Significant Sales - week ended 10/20/17
After a little R & R, I returned to find a quiet real estate market. There was a notable positioning of new listings intended to appeal to the ski market which should continue leading up to opening day. The inventory of ski related properties is depleted along with prime in-town areas like Park Meadows. Any thought of a sales or construction slowdown in the gated golf communities doesn't seem likely based on last season and our year-to-date numbers. Thin inventory and rising prices may constrain activity, but my forecast is for a strong 2017-18 ski season. There were 42 pended sales reported by the Park City Multiple Listing Service in the week ended 10/20/17. 47 closings and 69 new listings were reported during that week.
Single Family Homes: After a strong year in Old Town single family homes vs. the previous year (+15% in number of sales and +48% in dollar volume), it was good to see 5 new listings within city limits. A new listing at 135 Daly Avenue in Old Town is just the kind of property we would like to see more of. This 2,300 SF, 3 bedroom, 4 bath home built in 2007 is priced at $1,700,000 ($739/SF) and the location and features like heated driveway, hot tub and gourmet kitchen give this property excellent rental potential http://www.tourbuzz.net/public/vtour/display/894426?idx=1#!/ . A second listing at 2675 Telemark Drive in the Solamere neighborhood in the lower Deer Valley area is a 3,328 SF home built in 1989 and remodeled in 2017. This 4 bedroom, 5 bath home features mountain views and is eligible for nightly rentals. Priced at $2,695,000 ($810/SF), this is a quality home in a great neighborhood http://www.spotlighthometours.com/tours/tour.php?mls=11704271&state=UT&reloaded=true . A new listing at 11362 N. Snowtop Road in Snow Top was listed for $5,300,000 ($517/SF). This 10,253 SF, 5 bedroom, 8 bath home on .86 acres with panoramic Jordanelle and ski run views was built in 2006 and has Old World charm. Since buyers figured out that they can purchase a membership to the Deer Crest Club at St. Regis (a 3 minute drive), activity at Snow Top has picked up substantially http://www.tourbuzz.net/public/vtour/display/896338?idx=1 . The single family home sale of the week was a home at 10015 N. Summit View Drive in Deer Crest Estates. This 10,494 SF, 7 bedroom, 9 bath home was listed for $7,749,000 (738/SF) and sold after 265 DOM. A true ski-in/ski-out home with spectacular Bald Mountain Views, this timeless home was built in 1999 http://www.tourbuzz.net/public/vtour/display/682017?idx=1#!/ .
Condominiums: With only 16 new listings and 13 pended sales, it was not an active week for condos. One notable new listing was a rare listing at the Enclave project in upper Deer Valley. Built in 1983 and remodeled in 2007, this 1,729 SF, 2 bedroom, 3 bath residence features spectacular views and a great location. 7010 Royal Street, Unit #6 is priced at $875,000 ($506/SF) and has excellent nightly rental potential http://www.tourbuzz.net/public/vtour/display/895768?idx=1#!/ .
Vacant Land: There were 25 new lot listings and 9 pended lot sales last week - all outside city limits. 5 listings were released in the red-hot Soaring Hawk subdivision overlooking the Jordanelle Reservoir with prices ranging from $225,000 - $290,000. 11547 N Soaring Hawk priced at $290,000 shows why the developer can't build homes fast enough to meet current demand http://www.spotlighthometours.com/tours/tour.php?mls=11704188&state=UT .
