Park City Real Estate Market: 2016 Summary

By Steve Blankenship
Feb 19, 2017

The market stats for 2016 are in. Overall, the Greater Park City and Heber Valley real estate market is continuing its climb and returning to its previous 2007 Records in some areas. Sales volume, median sales prices, and the number of listings are up in most areas. This is in-line with a similar state-wide trend. Utah is one of the top states in the country when it comes to home price appreciation. While Utah experienced a 9.5 percent home price appreciation in 2016, the Park City Multiple Listing experienced an even greater appreciation of 15 percent, with median prices rising in all four major areas. Prior years saw an average of 7.5 percent increase in price per year. Reason for this is that both local and statewide economies are becoming more diverse.

While total sales volume in the greater Park City area topped $1.7 billion in 2016, we are still feeling a sting of low inventory. Even though inventory was up 4.5 percent it is still not enough to meet demand. As a result we are seeing a lot of home buyers drawn to put in reservations for one of the many new lodging developments being built in Deer Valley, at Canyons Village and around town. High demand and low inventory are the main reasons that appreciation was up to double digits in some neighborhoods. As a result, we are starting to see buyer resistance to pricing in some of the popular neighborhoods such as Silver Springs.

Single Family Homes

The number of home sales in Lower Deer Valley has doubled with a 15 percent increase to just under $2 million. While sales prices in Old Town and Park Meadows grew to $1.48 and $1.59 the sales volume in both areas are down. In Jeremy Ranch we have seen 52 home sales which is about one per week with a median price of $922,000. Trailside had a 35 percent increase in sales and saw a 13 percent increase in median price to $723,000. The Heber Valley remains a hot market. 359 homes sold last year (triple of what sold in 2015!) for a median sales price of $349,000. 40 percent of Midway homes are now second homes.

Condominiums

Old Town experienced the most condominium sales, with 118, at a median price of $568,000, a 26 percent rise. We also saw strong sales at Canyons Village and in Pinebrook. Condos at the Canyons averaged 10 sales per month with a 53 percent jump in median price to $615,000. Pinebrook had 63 sales with a median price steady at $437,000. Condominium sales in the Jordanelle area experienced a 28 percent increase in volume of sales, at a median price of $479,000.

Low inventory coupled with increasing median sales prices suggests that it's an ideal time to consider selling your property. Our market is complex and both trends and data can differ significantly between neighborhoods. Contact Steve today at 435-640-6966 to discuss how your home value is affected by these market trends or how spring may just be the perfect time for you to list your home or look for a new home.

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New Development: Empire Residences Deer Valley

By Steve Blankenship
Jan 17, 2017

Empire Residences is a new luxury ski-in ski-out development coming to the very exclusive and highly sought-after Empire Pass community in the Deer Valley real estate area of Park City, Utah. Located off Marsac Avenue, Empire Residences will be nestled at the base of the Silver Strike chairlift at Deer Valley Resort®.

Each of the 19 extravagant ski residences will feature modern mountain design and spectacular views of the Park City valley, the ski slopes as well as the village at Empire Pass. The building has been designed to maximize the views for each condominium residence. Empire Residences will offer two, three or four bedroom floor plans with expansive outdoor decks and a private entry which can be accessed via one of two elevators that offer direct access to the residences through a foyer to ensure a private and personal arrival.

Amenities at Empire Residences are to include a covered arrival, an aprés-ski lounge, a game room, fitness center, ski locker room and “ski beach”, with a generous hot tub and fire pit. Each condominium includes a dedicated underground parking stall with personal storage spaces. Owners will also enjoy an exclusive membership at the Talisker Club that provides golf and additional on-mountain amenities.

Empire Pass is also home to other astonishing real estate developments such as Montage Deer Valley, Arrowleaf, Larkspur, Flagstaff, Grand Lodge, Ironwood, Nakoma, Paintbrush, Red Cloud, Shooting Star, Silver Strike Lodge and The Belles at Empire Pass.

Reservations begin February 2017!

REQUEST MORE INFORMATION TODAY!! CONTACT KW REAL ESTATE BROKER STEVE BLANKENSHIP AT 435-640-6966 OR EMAIL STEVE@PARKCITYINVESTOR.COM.

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Deer Valley Real Estate Update

By Steve Blankenship
Dec 19, 2016

The Goldener Hirsch Inn & Restaurant is one of the most popular condominium hotels and restaurants in Upper Deer Valley. The luxurious boutique hotel has been owned and operated by the Eccles family since 1992. We have exciting news for everyone who loves the brand and is interested in ownership. The Goldener Hirsch is going to expand and it will be the first new development in Silver Lake Village in over a decade. The new project will offer 38 contemporary residences ranging from studios to one, two and three bedroom floor plans on the last remaining parcel in Silver Lake Village.

Amenities for the new luxury ski hotel addition will include a front lobby with check-in, valet & concierge,  a lounge & outdoor patio with fire pits, rooftop pool & a hot tub with stunning views, a fitness center adjacent to the rooftop pool, a ski/boot locker room with Aprés-Ski Lounge, a Conference Center and underground parking.

Sales reservations begin winter 2017. Construction planned to start spring 2017. Completion planned for winter 2019.

Contact KW Real Estate Agent and Deer Valley Real Estate Expert Steve Blankenship at 435-640-6966 for more information about the reservation process.

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Deer Valley Resort named "Best United States' Ski Resort"!

By Steve Blankenship
Nov 28, 2016

Congratulations to Deer Valley Resort® for being named “Best United States’ Ski Resort” for the fourth year in a row by the World Ski Awards hosted in Kitzbuehl, Austria. Deer Valley Resort® is well known for its excellent guest services, mountain grooming, fine-dining, exclusive lodging and kid-friendly activities. The skier-only resort offers breathtaking scenery with endless outdoor activities and relaxing spa settings. Deer Valley Real Estate is not only the most luxurious real estate neighborhood of Park City, Utah but features some of the most exclusive mountain properties in the world. Opening day is set for December 3, 2016. Search Deer Valley properties today!

Three other Park City establishments were honored with World Ski Awards. The Washington School House won “Best U.S. Ski Boutique Hotel", the Deer Field Estate in Deer Crest won “Best U.S. Ski Chalet” and Stein Eriksen Lodge won “Best U.S. Ski Hotel.”

Contact Real Estate Specialist Steve Blankenship at 435-640-6966 for more information about real estate in Park City, Utah.

Still time to purchase your Park City ski home!

By Steve Blankenship
Oct 04, 2016

Fall is officially here and winter is just around the corner. There is still time to buy your Park City condo or home in time for the holidays and upcoming ski season. The Park City Base Area will open on Friday, November 18, and Canyons Village will open on Wednesday, November 23, 2016. Deer Valley will open its lifts December 3.

Contact KW Real Estate broker Steve Blankenship at 435-640-6966 for the best real estate representation from start to finish.

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Best Buy: Deer Crest Townhome for Sale

By Steve Blankenship
Jun 07, 2016

Deer Crest is one of the most exclusive neighborhoods of Park City real estate. The gated ski-in ski-out community sits on the backside of Deer Valley with easy access to Jordanelle Reservoir as well as St. Regis and lower Deer Valley Resort. Deer Crest is home to some of the most luxurious homes in the world.

Here is your opportunity to own a townhome just outside the Deer Crest gates for only $1,400,000. These residences do not come up for sale often and when they do they usually sell very fast. This fully-furnished townhome features 3 bedrooms, 4 baths on 2,354 square feet with vaulted ceilings, log accents, private decks with hot tub to enjoy the spectacular lake views , ski access and a 2-car garage.

Contact KW Real Estate Broker Steve Blankenship at 435-640-6966 for more information on this spectacular deal.

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Absolute Auctions in Deer Valley & The Colony

By Steve Blankenship
Mar 18, 2016

These two amazing ski-in ski-out homes are going up for no-reserve auction on April 2.

Contact Park City Real Estate Broker Steve Blankenship for more information about how to participate and/or to preview the residences.

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Featured Property: 2373 Harmony Drive, Deer Crest

By Steve Blankenship
Mar 08, 2016

This amazing property is located in the Deer Valley real estate area of Deer Crest. The exclusive gated community of Deer Crest offers some of the most luxurious single family homes and condominiums in the world. This turnkey townhome at Deer Pointe features four bedrooms and seven baths, a tiered theater room, wine cellar, top of the line appliances, hot tub, beautiful hardwood floors as well as a lower level bar and pool table. Deer Pointe is located just minutes from Jordanelle Reservoir and St. Regis Deer Valley. A Deer Crest Club membership can be purchased to enjoy shuttle service and amenities at St. Regis. Deer Pointe has its own private hill track elevator ski lift for easy access to the Deer Valley ski runs. Listed at $4.1 million.

Contact KW Real Estate Broker Steve Blankenship for more information at 435-640-6966.

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Reservations coming in fast at One Empire Pass

By Steve Blankenship
Feb 23, 2016

Update One Empire Pass: Over the past few weeks the new ski-in ski-out development on Empire Pass in Deer Valley has already received reservations on 10 of the 27 luxury residences with only one penthouse remaining. Pre-construction pricing is still offered. Two-bedroom residences start at $1,595 million, three-bedroom condos start at $2,595 million and four-bedrooms are priced at $3,495. Four-bedroom penthouse residences are starting at $5,395 million.  (pricing is subject to change).

One Empire Pass is going to be the first lodge built on Empire Pass in over seven years. The intimate ski-in/ski-out resort hotel will comprise of 27 private condominium residences. All residences will span the entire width of the building and each unit will have direct elevator access, eliminating central hallways. Enjoy modern mountain living overlooking the Daly Chutes and Lady Morgan Bowl as well as the Old Town valley.

Estimated completion date is set for Thanksgiving 2017.

Call Steve today at 435-640-6966 to receive more information about the development and how to secure one of the spectacular ski residences for yourself.

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New Development on Empire Pass: One Empire Pass

By Steve Blankenship
Dec 19, 2015

One Empire Pass is going to be the first lodge built on Empire Pass in over seven years. The intimate ski-in/ski-out resort hotel will comprise of 27 private condominium residences featuring two, three and four bedroom models ranging in size from approximately 1,850 to 3,200 square feet. All residences will span the entire width of the building and each unit will have direct elevator access, eliminating central hallways. Enjoy modern mountain living overlooking the Daly Chutes and Lady Morgan Bowl as well as the Old Town valley.

One Empire Pass is brought to you by East West Partners - the resort development and management experts who developed Beaver Creek, Arrowleaf, Larkspur, Paintbrush and Shooting Star to just name a few. East West Partners teamed up with IBI Group, a globally experienced architectural firm as well as celebrated "IT" designer Barclay Butera.

Excavation has just begun and the estimated completion date is set for Thanksgiving 2017. Unit reservations will begin soon.

Contact KW Real Estate Broker Steve Blankenship at 435-640-6966 for more information on this amazing new project and the process of reserving a residence at One Empire Pass.

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Park City & Deer Valley Real Estate Auctions! Last Minute Registration!

By Steve Blankenship
Nov 27, 2015

These amazing properties will be auctioned off with NO Reserve on Saturday, December 5, 2015. This is your chance to try and get one of these luxury properties for a great deal. Contact KW Real Estate Broker Steve Blankenship at 435-640-6966 for more information.

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Park City Real Estate - Market Statistics - 2nd Quarter 2015

By Steve Blankenship
Aug 11, 2015

Summer is in full swing. We are enjoying the wonderful weather hiking, biking, boating or one of the many outdoor concerts and events. Vail is installing new lifts and building new lodges as part of their one year, $50 million investment combining Park City and Canyons Resort into the largest ski resort in the US. Furthermore, Deer Valley has closed on their purchase of Solitude, and ONE Wasatch effort to unite all six resorts continues to move forward. All in all, its a very exciting time.

Along with that we are happy to announce that the number of closed sales and total dollar volume for this first half of 2015 are the highest since 2007. While prices are certainly not back to the market highs of 2007 our market is steady. The total number of closed sales, year-to-date, for the entire market area was nine percent higher than the first two quarters of 2014 and was the highest first half of any year since 2007. Along with that, the total dollar volume was up 11 percent and the median sales price continued to trend upward on a gentle curve in most areas. In fact today's median sales price is the same as June 2006 and July 2010.

INVENTORY: Following the national trend, inventory levels throughout Park City are still very low, with only 1,170 total listings available as of June 30, down 8.5 percent from 1,270 in 2014. At this current absorption rate we have a 6.6 month supply.

PENDED SALES: For the first 6 months of the year, pended sales reached their highest level since 2006 with just over 900 contracts written.

SINGLE FAMILY HOME SALES: The median sales price for a single family home within the city limits has remained close to $1.34 million over the past twelve months, while the average price has actually come down 11 percent. Overall sales in the Prospector neighborhood increased significantly with an increase of 89 percent in transactions, almost double the number of sales compared to the previous four quarters. Sales price climbed eight percent, reaching $700,000.

CONDOMINIUM TRENDSCondominium sales are up nine percent over the previous 12 months and we have seen a 14 percent overall increase in median sales price in the entire market area. Again, sales in Prospector had the highest jump in number of sales, also with a median sales price increase reaching $132,000. Lower Deer Valley is showing signs of recovery with more than double the number of sales along with a 15 percent median sales price increase to $735,000. The Canyons area, with its wide-ranging property types, was up 41 percent in the number of sales over the previous four quarters with a median sales price of $389,000. Jeremy Ranch showed an increase of activity with 58 percent more sales than the previous four quarters and a price increase to $535,000.

VACANT LAND SALES:  The number of Vacant Land sales for the entire market area was slightly higher than the previous four quarters and lot prices increased 10 percent in median sales price. The Jordanelle area continued to grow with lot sales up 21 percent.

GOLF COMMUNITIES: With 75 closed transactions since January, Promontory had the highest number of sales with a median sales price of about $1.56 million. Red Ledges is also going strong with 43 closed sales.

If you own property, this might be a very good time to get a market analysis to consider your options. Our market is showing a good solid, steady growth. Inventory remains very tight. For those looking to buy, multiple offers are still quite common in high demand neighborhoods so it is important to be well qualified and responsive.

Deer Crest: No Reserve Auction - July 11, 2015

By Steve Blankenship
Jun 29, 2015

Another auction coming up in Deer Crest Estates. This 5,509 square foot ski-in ski-out Deer Valley residence is situated on approximately 1 acre of land and features five bedrooms, five baths, numerous fireplaces, a ski prep room, wine cellar, steam room/shower, a three-car heated garage and outdoor hot tub.

Contact Real Estate Broker Steve Blankenship at 435-640-6966 for more information on this NO-RESERVE auction.

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Auction: 8 Ruby Hollow, Deer Valley

By Steve Blankenship
Jun 04, 2015

Auction with NO RESERVE! This is your chance to get this amazing for a great price!

This luxurious ski-in ski-out residence is located in the exclusive, private community of Red Cloud on Empire Pass in Deer Valley. It features five bedrooms and eight baths with state of the art finishes, whole house audio/video, a separate office wing, wine cellar, a three-car garage, heated driveway, decks and walkways. This home is situated on approximately 1 1/4 acres with stunning mountain views.

Auction held June 12th.                                                    Current List Price: $11,750,000

Register today. Contact Steve Blankenship for more information and a showing of the property.

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Park City Real Estate Market Update - First Quarter 2015

By Steve Blankenship
May 20, 2015

Looking back at the first four months of real estate transactions  in the greater Park City real estate we continue to see an increase in pricing while inventory levels remain at historic lows. As a result of strong sales and happy guests there were only 1,017 total properties available – 360 single family homes, 411 condominiums and 327 lots. (April 1, 2015).

This march we saw the highest number of pended sales since 2006 with condominium sales being up 18%. Closed sales also saw double digit growth and were 11.5% higher than 2014 with an average 17% increase in sales price compared to last year.

SINGLE FAMILY TRENDS: Within the Park City limits, the number of single family transactions decreased 8% with volume was down 17%. However, the median price rose from $1,300,000 to $1,600,000 for a 23% increase. Overall sales in the Snyderville Basin increased significantly, with a 21% increase in transactions, 74% increase in volume and 31% increase in median prices, which rose to $963,000 from 2014’s median of $735,000.

CONDOMINIUM TRENDS: Condominium sales were down slightly in Park City proper, with a 3% decrease in transitions. Overall volume increased 9% while the media decreased from $712,250 to $680,000. Interestingly enough, the average condominium price increased 13% to $1,205,305. In the Snyderville Basin, the most dramatic increases occurred at the Canyons where the number of transactions doubled from 11 to 22. While volume increased 145%, the median price fell 9% from $399,000 to $362,500. Notable increases in condominium sales volume were noted in Pinebrook, with 11 sales versus 7 during the same period last year.

LAND SALES TRENDS: Land sales are extremely limited within Park City proper as we are near build-out. There were just 7 land sales, up from 3 the prior year with the median price dropping 38% to $589,000. Decreases were also noted in the Snyderville Basin, with a 12% decrease in transactions and a 29% decrease in median price to $273,000.

NEW CONSTRUCTION: For the second year in a row, construction is booming in Summit County. First-quarter data from the county's building department shows 181 building permits issued from January through March, which represents a 47-percent jump from the same period last year. It is a 99-percent increase compared to 2013.

We look forward to our transition to a "Two Resort" town: Vail Resorts is already underway with construction on the gondola connection between Park City Mountain Resort and Canyons as well as the yet-to-be renamed Snow Hut Restaurant.NOW IS A GREAT TIME TO LIST YOUR PROPERTY With the spring selling season well underway, low inventory continues to be our biggest story. Depending on when you purchased your property, this is likely an ideal time to sell. Please reach out for a detailed analysis of current market trends in your particular neighborhood.

Interested in investing or selling Park City Real Estate? Contact Broker Steve Blankenship at 435-640-6966.

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