Park City Real Estate News

The Park City Area Lodging Association recently met with Blaise Carrig, President, Vail Corporation Mountain Division. As you'll see from the highlights below, the future for Park City is positive and we are quite optimistic for what is to come. The purchase of PCMR by Vail has been huge news in the ski industry and even more so for the local's who call Park City home. For investors looking for rental property, vacation homes or just a second home to spend more time, the town of Park City has never been more appealing than now. 

Vail Corporation (NYSE symbol MTN) has three divisions:

Division 1, the Mountain Division is their most profitable.

This operates 11 ski resorts in the US: Vail, Breckenridge, Beaver Creek, and Keystone (Colorado),

It's Official. Vail has bought Park City Ski Resort from Powder Corp.

Its been a turbulent couple of years with the height of uncertainty and litigation reaching boiling points very recently. Last week we all held our breath as the courts decided it would take a $17.5 million bond posted by Powder Corp. to remain on the disputed resort property and stay open for the upcoming 2014/2015 ski season. Vail had asked for roughly $123 million and Powder Corp asked for the bond to be between $1 and $6 million. Early this week we received news that Powder Corp has decide to post the bond, which meant Park City Mountain Resort would in fact be open this year, and would need to again post another $19 million bond if they decided to also be open for the next

Come out and see some of the most beautiful and luxurious homes in the Park City area and benefit some area charities at the same time. This year’s tour will be held on Saturday, August 9.

The annual Luxury Home Tour is considered Park City’s premier real estate showcase, and the 2014 show is its 23rd year. The Tour will feature some of the finest residences that the public would not otherwise get to see. This year’s event will present homes in the prestigious The Colony at White Pine Canyon.

This event is organized and hosted by the Park City Board of Realtors Philanthropic Foundation. This fundraiser was conceptualized to use the natural beauty of the Park City area to highlight privately owned luxury homes to raise funds and support for local

If we were asked how the market is we would have to say that we have been enjoying a healthy recovery, but in the recent months we are starting to see a slight slowdown in sales in certain areas. Over the last couple of years we have been enjoying a healthy increase in sales activity up to 2014. Now this year, we are starting to finally see a small decrease in the number of sales. This may be due to a couple of factors including more expensive listings, an uptick in mortgage interest rates, and a lack of inventory. If we had to give a more detailed reason for the slow down in sales, we would have to point to the overconfidence in today's sellers and the rapidly increasing listing prices. This seems to be across our entire market in all segments of

On Sunday, May 4th, the historic and highly recognized Rio Grande building was moved to its new, temporary location a few blocks down Park Avenue. The historic building is part of the upcoming 820 Park Avenue real estate development that will consist of 10 luxury residences and 4 commercial spaces.

The building was lifted, and secured to a large flat bed prior to Sunday's move. The building was then pulled down Park Avenue to its temporary location, a vacant lot at the 14th block on Park Avenue. Sunday was chosen because of the ability to easily close down the street for the move, which only took about a half hour. With the building now off-site, the developers will be able to begin excavation and removing soil to start the process of building the

According to a Summit County enforcement hearing on Thursday at the Sheldon Richins Building with TCFC Finance Co., LLC, completion of the golf course is expected by September 30. This has been a very long awaited event, with much doubt of its actual completion for the past decade. Summit County Deputy Attorney Jami Brackin reviewed the benchmarks TCFC has had to meet since May 2013, looking forward to those goals which are to be completed by September of this year.

Many of the required construction benchmarks up to the present have been completed, with the exception of progress on a new ski maintenance building. A recent dis-approval of the buildings new location may stall that portion of the development and construction, yet the goal is to still

Summit Sotheby's International Realty was awarded Best of State, Utah's premier recognition and awards program, in the Business Services category for Real Estate/Appraisal. The Best of State Utah awards recognize Utah businesses, organizations and individuals who have made significant and innovative contributions to the quality of life in the state. A panel of expert judges from across the state selects winners by scoring nominees based on the overall quality of a company's program, innovation, and contribution to the quality of life in Utah.

"Summit Sotheby's International Realty sales associates have shown a long-standing commitment to real estate professionalism here in Utah, and across the globe," said Thomas Wright, President and Principal

The real estate market in Park City, Utah continues its recovery with an increase in sales, upward movement in median price, and historic low levels of inventory. More good news is that distressed properties are back to pre-recession levels.

PRESS RELEASE - FOR IMMEDIATE RELEASE:
Provided by the Park City Board of REALTORS®

Park City, Utah – Highest number of first quarter sales since 2007 —Statistics compiled by the Park City Board of REALTORS® Multiple Listing Service show the number of closed sales for the first quarter of 2014 (including single family homes, condominiums and vacant land) is higher than it has been for a first quarter since 2007. Surprisingly, with Park City real estate in strong demand, with total dollar volume just shy of $327

Will Our Dream Finally Come True?

For many of us in Park City, we have dreamed of the opportunity to ski and snowboard from Deer Valley to Park City to the Canyons. It would be amazing to have one ski pass to access all three of our resorts. Even if not connected, just the ability to have one shared pass and the choice of going to each of the resorts on any given day would be wonderful. We all have friends who each year make a choice of which single resort they will buy their season pass too. Often, we miss skiing with good friends because we have our pass at one resort, while they are at another. With the price of lift tickets, its rare to go buy a ticket at a ski resort for a day, when you already have a season pass at another.

Click on map to

Ten new luxury ski-in / ski-out homes to be built at the base of the Town Lift Ski Plaza in Old Town Park City. There will only be ten units and they will sell quickly as such a sought after property. The building will feature underground parking, and a large rooftop deck with hot tub, outdoor lounge area, BBQ and stunning views. Inside this top level will be ski lockers and a ski-prep lounge, the ideal place to begin and end your ski day. The building will be connected to the Town Lift Ski Plaza and offers easy ski-in, ski-out access and easy foot access to all that Main Street has to offer.

We are proud to be the listing agents along with our friend Dusty Orrell for this amazing new property. Old Town has always been our favorite location and