Significant Sales - week ended 8/18/17
Our beautiful and busy summer continues to roll bye at a rapid pace - too many concerts and events to name and license plates from every state but Hawaii. With a hard fought mayoral primary election and the super hyped eclipse added to the mix, it seemed that real estate activity slowed somewhat. This is the first week in a long time when pended sales exceeded new listings in single family homes, condominiums, and vacant land. The new 40 unit Goldener Hirsch project in Silver Lake Village highlighted in the July 29th post, has reported 9 reservations in the 2 weeks since release and construction is underway at full speed. Looking at the other new construction condo projects, Apex now reports 36 contracts with 23 units available. Lift has 46 contracts with 15 available and One Empire reports 18 contracts for that 27 unit project. Stein Eriksen Residences is at the end of construction with 9 units available. In total we will have roughly 90 reservation/contract luxury ski condos that will compete with the 97 current Deer Valley resale listings and the 84 resale listings at Canyons Village. That resale inventory is expected to increase between now and the kickoff of the 2017-18 season. As noted in recent posts, resales of luxury condos in Empire Pass and Old Town on Main Street have been slow in 2017, but the 62 luxury listings in those locations are seeing price adjustments which should continue leading up to opening day. There were 74 pended sales reported by the Park City Multiple Listing Service in the week ended 8/18/17. 45 closings and 54 new listings were reported during that week.
Single Family Homes: With only 30 new single family listings and only 4 of those new listings located within the Park City limits, it was easy to select a new listing at the Echo Spur project as the new listing of the week. 417 Echo Spur in Old Town is a 2,731 SF, 3 bedroom, 3 bath home built in 2016 and features excellent city views. Built with a LEED platinum rating, solar panels and a complete array of smart home features, this home is an unusual combination of function and beauty. Priced at $2,850,000 ($1,044/SF) this is an Old Town value. http://parkcityhomespot.com/wordpress/wp-content/uploads/2017/08/EchoSpur2.mp4 . There were 4 pended sales in Park City out of 37 total. 2613 Silver Cloud in the Fairway Hills neighborhood in Park Meadows is a 6,364 SF, 5 bedroom, 6 bath home on a .61 acre site with great views and borders 12 acres of open space. Built in 2000 this home gives meaning to the term "good bones". Priced at $2,400,000 ($377/SF), this home was an excellent purchase. http://www.tourbuzz.net/public/vtour/display/797840?idx=1#!/play .
Condominiums: There were 14 new condo listings last week and the highest priced property was Unit #8 in the Lofts on Deer Valley Loop at 569 Deer Valley Loop Rd. This 3,074 SF, 3 bedroom. 5 bath condo is priced at $1,900,000 ($618/SF). http://www.tourbuzz.net/public/vtour/display/764130?idx=1#!/play .
Vacant Land: Nothing stood out in the 10 new lot listings last week - none close to Park City, but a sale at 257 White Pine Canyon Road at The Colony was a standout on the list of 19 pended lot sales. This 4.44 acre building site located close to the next and last phase of The Colony was priced at $2,400,000 and has ski-in/ski-out access on Pinecone Ski Trail. http://www.spotlighthometours.com/tours/tour.php?mls=11601987&state=UT .
