Park City Blog

3rd Home - Travel Club for Luxury Second Homeowners

By Berkshire Hathaway HomeServices Utah Properties
Mar 16, 2016

We are thrilled to announce our EXCLUSIVE relationship with 3rd Home.

Local Business Love: White Pine Touring

By Berkshire Hathaway HomeServices Utah Properties
Mar 03, 2016

White Pine Touring is a staple provider of Park City reacreationalists. From Backcountry ski set-ups, to fat tire bikes, skate ski gear, helmets, alpine boots, mittens, backpacks, and all things merino wool, this locally-owned gearage has you covered.

Beyond gear, White Pine maintains a beautiful skate and cross-country ski track on the Park City golf course that offers lessons and rentals for first timers. Additional offerings include guided snowshoeing, ski touring, avalanche safety classes, rock climbing, etc... If you're looking to expand your adventure horizons and find news ways to play in the mountains, you should probably stop by...get your skis tuned while you're at it.

WHITE PINE TOURING - 1790 BONANZA DRIVE, PARK CITY, UT 84060     •      PHONE 435.649.8710

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Local Business Love: Julie Nester Gallery

By Berkshire Hathaway HomeServices Utah Properties
Feb 10, 2016

JN Blog6Park City may be a small ski town, but it has a full-fledged cultural scene that includes a diverse family of art galleries. Perched in a warehouse space just off of Main, Julie Nester Gallery houses contemporary art pieces that range from photography to oil paintings.

Expertly curated by the Nesters, longtime art aficionados who have been doing their best to keep Park City’s taste as elevated as its altitude, this gallery remains one our favorite haunts when it comes to padding out our spaces with beauty.

The bright space is ideal for taking a moment and thinking high-and-mighty aesthetic thoughts. From a designer’s standpoint, the gallery offers a wide array of mediums and artists, but all fall under the general umbrella of modern.

We’re pretty outspoken fans of bringing contemporary design trends to our neck of the woods; so, it’s no surprise that we’re quite fond of Tor Archer’s sculptures, Audra Weaser’s mixed medium acrylics, and Nine Francois’ charming animal portraits. Each featured artist truly differs from the next, and this gallery sets the bar in terms of bring cosmopolitan creations to our mountain setting.JN Blog5

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Annual Market Report

By Berkshire Hathaway HomeServices Utah Properties
Feb 09, 2016

 

 

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This comprehensive yearend market report is designed to give an overview of Summit and Wasatch County real estate. We feel that our clients should have access to information that facilitates thoughtful real estate decisions. All statistics are based upon Park City Board of Realtors MLS data for the period of 1/1/15 to 1/1/16.

The Park City market remains highly segmented. Our town, its neighborhoods, and outlying areas differ significantly in terms of price, home type, and features and amenities. For example, while Deer Valley and Prospector share the same zip code, average single family home prices in these two neighborhoods differ dramatically. Data interpretation, judgment, and historical context are key elements to making informed decisions: Contact your local BHHS Utah agent for guidance on navigating our market place.

Here are some general trends:

-The market suggests that we are recovered from the recession. We are now seeing home prices and sales numbers that are on par with those before the recession. Our market looks healthy and show signs of steady growth.

-The number of sales of single family homes in our City Limits and Snyderville Basin only saw a very gradual increase from 2014, and several areas actually saw a decrease in properties sold. However, the average sales price is up over 2014. There was a slight leveling off of the number of sales in Park City, due to lower inventory.

-Prices in Park City Proper's long standing residential neighborhoods like Park Meadows have shown signs of tapering somewhat. The price of single family homes in Silver Springs, Redstone, Old Ranch Road, and Pinebrook areas steadily increased last year. The numbers suggest that the difference between properties in town and just out of town has narrowed in terms of price and desirability.

-Several luxury lifestyle developments have seen unprecedented success over the last year. Both the Colony and Promontory reported an almost 30% increase in the number of home sales in 2015 compared to 2014. Consumers seem attracted to projects with engaging amenities and lifestyle offerings.

-There have also been large increases in sales numbers of condominiums in Lower Deer Valley, Kimball Junction, and Jordanelle neighborhoods. Both Kimball Junction and Jordanelle reported the highest number of sales per neighborhood; 135 condominiums were sold in 2015 in those areas. Similarly, Lower Deer Valley saw a 25% increase in the number of condo sales year over year.

-Heber Valley's housing market remains strong. There were over 240 sales in Heber Valley last year representing an overall increase of 12%. While buyer interest has remained strong, prices saw little change from 2014, with the average single family home price increasing by only 1%.

Q4 Park City Real Estate Report

By Berkshire Hathaway HomeServices Utah Properties
Jan 25, 2016

Welcome to our Q4 Market Report.

This report gives a statistical overview of Park City's real estate broken down by neighborhood. We give our clients the information needed to make smart choices with regards to Utah's real estate.

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The Final Walk Through

By Berkshire Hathaway HomeServices Utah Properties
Dec 01, 2015

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You found the perfect house, made an offer, negotiated the price, had an inspection and ensured your mortgage. The only thing left is your final walk-through.

Walk-throughs are normally scheduled the day of, or day before the settlement, as the seller should be completely moved out. The object is to ensure that the house stands in the same condition as when you agreed to buy it.

This is not the time to nitpick about nail holes or carpet imperfections. Unless you’ve negotiated allowances for such issues, you’ll have to address them later after you’ve settled.

What could impact the transaction is property or fixtures that the seller agreed to leave behind are missing (e.g., a washing machine, pool table, garage cabinets, etc.) or if the seller leaves things that were supposed to be removed (e.g., paint cans, furniture, etc.).

With your agent at your side, be sure that obligatory repairs flagged during the home inspection are completed to code and satisfaction. If the seller agreed to replace an aging water heater but didn’t do it, this must be accounted for during settlement.

You may be eager to leave the house and get to the settlement, but don’t rush through the walk-through. Run the appliances through a full cycle to make sure they work. Turn on all faucets and showers as well.

Some contracts will specify that the buyer complete a walk-through a week or two prior to settlement followed by a quick meeting prior to settlement to check off any items previously noted. Again, any items or tasks that aren’t complete must be justified at the time of settlement.

Though issues may arise, the majority of walk-throughs go without a hitch as both parties are eager to complete the deal and willing to negotiate any final hurdles.

How to Enjoy Halloween in Park City

By Berkshire Hathaway HomeServices Utah Properties
Oct 21, 2015

We’re 100% biased, but we’re of the opinion that Park City is pretty much the best place ever to spend October. Between the smell of leaves of the trails and winter on the wind, we’re all “give me a pumpkin spice latte and let me get my fall on.”

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From wagon rides and corn mazes and trick-or-treat on Main St., Park City’s got quite the line-up of spook-themed jaunts, parties, and activities.

Our most beloved Egyptian, always at the forefront of any cultural opportunity, will play host to be the original vampire tale of the legendary nosferatu, Dracula. And, because they’re never one to skimp on theatre offerings, they’re also showing THRILLER the ghoulish, super natural, humor spectacle.

Beyond the staged, Heber’s Pumpkin Train offers a costumed ride with pumpkin eats and a haunted car. Kiddos go home with a pumpkin from the pumpkin patch—everybody wins!

Park City is never a town to back down from an opportunity to host a parade, and Halloween presents a pretty good opportunity. The Howl-o-Ween parade features costumed canines and humans celebrating the good style of Bark City. Trick-or-treating for the little gromlins begins at 3 pm and is highly encouraged by local businesses and admirers of cute things. According to Travel and Leisure, Park City is so outstanding at celebrating Halloween that we’re in the top ten in the nation at it. Aroooo.

Park City, we love you.

Park City Compared | Western Resorts

By Berkshire Hathaway HomeServices Utah Properties
Sep 01, 2015

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Every quarter the Western Mountain Resort Alliance compares several of the leading western resort town real estate markets. Based on these numbers, the resort market in general looks very strong. Across the board, statistical evidence suggests that resort markets are healthy with measured, steady growth.

One of the more surprising figures to arise in the Second Quarter report was the extent to which Park City leads other comparative markets in terms of sold volume. Total volume sold this quarter in Park City amounted to $461 million. For comparison, Tahoe reported the next highest sold volume with $386 million, and Teton (Jackson) reported $190 million. Our market remains segmented, but there's no doubt that inventory is moving.

On the other hand, our single family median and average sales prices are right in the middle of numbers reported by other towns. Our median single family home sales price of $775,000 sits below that of Whistler ($1.4 million), Teton ($1.2 million), and Big Sky ($873,000) but above that of Steamboat ($478,000), Tahoe ($548,000), and Sun Valley ($449,000).  This suggests that our pricing is stable and reasonable when compared to other resort marketplaces.

Announcing | The Enclave at Sun Canyon

By Berkshire Hathaway HomeServices Utah Properties
Sep 01, 2015

Art in Architecture | Contemporary, Built for Living, Surrounded by Nature. 

 

We are thrilled to announce our partnership with Enclave at Sun Canyon. We specialize in developments; and, under the guidance of the Enclave agent team, we will continue to position the Enclave at Sun Canyon as one of Park City's most forward-thinking developments in terms of design, quality of life, and community.

 

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Enclave at Sun Canyon is a community of 33 luxury townhomes and four custom homes, designed to blend with their natural surroundings. Located in the heart of Park City, Enclave is just minutes from three world-class ski resorts, Utah Olympic Park, Redstone Village and Historic Main Street with premier dining, shopping, theater and festivals. The Salt Lake International and private Heber Airports are within 35 minutes of home.

Constructed of stacked stone, floor-to-ceiling glass and a combination of grass and metal roofs, these residences have been designed to capture their mountain surroundings and offer residents a contemporary living space esconced in nature. Both the one acre homesites and the 33 town homes have been carefully situated to take advantage of views, sun exposure and access. Careful architectural guidelines ensure utmost quality and respect for surrounding nature and allow for custom homes ranging in size from 5,000 to 6,000 square feet (the town homes range from 3,500 square feet to 6,500 sq ft).

Life at Enclave includes majestic alpine scenery with more than 60 acres of open space and private trails and an additional 1,000 acres of adjacent Mid-Mountain Trails for hiking, biking, snow shoeing and cross-country skiing.

Click for site plans, FAQs, and details on the residences.

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Down to the Details

From natural grass roofs, to stone counter tops, to heated floors (the heated floor are only in the bathrooms, the rest of forced air), and contemporary interiors, the residences meet the highest standards of modern aesthetics and amenities, offering owners an unparalleled living experience.

Outstanding features include:

  • Stone and cedar siding with reclaimed heavy timber accents
  • Combination corrugated metal, rock and natural grass roofs
  • Open metal railings and staircases
  • Heated driveways
  • Heated flooring in bathrooms
  • Stone slab countertops
  • Euro-style frameless shower doors
  • Dual vanities
  • Adjacent walk-in closet with washer/dryer
  • High-efficiency, forced-air heating and air conditioning
  • Unique gas fireplaces in great rooms and masters
  • Wood and natural stone flooring
  • Floor-to-ceiling glass windows and doors
  • Metal-clad wood frames
  • Built-in Thermador kitchen appliances
  • Granite and quartzite countertop options
  • Kohler faucets, toilets and shower heads
  • Hydrotherapy tub option
Click for a complete list of features.

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For secluded mountain modern living, Enclave offers residents seamless natural living with all of the features, down to the truly detailed, that make life in Park City a dream.

Second Quarter Market Update

By Berkshire Hathaway HomeServices Utah Properties
Aug 03, 2015

Current Park City Market Overview

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Second Quarter stats are out. As ever, Park City's multi-faceted resort market remains complex. After carefully reviewing the numbers and interpreting them, here are our thoughts.

-Our market is stable. While we are seeing gradually increasing prices and growth, it is measured and steady. There are no alarming trends with regards to sales price or inventory.

-Buyers have options. While listing inventory feels constrained in the under $1 million market, new builds and good turnover in several of our neighborhoods mean that buyers still have a lot of options. In fact, taken as a whole our inventory is the highest it's been since 2007.

-Two trends, one market. Homes valued under $1 million seem to be experiencing price increase; whereas, homes valued above $1 million seem to be readjusting. For example, the average sales price of single family homes in Park Meadows actually decreased this quarter and has been trending down this year.

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Current Pricing

IN TOWN (YTD)

Old Town Single Family Homes

Average Sale Price: $1.5 million

Median Sale Price: $1.2 million

Sales (Year to Date): 26

Upper Deer Valley Single Family Homes

Average Sales Price: $3.4 million

Median Sales Price: $2.8 million

Sales (Year to Date): 7

Prospector

Average Sales Price: $885,000

Median Sales Price: $835,000

Sales (Year to Date): 3

Park Meadows Single Family Homes

Average Sales Price: $1.6 million

Median Sales Price: $1.4 million

Sales (Year to Date): 31 (up from 24 when compared to same time last year)

Total Park City Limits Single Family Homes

Average Sales Price: $1.9 million

Median Sales Price: $1.5 million

Total Sales (Year to Date): 82 (up from 75 in 2014)

Notes on in town pricing: When compared to last year, the average price of a Park Meadows Single Family Home DECREASED by 9% when compared to last year. In Thaynes Canyon, the average sales price similarly decreased by 15% when compared to last year. Contrarily, the average sales price of single family home in Prospector increased by 9%. Again, we seem to be seeing a readjustment of pricing above $1 million in traditionally local residential areas.

BASIN 

Sun Peak/Bear Hollow Single Family Homes

Average Sales Price: $1.3 million

Median Sales Price: $852,000

Total Sales (Year to Date): 30 (up from 25 at the same time last year)

Silver Springs Area

Average Sales Price: $988,000

Median Sales Price: $978,000

Total Sales (Year to Date): 16 (down from 19 last year)

Pinebrook

Average Sales Price: $833,000

Median Sales Price: $797,000

Total Sales (Year to Date): 22

Jeremy Ranch

Average Sales Price: $956,000

Median Sales Price: $881,750

Total Sales (Year to Date): 20 (0% change from last year)

GOLF COMMUNITIES

Glenwild/Silver Creek

Average Sales Price: $1.4 million

Median Sales Price: $1.2 million

Total Sales (Year to Date): 21

Promontory

Average Sales Price: $1.7 million

Median Sales Price: $1.6 million

Total Sales (Year to Date): 27 (up from 15 last year)

One Park City - Vail Update

By Berkshire Hathaway HomeServices Utah Properties
Jul 30, 2015

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In true Park City fashion, the entire town seemed in attendance at Legacy Lodge for Vail Resort's announcement of One Park City, its new brand and resort launch. After the intro video, Vail's Chief Operating Officer and Chief Marketing Officer spoke about the new brand and Vail's progress-to-date on its $50 Million improvement plan.

The biggest takeaway: the largest resort in America is now operating right here in Park City. After $50 million in capital improvements, which will be completed in time for opening this winter, mountain visitors will have access to 7,300 acres of ski terrain, 17 peaks, and a resort that extends 6.5 miles in length.

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The new Quicksilver gondola is proceeding on schedule and will be operational for the 2015-2016 season. Vail Resorts settled on the name "Quicksilver" because it denotes Park City's mining history and the speed of the 8-person, state of the art conveyance, which transports riders from the base of Silverlode to the Flatiron Lift via Pinecone Ridge in just 8 minutes.

Miner's Camp Rest

The restaurant formerly known as Snow Hut, has been re-named Miners Camp and will seat 500. Additional improvements and expansions will be made to Red Pine Lodge (capacity will be expanded by 250 seats), Summit House, and Legacy Lodge. Snow making has been added to Iron Mountain and near the gondola.

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The new resort will operate under the sole name, Park City. The logo was re-purposed from Canyons Resort and has the tagline, "There is only one. Park City."

 

 

Community Spotlight: Park City's New Library

By Berkshire Hathaway HomeServices Utah Properties
Jul 21, 2015

We love our library.

Park City Library recently re-opened its doors after a prodigious renovation that included massive changes to both the interior and exterior. The result: one of the finest community gathering spots we've ever seen.

The new design seamlessly integrates the beloved brick facade of the historic High School with modern elements such as board form concrete, glass-walled conference rooms, Apple computers, installation art, etc... The airy light and colorful decorative elements bring life to a public space once associated with persnickity librarians saying, "shush."

In addition to housing a wealth of page-turners, the entrance is home to Park City Coffee Roasters and the neighboring dog park remains a favorite Bark City haunt. There are numerous big screen Macs, video editing stations, startup meeting areas, and kids features. In short, our library is a world class facility that does credit to our community.

If you haven't already, go pay the place a visit!

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Kids area includes a new reading nook and climbing area. Kids area includes a new reading nook and climbing area.

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Park City Coffee Roasters entry. Park City Coffee Roasters entry.

You had us at the concrete entrance. You had us at the concrete entrance.

Echo Spur - Modern, Sustainable Living in Old Town

By Berkshire Hathaway HomeServices Utah Properties
Jul 20, 2015

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In our latest tour of Echo Spur, Old Town’s seven home, mountain modern development on Rossie Hill, we were blown away by the comprehensive and seamless integration of sustainable features into some of the finest contemporary architecture we have ever seen.

Home building technology has changed rapidly over the past decade: “Sustainable” and “Green” have become the mantras of modern homes, but the systematic integration of these features sets these homes apart. The developer’s research into sustainable technologies focused on energy efficiency features that improve quality of life and - here’s what’s new – result in significant cost savings in operating the home.

The savvy homebuyer understands that the cost of purchasing a home is separate from the cost of owning a home (mortgage, utilities, maintenance, etc.).  Echo Spur’s sustainability strategy is optimized to reduce the cost of ownership by driving down the utility bills. That said, Echo Spur is designed from the ground up with the very best of proven green features from around the world. These single family homes boast cisterns, green roofs, super insulation, tank-less toilets, etc...  Homebuyers will pay 80% less than the average Park City homeowner on utility bills, while benefiting from the significant health benefits of green features.

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Echo Spur’s team (GoWest Development, Lacroix Design, and Heliocentric) have given thought to every detail and woven-in tech capabilities that are simple to use but provide a significant improvement in quality of life. For example, the heating and cooling system is paired to a weather app and automatically begins a warming cycle in response to an approaching storm. You don’t do anything—you just enjoy the perfect temperature.

Beyond the green and smart home amenities, we can’t say enough in favor of the design of these single family homes. Open floor plans with walls of glass, folding glass doors that open onto spacious decks, functional kitchens, expansive gathering spaces, smartly planned closet spaces: these homes are just done right. And, the views are killer.

Buyers get the highest building quality attainable, the satisfaction that “going Green” means saving money as well as carbon energy, and the innumerable financial benefits  that come with owning a sustainable home. Beyond their unique features, these homes offer luxurious contemporary construction in the heart of Park City’s Old Town, walking access to Main St., and some of the best views in the town.

Reach-out for more information on one of Park City’s most forward-thinking modern developments.

Deer Valley Market Update

By Berkshire Hathaway HomeServices Utah Properties
Jul 13, 2015

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Here are the latest stats on Deer Valley Real Estate. Condos are moving, and the area remains a hub of buyer interest. Be sure to supplement your real estate search and enjoy the resort's mountain biking, hiking, and outdoor concerts.

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Stein Eriksen Residences continue to garner tremendous interest and praise. These contemporary pads offer both single family and condominium options and come with a suite of luxury amenities that are a credit to the famed Stein Eriksen brand. In general, interest has not waned in the slightest for homes in the coveted Upper Deer Valley neighborhood. As Park City continues on its path of evolution, the reliable quality of Deer Valley Resort and its real estate still resonates strongly with buyers.

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One of the broader trends we are seeing in Park City is an unprecedented number of condominium sales. If you look at both condo sales in Upper and Lower Deer Valley you get a sense for the popularity of this product type. Many buyers are attracted by the all-inclusive amenities, intimate gathering spaces, and general convenience of condos. Also, condos are strong potential sources of rental income.

LOWER DEER VALLEY SINGLE FAMILYLower DV

 

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Like we said, condos are moving in DV! With 71 sales in the last year, we feel confident saying this a popular product type within Park City's market. We have witnessed a new buyer type emerge in the last few years. Today's buyer is sophisticated, decisive, tech savvy, and financially empowered. Many Deer Valley condo buyers fall into this category of firm clients.

EMPIRE PASS CONDOS 

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Summer Market Snapshot

By Berkshire Hathaway HomeServices Utah Properties
Jul 07, 2015

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We're midway through the summer and the market is just heating up. From mountain biking and water sports, we hope you're enjoying all our mountain town has to offer. Over the last few years, our summer market, which picks-up up in July, has seen a robust increase in activity. More and more folks seem to fall into the category of "came for the winters, stayed for the summers." 

Overall, our market is busy. Inventory is moving quickly but your Realtor can help you find options and make a strategic moves within Park City's complicated market. Here's information you can trust as you begin to look at our summer market. 

Market snapshot. 

  • Current Days on Market for Single Family in Park City Proper: 59
  • Current Days on Market for Single Family in Snyderville Basin: 17
  • Average Single Family Sale Price in Park City Proper: 1.86 million
  • Median Single Family Sale Price in Park City Proper: 1.6 million
  • Average Single Family Sale Price in Snyderville Basin: 1.49 million
  • Median Single Family Sale Price in Snyderville Basin: $963,000
  • Average Condominium Sale Price in Park City Proper: 1.2 million
  • Median Condominium Sale Price in Park City Proper: $680,000
  • Average Condominium Sale Price in Snyderville Basin: $534,000
  • Median Condominium Sale Price in Snyderville Basin: $393,000
  • Average Vacant Land Sale Price in Park City Proper: 1.17 million
 

 
 
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