Most Sought-after Park City Real Estate - First Quarter 2013

By Steve Blankenship
Apr 23, 2013

This winter has been busy for us Park City Real Estate agents. Many people are back in the market to purchase a new family home or invest in one of the great ski condos. To give you an idea where most of our inventory is selling I compared all the numbers and created a Top 3 analysis for single family homes, condo and land sales in the area. I hope you find this helpful. Whether you are a buyer or seller in the Park City real estate area, please feel free to contact me with any questions in regards to our market.

Park City Homes:
  1. Old Town: 33 sales & currently pending listings; Price Range: $385,000-$7,973,920
  2. Pinebrook: 26 sales & currently pending listings; Price Range: $395,500-$1,110,000
  3. Jeremy Ranch: 21 sales & currently pending listings; Price Range: $417,000-$1,027,000

Runner-ups are Promontory, Summit Park and Lower Deer Valley.

Park City Condos:
  1. Jordanelle Area: 63 sales & currently pending listings, Price Range: $69,900-$665,000; Most popular: Black Rock Ridge, Rustler at Hideout Canyon, Retreat at Jordanelle
  2. Old Town: 58 sales/current pending listings; Price Range: $119,900-$2,150,000; Most popular: Hotel Park City, Silver Star, Snow Flower & Three Kings
  3. Deer Valley: 55 sales current pending listings; Price Range: $495,000-$5,320,000; Most popular: Montage & St. Regis
 

Park City Area Land:

  1. Jordanelle area: 24 sales& currently pending listings; Price Range: $66,500-$595,000
  2. Promontory: 15 sales & currently pending listings; Price Range: $129,000-$502,000
  3. Colony/Canyons: 11 sales & currently pending listings; Price Range: $215,000-$2,800,000

Runner-ups: Summit Park, Jeremy Ranch & Deer Valley

Park City Real Estate Market StatisticsPark City median home pricePark City foreclosures

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The Residences at the Waldorf Gondola!

By Steve Blankenship
Feb 14, 2013

Imagine you can ski-in ski-out of your home in the winter and golf around your home in the summer? This is a dream for many but very hard to find. There are now a few Park City homes that meet this criteria. The Residences at the Waldorf Gondola is a new small development currently selling three single-family homes all located directly at the Waldorf gondola and the Canyons golf course which is set to open this summer.

The Residences at the Waldorf Gondola are located at the Canyons Ski Resort right next to the Waldorf Astoria with its exceptional amenities and services. Construction will start this spring and all three luxury homes will feature exceptional resort views and the finest finishes throughout. You choose between a 4,5 or 6 bedroom floor plan. Prices start at $2.99 million.

Call Steve today to learn more about this unique opportunity. Phone: 435-640-6966

 

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Deer Valley Real Estate Sales up 15% from 2011!

By Steve Blankenship
Dec 17, 2012

While Park City Real Estate sales were slower in the past few years, Deer Valley still remained one of the most popular neighborhoods in Park City Real estate due to its first-class service, luxury homes and natural beauty. This year sales have been great and are up over 15 percent from last year.

Lower Deer Valley real estate sales increased 25% to $49 million. We have seen 14 homes sell between $715,000-$2,650,000. In addition to that 42 condos have sold in the price range of $237,000-$2,375,000. 4 listings are still pending for this year.

Inventory in Upper Deer Valley has declined rapidly this year. We have seen $91 million sell in the past 12 months with 11 homes priced between $1,687,500-$7,600,000 and 32 condos priced between $416,900 to $3,100,000. 2 listings are currently pending.

Deer Crest home sales are up 80% from last year with real estate sales above $82 million. We have seen 10 homes sell between $2,560,000-$11,225,000. In addition to that, 10 condos have sold in the price range of $1,400,000-$6,200,000 as well as 6 lots pride between $715,000 and $1,350,000. 7 listings are currently pending at St. Regis.

Empire Pass is the newest neighborhood in Deer Valley which has seen over $92 million in sales. 2 Homes have sold in the past 12 months between $4,650,000 and $5,175,000. In addition to that 29 condos sold in the price range of $1,150,000-$8,250,000. Many of them at Montage Deer Valley. 1 lot has sold and 1 listing is currently pending.

Barron’s – America’s premier financial magazine – ranks Deer Valley number 6 in their top 15 locations to own a second home. Their rankings are based on beauty, comfort, convenience, lifestyle and value.

Make Deer Valley your second home. Call Deer Valley Specialist Steve Blankenship at 435-640-6966 today to see what is available in your price range that meets your needs.

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Park City Real Estate builders report biggest month of the year!

By Steve Blankenship
Nov 28, 2012

We are happy to see that we are on the road to recovery. The Park City construction industry reported that the month of October was their best month of the year with a year-to-date figure of $54.5 million. This brings the Park City real estate numbers for new construction about 62 percent ahead of the numbers recorded in 2011. While Park City land sales are sky-rocketing there is still a large amount of inventory available for a good price while the inventory of homes and condos is starting to shrink.

These positive numbers are also true for the rest of the country. Bloomberg.com just reported that new home construction climbed to a 4-year high in October. This exceeds all estimates in a Bloomberg survey.

Explore your options today and search for Park City Condos I Park City Homes & Park City Land. Contact Real Estate Specialist Steve Blankenship at 435-640-6966 and receive the best service when buying in the Park City area.

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3 br Park City Ski Condo at 2402 Silver Star for Sale!

By Steve Blankenship
Nov 09, 2012

Silver Star is a luxury ski-in ski-out development adjacent to Park City Mountain Resort. It offers a total of 98 condominiums, townhomes and cottages.

Click here to see all listings at Silver Star in Park City.

Contact Steve Blankenship -Associate Broker- Keller Williams Park City Real Estate at 435-640-6966 for more information.

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Park City Housing Market evens out!

By Steve Blankenship
Oct 30, 2012

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.

  • Total number of property sales up 4 percent and Total revenue up 3 percent compared to last year.
  • Median property prices, which include homes, condos and lots, are up 11 percent from the year before.
  • Inventor has gotten smaller and prices are currently stabilizing.
  • Vacant land sales have increased significantly in median price, up 19 percent. Between the first and third quarters last year, a total of 207 vacant lots were sold, including several in the Promontory area.
  • The number of home sales was up 5 percent with the second highest disclosed home sale in Park City history, an $11M Deer Crest Estate.
  • Condo sales were up 7 percent.
  • Distressed properties were down in the third quarter, accounting for only 14 percent of the market. Last year during the third quarter, distressed sales made up 27 percent of sales, a total of 80 property sales.
 

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.

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All 3 Park City Resorts Voted into the TOP 10 Resorts in North America!

By Steve Blankenship
Oct 27, 2012

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:

>> Canyons Resort                           >> Deer Valley Resort                         >> Park City Mountain Resort

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7263 Sage Meadow Road - Promontory

By Steve Blankenship
Sep 20, 2012

View more information about this amazing property at 7263 Sage Meadow Road or a complete list of Promontory Homes for Sale.

Steve Blankenship - 435-640-6966

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Featured Development: The Woods of Parley's Lane

By Steve Blankenship
May 08, 2012

We have a great new exclusive development here in Park City, Utah. The Woods of Parley’s Lane is located between Summit Park and Jeremy Ranch; and is easily accessible from both Park City and Salt Lake City. Its premier location allows for mountain living with close proximity to your business, social obligations and the airport.

The Woods of Parley’s Lane is a 190 acre development with 44 estate lots ranging from half acre to 2 acre parcels. Located at an elevation of 6,500 feet, all lots at The Woods of Parley’s Lane have southern exposure offering lots of sunlight and moderate snowfall. The heavily wooded parcels also present a great deal of privacy and easy access to miles of hiking and biking trails.

Amenities will include luxurious gatehouses and picnic areas by the pond. The master plan also includes maintaining the spectacular woods and 80% of the development will be left untouched to maintain natural beauty, rolling hills, wildlife and breathtaking views.

The Woods of Parley’s Lane community lies in Summit County and is considered Park City in regards to address, schools and utilities.

For more information give me a call:

Steve Blankenship - Realtor & Associate Broker -

Cell: 435-640-6966

Park City luxury real estatethe woods of parleys lane

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Park City Home Prices on the Rise

By Steve Blankenship
Mar 29, 2012

As we are seeing less inventory on the market, Park City median home prices have increased by up to 20 percent in the first quarter of 2012.

We are all very hopeful that the market is on the rise.  Bargains are starting to get thin and the few deals that are left sell quickly - usually in multiple offer situations. That's why it is smart to buy now, not later. People are looking, watching the market and when something comes up they are snagging it.

According to the Board of Realtors $70 million worth of Park City real estate was pending or in Escrow between January 1, 2011 and March 1, 2011. In the same period this year, that number was at $170 million. This is mainly because Park City is still a buyers market but prices are starting to go up.

2011 Sales:

City Limits Median Prices

  • Homes at $990,000
  • Condos at $620,000
Snyderville Basin Median Prices
  • Homes $632,000
  • Condos at $220,000
2012 Sales:

City Limits Median Prices

  • Homes at $1,195,000 (21% increase)
  • Condos at $690,000 (11% increase)
Snyderville Basin Median Prices
  • Homes $490,000 (22 % decrease)
  • Condos at $280,000 (27% increase)
 

*Numbers based off of homes sales as of March 19

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Do you want to be on House Hunters?

By Steve Blankenship
Mar 16, 2012

HGTV House Hunters UtahHGTV has contacted me and wants me to be on their show, House Hunters.  Since I’m a Park City Real Estate expert, House Hunters has asked me to find a client who is purchasing a home or condo in this beautiful town and wants to be on the show.  If you haven’t seen the show, here’s a brief summary…

The House Hunters crew films you, the buyer, in your current home and asks you what you’re looking for, why you want to move, etc.  After that, they’ll film us looking at a total of three different homes and then the episode ends with you moving into your new home.  It takes a few days of filming, but you get to be on national TV and have some fun (and you get paid!).

The show is looking for a couple (family, newly weds, etc), so if you’re looking to purchase a home or condo and want to be on the show, give me a call.  Click here to watch an episode of House Hunters.  And if you’re looking to buy a house and don’t want to be on TV, I can still help you.

Check out these great Park City Homes & Condos – maybe you want to buy one of these!

Steve Blankenship 435–640–6966

steve@parkcityinvestor.com

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Park City Real estate market is rebounding

By Steve Blankenship
Feb 21, 2012

More people believe that the Park City Real Estate market has reached its bottom and the market is starting to climb its way out from the low point in 2009. According to the annual report released by the Park City Board of Realtors:

  • Park City is still a Buyers’ Market
  • Numbers of  Sales are up
  • Prices are down
  • Foreclosures down.
 

Park City home sales increased by an estimated 19 percent, condo sales increased by 10 percent, and vacant land sales saw the largest increase at 23 percent more in sales from 2010.

While sales are up, Park City remains a buyers’ market. Prices are still low with an estimated 40 to 45 percent below what prices were at their peak. As a result of the low prices we have seen our real estate inventory shrink which over time will result in a shift towards a sellers’ market.

However, several neighborhoods, including areas such as Old Town and Jeremy Ranch, continue to see home values drop, while properties in areas such as Old Ranch Road, Pinebrook and Sun Peak sold well above 2010 market prices. Median Old Town home prices were down 14 percent, with the median price at $817,500. In Jeremy Ranch, that number was closer to 11 percent, with the median home selling at $624,000. On the other side of the scale, Sun Peak home sale prices were up 25 percent, Old Ranch Road home sales were up 12 percent and Pinebrook was up by 13 percent.

According to the report, many foreclosed properties sold in 2011 but the number has been declining by an average of one third of the number in 2010.

>> Park City Best Buys  >>Park City Short Sales  >> Park City Homes >>Park City Condos  >>Deer Valley Real Estate

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Featured Property: Galleria - 580 Main Street, Park City Utah

By Steve Blankenship
Jan 27, 2012

This is a beautiful studio at the Galleria in the heart of historic Main Street in Park City, Utah. This upgraded studio unit features a 32" flat screen television, sleeping accommodations for 4 with a full Murphy bed and sleeper sofa.

Amenities include a common laundry facility, wireless internet and a hot tub.

The Galleria is the BEST location for a rental property in Park City or for anyone who loves to live in the center of all happening. You are in walking distance to restaurants, shops, art galleries and entertainment. The Town Chair Ski Lift serves Park City Mountain Resort and is only a few steps away. All other ski resorts can be reached by bus. The bus transit center is located behind the building.

Priced to Sell! Lowest priced studio unit!!! Best deal seen in years!

$169,900 - Contact me for more information: 435-640-6966

park city utah real estatepark city real estate for salepark city real estate

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Why buy in Park City over other Resort Towns?

By Steve Blankenship
Dec 14, 2011

1. Park City is only 30 minutes from Salt Lake International Airport and easier accessible than any other Ski town in the U.S.

2. Utah has less humidity and therefore the perfect powder to ski. Yes, it is the Greatest Snow on Earth.

3. We have 3 world-class Ski Resorts in Park City and 5 more within a 30 mile drive from Park City. They are all a short drive from the airport.

Watch the video below for a comparison in accessibility of the Snowbird and Vail Ski Resorts.

Search Ski Condos or Ski Homes today!

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Big Changes at Canyons Ski Resort

By Steve Blankenship
Oct 22, 2011

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.

New Restaurants

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. canyons resort real estatecanyons real estateCanyons real estate

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Do we need to be scared of a Double-Dip Recession?

By Steve Blankenship
Aug 27, 2011

This is a question many buyers, sellers and us realtors have. The high oil prices, the prolonged debt ceiling and the European debt crisis continue to enrage the stock market and raise concerns that the U.S. may suffer a double-dip recession.

MainSt.com interviewed several economists who claim that even if we do enter another recession later this year it won’t be nearly as damaging as the Great Recession in 2008. The reason for that is that the imbalances that drove the previous recession have been corrected. According to Gus Faucher, senior economist at Moody’s Analytics, banks are better capitalized now, the housing market has shed many delinquent homeowners and U.S. corporations have trimmed their payrolls and sitting on cash reserves to help if there is another recession. Furthermore, consumers are spending less and are paying off more of their debt.

The Park Record stated that most local stock and financial experts in Park City, Utah are not worried about another recession. The current events are hurting the market and may affect the unemployment rate but will unlikely cause another recession.

According to Brian Kahn (Jupiter Peak Financial), the current worries about  the federal budget and Europe’s debt load don’t need to trouble investors if they know how to trade and benefit from the up’s and down’s.  Joe Cronley from Edward Jones, says that right now we are just seeing a very slow growth. The stock market is not the economy. Since companies have money, the economy is not in danger. We just need to motivate the private sector to invest what they have.

After all I don't think anyone really knows where the economy is headed.  But I can say this - for qualified buyers it is definitely a good market.  Sellers may wish to wait if they can.

Park City Real Estate has seen the highest numbers in sales since 2007 with a slight increase in median home prices.

Tags: Market Statistics
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Red Ledges Golf Community: Real Estate Sales are up!

By Steve Blankenship
Aug 16, 2011

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.

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Park City Real Estate Market Report: 1st Quarter 2011

By Steve Blankenship
May 18, 2011

We are seeing positive changes happen in the Park City Real Estate Market. Sellers are becoming more realistic in how they are pricing their properties and buyers are beginning to realize that the market has reached bottom and has begun to rebound. As a result the number of days a property remains on the market is declining with the average home on the market for 166 days at the end of March.

Since the end of 2010 the number of active listings in the Park City market has remained relatively constant with around 2,500 units listed. The number of units sold is still increasing but the total dollar volume of the units is declining. The total dollar volume compared to the same time last year is down six percent.

Short sales and foreclosures are still accounting about one third of all transactions. However, the trend is moving in a positive direction as fewer and fewer homes fall into these categories. As short sales and foreclosures become less frequent we will begin to see a rise in the median sales price of homes, which has been fairly stable over the past several months. The median home price of homes sold in the 12 months ending in March was $515,000.

Last but not least some Good News for all patient land owners out there: Land sales have doubled compared to the first quarter of 2010.

Buyer Hot Spots for the first quarter of 2011.

Condo buyers preferred shopping in Old Town, Deer Valley (Montage, St. Regis, Red Stag Lodge, Flagstaff), Timber Wolf Lodges, Westgate, Fairway Springs, Bear Hollow Village, Newpark, Canyon Creek, Pinebrook Pointe, Views at Stillwater, Canyon Links.

Home buyers were most interested purchasing in American Flag-Deer Valley, The Colony, Jeremy Ranch, Old Town, Park Meadows, Pinebrook, Promontory, and Thaynes Canyon.

Land buyers love Colony, Hideout Canyon, Pinebrook, Promontory, Old Town, Silver Creek/Glenwild and Summit Park.

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Park City, Utah ranks #6 in Barron’s Luxury Second Home Market

By Steve Blankenship
May 05, 2011

According to Barron’s – America’s premier financial magazine - both sales volume and prices are clearly on the rise again for luxury vacation homes. The magazine recently released their top 15 locations to own a second home. Their rankings are based on beauty, comfort, convenience, lifestyle and value.

Our beautiful Deer Valley Utah ranks number 6. Deer Valley is less than hour drive from Salt Lake International Airport and offers the “Best Snow on Earth”. Barron’s investment tip is Tuhaye, an exclusive gated golf community just east of Park City. Tuhaye is owned by Talisker which developed much of Deer Valley and owns the Canyons as well as the Waldorf Astoria. Talisker offers many summer and winter activities to their members, great dining, championship golf courses and access to members-only lounges.

2010 Median Home Price: $1.3 million.

Explore:

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St. Regis Deer Valley Teams up with Red Ledges

By Steve Blankenship
Apr 02, 2011

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.

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