As we are now a month and a half into 2010, there have been some significant items to come across our desk lately. Here is the run down:
-The high anticipated Montage, located in Deer Valley’s Empire Pass, brought their product to market. On the first release of this uber-luxury condo-hotel units range from 1bd/1ba; 1233 sq ft; $2.04m to 4bd/5ba; 4367 sq ft; $7.86m…looks like they are trying to come in between $1,500 and $1,800 per sq ft on this pre-completion release. This is around the same price per square foot that a good bit of the St Regis units (also located in Deer Valley, but in the Deer Crest area) closed at….should be interesting to see how these units fair with the holiday ski week coming up. We’ll keep you posted.
-The Montage at Deer Valley is also offering incentives for Buyer’s who get it purchase on this first release of 15 units. Here is the skinny for the “First Track Buyer’s Program”:
-As reported in the Park Record, Park City’s construction industry, accustomed to the $100 million-plus years it has enjoyed in the last decade, tanked in 2009, with the value of permit-authorized construction falling to one of its lowest levels since the middle of the 1990s. The Park City Building Department reported that the industry posted $68.5 million in construction last year. The dollar amount was less than half of what was recorded the previous year. It was the lowest year-end figure since 2003, when $59.2 million was posted, and the third-lowest total since 1997, according to the Building Department. The dollar value the department assigns to construction is generally one-third of the market value of the buildings that received permits. The scariest part is the year-end figure of $68.5 million relied heavily on a permit issued early in the year for work at the Montage in Empire Pass. That permit was valued at nearly $26.9 million. The Montage permit accounted for 39 percent of the year-end total. It is rare for one permit to prop up the numbers in a similar fashion….the good news is that not much new is coming to this over-saturated market…the bad news is we seemed to have over-built more than people realize or will admit.
-As the Sundance number’s start to roll in, it seems like they a going to coming in on about the same level as the market in general…just so-so. The ticket sales seem to be great as well as numbers from a few local business, but as a whole things are just okay….but hey, there were some good movies and I think everyone that came to town enjoyed it! Kudos to the folks at the Sundance Institute (www.sundance.org) who put on the festival!
-Here is a nice article from USA Today with tips that could save you a little cash while visiting Park City:
http://www.usatoday.com/travel/destinations/affordableamerica/2010-02-11-ski-resort-deals_N.htm
If you are looking for the discount accommodations as mentioned in the link above, contact abode, llc at 435.729.0022.
As far as the Park City Real Estate market goes, we still continue to flounder along an area which seems to be the bottom….my prediction (as it has been since October of 2008…check the old posts!) is that we will continue to sputter along well into 2012. When you look at the glut of inventory and several other key market facts, all signs point to a prolonged buyer’s market. They key for Buyer’s is to be actively looking and ready to make a move when the specific type of property you are looking for comes across your plate.
See below for current market activity in the past 10 days:
We have seen a daily average of 13 properties come to the marketplace, 14 have a change in price on a daily basis, 4 close escrow, and an average of 4 go under contract daily….this is about the norm we are seeing for the season. Some high points:
NEWLY ACTIVE:
-Old Town lot at $350k…not too bad of a deal.
-Home in Old Town at $925k; 3bd/3ba; 2061 sq ft; $449psf….legit price.
-15 Montage residences as discussed above.
-Promontory home at $1.2m; 5bd/6ba, 7509 sq ft, $159 psf….best deal of the week!!! There is a lot of activity at Promontory, but there is also a slew of property on the market.
PRICE CHANGES:
-Deer Valley Dr townhouse down $650k to $1.6m; 4bd/5ba…not a bad deal for a potential rental property…walk to Main St & close to Deer Valley resort!
-Lodges at Deer Valley condo down $50k to $749k; 2bd/3ba.
-Black Bear Lodge unit in Deer Valley’s Silver Lake Village down $120k to $659,900; 2bd/3ba…this is a great deal too! Walk to skiing & 6 minutes from Main St.
PENDING:
-Silver Star ski in/ski out unit at Park City Mountain Resort at $975,000; 3bd/4ba; 1986 sq ft; $490psf…not a bad deal here.
-Little Belle in Deer Valley’s Silver Lake area at $1.5m; 4bd/5ba; 2812 sq ft; $533psf…there are Buyer’s out there getting their money’s worth!
-Ski in/ski out Silver Strike unit at Deer Valley’s Empire Pass at $1.65m; 4bd/5ba; 2255 sq ft; $731psf…that is the price point that the auction at Silver Strike gave us….the market spoke!
-Arrowleaf ski in/ski out condo also in Empire Pass at $1.56m; 3bd/4ba; 1973 sq ft; $790psf.
-3 Promontroy lots went under contract…all under $150k…whoa!
CLOSED:
-Portico unit at $399k; 3bd/3ba; 1608 sq ft; $248psf…sweet deal!
-St Regis at Deer Crest residence in Deer Valley at $6.01m; 4bd/5ba; 3615 sq ft; $1662psf…great project that continues to close units at great numbers!
-Grand Lodge condo in Deer Valley at $3.295m; 5bd/6ba; 3243 sq ft; $1015 sq ft….nice sale for the Seller.
-Tuhaye lot at $375,000.
-Promontory home at $3.05m; 5bd/7ba; 7850 sq ft; $388psf….another good number put up by a Seller in this market!
We’ll be back on Monday with another update….have a good holiday weekend!
Things to Consider...
Related posts:
- Interesting article from Barron’s…10 Best Places for Second Homes…Park City #4
- Park City Market Update
- Sliding into 2009, and awaiting Promontory hearings
Related posts brought to you by Yet Another Related Posts Plugin.
Tags: Add new tag, april mountain, deer crest, deer valley, deer valley real estate, empire pass, glenwild, glenwild real estate, montage at deer valley, old town, park avenue, park city, park city real estate, park city realty, park city wire, promontory, promontory golf, promontory real estate, silver lake, silver star, skiing, talisker, talisker club, thaynes, tuhaye, upper deer valley, victory ranch real estate
