Significant Sales - week ended 11/17/17
This past week and the week to come are usually the slowest real estate activity of the year. Last Friday saw our first real snow storm of the year and the resorts have been enjoying great snow making weather. As usual, resort openings have been pushed back a week or two, but opening before Thanksgiving has always been a contest for the bragging rights to first opening. Speaking of Thanksgiving, the Park City Realtor community has a long time tradition of conducting Utah's biggest turkey drive. After last years donations purchased over 2,300 turkeys, this year's goal is 2,500 birds. About 850 turkeys are handed out in the Park City area and the remainder go to other Utah communities. Realtor fundraising , travel and food coma's explain why this time of the year shows a substantial decline in real estate activity. There were 33 pended sales reported by the Park City Multiple Listing Service in the week ended 11/17/17. 37 closings and 38 new listings were reported during that week.
Single Family Homes: With only 18 new listings and 13 pended sales, it was a slow week for single family home sales. The standout new listing was a home at 2934 Quarry Mountain Road in the Old Ranch Road area. This 7,390 SF, 5 bedroom, 8 bath equestrian property on 4.02 acres in the gated Quarry Mountain Ranch subdivision was built in 2003. Well priced at $3,975,000 ($538/SF), this home combines a great location with ski resort and mountain views with quality interior features. http://www.tourbuzz.net/public/vtour/display/297132?idx=1#!/ . A sale at 342 Marsac Ave in Old Town was my pick for best value purchase of the week. This 1,771 SF, 2 bedroom, 3 bath home built in 1900 and remodeled in 2014 was originally overpriced at $1,425,000 ($804/SF), but after 232 DOM and a price reduction to $1,048,000 ($592/SF), it was pended last week. The Buyer made a great purchase. http://www.spotlighthometours.com/tours/tour.php?mls=11701029&state=UT . Another noteworthy single family home sale last week was a home recently listed at 2337 Lucky John Drive in the Holiday Ranchettes subdivision in Park Meadows. This 4,158 SF, 4 bedroom, 5 bath home on 1.16 acres was listed at $2,550,000 ($613/SF) and sold after only 8 DOM. http://www.spotlighthometours.com/tours/tour.php?mls=17704476&state=UT&reloaded=true .
Condominiums: There were condo sales last week that showed how strong well located older condos with quality remodels or remodel potential are in today's market. 1399 Cresent Road - Unit #103 in the Cresent Ridge project in Old Town is a 1,563 SF, 3 bedroom, 3 bath condo featured in last weeks post and sold after only 5 DOM. Priced at $850,000 ($544/SF), it was built in 1972 and remodeled in 2009 http://www.tourbuzz.net/public/vtour/display/909558?idx=1#!/ . Another "oldie but goodie" was Unit #104-20 at Mont Cervin in upper Deer Valley. This 2,234 SF, 3 bedroom, 4 bath property was built in 1990 and has never been rented, but has excellent rental potential. Priced at $1,650,000 ($739/SF), it sold after only 6 DOM. http://www.tourbuzz.net/public/vtour/display/906397?idx=1#!/ . With the resorts opening soon there is no doubt that quality condo inventory is tight, especially under $1 Million.
Vacant Land: With only 5 new lot listings and 3 pended sales, it is apparent that summer/fall sales are over and the winter ski-to/ski-from lot sales await the arrival of skiers.
