Park City Real Estate Statistics – 2012 Trends
February 28th, 2012 Categories: Park City, Real Estate, Statistics & Trends
Park City Real Estate Market Stats
We thought it might help those of you who have been tracking the Park City real estate market to see a quick summary of the year-end market wide sales stats.
All real estate markets are highly localized, so it may not be safe to assume that what’s happening in your back-yard is the same as what’s happening in Deer Valley & Park City, Utah.
Here are the key takaways from the year-end 2011 Park City real estate market…
- The number of units sold is up for the second straight year
- Total sales volume increased for the second straight year
- Median price of sold units decreased for the fourth straight year
- Average sales prices decreased for the fourth straight year
Different areas of town are tracking different trends, so it may help you to break it down further and look at your specific areas of interest. The markets for Park City homes, condos, and land are all different.
Here is a link to the complete 12 page summary of the Park City real estate market trends.
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HGTV Dream Home in Midway Utah
February 2nd, 2012 Categories: Park City
People are always asking us to let them know when we run across a deal that’s too good to be true…
Never have we seen a deal this good–not at auctions, trustee’s sales, tax sales, foreclosures, divorce sales, or any other highly motivated seller. How’s this for a good deal–a $2 million home–ABSOLUTELY FREE!
HGTV Park City Utah Dream Home
You’ve likely seen the massive promotional campaign launched by Home & Garden Television featuring their “Dream Home” giveway.
Each year, HGTV builds a luxury home someplace beautiful, and they give it away to one lucky family. This year the HGTV Dream Home is in Midway, Utah just 15 minutes outside of Park City.
The home is located in a spectacular setting, walking distance from the Blue Ribbon Middle Provo River, and under the shadows of Mount Timpanogos–the tallest peak in the Wasatch Mountain Range.
You can register to with the HGTV Dream Home here…
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Park City Real Estate 2011 Year End Statistics
February 1st, 2012 Categories: Park City, Real Estate, Statistics & Trends
Park City Real Estate Market Statistics
We just finished crunching the numbers from 2011, and here are the key takeaways. The number of units (homes, condos, land) sold increased for the third consecutive year…
Park City MLS Statistics 2011 Number of Closed Units
Total sales volume exceeded $1 billion for only the seventh year in the history of Park City and Deer Valley real estate.
Park City MLS Total Dollar Volume Sold
Median single family home prices increased for the second straight year. The median home price on the Park City MLS is now $523,500.
Park City Utah Median Home Prices
Short sales and foreclosures accounted for 8% of the active listings on the Park City MLS in the 4th quarter of 2011, but they represented 25.6% of the closed transactions.
Park City Bank Owned Sales 4th Quarter 2011
Looking at the pipeline of properties that could become next quarter’s foreclosures, the number of property owners 90+ days delinquent on their loans increased slightly Q3, but the quarterly number of Notices of Default is still much, much lower than we saw in 2009…
Park City Pre-Foreclosures & Notices of Default
The number of properties listed for sale across the Park City MLS dropped again this quarter. It’s now very clear that the market has bottomed and started to recover–there is only a little over one year of supply based on the 2011 absorption rate. This is down from nearly 40 months of available supply at the market lows.
Park City Real Estate 2011 Sales Absorption Rate
Properties are now twice as likely to sell as they were in 2009. At the market lows, there was only a 20% probability that your home would sell. Now that metric has increased to a 40% chance on average. But if you own Park City or Deer Valley real estate and you’re considering selling, don’t despair…
Your chances of selling can be dramatically greater than this. Our team actually sold 71% of the properties that we listed last year–nearly twice the average.
Park City Real Estate Listings: Percentage That Sold in Q4 2011
Most of these graphs are backwards-looking, so what data can we look at to help us estimate where prices are heading in the near future?
Park City Real Estate Prices rise when inventory levels shrink
Based on the available inventory rapidly shrinking in many, if not most, Deer Valley and Park City neighborhoods it won’t be long until median and average prices begin to move upward with more velocity.
You can download a pdf of our complete folio of 4th Quarter 2011 Park City Real Estate Market stats and graphs here.
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St. Regis Deer Valley Condos & Residences Update
December 28th, 2011 Categories: Park City
This update should please Deer Valley bargain-hunters!
Remember back when St. Regis Deer Valley was pre-selling condos back in 2005-2008 while the resort was under construction?
No surprise–given the volatile economy–some of the prospective purchasers who had St. Regis condos and residences under contract were not able to secure financing, and they did not complete their purchases.
Here’s why their misfortune spells opportunity for you!
Some of these buyers forfeited their earnest money deposits–to the tune of hundreds of thousands of dollars per unit.
Since the developer retained (and rightly so…) deposits from some of the failed sales, these units might be good targets for acquisition at great prices!
Timing is Critical to Getting the Best Deals in Deer Valley
We have no authority to represent how the developer might respond to any aggressive purchase offers…but we strongly believe that this could be your best chance ever to acquire a St. Regis Deer Valley condo at the lowest possible price.
Please email us for more info and let’s discuss the possibilities.
PS: If you’re curious about retail prices of St. Regis Deer Valley Condos and Residences on the Park City MLS go here:
St. Regis Deer Valley Condos & Residences for sale
PPS: Our buyer clients don’t pay retail prices when they invest in Deer Valley right now 
Email us for additional info…
Notice:
Let’s be really clear… Park City Real Estate Guide® does not represent the developer or operator of the St. Regis Resort & Residences, Deer Crest, nor is Keller Williams Park City Real Estate the listing brokerage for the project. We are in no way affiliated with or authorized to speak on behalf of the owner, developer, or operator of the resort.
We are simply expressing our opinions about trends and opportunities we see in the Deer Valley and Park City real estate marketplace.
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Deer Valley Condo Fire Sale
December 28th, 2011 Categories: Deer Valley®, Foreclosures, Park City, Real Estate, Skiing
Breaking news….We have touted the opportunities in the Red Stag Lodge before, if you are unaware of this luxury condo building you can read our earlier posts, but the most important factor is its location.
In short, these luxury condos are walking distance to the slopes at Deer Valley resort as well as the St. Regis and on the free bus line just a couple minutes from Park City’s Main Street.
We have helped a couple buyers secure fantastic deals there in the past few months and now there is some extreme motivation on the part of the bank that owns two units there. Seems the bank has bumped up against its debt limit and they are now being forced to fire sale their remaining units in Red Stag. There will be a 20% price reduction on these two units in the next couple days.
These are two bedroom, three full bath beautifully appointed condos with private hot tubs and full kitchens.
These condos sold three years ago for well over a million dollars and they will now be dropped to just $499,000! Similar sized units next door in Powder Run are on the market for twice as much! There are two of these units available and when the price change hits the MLS there will be immediate interest as this is an extreme value for its location. Click here for details and photos Red Stag Deer Valley Best Buys
One more great Deer Valley buy is higher on the mountain in the Ridgepoint complex.
These upper Deer Valley condos offer ski in and out access to the complex, great views, as well as tennis courts and a pool.
This particular unit is priced $250,000 less than another similar unit and is the lowest priced upper Deer Valley condo available. This is also an extreme value and will go quickly. Ridgepoint Best Buy
If you have been waiting for the right time to get a great deal in Deer Valley, your time has come!
Contact one of our team to take advantage of these incredible opportunities…
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2010-11 Utah Ski Season is Underway
November 16th, 2010 Categories: Around Park City, Deer Valley®, Park City, Skiing, The Canyons®, Utah Facts and Fiction
Early Ski Season in Park City Utah?
As I sit here in my home office at 6000 feet watching the snow fall fast and furious it seems like a good time to speak of the season that is already upon us. With three resorts open alreadyand seven more resorts opening in the next couple weeks, Utah’s ski season is off to a great beginning (10 inches of new at Snowbird last night!) It seems like just last weekend I was golfing in short sleeves, oh that’s right, I was, and it looks like I’ll get a few rounds in later this week too. It’s called cross training, and like fly fishing, it can be done every month of the year here in Utah, despite the ‘Greatest Snow on Earth’ piling up in the higher elevations
Many already know about Utah’s embarassing plethora of skiing options, the fantastic weather and the feather light powder might but let me illustrate a few of Utah’s skiing finer points for the uninformed (like those who continue to suffer through Colorado ski vacations) by using some of the results from Ski Magazine’s Reader Resort Survey.
I kid the Coloradans, it’s a beautiful place and if you have plenty of time to travel not a bad place to visit, but having lived in both states I don’t think there is much of a comparison when it comes to recreation.
Utah or Colorado: Pop Quiz…
Q: What state has the most national Parks in the US? A: Utah
Q: How many ski resorts are located within an hours drive from the Denver Airport A: Zero
Q: How many ski resorts are located within an hour’s drive from Salt Lake International A: Eleven
Park City Utah Dominates Ski Magazine Rankings
Sorry Colorado, I won’t even mention that Deer Valley was rated the number one resort in North America for the 4th year in a row, that would be too easy and I know makes the fans of Disney World in Colorado very frustrated (if there was an award for most expensive contrived ski ‘town’ Vail would take it hands down! Pay to park? $12 hot chocolate? Sure why not!)
Rounding out the Park City resorts, Park City Mountain Resort was ranked 5th overall and the Canyons was ranked #18.
My bold prediction…The on mountain improvements the Canyons is making this year will enable it to challenge for the Top 10 next season.
Best Ski Resort Weather, Access, Snow, and Value…
Here are a few of the more interesting rankings in the Ski Magazine survey which ranked the Top Ten Resort in each category
Access: (What could be more important except perhaps Snow?) Seven of the top ten most accessible resorts were in Utah. Seven. Seven to Utah and Snowbasin and Powder Mountain were’t on the list!
Snow: (Arguably the most important category for snow sliding enthusiasts) Seven of the Top Ten rankings went to Utah Resorts. One to Colorado.
Weather: Critically important to a successful ski trip. Five of Top Ten rankings to Utah resorts
Value: (Need we say more?) Five of the Top Ten to Utah resorts.
How to Ski for Free in Park City, Utah
Utah is a skiers paradise and Park City is Mecca. Come see for yourself this winter and experience what you have been missing. Oh, and to sweeten the trip how about a free Park City lift ticket on your arrival day?
We welcome your questions and comments. If you come to Park City this winter, be sure to visit us in our offices in Deer Valley Plaza.
Cheers
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Park City Utah Snow Update
November 1st, 2010 Categories: Park City, Skiing
Early Winter Storm in Park City, Utah!
Good news skiers and snowboarders!
The storms last week dumped feet of snow in the high country. One of our friends climbed to the top of Mt. Superior on October 27 and shot this video. Enjoy!
Click the photo above to watch the video!
Photo and video courtesy of Ian Provo Photography.
By the way, if you ever need any professional real estate photography, Ian Provo is the guy to call!
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Red Stag Lodge Deer Valley Bank Owned Condos
October 7th, 2010 Categories: Deer Valley®, Foreclosures, Park City, Real Estate
Attention Deer Valley Condo Bargain Hunters!
Amazing Opportunity for Bank Owned Condos a Snowballs throw from Deer Valley Resort: The Best Inexpensive Deer Valley property you have never heard of…
Red Stag Lodge Condos Are Bank Owned Now…
The Red Stag Lodge was built in 2002 as a small european style luxury hotel with 11 separate apartments.
Located steps away from Snow Park Lodge (with shuttle and bus service just outside the door) it is a lovely building with surprisingly luxurious and extensive common area amenities and a location that is irreplaceable.
Red Stag Lodge Deer Valley Location
Location is a term overused in real estate, but in this case it means everything. This is truly a walk to skiing at Deer Valley property. Yes, the same Deer Valley that was just voted North America’s best ski resort for the fourth year in a row. Also, it is walk to concerts in the summertime!
Foreclosures: Deer Valley Condos
There are currently 5 bank owned fully furnished two bedroom units with private decks and hot tubs. That is 5 as of today, but these may not last long since they are priced $300,000 less than two bedroom units next door in Powder Run.
Red Stag Lodge Amenities
New owners of these units will take advantage of the building’s common areas, including a work out room, spa, steam room, sauna, as well a small dining room and kitchen.
Rare Deer Valley Foreclosures–Act soon or miss out!
This is truly one of those opportunities that come along once in a very great while in Deer Valley.
Here is a link to the real-time available Red Stag Condos for sale in Deer Valley
If you are at all interested you must contact us today at 435-714-0909.
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Park City Utah Luxury Home Auction
August 13th, 2010 Categories: Auctions, Deer Valley®, Foreclosures, Park City, Real Estate, The Canyons®
Park City & Deer Valley Estate Home Auction
On the heels of their two previous successful auctions in Deer Valley, Utah this year (Silver Strike Deer Valley Auction and Lookout Deer Valley Auction), Accelerated Marketing Partners (AMP) will be holding a Sealed-Bid Auction for 11 Luxury Park City Estates.
Park City Estates Sealed Bid Auction
The sealed-bid auction for the 11 luxury homes located in some of Park City and Deer Valley, Utah’s most exclusive neighborhoods will be held on August 27th.
The sale is comprised of nearly $80 million worth of one-of-a-kind estates, each complete with an array of amenities more commonly found in the most highly-appointed residences of the Hamptons, Montecito and Monte Carlo.
Several of the homes feature ski-in/ski-out access at Park City’s acclaimed ski resorts or are located in exclusive golf communities.
The estates are being sold by motivated individuals ready to commit to the highest bidder through a transparent buying process with published reserves; these reserves range from $1.495 million to $15.875 million and are up to a 54 percent slash in price.
Park City Auction Minimum Bids:
Published reserves for August 27th sale range from $1.495M to $15.875M.
“As the nation’s largest sealed-bid, published reserve auction, this watershed event offers a once-in-a-lifetime opportunity for prospective buyers around the country to purchase preeminent mountain homes at unbeatable prices,” said Ken Stevens, west coast CEO and co-founder of Accelerated Marketing Partners, a national, full service real estate marketing firm that has conducted high-end new development auctions around the country.
All 11 estates being offered at the August 27 sealed-bid auction are available for immediate occupancy.
The properties are…(drum roll please)
DeerField Estate, Deer Crest Deer Valley
This 15,000-square-foot estate,was previously the most expensive listed property in all of Deer Crest when it was taken off the market a year ago. DeerField Estate overlooks Park City and Jordenelle reservoir. The home has seven master suites and 11 bathrooms, a private gondola for ski-in/ski-out access, indoor swimming pool, billiards, theater, family room with open truss cathedral ceilings and a wine room with 18th Century French cast-iron doors.
DeerField Estate has a published reserve that’s a 54 percent slash in price from the previous asking price.
Deer Crest Home
This 9,657-square-footestate on 0.66 acres is situated on the Jordenelle reservoir view-side of Deer Valley® Resort and features six bedrooms and seven baths. There are multiple dining areas, radiant heated floors, and the estate is fully landscaped with terraces, patios and decks.
Deer Crest has a published reserve that’s a 19 percent slash in price from the previous asking price.
The Colony at White Pine Canyon
Nestled among the Aspen trees along the ski slopes of The Canyons Resort®, this 7,000 square-foot fully-furnished estate on 6.24 gorgeous wooded acres is located within The Colony, a gated ski-in/ski-out community. The home features six bedrooms and eight baths, an open-showcase kitchen, five stone fireplaces, a wine cellar, and a state-of-the-art theater system.
Published reserve is 32% less than previous list price.
Promontory
Located in Park City’s exclusive Promontory golf community, this 8,224-square foot estate on 2.5 acres features six bedrooms, six full baths and two half-baths. There is a home theater with a trestle wood ceiling, wood mantles carved by a local sculptor and a wine closet with custom mahogany racks as well as a separate upper level apartment for guests that is complete with kitchen, sleeping quarters and bath.
Promontory has a published reserve that is a 31 percent slash in price from the previous asking price.
Old Town Park City
This newly built 4,400-square-foot estate is situated in the heart of Old Town Park City, conveniently located a few feet from Park City’s Historic Main Street and the Town Lift. This spacious four-bedroom and six-bath home includes four custom stone fireplaces, a master suite with a home office area and a private elevator to service the living spaces, as well as an oversized three-car garage.
The published reserve for this estate is is 33 percent slash in price from the previous asking price.
Tuhaye Home
1.88 acres of hillside land and surrounded by open space and scrub oak with incredible views of the Jordanelle reservoir, Deer Valley® Resort, Mt. Timpanogos and O’Meara golf course. This 7,000-square-foot estate includes six bedrooms and eight bathrooms. Additional amenities include seven fireplaces, a media room, wet bar and a gourmet kitchen with a wine room.
Tuhaye has a published reserve that’s a 22 percent slash in price from the previous asking price.
Knoll Estate
As part of Deer Valley’s Knoll Estates, an exclusive gated community located in Silver Lake Village, this 7,218-square-foot estate has six bedrooms and five baths. The home also features five fireplaces, gourmet kitchen, ski prep room, fitness room with sauna and hot tub, attached two-car garage, and heated walkways and driveway.
Knoll Estate has a published reserve is a 30 percent slash in price from the previous asking price.
The Lookout
This new 5,866-square-foot estate at upper Deer Valley® Resort offers spacious mountain living and is located within minutes of Silver Lake Plaza via a private shuttle service. The home features five bedrooms, 5.5 baths, an elaborate gourmet kitchen, stone fireplaces, vaulted beam ceilings, oversized decks, and a spacious two-car garage.
The Lookout has a published reserve that is a 54 percent slash in price from the previous asking price.
Old Town Park City
Just an easy walk from the renown Park City’s Main Street and Park City Mountain Resort® lift is this 3,100-square-foot home featuring three bedrooms and 2.5 baths, a fully equipped gourmet kitchen, two fireplaces, a home theater and a private outdoor hot tub overlooking Park City.
This Old Town Park City home has a published reserve which is a 23 percent slash in price from the previous asking price.
Midway, Utah
Located only minutes beyond Park City in breathtaking Midway is this 7,500-square-foot estate provides 360-degree views of Herber Valley, mountains, lakes, hot springs and golf course. The home boasts soaring 23-foot vaulted ceilings, three bedrooms and baths, five rock wall fireplaces, two fully equipped gourmet kitchens and an attached guest suite and three-car garage.
Midway has a published reserve that’s a 53 percent slash in price from the previous asking price.
Stag Lodge
With private Deer Valley® Resort ski-in/ski-out access, this 3,397-square-foot condominium is situated in the ideal mountain location. The four-bedroom, five-bath home is luxuriously furnished and features four fireplaces, fitness room and outdoor pool, as well as clubhouse shuttle service.
Stag Lodge has a published reserve that is a 24 percent slash in price from the previous asking price.
Park City Estate Auction Deadline to Bid
Sealed bids must be submitted to Accelerated Marketing Partners no later than August 27th at 5:00 p.m. MDT. Bidders may thoroughly view all properties prior to this deadline.
Want to Tour the Park City Auction Homes?
If you are interested in previewing any of the homes in person, please contact us immediately at Toll Free 877-838-2805 or email us at: auction@parkcityrealestateguide.com and we will make arrangements for your family to take a personal tour of the luxurious residence(s) that caught your attention.
Preview Minimum Bids Now!
For more information on the Park City estates sealed-bid auction, including the minimum reserve bids for the 11 available estates, please complete the form below:
When you submit your request, you will be directed to a page that shows all of the properties and their bid details.
Don’t forget to check your email for your SPECIAL BONUS:
We will send you a link to the auction website where you can browse disclosure documents, floor plans, photos, virtual tours of the homes, inspection reports, etc…
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Old Ranch Road Park City Foreclosure
July 24th, 2010 Categories: Park City
Park City Foreclosure Ranch
Here is a great property for you foreclosure seekers who want a great deal on a horse property off Old Ranch Road and aren’t intimidated by a bit of a project.
Old Ranch Road Park City
Old Ranch Road is a throwback to the way Park City used to be… quiet and rural with an authentic western feel.
Old Ranch Road is known for its large flat parcels, easy access to Park City, and big-sky views.
You’re as likely to see your neighbors riding horses as driving cars!
This new bank-owned listing is a 4.4 acre horse property on a paved cul-de-sac with spectacular views of the Park City mountains–and The Canyons Resort–which is about 3 miles away.
This is a 3500 sq ft single level home, built in 1996. The home needs some TLC, and the property could use a landscaping makeover.
Why This Park City Foreclosure is a Great Deal…
A similar size parcel of VACANT LAND sold earlier this year for $727, 500!
Throw reproduction cost out the window–here’s your chance to own a Park City home for less than the value of the land alone.
Other homes in the neighborhood range in price from $1.4 to $5.3 million.
This bank owned ranch is priced at $689,900…less than half the price of the next least-expensive home in the neighborhood which is also on 4 acres directly across the street from this property.
If you have the desire to own a mini-ranch within the Park City school district , minutes from world class skiing, you could pay more…or you could make this your family retreat in the mountains.
Want More Details About This Park City Foreclosure Ranch?
Send us an email to foreclosures@parkcityrealestateguide.com and we’ll immediately send you a link to more pictures and details.
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