Significant Sales - week ended 9/29/17
Off season continued last week and nightly lodging totals were down, but good news that promises a big 2017-18 ski season was everywhere. Vail Resorts announced its forth quarter and full year fiscal results. Net income was $210.6 million, a 40.6% increase from the previous year. Park City was credited for strong sales and double- digit profit growth. Although visitation to U.S. resorts declined by 5.4% due to early season conditions in Colorado and the late timing of the Easter holiday there was a large increase in season pass sales which were up 17%. In other news, Deer Valley Resort was once again voted the #1 resort in North America by Ski Magazine. Combined with the many infrastructure improvements in all areas of the Wasatch Back this summer, 2017 also promises to be a record real estate year in Park City and the Heber Valley. There were 73 pended sales reported by the Park City Multiple Listing Service in the week ended 9/29/17. 43 closings and 60 new listings were reported during that week.
Single Family Homes: With 25 new single family home listings and 29 pended sales, it was another typical September week. Only 2 of the new listings were within the Park City limits. 1010 Lowell Ave is an unusual property in Old Town. This 1,287 SF, 2 bedroom, 2 bath home built in 1974 and remodeled in 2005 is priced at $1,180,000 ($917/SF) http://www.tourbuzz.net/public/vtour/display/877905?idx=1#!/ . Just beyond Park City limits in Pineridge, a home at 6910 Canyon Drive features quality finishes and big views for those that want privacy in the trees. Priced at $1,750,000 ($416/SF) this 4,205 SF, 4 bedroom, 6 bath home built in 2010 is worth a look http://www.tourbuzz.net/public/vtour/display?idx=1&mlsId=257&mlsNumber=1482472 . A little further out at Promontory, a new contemporary home at 8581 N. Marmot Circle in the Deer Crossing neighborhood features one of Promontories best locations overlooking the 11th fairway and green of the Pete Dye Signature golf course and is walking distance from club amenities and the fishing pond. This 7,696 SF, 7 bedroom, 8 bath home on 1.07 acres was completed in 2015 and is priced at $4,575,000 ($594/SF) http://www.tourbuzz.net/public/vtour/display/877621?idx=1#!/ .The single family luxury home sale of the week was the home that I consider a best value in The Colony. 109 White Pine Canyon Road is an 11,218 SF, 7 bedroom, 11 bath home on a 5.27 acre lot with ski access on Twilight run and features spectacular views, quality finishes, an outstanding floor plan and furnishings by Paula Berg. Priced at $8,500,000 ($758/SF) this was a great purchase. http://www.tourbuzz.net/public/vtour/display/691328?idx=1#!/ . Another home featured in last weeks post as an example of good value in the Heber Valley was a home in Dutch Fields at 1128 Dutch Fields Pkwy priced at $1,049,000 ($200/SF). This home was under contract after only 6 DOM. http://www.tourbuzz.net/public/vtour/display?idx=1&mlsId=257&mlsNumber=1482183 .
Condominiums: There were 11 new condo listings and 25 pended sales last week, but only one sale caught my attention - 7600 Ridge Drive, Unit #13 in the Ridge project in upper Deer Valley. Built in 1985 and remodeled in 2000, this 2,510 SF, 3 bedroom, 4 bath property was priced at $1,250,000 ($498/SF) and sold fully furnished after only 12 DOM. This unit was never rented and reminded me of the quality product built in the early days of Deer Valley. http://www.spotlighthometours.com/tours/tour.php?mls=11703848&state=UT .
Vacant Land: Lots were surprisingly active last week with 24 new listings and 19 new sales. 9 of the new listings and 9 of the pended sales were in the gated golf communities. A rare 5 acre parcel at 1437 W. Old Ranch Road with spectacular views, access to trails and nearby parks is a unique location for a luxury estate. Priced at $3,200,000, this was definitely the luxury lot listing of the week. http://www.tourbuzz.net/public/vtour/display?idx=1&mlsId=257&mlsNumber=1482868 .
