Park City Real Estate Update - Old Town's Biggest Home Sale

Posted by Sean Matyja on Monday, February 18th, 2013 at 8:02am.

PRESS RELEASE - February 18, 2013 - Park City, Utah

Old Town, one of the most popular neighborhoods in the western ski resort community of Park City Utah, just had it's biggest sale for any residential single family home to date. Heather Peterson and Sean Matyja recently sold the famed "Tunnel Home" located at 503 Woodside Drive. The home was listed for sale with colleagues in their brokerage at Summit Sotheby's International Realty. The home was listed at $8,640,000 for approximately 8,300 finished square feet in size and includes 6 bedrooms and 8 bathrooms. Peterson and Matyja brought the buyer to the transaction and negotiated a selling price of $7,973,920.

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Simply put, this was one of the most exceptional homes in Old Town, and in all of Park City and Deer Valley. This is considered to be a one-of-a-kind location perched up above downtown Park City surrounded by 110 acres of open space on Park City's famed "Gold Coast". The Gold Coast is the iconic name for the unique location of approximately 22 true ski-in/ski-out properties on Woodside Avenue in Park City's Old Town. These homes are unique in Old Town as they back to the ski run, offering true ski access and stunning views looking over downtown Park City's popular historic Main Street.

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The two Treasure Hill "Tunnel Homes" are nestled in a private enclave between two ski runs, accessed only by a private, gated 160 ft tunnel that passes under the ski run, and emerges onto a 3,000 sf heated motor court-yard. With such a location there is really little need for a car as skiing is right out your door, and access to historic Main Street's dining, shopping and nightlife is only steps away.

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Aside from the unique location, this home was as stunning on the inside as out. With a refined mountain rustic lodge design, the home's interior was inspired by the Grand Lodges of our National Parks. Extensive use of massive timber-framing, natural stone, trestle wood, and rusted steel roofing all give the home a warm, rustic, lodge-like feel indicative of a ski home of the rocky mountain west.

According to the Park City Multiple Listing Service there has only been 5 sales over $5 million in Park City's Old Town. This is due to the fact that until recently the large, high-end luxury homes simply did not exist. Now that a few property owners have raised the bar in what is offered in Old Town, people are recognizing Old Town's ski-in, ski-out property as some of the most sought after real estate in all of Park City and Deer Valley. To date, the home at 503 Woodside is the highest price sale to occur, but is not the highest listed price for Old Town. There is a home on King Road that is on the market for $15,000,000. The second highest priced sale was most likely this home's companion which sold in September of 2010. It had been listed at $8,255,500 and sold at an undisclosed price so we do not exactly know the final number. Utah is a non-disclosure state, so not all sales are disclosed of their actual selling price. The next highest priced sale was at $5,750,00 for one of the Parkwood Place homes built and sold in January 2010 which is not directly ski-in, ski-out but is right across the street from the Town Lift ski run and ski bridge that extends over Park Avenue.

Currently in Old Town there are 42 homes for sale with a range of pricing from $390,000 to $15,000,000. There is also currently 18 pending sales. Old Town offers an eclectic mix of property from historic miner's cottages up to grand, ski-in, ski-out, luxury mountain estate homes. In 2012 there was a total of 47 sales in Old Town with sold prices from $375,000 to $2,850,000. The year of 2011 saw 46 sales, and 2010 was at 38 sales.

This home represents a tremendous value when compared to other luxury ski homes in Deer Valley and Canyons Resorts. The offering of homes in Deer Valley at the approximate $8 million selling price simply do not compare. There are many stunning homes with ski access in Deer Valley, but something equal in size and construction quality with direct ski access are generally much higher in price, with many homes priced well over the $10 million mark. For Canyons ski resort there are many homes similar in size, style and ski access, at this price range, but the location is far more remote, which does not always appeal to everyone. Unique with the two Treasure Hill "Tunnel Homes" is that there are very few homes in Old Town near this size. And with the new building and zoning guidelines defined buy the area's historic district, we will most likely never again see estate properties of this size for Old Town. At least not in such a desirable slopeside location, with amazing views, and close proximity to Main Street. These homes truly are two of a kind, never to be duplicated or matched.

It is exciting to see a sale of this magnitude. This sale is great news for everyone with property in Old Town and all of Park City, and this will help to reset the Old Town luxury home market. Old Town is home to some of the most exciting properties in all of Park City. Old Town truly is the heart of Park City offering year-round recreation choices. With ski access, views and walkability to dining and shopping, the homes along the prestigious "Gold Coast" truly are unique and are irreplaceable. For more information regarding homes for sale in Park City or Deer Valley, please contact Sean Matyja and Heather Peterson at 435-901-2158, or visit enjoyparkcity.com.

Sean Matyja - Realtor® / Associate Broker
Mobile: (435) 901-2158 | Email: sean@enjoyparkcity.com 

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