As we roar into March, the Park City real estate market is seeing some nice activity (relatively speaking) and our tourism numbers seem to be stabilizing.
When compared with 2009 the quantity of sales is up a little more than 15%; however, the average sales price is down about 30%…I think we can deduce that our market is extremely over-saturated and Seller’s better get real if they really want to sell.
Another interesting observation, no units at the Montage Deer Valley have gone under contract in the 3 weeks they have been available. Here is another look at the skinny for the “First Track Buyer’s Program” at Montage Deer Valley:
As for the current activity in the Park City real estate market, we are seeing an average of 10 new properrties come to the marketplace on a daily basis, 10 go under contract daily, 4 transactions close, and another 6 go under contract. some highlights:
ACTIVE:
-Deer Lake Village townhome in Deer Valley at $875,000; 4bd/4ba; 1898 sq ft; $461psf…seems high.
-Deer Crest home in Deer Valley at $3.9m; 5bd/7ba; 5808 sq ft; $689 psf…not too bad for ski in/ski out.
-Stag Lodge unit in Upper Deer Valley at $3.79m; 4bd/5ba; 3397 sq ft; $1116 psf…reaching a bit on this price!
-Glenwild lot at $399,000….not a bad deal
-9 Promontory lots! Ranging from $169,000 to $444,000…as soon as they clear inventory at Promontory, more seems to stack up. (On a side note, Promontory is seeing a lot of sales activity…not at great prices though)
PRICE CHANGE:
-Sky Lodge fractional unit (one-eighth ownership) at $189,000…down from $300k
-Thaynes Canyon home (short sale) down $24,000 to $675,000; 4bd/3ba.
-Lookout at Deer Valley townhome down $500,000 to $2.495m…looks like Seller’s are dropping prices in preparation for the auction.
-Promontory home down $700,000 to $2.5m; 6bd/8ba…nice home and a short sale.
PENDING:
-Old Town Park City home at $975,000; 3bd/4ba; 1959 sq ft; $498psf…great deal on a new home across from City Park.
-Deer Lake Village unit in Deer Valley at $790,000; 4ba/4bd; 2021 sq ft; $390 psf.
-2 Flagstaff units in Deer Valley’s Empire Pass…these units are offering major discounts (see below, under CLOSED) as a ripple effect from the auction at Silver Strike…looks like the developers are listening to what the market said at the auctions.
-April Mountain townhome $1,089,000; 4bd/4ba; 2948 sq ft; $370psf…great deal on this one.
-2 Promontory lots at $125,000 and $95,000…whoa!
-Red Ledges lot at $595,000
CLOSED:
-Lofts on Deer Valley Drive townhome at $910,000; 3bd/5ba; 3203 sq ft; $284 psf…screamin’ deal!
-Bellearbor home in Silver Lake at Deer Valley at $3.05m; 5bd/6ba; 5100 sq ft; $598psf.
-Flagstaff unit at Deer valley’s Empire Pass at $1.386m; 2bd/3ba; 1757 sq ft; $788psf….they were asking $2.31m and it closed right at the number the auction at Silver Strike set as the going rate….almost 40% off asking price!
The most recent report from the Mountain Travel Research Program (MTRiP) said at “halftime” for the ski season many resort towns are reporting numbers slightly behind last year and occupancy down one percent for the first half of the winter. The good news is reservations for the next six months are up almost 10 percent, it said.
Media covering tourism has recently reported that traveler confidence is rising. A survey conducted by the symposium revealed that 41 percent of respondents say their business is below what it was this time last year, but over 64 percent believe they’re meeting or exceeding expectations for this point in the season.
About 78 percent believe the season will end at the same or better levels than last year and almost half expect the economy to improve in 2010.
It feels like this winter is a little less crowded, but Sundance was the only time that seemed really off….other than that it is more the mid-week where we seem to be seeing lulls…people seem to be coming to Park City and Deer Valley for long weekends instead of full week vacations.
Things to Consider...
Related posts:
- Interesting article from Barron’s…10 Best Places for Second Homes…Park City #4
- Sliding into 2009, and awaiting Promontory hearings
- Park City Real Estate Market Update
Related posts brought to you by Yet Another Related Posts Plugin.
Tags: deer valley, deer valley real estate, empire pass, glenwild, glenwild real estate, park city, park city real estate, park city realty, park city wire, promontory, promontory real estate, red ledges, silver star, talisker, talisker club, tuhaye, upper deer valley, victory ranch real estate
