In Park City, how are "cabins" defined, who has them, and how different offerings compare.
In Park City, "cabin" was a designation first applied to developer built single family residential product at gated communities prior to the unpleasantness associated with the recession in 2008. The leader in the original cabin product was Promontory, The Ranch Club which featured Ranch Club Cabins, Golf Club Cabins, and Dye Course Cabins which were generally 3-5 bedrooms, 3,600-6,000 SF. These were basically standard floor plan luxury second homes located in clusters close to Promontory amenities. Today these units resale for $1.5-$2.4 Million or $400/SF-$550/SF and compete with single family homes in all Promontory neighborhoods. This product has now all but disappeared as new construction.
The smallest cabins pre-2008 were the Trappers Cabins, which were 2,200-2,700 SF, 3-4 bedroom units built to serve the low end of the second home market with prices below individual single family homes and were originally priced under $1 Million. Resale prices today are roughly $1.2-1.5 Million or about $450-$550/SF. http://www.tohttp://www.tourbuzz.net/public/vtour/display?idx=1&mlsId=257&mlsNumber=1252704urbuzz.net/public/vtour/display?idx=1&mlsId=257&mlsNumber=1252704 . This pended sale at 2941 Quick Draw is a 2,205 SF, 3 bedroom, 3 bath unit built in 2015. Trappers Cabins were the first of what is now known as "cabin product". At Promontory, Trappers Cabin sales were a significant share of developer sales during the recession and remain strong today. 14 Trappers Cabins have sold in the past year priced from $1,055,000 - $1,621,454. A similar product at Tuhaye did not survive the recession, but 2 other projects have recently created a cabin product and Promontory has made a big design and location change for an additional cabin product.
The most successful recent competition to Promontory has come from the reinvigorated Victory Ranch project which introduced a 2,800-3,300 SF, 4 bedroom cabin priced from $1,250,000 - $1,850,000. The new Victory Ranch product has produced 21 pended and closed sales in the past year. The $450-$550/SF price is directly competitive to Promontory prices and HOA dues are similar. Golf and fly fishing are the featured amenities. 6721 E Riparian Way #141 is an example of a 3,337 SF, 4 bedroom, 5 bath pended sale with a list price of $1,680,000 ($505/SF) which is now under construction (model unit shown in video). http://www.touhttp://www.tourbuzz.net/public/vtour/display/301323?idx=1rbuzz.net/public/vtour/display/301323?idx=1 . A smaller project - High Star Ranch - introduced an attractive cabin product at under $600,000, but now prices have moved to $775,000 - $795,000 ($352/SF - $364/SF) for 2,200 SF, 3 bedroom, 4 bath units. Amenities are focused on Equestrian activity with HOA dues at $200/month and no club membership. 4 units have been pended or closed in the past year. 937 Cabin Way listed at $775,000 is a 2,200 SF, 3 bedroom, 4 bath cabin which is currently a model unit for the project. http://www.tohttp://www.tourbuzz.net/public/vtour/display?idx=1&mlsId=257&mlsNumber=1276900urbuzz.net/public/vtour/display?idx=1&mlsId=257&mlsNumber=1276900 .
Promontory has introduced a new product in a new location coinciding with the completion of the Jack Nicklaus clubhouse. The Promontory Nicklaus West Phase 1 units are 2,500 - 2,750 SF, 3-4 bedroom units priced from $1,360,000 ($535/SF) to $1,460,000 ($529/SF). The spectacular course and clubhouse are open, but these cabins are the first vertical construction in this area. 6434 Golden Bear Loop West is a 2,543 SF, 3 bedroom, 4 bath unit listed at $1,380,000 ($543/SF) and is now under contract for completion in 2016. hppt://www.touhttp://www.tourbuzz.net/public/vtour/display/409464?idx=1rbuzz.net/public/vtour/display/409464?idx=1 . HOA dues and membership amenities are the same as other Promontory areas. The architecture is contemporary and very different from other Promontory developer product.
The new "cabin product" seems to be attracting increasing interest from buyers who could afford even higher priced product. Many of these buyers prefer to have top quality properties in multiple locations rather than a single over-sized and lightly used property in one location. They also prefer to avoid the hassle and delay of custom home construction and are surprisingly sensitive to high carrying costs. We are also seeing more younger buyers who see cabins as second homes, not vacation homes.
