Park City Real Estate Market: Second Quarter Report 2011

By Steve Blankenship
Jul 25, 2011

The second quarter market report shows that Park City Real Estate has seen the highest numbers of sales since the fourth quarter of 2007.

  • Total sales are up 24% while median prices are down 15%
  • Single family home Sales are up 24%
  • Condo sales are up 8%
  • Lot sales are up significantly at 55%
parkcity real estate

Single-Family Home Sales

This segment is going very strong accounting for 44% of all sales and 55% of the total dollar volume. We have even seen a small 1% increase in median price increase. Homes are selling at about 5% off their final list price, very close to the historical norm. This reflects more realistic market list pricing.

Condos

Condo prices in general are below where they were a year ago. Condo prices in the Canyons area are down 32% from a year ago to an average of $485,000, while prices in the Kimball Junction area are down about 23% to an average of about $175,000. However, average condo prices are up in several areas including Empire Pass (now $2,590,000), the Prospector area ($167,000) and even Park Meadows ($741,000).

Vacant Land

Vacant land sales have been the most affected in the economic crisis. However, it is now the segment coming back the strongest in terms of number of sales. Median Prices are down 29%. The strongest activity in lot sales has been in the Promontory area due to buyer’s perception that they are receiving a great value for their money. Our analysis reflects that the market in Promontory may prove to have hit bottom, with average prices on the rise. Promontory lot sales accounted for 42% of all lots sales this period.

Foreclosures

Sales of distressed properties remain a major part of our market, but have dropped to 27% of all sales, down from 35% of all sales at the end of the first quarter. These properties continue to represent only 7% of all properties on the market.

Contact me at 435-640-6966 to fully understand the sales figures to date and the variation in price between the different areas.

Examples:

  • Old Town home prices are down 16.5% to about $1,019,000
  • Park Meadows home prices are up 8.9% to about $1,065,000.
  • Silver Springs home prices are up 9.7% to about $668,500
  • Pinebrook home prices are slightly down to an average of about $662,000
  • Jeremy Ranch average prices are slightly up at $730,000

Ski Condo for Sale: Park City Mountain Resort

By Steve Blankenship
Jul 12, 2011

This beautiful 2 bedroom, 2 bath unit is located on the highly desired top floor of the Silver Cliff Lodge just steps from Park City Mountain Resort in Old Town - Park City, Utah. Enjoy views of the Kings Crown ski run and Deer Valley. The fully furnished condo features contemporary furniture, flat screen televisions, granite counter tops, new appliances and flooring, newly remodeled bathrooms and a radiant heat deck. The 1,935 square foot unit also offers a spacious living area, vaulted ceilings and natural light. A new roof was installed last year and the common area offers 2  hot tubs.

You will truly love the location of this condo. You are close to skiing in the winter and golf in the summer. A bus stop is located nearby but entertainment on Main Street is in walking distance.

$435,000

View more condo listings in Old Town and Park City Ski Condos on my website.

Luxury Home Tour 2011 - Deer Crest

By Steve Blankenship
Jul 12, 2011

This year the 20th Luxury Home Tour will be held in Deer Crest - Park City, Utah. Deer Crest is a prestigious gated community that overlooks the Jordanelle Reservoir and Deer Valley’s Snow Park neighborhood. Many of the home sites are situated directly on Deer Valley Resort’s ski runs offering both stunning views and convenient ski access. The tour is a showcase of private luxury residences with the mission of making a positive difference and raising money for Peace House. Peace House is a charitable organization dedicated to ending family violence and abuse in the community through education, outreach, support services and shelter.

Participants of the Luxury Home Tour will park and register at the Lower Deer Valley Parking Lot and may walk or take a shuttle to the St. Regis Deer Valley hotel. Participants will register and ride the St. Regis "Funicular" to the top of the hotel where they can enjoy light refreshments and an art exhibit. They will then board buses to transport them to the homes on the tour.

Each Deer Crest residence is a unique architectural masterpiece that has been professionally decorated and carefully staged to reflect the owners discerning taste and varying interests.

The Tour is also an opportunity to enjoy a relaxing day in the mountains. Attendees can enjoy spectacular views that few get to experience. The Tour also features professional musicians at each residence. Complimentary refreshments also add to the day’s enjoyment. Since transportation is included, attendees need only sit back, relax, and enjoy!

Saturday, August 13, 2011

8:30 am to 3:30 pm

Deer Crest

Tickets: $40

Ticket price includes admission, transportation, refreshments, and official 2011 Tour Book.

View Deer Crest Real Estate

Park City Food & Wine Classics 2011

By Steve Blankenship
Jul 06, 2011

The 7th Park City Food & Wine Classics will take place July 7-12th. The event features over 100 wineries offering the opportunity to learn about the making, tasting and pairing of wines by sommeliers from around the world. In addition to providing wine education, the Park City Food & Wine Classic has always served as a fundraiser for local charities.  This year's event will benefit the People's Health Clinic. Over 3,000 attendees are expected.

For tickets, visit www.parkcityfoodandwineclassic.com

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