Inventory continues to stack up, and a Park City Spring begins to set in.

As all the golf courses around town begin to open and all fellow Parkites begin to partake in summer activities, we are seeing much of the same in regards to the activity in the Park City Real Estate market. Here is what the numbers look like:

-An average of 14 properties coming on the market per day, 12 properties changing the asking price (99% to a lower number), 2 properties closing escrow, and 4 going under contract on a daily basis.

Of note are:

ACTIVE:

-Home in the Aerie at $1.725m; 4bd/5ba, 4500 sq ft, $383psf…not too bad of an entry price, but it seems this one will go lower.

-Glenwild lot at $735,000….good lot, but not much activity in the vacant land sales department.

-Promontory home for $909,000; 4bd/5ba, 5372 sq ft, $169psf…yes it is bank owned, but a good deal.

-Hideout Canyon lot at $229,000….whoa here is a 2005 price for ya! It is developer product, and there are many more out there like this one/

PRICE CHANGE:

-Deer Valley home in the Oaks down $1.4m! to $1.45m; 5bd/7ba, 7000 sq ft, $207psf….another short sale in a prestigious neighborhood.

-Tuhaye cabin down $454,000 to $600,000; 3bd/3ba, 2400 sq ft, $240psf…another pre-real estate boom price and then some! A short sale screamin’ deal…however, they broke the four-some rule. Which states, “in a high-end golf course community don’t build homes less than 4 bedrooms…1 bedroom for each person in the foursome!” A guy has to have a place for his golfing buddies to sleep, right?

PENDING:

-Silver Star unit at Park City Mountain Resort (ski in/ski out) at $1.799m; 4bd/5ba, 2499 sq ft, $719psf…these units continue to get action in a down market!

-Old Town home at $1.74m; 4bd/5ba, 3150 sq ft, $552psf….Old Town has seen a little activity over the past few weeks.

-April Mountain townhome for $1.375m; 4bd/4bd, 2925 sq ft, $470psf….not a bad deal here for both parties.

-Glenwild home at $1.53m; 6bd/8ba, 5869 sq ft, $260psf….great deal on a short sale!

CLOSED:

- Silver Star unit at $1.515m; 3bd/4ba, 1980 sq ft, $765psf…just 5% off asking price and a strong ppsf.

-Old Town home asking $2.495m but the sales price is undisclosed; 4bd/4ba, 4440 sq ft…we are seeing many properties close that have undisclosed sales prices. Since Utah is a non-disclosure state the Seller’s seem to be trying to hide how much of a loss they took.

-Upper Deer Valley home for $3.295m; 5bd/6ba, 5017 sq ft, $656psf….not a bad ppsf at all and 8% off asking price.

Things to Consider...

• August 6, 2009 -- Another fabulous Park City summer and some real estate activity on the side (0)
• July 22, 2009 -- Market update and hot dining deals around Park City (1)
• June 16, 2009 -- Park City market update and Summer is creepin’ in! (0)

Related posts:

1. Park City market relatively active, but inventory is piling up…Countdown to Promontory auction too!
2. Market update and hot dining deals around Park City
3. Park City market still showing some decent activity for “mud season”

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