Marcella Club in Park City, Utah, has recently announced its newest amenity project, an 18-hole golf course designed by Tiger Wood's design firm, TGR. Marcella Club will be Tiger's fourth 18-hole original design and his first routed through the mountains. An early concept rendering shows a par-72 layout at over 8,000 yards from the back tees. The course will be part of 36 holes shared by Marcella Mountain and Marcella at Jordanelle Ridge, with private homesites available for purchase at each.
This exclusive new Tiger Woods course in Utah will offer membership accessible through property ownership only through two Marcella Club communities - custom homesites available now for the private ski community of Marcella Mountain on the slopes of Mayflower
For the fifth month in a row, we continue to see a decline in overall listings for sale in Park City. This past summer, July and August had 460 listings, with a steady decline down to January at 359. The median list price has gone up for eight consecutive months, however the median sold price has been declining slightly from August to October, but saw a bump back up in November, December and January. The price that a property sells for compared to it's asking price has been on the decline. Last year, in February, March and April we were seeing properties sell at numbers above their asking prices, but that has been coming down with January closed sales averaging at only 92% of their list price - showing that buyers and sellers are negotiating to get
The peak for listing inventory in 2022 occurred in July and August, each with 460 homes or condos for sale in Park City. The number of new listings coming to the market has decreased through the year's second half, reducing options for prospective buyers. For sold properties, 2022 saw 1,163 properties close, down 30% from 1,712 sold properties in 2021. Of course, 2021 was an anomaly resulting from the frantic pace fueled by the pandemic. The sales totals of 2022 were more on par with the pre-pandemic years of 2019 and 2018. As for prices, we saw the median asking price slide down by about 15% in December 2022 compared to December 2021. In contrast, we saw the median sold price increase by 6%. Buyers we talk with still seem to be watching and waiting
Sotheby's International Realty has released its Luxury Outlook Report for 2023. A few notable thoughts on trends in the article reflect what we have seen here locally in Park City and Deer Valley.
See the link below for the Sotheby's 2023 Luxury Outlook Report
We see a divide growing between buyers and sellers. Sellers expect a pace of sales activity consistent with the last two years, while buyers are seeing losses in the stock market and expect those results to translate into reductions in real estate prices. Neither is quite the right outlook.
We recently heard a quote calling our current market a "Nobody's Market," meaning we're not in a Buyer's Market or a Seller's Market. Neither side has favorable terms, and both seem to have
For the first time ever, conventional loan limits have risen past $1 million. As home prices rise year-over-year, it forces buyers into larger mortgages. Therefore, the loan limits also need to increase to match inflation in the housing market.
For most of the U.S., the new conforming loan limits will increase to $726,200 - up from $647,200 in 2022. In Utah, Summit County and Wasatch County qualify as high-cost areas. The loan limits for high-cost areas is moving from $970,800 to just over $1 million at $1,089,300. For a buyer placing the standard 20% down on a purchase, they could now afford a home priced at $1,360,000 ($272,000 down and mortgage for $1,088,000).
Curious about loan limits in your area, view the interactive map at the Federal
The current landscape of low inventory and higher interest rates is causing the pace of sales to slow in Park City, Utah. Although activity has slowed some, we still would not refer to the market as slow.
The pandemic-fueled seller's market continued this year through the end of our winter season. Then for the first time in the last two years, we saw a typical seasonal slowdown in the off-season resulting in fewer early summer closed sales. With the tapering off of the pandemic buying spree and a more typical off-season, the summer sales activity felt somewhat like a return to normal. For the town of Park City, closed sales prices have been relatively steady, with a slight dip in median price for the last three months, but a slight increase in
Utah's winter ski season is getting off to a great start. Another significant winter storm passed through the Wasatch Mountains earlier this week, bringing year-to-date snow totals (for the 22/23 season) up to 100" inches. Temperatures have been cold, allowing the resorts to blow artificial snow while receiving a blizzard of Utah's famous fresh powder.
Deer Valley and Park City are starting to accumulate a solid base, while the resorts in the Cottonwood Canyons got pummeled. Our early-season snowpack is way above normal, allowing most of Utah's ski resorts to open early. Looks as though it will be a great year!
Halloween on Park City's Historic Main Street was named one of the top Halloween celebrations in the country by Travel and Leisure magazine. This super popular annual event is not only for the moms, dads, and kids, but also a great time for your four-legged family members as well.
Main Street Trick-or-Treating runs from 3:00-5:00 p.m. with most Main Street merchants generously handing out candy and participating in the fun. This early time allows the kids to get out before dark, and before the fall season cold sets in. Every year, celebrating Halloween in the mountains, you never know if it will be a beautiful sunny warm day, or freezing wind and blowing snow. We have experienced many versions of both!
The Residences at The St. Regis Deer Valley Snow Park is an exclusive new offering of twelve private residences located at the base of Deer Valley® Resort.
Since 2009, The St. Regis Deer Valley has brought the world class, highly acclaimed luxury hotel brand and amenities to Park City, Utah. Just released is a new offering of twelve to be built, luxury Residences. The convenient Snow Park location enjoys private on-site amenities and all the extraordinary benefits and services of the St. Regis Deer Valley.
Residences at the St. Regis Snow Park Features List:
Adjacent to Deer Valley’s Snow Park Lodge and Ski School with direct shuttle access
Ownership includes Deer Crest Club privileges while in residence
Nationally, mortgage applications have hit a 25-year low as higher rates and Hurricane Ian reduce demand. A weekly survey by the Mortgage Bankers Association showed requests for purchase loans were down a seasonally adjusted 13 percent last week compared to the week before, and 37 percent from a year ago. Demand for refinancing was hit even harder, falling 18 percent from the previous week and 86 percent from a year ago.
In Park City, Utah, we saw six consecutive months where the average for days on market (DOM) was under 40. September 2022 saw the DOM jump back up to 67. Although quite an increase from the busy spring and summer, it was below last September at 76 DOM. The increase is likely due to typical seasonality and current market conditions,
