Market Update for Your Hump Day

Summer in Park City!  View from the ski lift at Deer Valley in Park City, Utah

Summer in Park City! View from the ski lift at Deer Valley in Park City, Utah

In the past five days we have seen 59 properties come on the market, 24 go under contract and 25 close. Of note:

ACTIVE:

-Old Town home at $2.1m on Lower Norfolk Ave; 3bd/2ba, 2635 sq ft, $767psf….seems a little high for 3bd/2ba.
-3 Old Town lots for $2.4 on Park Ave….only if these were on Main St would this price make sense. Once you build out all your profit is gone….this does not pass my “Buy versus Build” proportion…in order for land to start moving again, the price of land must proportionately be below what it cost to buy a new home compared to what it cost to buy and build and spend hundreds of hours of your own time.
-Aspenwood condo in Deer Valley at $850,000; 3bd/3ba, 2010 sq ft, $422psf…I just went through this one and if you do not mind the stairs it could be a great deal. Considering it started on the market around $775,000….so we already know they will go below that!
-Arrowleaf in Deer Valley’s Empire Pass at $2.499m; 3bd/4ba, 1986 sq ft, $1258psf…For 3 bedrooms up at Empire Pass this is not a bad price to start at.
-Promontory home at $2.79m; 4bd/5ba, 5200 sq ft, $537psf….good price per sq ft here too. Most of Promontory seems to be hovering around $500psf.

PRICE CHANGE:

-Silver Star unit at Park City Mtn Resort reduced about $150,000 to $1,174,000; 2bd/3ba, 1464 sq ft, $802psf…Some of these speculators will have to drop a little more!
-Tuhaye lot lowered to $795,000….great lot though.
-Promontory home lowered to $1.699m….these guys are getting close to the price they bought the home. They must need to ditch it! It is a nice home for being in the Homesteads.

PENDING:

-Old Town home on Park Ave at $1.275m; 2bd/3ba,1713 sq ft, $744psf…I really liked this home, because it is on a lot and a half so you could buy it for round $1m today and expand it over the years to over 3000 sq ft.
-Deer Valley Courchevel condo at $474,500, 1bd/2ba, 912 sq ft, $520psf.
-Bear Hollow Village townhome at $589,000; 4bd/4ba, 2757 sq ft, $214psf!…there are some good buys in this development!
-Willow Creek home at $2.997m; 5bd/6ba, 7222 sq ft, $415psf….good to see some activity in that area.
-Promontory lot at $635,000….looks like they had to fire sale this one, but good to have some action in Promontory too! This one fits into the “Buy v. Build” proportion.
-2 Red Ledges lots at $730,000 and $485,000….they have been active out there this summer.

CLOSED:

-Deer Valley Boulder Creek condo at $735,000; 3bd/4ba, 1900 sq ft, $387psf
-Upper Deer Valley Sterlingwood for $835,000; 2bd/2ba, 1900 sq ft, $439psf
-Colony lot for $1.795m
-Tuhaye cabin at $2.255m; 5bd/5ba, 3834 sq ft, $588psf….a little high on ppsf, but with the views it is not too bad.
-Red Ledges lot at $430,000….this development is rolling along this summer.

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Filed under deer valley, glenwild, Market Reports, old town, promontory

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