Park City & Deer Valley

 

 

Second Quarter Report Shows Major Improvement Over 2009

 

About one quarter of all real estate transactions in Park City involve distressed properties.

That's not bad, said Deanna Devey of the Utah Association of Realtors. It's average for the state if not slightly better.

Foreclosure activity is definitely improving, said Park City Board of Realtors president Mark Seltenrich.

"They appear to be trending down, but remain historically high," according to the second quarter report summary from the board released July 22.

Devey said short sales account for 13 percent of all sales in Salt Lake, Utah, Davis, Weber and Tooele counties. They are only 10 percent of sales in Summit and Wasatch counties.

"Comparatively, Summit County isn't doing too bad," she said via email.

Statistics that sound negative but are actually good news was a theme for the mid-year report from the board of Realtors.

For example, sales prices are way down all over Summit and Wasatch counties. That has increased both sales volume and dollar sales volume by more than 60 percent compared to the second quarter of 2009.

The title of the report summary was "Park City real estate sales continue to thaw."

With $543 million in real estate sold, board president Mark Seltenrich said this year compares almost exactly with 2008 as the market was coming off the peak and beginning its slow decline. But perhaps a better comparison might be 2003 or 2004, he said.

Since 2005 was when the boom began, an argument could be made that the 2010 mid-year numbers show the area returning to "normal," he said.

So far this year, 669 units have been sold. That's up from 415 for the same time last year and roughly compares to 2008.

The fact that lower prices are spurring activity in the Park

City area is great news, he said, because homes won't move in a depressed market regardless of price and that's happening in other parts of the country.

With fewer speculation buyers shopping, the Park City area is continuing its decade-long trend of becoming more of a year-round community. People are recognizing the convenience of traveling in and out and are choosing to make it their permanent residence, he said. That brings stability to the market.

"It's really unique that people live here who aren't related to the resort industry. That means if the resorts do poorly, the housing market can still be strong," he explained.

Seltenrich said part of the level of controversy over the Sweeney family's Treasure Hill development is evidence of that. When people make a mountain town their permanent home, they tend to be more involved in development decisions their city or county make.

Lower prices resulted in a 36 percent increase in sales of single-family homes during the first half of the year. Homes priced under $1 million are selling the fastest. Inventory levels are down about 450 units from the same time last year. That's still too many for the homebuilding industry, but it is progress, he said.

The median sale price for a home in Park City proper is now $1,125,000 down 37 percent. That's average for 64 homes sold almost twice as many as the same time in 2009.

The median sale price in the Basin is $650,000, which is down 7 percent for 105 units sold. Last year 66 were sold by mid-year.

Heber Valley home prices are down 12 percent to an average sale price of $289,500. Kamas is down 30 percent to $272,200. Seltenrich said the housing markets to the east and south of Park City and the Basin rely on the health of the latter to succeed. The farther away from Park City a community is, the more susceptible to market fluctuations it tends to be, he said.

Condominium sales saw the most improvement, Seltenrich said.

He thinks it is because prices came down on high-end units in Empire Pass. Also, St. Regis Deer Crest this year was successful at closing many of the deals made during the boom something not every development has been able to do.

Because more expensive units sold, the median sale price is up 29 percent from the same period in 2009. Sales volume is up 93 percent.

Even at $1.5 million, many condos were sold at 30 percent below original asking price and that was considered a bargain by those kinds of buyers, he said. Increasing sales also had the effect of bolstering confidence in the market.

Condos in the Snyderville Basin did not fare as well. The median sale price for the first two quarters is $325,000 down 14 percent.

Most of those sales were made outside The Canyons, he said. The developments near the ski resort saw buyers who put deposits down during the boom years but were reliant on bank financing that didn't come after the recession started.

The area has also seen the worst cases of foreclosure because people bought overvalued property and went "underwater" on the mortgages quickly, he said.

This kind of unwise buying was widespread because Park City real estate was so hot that people bought property simply because they could.

"At the very height of the market, the value of a property was that it was for sale people wanted to get in at all costs," he said.

The rebranding of the Dakota Mountain Lodge to Waldorf Astoria Park City was a wise move, Seltenrich added.

"If it was a Waldorf from day one it might have seen a different mix of buyers," he said.

Sellers of vacant lots are also lowering prices and saw a 13-percent increase in total sales. Lots still only make up 10 percent of all real estate sold during the first six months of the year, but that's a major improvement, Seltenrich said.

 

 

For More Information on Park City and Deer Valley Homes Contact:
Michael Lapay
Prudential Utah Real Estate
Mobile: 435-640-5700
Toll Free: 888-410-7653

mlapay@pureparkcityrealestate.com

 

 

by Andrew Kirk OF THE RECORD STAFF : The Park Record

http://www.pureparkcityrealestate.com/00AE72

 

 

Park City Sealed Bid Auction

Park City Luxury Estates Published Reserve Sale

August 27th, 2010

• Want to Preview the Properties Prior to the August 27th, 2010 Auction???  Well, here's Your Chance!

Prior to the Park City Sealed Bid Auction, there will be two days that you can preview the properties being auctioned.  Since we understand the Park City market and area, feel free to contact us we'd be happy to accompany you to the Open House Tour Events.

 

Broker Open House Tour (Clients Welcome!)

Thursday, July 29th, 2010 & August 5th, 2010 from 12:00pm to 6:00pm

Refreshments will be Provided at Each Preview

 

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Below is a list of the Park City properties that are taking part in the Auction on August 27th, 2010:

 

Deer Crest

Previous Asking Price : $28,975,000

Published Reserve Price : $15,875,000

 

Never Before Never Since : Nestled at the apex of the exclusive gated Deer Crest community, this maginificent estate defines the luxuries of casual slope-side living. Deer Field Estate is the world's premier ski-in/out showcase home with 360º mountain top views overlooking Park City and the Jordanelle Reservoir. This level of luxury and privacy is sought after by the wealthiest billionaires and successful celebrities. The private Gondola transports you from your cozy ski perp room to Deer Valley Resort's Navigator ski run. 15,000 square feet of spacious living has never been more comfortable. Enjoy the luxuries hidden with the estate, seven bedrooms with en-suite bathrooms, home office, ski prep room, study, family room with two fireplaces. Outdoor ambience is enhanced wtih a waterfall, pond, outdoor hot tub with surround sound and wave jet pool, fire pit, heated driveways, walkways, terraces, decks and auto court.  *square footage is approximate.

 

 

Deer Crest

Previous Asking Price : $8,495,000

Published Reserve Price : $6,985,000

 

Design Matters : Live the life of luxury with this Deer Crest estate home that encompasses 9,657 square feet of distinctive living areas on 0.66 acres. Deer Crest is ideally situated on the Jordanelle view side of Deer Valley Resort. The gracious floorplan boasts six bedrooms and seven luxurious baths, custom finished to perfection. Attention to detail and elegance with designer fixtures and exquisite flooring pays tribute to the artisans. Breathtaking panoramic views and superior craftsmanship compliment this estate.  *square footage is approximate.

 

 

 

 

The Colony

Previous Asking Price : $6,950,000

Published Reserve Price : $4,700,000

 

Sanctuary : Nestled within the aspen trees and the gated community of The Colony, along the ski slopes of The Canyons Resort is this magnificent estate home. The large 6.24 acre lot provides ideal location for this mountain dream home with over 7,000 square feet of living space. The thoughtful open floor plan creates a comfortable and convenient living environment with luxurious finishes throughout the home. Graceful and well balanced interiors fuse natural elements with contemporary design. Building materials provide rich and rustic ambience. The beautiful mountain setting with panoramic views are enhanced with an architectural style that is built to withstand generations.  *square footage is approximate.

 

 

 

Promontory

Previous Asking Price : $4,900,000

Published Reserve Price : $3,380,000

 

Open for Play : Located in Promontory, the beautiful gated golf course community, this new timber home of 8,224 square feet offers unique functional design on nearly 2.5 acres for estate privacy. Western red cedar logs are used throughout. Warm rustic cherry cabinetry is a key component. Hammered copper finishes and rainforest marble countertops enhance the bar area. Wine closet with custom mahogany racks. Separate upper level apartment for guests complete with kitchen, sleeping quarters and bath. Well balanced design that contours the landscape provide perfection in this estate home.  *square footage is approximate.

 

 

 

Old Town

Previous Asking Price : $5,190,000

Published Reserve Price : $3,495,000

 

Striking the Rght Balance : This newly built luxury residence of 4,400 square feet is located in the heart of Park Citys historic district. This spacious four bedroom, six bath home combines the finest finishes available with a metropolitan meets mountain contemporary décor. The home offers thoughtful attention to detail including a private elevator to service the living spaces and oversized three car garage. The convenience of Park Citys Main Street and the Town Lift access are just feet from the front door. *square footage is approximate.

 

 

 

 

Tuhaye

Previous Asking Price : $4,500,000

Published Reserve Price : $3,490,000

 

Natural Flow : Tuhaye offers a majestic setting and incredible views of the Jordanelle reservoir, Deer Valley® Resort, Mt. Timpanogos and OMeara  golf course. Nestled on 1.88 acres of a hillside, surrounded by scrub oak and open space, this contemporary mountain home is the perfect gathering place for family and friends. Designed with approximately 7,000 square feet, this home includes six bedroom suites, eight bathrooms, additional office/bedroom, plus a tiered media room, wet bar and kitchen with wine room. Unique architecture with signature barrel vault of weathered steel enhance the drama of this estate homes design.  *square footage is approximate.

 

 

 

The Knolls

Previous Asking Price : $4,850,000

Published Reserve Price : $3,400,000

 

Uniquely Timeless : Park City Knoll Estates, an exclusive gated community is home to this residence offering the best of mountain contemporary and log design nestled in pine and aspen trees. A short walk to Silver Lake Village, offering vista views to Empire Pass from almost every room, Upper Deer Valley afford homeowners the ideal location for skiing, shopping and dining. Full mature landscaping and details of stone, wood and logs accent its architectural beauty of 7,218 square feet and attached two car garage. Create lasting memories for family and friends in this well appointed mountain residence.  *square footage is approximate.

 

 

 

Stag Lodge

Previous Asking Price : $3,790,000

Published Reserve Price : $2,900,000

 

Mountain Magic : Stag Lodge, the ideal mountain location for the Deer Valley Resort condominium connoisseur that prefers ski in-out ease. Fully furnished and well appointed four bedroom suites with additional family bunk quarters. Five baths with granite and travertine finishes, four fireplaces, vaulted ceilings and luxurious features comprise the 3,397 square feet living area.  The expansive great room with massive wood burning fireplace sets the ambience for a peaceful mountain retreat. Gourmet kitchen includes Wolf range, Sub Zero, Asko dishwasher and copper farmhouse sink. Two hot tubs are located on separate decks capturing both ski area and Park City views. The residence offers the conveniences of Stag Lodge amenities, including Clubhouse, Shuttle Service, Fitness Room, Hot Tub, Steam Room, Outdoor Pool and full service concierge.  *square footage is approximate.

 

 

Lookout

Previous Asking Price : $5,595,000

Published Reserve Price : $2,550,000

 

Crafted to Lookout : Upper Deer Valleys new home of Lookout offers spacious mountain living. Located within minutes of Silver Lake Plaza, the residence provides expansive views of both Deer Valley Resort and Park City Resort. This upper Deer Valley Resort home accesses  mid-mountains Silver Lake Plaza and lifts via a private homeowners shuttle service. Personal concierge is also available to enhance this lifestyle. The home has been meticulously designed to blend with nature. Massive timbers, native stone and weathered copper combine to create a rustic mountain style home with 5,866 square feet of interior living space.  *square footage is approximate.

 

 

Old Town

Previous Asking Price : $2,195,000

Published Reserve Price : $1,695,000

 

Steps From It All : Walk to renown Park Citys Main Street and Park City Mountain Resort lift. This exceptional mountainside home is conveniently located in Park Citys historic "old town" district and has spectacular views over the Park City valley and toward Deer Valley. Enjoy luxury living in this 3100 square foot residence with vaulted ceilings, beautiful furnishings and many extras. This 3 bedroom 2.5 bath home is equipped with a gourmet kitchen, dining table for ten, home theatre, heated bathroom floors, satellite TV, and high speed wireless internet. Other amenities include two fireplaces, private outdoor hot tub overlooking Park City, steam shower, washer/dryer and a superb location just a few blocks from Main Street.  *square footage is approximate.

 

 

Midway

Previous Asking Price : $3,200,000

Published Reserve Price : $1,495,000

 

Manor Made : Located just beyond Park City is breathtaking Midway, minutes from renown Sundance Resort and Deer Valley Resort. The Tudor styled mansion offers 360 degree views of Heber Valley, mountains, lakes, hot springs and golf course with rare ridge line views and trail access. The estate offers more than 7,500 square feet of living space. Superior finishes enhance this old world inspired estate home. Soaring 23 foot vaulted ceilings, three large bedroom suites and two fully equipped Gourmet kitchens. Exteriors boast approximately 1400 square feet of balcony with bronzed railings overlooking multi-tiered landscaped waterfall. Beautiful in design and convenient access to Park City and Heber Valley make this an exceptional estate home.  *square footage is approximate.

 

 

Don't hesitate to contact us with any questions!

 

For More Information on Park City and Deer Valley Homes Contact:
Michael Lapay
Prudential Utah Real Estate
Mobile: 435-640-5700
Toll Free: 888-410-7653

mlapay@pureparkcityrealestate.com

 

 

*This information is subject to change without notice. Buyer is responsible to verify the accuracy of all information to the Buyers own satisfaction.

http://www.pureparkcityrealestate.com/00AE53

 

 

Point 5: Looking Forward

 

As reported after the first quarter of 2010, continued buyer activity appears likely as prices will continue to remain low for the foreseeable future. Interest rates are the lowest they have been in 50 years, so area property is more affordable than it has been for a number of years. Foreclosure activity will continue, although probably at lower rates than what we have recently seen. For the near term, inventory levels will remain stable and buyers will continue to have many choices.

For sellers, pricing is still the most importantaspectof getting their property sold. Correctly priced properties have a good chance of selling, while properties that are priced just a little high for the market will sit. In fact, properties that are very well priced may recieve multiple offers.

Projections at the end of the first quarter put total sales dollar volume over $1 billion by the end of the year and the number of sales should top 1300. Through the end of the first half of the year these projections still appear to be accurate. Both of these numbers would be about a 15+ percent improvement over 2009, and should be in line with 2008 figures. In addition, there wa s projection that prices could rise in the low single digit range, and that prediction also still looks accurate.

 

 

For More Information on Park City and Deer Valley Homes Contact:
Michael Lapay
Prudential Utah Real Estate
Mobile: 435-640-5700
Toll Free: 888-410-7653

mlapay@pureparkcityrealestate.com



*This information is subject to change without notice. Buyer is responsible to verify the accuracy of all information to the Buyers own satisfaction.

http://www.pureparkcityrealestate.com/00AE3F

 

 

Point 4: Where We Stand Now

 

The Park City Board of Realtors reported a strong second half of 2009 compared to the first half of that year and the end of 2008. The first half of 2010 continues that trend with an increased closed sales dollar volume and continued steady numbers of sales.

One of the reasons for continued activity in our market is prices. Prices today are on average about 20-30% lower than they were at their peak, which was in late 2007 and early 2008. As previously reported, it should be noted that prices on individual properties or in specific neighborhoods may not be off by as much as the numbers above, while at the same time prices for some properties and for some areas are now much lower than the 30% decline mentioned above. Part of this decrease in pricing is due to distressed properties, such as foreclosures and short sales.

Foreclosures continue to be a significant part of our market, and although in Summit County the number of Notices of Default (NODs) may have peaked in the third quarter of 2009, and the number of Trustee's Sales may have peaked in the fourth quarter of 2009, the numbers of both remain historically high through the first and second quarters of 2010.

In a review of sales in the second quarter of 2010, approximatly 25 percent of all properties sold were either foreclosures of short sales. Conversely, the other 75 percent were market sales.

In Wasatch County, the number of Notices of Default peaked in the first quarter of 2009, but stayed fairly high throughout that year. However, it appears that those numbers have headed down in the first half of 2010 and are now closer to the levels we saw in 2008.

 

 

For More Information on Park City and Deer Valley Homes Contact:
Michael Lapay
Prudential Utah Real Estate
Mobile: 435-640-5700
Toll Free: 888-410-7653

mlapay@pureparkcityrealestate.com

 

*This information is subject to change without notice. Buyer is responsible to verify the accuracy of all information to the Buyers own satisfaction.

 

http://www.pureparkcityrealestate.com/00AE3E

 

 

Point 3: Points of Interest for Our Market

We have had four straight quarters of improved sales.

 

Time Period	Number of Sales	Total Sales Volume	Median Price
3rd Quarter 2009	337	$251,660,296	$415,000
4th Quarter 2009	360	$289,714,222	$422,500
1st Quarter 2010	327	$300,664,922	$437,000
2nd Quarter 2010	343	$242,358,332	$440,000

 

If we add up the total sales volume for the last four quarters, since July 1st, 2009, over $1 billion in real estate has changed hands in the Park City area. Although, this number is still down compared to 2005 thru 2007, that is very close to the total for 2008, and well above all of the years prior to 2005.

Median sales price for the first half of 2010 for all property types except for vacant land are similar to and have actually risen slightly from what they were for the first half of 2009. The one exception is that land prices were sharply off from where they were a year ago, down nearly 50% compared to the first six months of 2009.

However, when we take a longer view and compare median prices over the last year against prices in the previous year, we are generally seeing slight declines other than vacant land, which is off 20% comparing year over year. But, when looking at the same year over year view, the number of sales and the dollar volume of sales are up significantly. Number of sales has increased from 26 to 50 percent, and dollar volumes from 19 to 108 percent.

Inventory levels are up from where they were in the first quarter of 2010, but are still below the levels at the same time last year. In 2009 there were about 3500 properties on the market, and as of the end of the first half of 2010 there were about 3050 properties on the market (this excludes commercial properties). At the end of the first quarter 2010 inventory levels were closer to about 2800 units.

A point of interest is the reemergence of vacant lot sales, and the prices those lots are selling at. Compared to the first half of 2009, lot sales have increased by 140% but median prices have dropped by almost 50%. Buyers are recognizing the values that are being presented, and are taking advantage of those values. But even with increased land sales, it still is only making up 10 percent of the dollar volume, and about 13 percent of the total sales.

Although median prices are similar to what they were a year ago, there are a few select areas where prices are quite different than they were a year ago. Most notably this would be home prices inside the city limits, where prices are off about 47% compared to the first half of 2009, and condo prices which are up about 58% compared to the first half of 2009. In both cases, this is more a case of what is selling than a case of a significant change in price.

For homes, owners of less expensive homes finally became realistic as to the value of their property, and thus many more homes priced under $1 million have sold this year than last. This is good news for those that want to live and own inside the city but could not afford the higher prices of the last few years. It is also good news for those sellers in that even though prices have come down, they are still much higher than they were prior to 2005. For example, the median price of a home in Park Meadows for the first half of 2010 was $925,000. The median price for the same area and time of year in 2004 was $668,000.

For condos, it appeared the opposite happened in the first half of 2010. The median price for that time period was much higher than for the same time period in 2009. However, this is because there were many more sales of condos priced over $1 million in the first half of the year. The reason that these higher priced condos sold is because these prices represented a discount of 30-40% below what their list price was just a year ago.

If we take a longer view, which is much more meaningful, these wild price swings are much less evident. For example, if we look at just six months the median sales price for a Single Family Home in Park City was down that 47% mentioned above. However, if we look at a full year, for the year ending on June 30th, 2010 the median price of a home inside the Park City limits was $1,125,000 which is 19% down from year end 2009 ($1,385,000).

Median sales price for a Single Family Home in the Snyderville Basin for the year ending on June 30th, 2010 is $650,000, which is virtually the same as at the end of the first quarter and down about 7% from the previous year figure of $700,000 for the year ending on June 30th, 2009.

The Heber Valley median home price was $289,500 for the year ending June 30th, 2010, slightly down from the first quarter and down about 12% from the $330,000 for the previous year total.

The Kamas Valley also saw a decrease for the year ending on June 30th, 2010 with a median home price of $272,200, again slightly down from the first quarter and down about 30% from the year end June 30th 2009 price of $387,500.

As mentioned above, the median price of a condo inside the Park City limits for the year ending June 30th, 2010 was $940,00, up from the end of the first quarter and up about 29% from $665,000 for the year ending June 30th, 2009. This increase is mostly due to a high number of sales in the Empire Pass area and closings at the St Regis.

The median price for a condo in the Snyderville Basin for the year ending June 30th, 2010 is $325,000, again slightly down from the first quarter and down 14% from $380,000 for the year ending June 30th, 2009.

 

 

For More Information on Park City and Deer Valley Homes Contact:
Michael Lapay
Prudential Utah Real Estate
Mobile: 435-640-5700
Toll Free: 888-410-7653

mlapay@pureparkcityrealestate.com

http://www.pureparkcityrealestate.com/00AE39