Significant Sales - week ended 12/1/17
Waiting..... The past few weeks have been slow and it seems like Parkites have been doing a lot of waiting and are tired of that activity. We have been waiting for Senator Hatch to bring President Trump to Utah to announce the resizing of Bear's Ears National Monument and Grand Staircase-Escalante National Monument and they will be in Salt Lake City to make that announcement on Monday. Based on expected reductions from 3.2 million acres to 1.2 million acres under Monument status, attorneys for offended groups are waiting to draft lawsuits - asking how are we going to get by with only 1.2 million acres? Being the eternal optimist, I hold out hope that we can. My real worry is that our National Parks and National Monuments are being loved to death by the ever increasing number of out of state and international visitors. Deferred maintenance and parking chaos in supposedly "protected" areas gives me pause about protecting more lands. It would be nice if Patagonia and other concerned citizens would put some effort into ways to raise the funds necessary to eliminate deferred maintenance and truly protect what we have. Hunters and fishermen pay license fees, but many who enjoy the beauty of our state pay no comparable fees to support what they do and clean up after they do it. We have also been waiting for snow and that's also supposed to arrive on Monday. Yes, we know global warming is real, but let's enjoy one of the best climates anywhere now. A great deal of the small amount of time left over from personal shaming on the national news for the past few months has been devoted to tax reform which just passed in the Senate today, but final contents of the 500 page bill are a mystery to even those who voted on it. Although every group fighting to preserve their tax breaks has warned of dire consequences if they lose any current advantage - and that certainly includes the Real Estate industry - I'm predicting that Park City real estate will be just fine. I always wonder why higher prices are reported as good news and more affordable prices are not. The Park City real estate market is much more about lifestyle and entertainment than shelter for the top end of our market. The truth is that you must be a 1%er to afford that market. At the same time, a larger part of our local and state real estate market is still more about shelter and more emphasis on the 99% will benefit everyone. If you've been waiting for whatever before going after what you want in Park City real estate, you will miss a lot of good times and a great lifestyle. If you are already a Park City real estate owner, the sky is not falling and if it makes sense for you to sell or downsize, proper pricing is the key - buyers are smart and getting smarter. There were 33 pended sales reported by the Park City Multiple Listing Service in the week ended 12/1/17. 24 closings and 61 new listings were reported during that week.
Single Family Homes: There were only 20 new single family listings and 17 pended single family home sales last week, but the quality more than made up for the quantity. 944 Lowell Ave in Old Town is a 4,332 SF, 4 bedroom, 6 bath home built in 2009 with many top quality features. Anyone with an interest in this beautiful property which is priced at $3,650,000 ($843/SF) should also follow current discussions concerning final approval of the Treasure development proposal located on Lowell Ave and scheduled for final decision this month. http://www.spotlighthometours.com/tours/tour.php?mls=11704697&state=UT . 79 Fox Glen Circle in the Hidden Meadows neighborhood in lower Deer Valley is a 7,192 SF, 5 bedroom, 6 bath home built in 2001 and remodeled in 2009. Situated on a 1.33 acre view lot and priced at $3,890,000 ($541/SF) this home has special luxury features including a spectacular wine cellar and a golf simulator http://www.tourbuzz.net/public/vtour/display?idx=1&mlsId=257&mlsNumber=1493911 . Another home that combines fantastic in-town location with a just completed total remodel is 2981 American Saddler in the Meadows Estates neighborhood in Park Meadows. This 4973 SF, 5 bedroom, 6 bath home with Park Meadows Country Club fairway views is priced at $3,700,000 ($744/SF). http://www.spotlighthometours.com/tours/tour.php?mls=11704735&state=UT . Just out of town at the gated Colony community, a new listing at 103 White Pine Canyon Road is a 6,522 SF, 6 bedroom, 7 bath home on a 6.62 acre ski-in/ski-out lot. Built in 2014, this home is priced at $6,295,000 ($965/SF) http://www.spotlighthometours.com/tours/tour.php?mls=11704695&state=UT . My vote for sale of the week goes to a 22 acre estate in Maple Ridge Ranches. 6001 N Maple Ridge Trail is an 8,000 SF (6,795 SF finished), 6 bedroom, 6 bath Otto Walker designed residence featuring spectacular views http://www.spotlighthometours.com/tours/tour.php?mls=11703181&state=UT .
Condominiums: There were 37 new condo listings last week - a deceptive number since 27 of those listings were developer units, most of which are under construction or to be built. 2 in-town luxury condo listings will attract lots of attention from the ski crowd. 44 Silver Star Court in the Silver Star Cottages neighborhood in Old Town is a 4,232 SF, 5 bedroom, 6 bath property built in 2007 and priced at $3,250,000 ($768/SF) http://www.tourbuzz.net/public/vtour/display?idx=1&mlsId=257&mlsNumber=1493290#!/ . A new listing that will be a test for Deer Valley luxury pricing is Unit # 621 at the new Stein Eriksen Residences in upper Deer Valley. This 4,704 SF, 5 bedroom, 6 bath condo was completed this year with too many upgrades to list. Priced at $8,750,000 ($1,860/SF) this penthouse is a very special property http://www.tourbuzz.net/public/vtour/display/909010?idx=1#!/ .
Vacant Land: Lots are sleeping now with only 4 new listings and 3 pended sales last week.
