With the fishing, golf, hiking, and biking being phenominal, we are enjoying a superb summer in Park City! The Deer Valley Lodging bankruptcy is still dragging out and there have not been any developments on that front in a month or so….except for the fact they are selling the building they own in Lower Deer Valley and trying to get $4.1m for it! Talk about having your head in the clouds…I guess that is why they are in the situation they are in!
Construction on the St Regis seems to be moving along, and they are looking to open sometime late this fall. The Dakota Mountain Lodge (a Waldorf-Astoria property) just opened at the Canyons. Other summer openings are Red Ledges golf course and Victory Ranches golf course. I have not played Victory Ranch yet, but the Red Ledges course is challenging and beautiful! It is a must see…from the looks of it, the Victory Ranch course is going to be amazing too!
The market continues to behave just like it has the past few months…which is: moving slightly lower to sideways, inventory coming onto the marketplace fast than it is being sold, and sellers having to adjust their prices to attract buyers.
We see an average of:
-12 properties come on the market per day
-16 adjust their prices (mostly lower) on a daily basis
-5 close escrow daily
-4 properties go under contract per day
We are often asked questions like: what area is holding up the best? where is the best place to get a deal? etc, etc. The truth is the market is all over the board….you can have a property sell for 50% more than a similar property right down the street. Prices are erratic at this point in time, and are just based on each Seller’s situation.
A few areas that have seen some nice activity are:
-Red Ledges putting 7 lots and 2 cabins under contract this summer.
-Promontory seems to be working on clearing the glut of re-sales on the market putting 2 homes and 4 lots under contract in the last month (albeit, at deep discounts!)
-Old Town has seen 6 properties go under contract in the past 20 days.
…not suprising to see these enjoyable summer area see activity during these months.
Things to Consider...
Related posts:
- Park City market update and Summer is creepin’ in!
- Park City market still showing some decent activity for “mud season”
- Market update and hot dining deals around Park City
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