, 2011.
In return members of Red Ledges will soon enjoy access to all St. Regis amenities as well as to the private Deer Crest Club. Deer Crest Club offers a private lounge with lockers and ski in ski out success.
Private transportation vehicles will escort members between St. Regis and Red Ledges.
In the past two years we all felt the effects of the recession including the film business. However, this year festival-goers spend money again. Lodging, retail and restaurants enjoyed great sales numbers.
In 2010, the festival generated $62.7 million in economic impact, a significant sum for an 11-day event but down sharply from the year before. The 2009 festival generated $92.2 million in economic impact.
Sundance experts say the exact numbers for this year's festival will be compiled by late spring. The 2011 Sundance Film Festival was up 12 percent over last year in overnight visitation.
After the Air Force has sought a location for a resort hotel in the Park City area for years, they might have found a location. The hotel shall be located near Jordanelle Reservoir in Wasatch County. The 60 to 200 rooms will be rented to servicemen and women at a special rate.
In conjunction with this the military wants to build a commercial center which includes a Costco in Silver Creek near Home Depot. The land is currently owned by Summit County and shall be sold for about $42,056 per acre. The county is only selling the property if it will be used for a Costco and possibly a Target.
Google by Steve Blankenship