Below is an article from the Park Record. It looks like the construction industry here in Park City is still slow. When you take into account that we built about 15 years worth of inventory in 4 years, one would expect the industry to be slow….as is the same with Park City’s real estate market. [...]
Park City real estate market keeps a regular rhythm, Victory Ranch slashes prices, another Deer Valley auction and Red Ledges launches semi-custom homes.
The Park City real estate market “might” have reached the bottom, but that does not mean we will see a “V-shaped” recovery…as mentioned previously on this blog, we will probably bounce along the bottom until the inventory gets reduced to a reasonable level…probably 2 more years.
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.
It looks like the auction that took place in Deer Valley’s Empire Pass Silver Strike Lodge opened the eyes of a few developers around town. In the Silver Strike auction the developer sold the 8 units that were available for auction, set the market price at roughly $750 per sq ft, cleared half the inventory in the development, and then saw a few more units go pending in the weeks after the auction. Just this past week these developments announced they are going