It has been a wild year in Park City with some HUGE announcements.
VAIL IN PARK CITY:
After several months of uncertainty, Vail purchased Park City Mountain Resort. It was a nasty legal battle and uncomfortable for many during negotiations, but once the deal was done, the community has embraced the new owners and their ambitious plans. Because they already own the Canyons down the street a couple of miles, there has been much speculation about what's next. Announcements have been coming. The Epic pass and the promise to connect Park City Mountain Resort to the Canyons has caused the most excitement. The two together will comprise the largest ski resort in the United States, they say. And to boot, they promise to spend $50 million in improvements before next ski season according to a press release from Park City Mountain Resort. A snap shot of these expenditures include an interconnect gondola between Park City and the Canyons, a new Snow Hut restaurant and improvements to the other mountain restaurants, lifts and tons of snowmaking. Click here for more details...
DEER VALLEY EXPANDS AND ACQUIRES:
If that's not enough, Deer Valley's owner purchased Solitude Mountain Resort, a small but expanding ski resort in Big Cottonwood Canyon. It is close as the cro
w flies to Empire Pass but the main access is from Salt Lake City up Big Cottonwood Canyon and just down the road from Brighton Ski Area. There is actually a summer road over the top called Guardsman Pass connecting Park City and Solitude, an easy access between the areas. Deer Valley's expansion plans also include more ski terrain on the Jordanelle side of their Deer Valley resort in Wasatch County. This East facing terrain ties in the State Park along the Jordanelle shoreline, the base area of the gondola and expands to the south creating the potential for more lodging and amenities.
As a result of these two announcements, the Park City buzz on the national and international scene has been significant. These two major ski resorts are definitely making the news. How have these announcements affected the real estate market this season? Let's check it out.
According to Rick Klein, Park City Board member and area mortgage banker, the "Vail effect was evident by the huge jump in pended sales in October."
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Looking closely at the overall statistics for 2014, the trend is healthy and gradual. Though the total number of closed sales in 2014 was less than 2013, the dollar volume was 8.7% higher. This would follow a common trend of less inventory boosts prices.
The median price jump was 5.5% with the biggest jump coming in the 4th quarter (October-December). Probably the Vail effect?
Let's check some details. The data below compares 2013 to 2014.
Old Town, which includes the base of Park City Mountain Resort had the biggest increase:
166 sold 6% inventory increase
Median Price= $390,000 (3% increase)
Empire Pass in Deer Valley Park Meadows
37 sold 68% inventory increase 46 sold 38% inventory decrease
Median Price= $2.8 million (9% decrease) Median Price= $768,750 (40% increase)
Canyons Sun Peak/Bear Hollow
83 sold 11% inventory increase 34 sold 17% inventory increase
Median Price= $387,000 (5% increase) Median Price= $438,500 (6% increase)
58 sold 21% inventory increase 124 sold 19% inventory increase
Median Price= $376,500 (20% increase) Median Price= $408,385 (15% increase)
Single Family Home Sales
This segment of the industry will show some changes due to a lack of inventory.
Lower Deer Valley Old Town
13 Sold 38% inventory decrease 58 Sold 15% inventory decrease
Median Price= $1.8 million (22% increase) Median Price= $1.24 million (36% increase)
Canyons Prospector Square
10 sold 11% inventory increase 18 Sold 38% inventory increase
Median Price= $5.7 million (31% increase) Median Price= $697,500 (20% increase)
Park Meadows Sun Peak/Bear Hollow
56 Sold flat (0% increase) 28 Sold 33% inventory increase
Median Price= $1.3 million (1% decrease) Median Price= $1.02 million (24% increase)
Silver Springs Trailside
44 Sold 24% inventory decrease 42 Sold 14% inventory decrease
Median Price= $769,500 (10% increase) Median Price= $585,000 (13% increase)
In 2014, Park City proper showed 40 sold lots which is down 17% from 2013 and as expected, there was an overall increase in value of 4%. There were some surprises.
Old Town Canyons
13 Sold 18% inventory increase 22 Sold 16% inventory increase
Median Price= $425,000 (65% increase) Median Price= $1,575,000 (21% increase)
Park Meadows Summit Park
8 Sold 20% inventory decrease 19 Sold 12% inventory increase
Median Price= $816,500 (77% increase) Median Price= $80,000 (46% increase)
13 sold 19% inventory decrease
Median Price= $300,000 (34% increase)
This is a lot of statistical data to digest but I think you will find it valuable to see the trends. It is important also to see how individual neighborhoods vary in their production. And even then, this data does not take into consideration location, condition, views and any other factors that might affect value.
Have a look at the charts...their visual show trends. Click on the articles to read what others are saying about us. It's all pretty interesting stuff.
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*Note: Statistics compiled and referenced here have been gathered from the Park City Board of Realtors data base. They do not contain all data that might be relevant such as “for sale by owner” and Wasatch Front Multiple Listing data (WFR) for the greater Park City area. Information herein, while deemed reliable, is not guaranteed.
In a nut shell, this is what I see from 2014 stats:
- Park City is a healthy market with trends that are not extreme.
- Park City is a hot item in the news with our two largest land owners and employers making significant investments in our future.
- But best of all, we are pretty much the same...great snow, a fun place to visit and tons of things to do. Let's keep in touch. I've got a lot of details to share with you about your favorite neighborhoods and activities. Call, email, text or just show up! Remember, the coffee is on me