BIG Sales and Good Activity in Old Town.

Here is a quick snapshot of the current real estate market conditions for the Old Town neighborhood of Park City, Utah.

Old Town is one of the most popular areas in Park City as it is the area's "downtown" community. Most homes and condos in Old Town are within easy walking distance to popular Main Street. On Main Street you'll find many great options for shopping, dining and nightlife (yes, we do have nightlife in Utah!). This is such a fun location to live and vacation, and is great year round. Although we have always been primarily a ski resort town, we also enjoy some of the most amazing summers. Each summer the weather is ideal, generally between 75-85 with low humidity. With many festivals and events, Main Street is always the center of activity. And this area is also home to many great trailheads for excellent hiking and biking on beautiful single-track trails throug the mountains.

Real Estate Activity in Old Town

Old Town has been enjoying a strong renewed interest after a really rough go for a few years. When the market was hot back in 2006-2007, Old Town was on fire. A few big sales back then really inspired a lot more speculation in the market, which ended up being devastating in the long run. With over-confidence many people who were "playing developer" bought lots and fixer-uppers at top dollar and planned to build and remodel purely to flip the properties for a huge profit. The problem was the market cooled, and then haulted dramatically, leaving quite a few unfortunate people holding the bag. The over speculative purchases fueled sales for a while, but then sank the market. Now we are past all that and the Old Town real estate market seems to be back to a healthy level. With most of the give-away deals now bought up, we are seeing a surge in high-end homes again, but the difference now is people seem to be buying for their own use and enjoyment, not for the speculative purpose of flipping the property. And furthermore, we are seeing mostly cash deals at this level, not much financing. The current buyers are buying with more common sense. They want to know they are making a decent investment move, but now its more of a long term financial move, not a quick couple month flip for profit mentallity.

Currently for single family homes in Old Town we only have 34 active listings priced from $349,000 to $15,000,000. The average price for listed properties is $1,771,938. Homes in Old Town range in size by quite a lot, currently between about 500 to 6,800 square feet. The average size is generally around 2,300 - 2,400 square feet, usually with about 3 bedrooms. And it is important to note, there are no Short Sales listed in Old Town right now - more positive news!

In just the last 6 months there has been a total of 32 closed sales, thats an average of 5.3 a month, more than 1 sale per week so looking pretty good. The selling prices have been from $344,000 to $7,973,920 - quite the wide range, which is typical for Old Town. The average sold price in these last 6 months has been $1,300,474.

There are also 10 Old Town homes currently under contract, or pending sale. These 10 are priced from $385,000 to $4,999,000 and we will not know the sold numbers until they actually close.

Recent BIG Sales of Old Town Homes:

There has been a few notable sales in the Old Town area, that are helping to raise the bar of what can be done in Old Town:

503 Woodside Ave
6 Bedrooms | 8 Bathrooms | Approx 8,291 SF
Closed in February 2013 for $7,973,920 ($962 per SF)

One of Park City's great residences. The masterwork estate enjoys PC's highly sought after Gold Coast flanked with two ski runs. A true haven w/o sacrificing the proximity to the heart of Park City culture. Though grand in size the home exudes a sense of family and belonging. Private gate to heated motor court reveals a beauty and pedigree that are clear. A true sanctuary, blending a timeless mix of wood beams,stone, metal accents reminiscent of the mines that inspired estate . 2 grand living areas perfect for entertaining and relaxing on luxurious scale. Views, an obvious focal point, from each expansive window taking on that of a picture postcard. 6 bedroom suites highest finish level,meticulously furnished built for prolonged periods of escapism. 8 baths. First impressions always important, the epicure kitchen, bars, butler pantry, lounge, 11 fireplaces, cellar, billiards, media rooms are an indication of the vision- leave for want of nothing.

147 Ridge Ave
4 Bedrooms | 5 Bathrooms | Approx 3,889 SF
Closed in February 2013 for $2,400,000 ($617 per SF)

Originally built in 1896, this home was expanded and restored in 2010. It sits on 6 lots affords privacy with views. The outside features twin patios with fire pits, hot tub, historic sheds and rock walls, and an enchanting front porch. A replicated front door with stained glass panel welcomes you to the entry with its antique pavers. The interior is absolutely charming with exquisite attention to details from the bead board wainscoting , reclaimed hardwood floors, custom fireplace mantels, dining alcove with its built-in banquets, chandeliers, country kitchen with great center island and appliances that please the gourmet cook, elevator, wonderful master with claw footed tub and steam shower, media room, ski storage and so much more. It is a gem!

654 Woodside Ave
3 Bedrooms | 4 Bathrooms | Approx 2,582 SF
Closed in May 2013 for $2,450,000 ($949 per SF)

The perfect Old Town Park City Pied-a-Terre. Located directly across the street from the Town Run at Park City Mountain Resort, ski or walk to Town Lift. This smart home is automated with a Savant System programmable with your smart phone. With discreet cabinetry in kitchen and multiple features to maximize space, this home was impeccably designed by LMK Designs. The driveway, decks and patios are all heated allowing for complete relaxation at the end of the day. Kick up your feet in the backyard patio which features a gas fire pit, out door fireplace, waterproof TV and hook ups for infrared electric heaters or enjoy the roof top hot tub for après ski as you overlook Historic Old Town.

808 Empire Ave
4 Bedrooms | 5 Bathrooms | Approx 4,730 SF
Closed in May 2013 for $4,412,500 ($933 per SF)

Prepare to be impressed! The BEST location Park City has to offer. Ski-in & Ski-out. Private gated driveway. For Apres-ski easily walk down to historic Main Street's shopping, dining and nightlife. Kids will enjoy building snowmen and sledding outside in the snow filled yard. Rare in Old Town is to find a large home with such an open layout, 4 bedrooms, 2-car garage, heated patios, a second Family Room, spectacular views and such beautiful quality finishes. Each thoughtfully designed room has something unique & special and the entire home features custom designed flooring, tile, cabinets, mirrors, and lighting. Truly one of a kind, a once in lifetime opportunity.

80 King Rd
5 Bedrooms | 5 Bathrooms | Approx 3,632 SF
Closed in May 2013 for $2,170,000 ($597 per SF)

Nestled in the charming historic district of Old Town Park City, sits this brand new custom home with superior finishes, exceptional design, commanding mountain views, and an ideal location, just steps away from Downtown Park City and the slopes of Park City Mountain Resort. The main house offers four bedrooms, three and one half bathrooms, vaulted ceilings, tons of windows and light, a suspended staircase, stunning great room, and among the endless other features, exceptional built-in cabinetry throughout. The attached guest cottage (the original "miner's house") offers an additional bed and bathroom, a sitting room with a small kitchen area, and a sleeping loft. The entire house offers fun, new and exciting finishes, with the sophistication and luxury you would expect in a home of this caliber.

808 Woodside Ave
4 Bedrooms | 5 Bathrooms | Approx 4,360 SF
Currently Pending Sale, Listed for $4,999,000 ($1,147 per SF)

There are certain residences that leave you literally speechless upon arrival and this happens to be one of those residences. The home's thoughtful, open, & bright floor plan grants its resident's ample space to congregate and entertain while still offering strategically placed bedrooms and living areas for intimacy and solitude. Generous use of natural stones, hardwoods, timber trusses, integrated electronics, and custom fixtures are a few examples of the many exceptional materials used to craft the home. The property occupies one of Park City's most enviable ski locations with exclusive views of the town and its legendary mountainscape, all of which is steps away from charming Historic Main Street and the ski slopes of Park City Mountain Resort.

The overall real estate market in much of Park City and especially in Old Town is feeling optimistic and healthy right now and hopefully that continues on. With the type of buyers we have been seeing, I think we are on a relatively safe course, vs what we saw with the buying frenzy of spec purchases of years ago.

If you would like more info on any of the above properties, or a more detailed report of what has sold or is available in Old Town just send us a quick email or give us a call to discuss at 435-901-2158.