Significant Sales - week ended 12/8/17
The Park City luxury home market has been on fire this year, but thankfully not in the way the California luxury market has been on fire this past week. Many of our owners and visitors come to us from the areas now experiencing this natural disaster on steroids. An article in today's Park Record in the "Writers on the Range" section (which is the opinion service of High Country News) was titled "Firefighters, your next mission might be local" struck a cord. The piece was written by Lorena Williams, a wildland firefighter based out of Durango, Colorado. The author made the point that undertaking responsible preventative maintenance can lessen the danger of fire in the urban interface and she also made the point that wildfire is overdue in much of the West. She mentioned, but did not explain in depth, the Firewise Communities Program to help people build in vulnerable areas. That made me think of how many vulnerable areas we have in the area served by the Park City Board of Realtors. Watching the national news coverage of the California fires, it seemed that the most expensive luxury homes in some of the most desirable neighborhoods burned just like the smallest homes. Perhaps buyers should ask whether "nestled in the trees" translates to "no defensible space" when searching for their mountain dream home. I know I need to pay more attention to this subject and learn more about prevention and protection in considering the value of our existing home inventory. There were 48 pended sales reported by the Park City Multiple Listing Service in the week ended 12/8/17. 33 closings and 50 new listings were reported during that week.
Single Family Homes: Once again single family home new listings were down from previous weeks with only 15 new listings, but there were 20 pended sales. Looking for in-town value properties this week, 2 new listings caught my eye. 2427 Nanson Ct in the Nordic Village neighborhood in lower Deer Valley is a 4,205 SF, 5 bedroom, 6 bath home built in 1988 and remodeled in 2005. Priced at $1,578,000 ($375/SF), this home combines great location, excellent views and is eligible for nightly rentals http://www.spotlighthometours.com/tours/tour.php?mls=11704778&state=UT . Another well priced luxury home is 3661 Solamere Drive in the Hidden Meadows neighborhood. This 6,585 SF, 4 bedroom, 4 bath home on 1.13 acres in lower Deer Valley offers mountain views, great outdoor spaces and top quality features and finishes. Built in 2003 and priced at $3,000,000 ($456/SF), this is an excellent family home http://www.spotlighthometours.com/tours/tour.php?mls=11704797&state=UT . The single family home sale of the week was a home at 4135 N Two Creeks Lane in the Two Creeks neighborhood in the Old Ranch Road area. This 7,825 SF, 4 bedroom, 4 bath equestrian property on 4.12 acres combines exceptional views, privacy and state-of-the-art amenities. This home was built in 2012 and was priced at $5,600,000 ($716/SF) http://www.tourbuzz.net/public/vtour/display/873744?idx=1 .
Condominiums: Although there were 28 new condo listings reported last week, 15 of those listings were bulk developer listings - 4 at the One Empire Pass project and 11 affordable deed restricted units in Prospector Square. The most interesting of the remaining 13 new listings were smaller 2 bedroom properties in luxury neighborhoods where there is lots of competition. 333 Main Street, Unit # 33 at The Parkite development is a 1,334 SF, 2 bedroom, 3 bath contemporary condo being offered turn-key and priced at $1,379,500 ($1,034/SF). Located directly across from the Egyptian Theatre , this property is always in the heart of the action, especially during Sundance. http://www.spotlighthometours.com/tours/tour.php?mls=11704772&state=UT . In Empire Pass at the Arrowleaf project, a new listing at 8886 Empire Club Drive Unit # 106 is priced to compete with the other 5 Arrowleaf listings at $1,350,000 ($918/SF). This 1,471 SF, 2 bedroom, 3 bath ski-in/ski-out property was built in 2007 and is being offered fully furnished. http://www.spotlighthometours.com/tours/tour.php?mls=11704793&state=UT . There were 7 listings in the Grand Lodge project in Empire Pass until Unit # 408 went under contract last week. Priced at $1,875,000 ($907/SF), this 2,067 SF, 3 bedroom, 4 bath property built in 2007 showed that being the low price and the low price/SF gets results in the listing heavy Empire Pass neighborhood. http://www.tourbuzz.net/public/vtour/display?idx=1&mlsId=257&mlsNumber=1488721 . I was able to tour the newly remodeled Tower Club last week and the recent expansion will be a major plus for those Empire Pass owners who choose Talisker Club membership.
Vacant Land: There was a surprising amount of pended lot sales last week with 19 reported. There were 7 new lot listings, but activity was spread throughout the market and mostly in the $300,000 to $600,000 price range.
