Current news and market updates for Park City real estate and Deer Valley real estate.  Updated often, a great resource to keep up to date on all happenings in real estate in the Park City and Deer Valley communities.

It's still a Buyer's Market but the inventory is going fast.

Real estate sales in Park City surpassed the billion dollar mark for the seventh time in 2011. Year-end statistics from the Park City Board ofREALTORS® show an overall sales dollar volume of $1,077,426,368, up 6% from $1,013,432,555 for 2010. The number of sales continue to trend upward with 1,662 closed sales for 2011, up 17% from the 1,418 closed sales in 2010 and up 32% from the 1,131 sales in 2009.

Inventory levels have decreased since last year, with about 2,300 properties listed for sale compared to about 2,750 in 2010, a 13% decrease. Sales activity remains strong, which can be attributed to the reduced home, condominium and vacant land prices and the positive economic conditions in the…

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Park City 2011 End of Year Stats

Below are some quick snapshots of the Park City real estate market comparing 2011 end of year numbers with the previous year. Also compares the overall price decrease from the height of the market in 2007. We will soon have a more detailed report once we complete our End of Year Statistics Report with the Park City Board of Realtors statistics committee.

When we first ran these numbers for this article, we were surprised by the huge amount of decrease in our Park City real estate 2011 median sold prices from the 2007 median sold prices. The amount of decrease is astonishing. Activity sure has been up since the slower years of 2008 and 2009, and here you can see why. With these lower prices on ski homes and condos, we are…

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Recently, I had a client ask about our amounts of listed inventory for sale in the Park City real estate market. He stated that "I was reading there are well over 3 years of unsold inventory for 2 million plus homes in Park City?" I was not exactly sure on that statistic as actual fact, nor could I quickly or confidently dispute it. Nor should I without having the data to verify the information. So, I took some time to pull up the real data (a.k.a. FACTS) and compiled the information below. This study produced interesting facts, but more so it showed just how misinformed many of our educated real estate buyers are.

I found it quite interesting that he was thinking we had over 3 years of inventory for homes over $2 million, when in reality it was less than…

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st_regis_executive_suite_living_room_500

In a continuing effort to meet the desires of both buyers and guests, the developers of St. Regis have created an elegant and inviting Executive Condominium Suite. The original 1920 square foot floor plan included three bedroom suites, powder room and standard parlor, kitchen and semi-formal dining. The newly completed condominium has been re-configured into an oversized gracious living room, expanded dining area, kitchen and foyer, reminiscent of the St. Regis Deer Valley's spacious and exclusive Residences on the top four floors. The living room features include chestnut hardwood flooring, oversized stone fireplace, built-in cabinetry and double sets of sliding glass doors opening onto exterior patios or balconies. In addition, there are two large…

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Real Estate Update for the Waldorf Astoria Park City and Canyons Ski Resort

Pricing at the Waldorf Astoria has seen downwardly adjusted List Pricing by about 20% from Average of $970 price per square foot to $775 price per square foot. (Low of $716psf and High of $823psf) Along with developer product there are currently 3 Re-Sales Available - A 1 bedroom and Two 2 Bedrooms) A BONUS of Two Ski Passes to Canyons for first Three Years of Ownership.

Waldorf Astoria Hotel Improvements for 2011 (fully funded by Talisker – Estimated Cost at $2million): NEW Restaurant ‘CRAVE’ Espresso Bar and Deli. NEW Gift Shop ‘Palette’ offers Luxury Clothing, Ski Gear, Gifts and Sundries. NEW Après Ski Bar ‘Scoop’ serves Hot Drinks (alcoholic and non-alcoholic), House made…

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If you are thinking of coming out to Park City, we have a great deal for you!

Promontory is offering a Stay and Play vacation package at an incredible deal. This deal is offered through Summit Sotheby's Intl Realty agents and is a great opportunity to come to Park City and experience all that Promontory has to offer.

We are now heading into our winter season here in Park City, Utah. The nearby Cottonwood Canyons ski resorts Brighton and Solitude have already opened, and have even been lucky enough another foot of fresh snow to create some pretty good conditions for everyone who made it up there. If you ever visit Park City, you should also take the drive (only about 50 minutes) over to Brighton, Solitude, Alta, or Snowbird. Living in Park City, and…

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Currently in Old Town there are:


138 Condos listed for sale.
They are priced from $119,900 to $2,695,000
The average price is $578,323
There is 1 short sale

59 Single Family Homes listed for sale.
They are priced from $475,000 to $4,595,000
The average price is $1,242,831
There is no short sale

You can view them all at:
http://enjoyparkcity.com/old-town.php

Also, currently in Old Town there are:


11 Condos under contract for sale.
They are priced from $299,000 to $2,950,000
The average price is $962,255
There is 1 short sale under review

9 Single Family Homes under contract for sale.
They are priced from $373,000 to $1,875,000
The average price is $1,089,778
There is 1 short sale under review

So far this year in Old Town there are:


82 Condos that have sold.
…

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We all have been in this very tough real estate market for many years now, too many years if you ask me! Here in Park City, Utah, we are in a unique market, in that most of our buyers are cash buyers, and most are purchasing a second, third, or even a fourth home - primarily for vacation use, and maybe some nightly rental use. So obviously we are dealing with a very high-end, very sophisticated, intelligent clientele. But I am continually amazed, at how blinded these potential buyers are when they see what they think is a great opportunity in a Short Sale, Foreclosure, Bank Owned and REO Property.

The reality is that these distressed properties are not always the best deals out there. At least, not from what we see in our little ski town real estate…

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SALES ACTIVITY REMAINS STRONG
Inventory Levels Decreasing

PRESS RELEASE
FOR IMMEDIATE RELEASE: 
October 24, 2011 

Park City, Utah – Through the first three quarters of 2011 Park City continues to have one of the more active real estate markets in the state. Sales activity remains strong, which can be attributed to the positive economic conditions that exist in the State of Utah and reduced home, condo and vacant land prices. The strength of the tourism and resort industries, along with the quality of the public school system continues to draw real estate investment from primary and secondary residents. “We are seeing demand increase over the first three quarters of 2011 and inventory levels are down 9% with 2500 units currently on market compared to 2750…

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Interested in Park City Real Estate? View our real estate market update for January - September of 2011. Below are informative statistics and illustrated charts for our Park City and Deer Valley real estate markets. We have seen our units sales continue to be strong, but pricing has seemed to be bouncing along the bottom. Some areas are still moving down in pricing, but some are actually moving up a little. There are many factors to these numbers, so if you are interested in a particular area, or community, you need to contact us and we can get you the detailed information. The good news is we are seeing good sales activity, and have been quite busy this fall, which is normally the slowest time of the year! Park City is a great place, and we still have…

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