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2011-11-01 09:28:11
State of the Park City Real Estate Market

Each month we review the Park City Real Estate market and also take a closer look at some of Park City Homes for Sale within individual areas.  This month we will look at Canyons Real Estate.

As a quick overview, we are seeing Park City Real Estate prices are still down but inventory levels are dropping resulting in price increases in some areas of Park City.  We are also seeing a decline in the number of short sales and distressed properties as buyers have snapped those up.  Overall, Park City continues to be one of the most active real estate markets in Utah … largely because Park City continues to have a strong tourism-based economy and real estate market.

What has happened in the Park City Real Estate Market

This quarter 250 properties sold in the Park City area.  This represents 9% of the Park Real Estate market and puts sales at 18% above the previous period in 2010 and 86% above 2009.  We did see a slowdown in sales over the second quarter of 2011, but that is not abnormal since the Park City Real Estate market tends to be seasonal.

Park City homes for sale represented 46% of the real estate sold and 59% of the total dollar volume.  Prices that homes sold for was also up in some areas with the overall average sales price up 5% over 2010.  Homes are selling at an average of 5% below the list price which is just above what we’ve seen in normal markets.

Areas that saw the most appreciation where – Park Meadows up 10%; Pinebrook up 9%; and Silver Springs up 4%. Real Estate sales in the Old Town area of Park City were down 39%.

We have seen a large uptick in Vacant Land sales.  Especially in developments like Promontory.  Promontory was a focus of a lot of speculative real estate buying during the real estate boom and many of the lots that sold this year where distressed properties with many selling at discounts of 60 to 70% off the highs.

Bank-owned and short sales represented a significant portion (27%) of the overall sales.  But, we are seeing a trend downward in Notices of Default as owners seem to be getting a grip on their mortgages and finances.  Distressed properties are down to about 7% of the total inventory (lower than 2011). 

The bad news is in the condo market.  Over all, the median sale prices for the entire Park City area were down 19% over 2010.  But, if you focus on just real estate within Park City itself, you see condo prices down 39%. That was driven in large part because of sales of new development real estate  (like the St Regis and Montage) which spiked the overall number sales upward in 2010.

Focus on Canyons Real Estate

The Canyons ski resort is located just outside the Park City and is one of the largest ski resorts in the United States.  Canyons Real Estate ranges from lower priced condominiums for sale like the affordable Red Pine which is next to the Canyons Cabriolet to luxurious Waldorf Astoria condominiums  to gated The Colony at White Pine Canyon (which features the largest ski in/out properties in the United States).

A few years ago, the Canyons Ski Resort was purchased by Talisker (an ultra-luxury developer with developments on the mid-mountain area of the Deer Valley ski resort).  They appear to be turning the Canyons into a Deer Valley level ski resort which should increase property values for Canyons Real Estate as Talisker improves the service levels and on-mountain amenities.

Currently there are 79 Canyons condominiums for sale with an average list price of $699K.  20 Canyons condominiums have sold this past quarter at an average price of $326K and an average of 81 days of market.  This tells us that buyers continue to look for value priced units.  But, if Canyons condominiums are price right they do sell quickly.

The majority of the Canyons  homes for sale are in The Colony at White Pine Canyon.  The homes sites in this gated ski in/out community range from 4 acres to 40+ acres.  Finished homes are listed between $4M to $26M.  Lot prices run between $1.5M to $4M+.  Sales have been slow this quarter with 1 home selling for $3.5M but that is not unexpected since buyers will typically look in The Colony during the winter ski season.  At the beginning of 2011, 8 homes sold in the community.  Compared to 2010, Canyons Real Estate sales in the Colony were actually stellar.  Many of us thought that the ultra-high end Park City real estate market would be stagnant.  But, sales of ultra-luxury properties have done well.

The take from all this is the market is coming back from the 2008-2009 debacle. But, it is coming back.  And, as long as the economy remains stable or improves, projects are that we should see a stable and probably an increase in Park City real estate sales market in the coming year.

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