Deer Valley Real Estate Blog

In a clear sign of the rebound the real estate market has made here in Park City, Promontory has risen from near failure to a thriving mountain community unequalled in the West. This is where families can truly enjoy a mountain lifestyle for all seasons.

The pace of sales of lots and homes in Promontory has soared. Just a couple years ago the community was replete with half finished homes in foreclosure, and now it has a new clubhouse, The Shed, with more ameneties planned including a new pool, a dog park, and a million dollars being spent on trees and landscaping throughout the neighborhood.

Over 800 lots of the 1925  lots available in the 11 square miles of Promontory have been sold, and lot prices have risen above $300,000 again and homes over $3

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Park City Real Estate Market Update 2013

If you were waiting for the market to hit bottom here in Park City before you made your move into the market you missed it...sorry...

The bottom of the market is clearly in the rear view mirror as evidenced by the year we had in 2012. Low inventory, multiple bidders, higher prices and a shrinking of distressed sales all indicate that we turned the corner and are now in an ascendiing market.

If you are interested in buying a Park City property, all is not lost, there are still deals to be had and interest rates are low, but the competition is fierce and frankly, time is not on your side.  Prices have not risen in all areas, but given current activity and inventory levels it is evident that prices are going to

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The Swaner Eco Center and Nature Preserve

In the Park City area, we are blessed with breathtaking views, abundant wildlife, extensive trails and the open spaces to enjoy them on. 

After living for over thirty years in the Park City area, I’ve learned that there can be a balance between the vital preservation of open space and the needs (or at least the demand) of the many people that want to move into this area.    Certainly, there are people that would love to never see another home or condominium under construction again- but almost everyone can agree that open space is a good thing for the area. 

The Swaner Nature Preserve is a 1200 acre parcel, permanently preserved as open space and located in the area known as the Snyderville Basin.  The

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Looking for a quiet yet convenient four seasons Deer Valley retreat? 

The Deer Lake Village townhomes are located just outside the main access point to Deer Valley Ski Area and minutes to Main Street Park City.  Deer Lake Village offers the easy, hands off type of ownership you expect with a townhome, but open space is plentiful and units are surrounded by trees and common area.  The townhomes really live like homes with private patios and garages.  Views vary within the project, with some units having direct, south facing ski area views, others with still pleasant but filtered mountain views.

In the winter, the location provides easy access to skiing at Deer Valley- about one minute either in a car or shuttle from the base of Deer Valley.   The

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A year ago, changes in the market were just becoming noticeable– a new pattern of scarcity that spread from neighborhood to neighborhood.  Buyers were finding fewer choices in their house hunting searches, and even facing competition for the better homes. 

Today, it’s obvious there’s a new market that favors home sellers, and even the buyers in seemingly complete denial of the new  market  dynamics have to face reality—either pay a fair price now, or pay more later. 

I haven’t forgotten about the tough lessons of a few years ago, and don’t have a blind, “things can only go up” outlook.   However, based on the demand for this neighborhood and Park City real estate in general, I do believe we have some strong years ahead. 

Adding to the scarcity and

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 The Park City Board of Realtors just put out this press release, which is a must read for anyone interested in buying or selling real estate in this area

 

Park City, Utah -- The year-end 2012 statistical report released by the Park City Board of REALTORS® indicates an increase in the number of sales and total dollar volume, with inventory the lowest it has been in over six years. It also shows a slight gain in median prices compared to 2011. The total volume of real estate sold for the entire market area (Summit and Wasatch Counties) reached $1,240,542,783 in 2012 -- a 15% increase over 2011.

 

Sales
The number of sales continued to climb in 2012 with a nine percent increase over 2011 in all property types combined, reaching 1,817 total

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Sorry, foreclosure fans.  This game is just getting harder and harder!

For the third straight quarter, the percentage of distress sales in the Park CIty marketplace dropped again.  Down from a high of over 33% of sales being distressed, in the third quarter of 2012, only 13.81% of sales were distressed.

park-city-foreclosures-distress-sales-2012_vs-2011_901

 

 

Click on the chart above to see the whole Park City Distress Sale report...

Our friend Rick Klein at Wells Fargo Mortgage in Park City performs an extensive analysis of the Park City distress sale market each quarter.  You can download his most recent research masterpiece here!

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What makes Park City a great community and a town you want to live and own real estate in?  So many things- some of which you may not know about…

 Incredibly affordable, easy access for of all local kids to participate in snow sports. 

When my family moved to Park City in the fall of 1981, I was eleven and my family was thrilled to learn that full season ski passes were available to Park City School District Students at Park City Ski Area for only $98.00.  These were full season passes without blackout days or other restrictions- just a pass to get on the mountain and at a price every parent could afford.  The ski areas knew that encouraging kids to be on the mountain skiing likely meant continued participation in the sport for years to come – not

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Ski in/Ski out of Historic Old Town

dsc01324_400 Ski access in the winter, hiking and biking trails in the summer.  The Skier Bridge crosses Park Avenue in the middle of the photo. 

Most ski towns have a main street or downtown area where most of the town’s shopping, dining, and nightlife occurs.  Obviously, communities with skiing also feature many ski in and ski out properties.   Most ski town visitors or property owners generally pay a premium to have convenient access to either.  

dsc01328_400 The Bridge to Somewhere very fun... Ski access in the heart of Park City. 
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Park City offers real estate blessed with the ideal combination of both ski in, ski out access via the Town Lift  and runs operated by Park City Mountain Resort  and direct access to Main Street. 

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Great Park City Schools.    

Schools are an integral part of any community.  Great schools create value for students and enrich their lives.  A school district with an established tradition of excellence also adds value to the real estate inside the school district. 

What makes Park City schools great, sets Park City Schools apart from others and makes Park City a town you want to live and own real estate in?  So many things- some of which you may not know about…

Like- The Jeremy Ranch Jumpers. 

Jeremy Ranch Elementary is one of four elementary schools within the Park City School District.  Two days a week, over 70 of Jeremy’s students (enrollment is around 500 students, K-5) arrive to school 45 minutes early.  They’re not forced out of bed by

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Listing information last updated on July 4th, 2022 at 3:58pm MDT.