Significant Sales - week ended 1/13/17
7 feet of snow in 8 days was a recent Park City headline. Not all of that snow was the famous Utah powder, but after a few days of what one California skier described as "Sierra lite", we did get back to colder temperatures with clear blue skies and sunshine. I haven't seen 80 - 100+ inch base numbers at area resorts in mid January for a long time. With the Sundance Film Festival scheduled to kick off on the 19th, and the MLK holiday on Monday, next week promises to be a huge test for traffic control and public transportation. I predict big sales of warm, waterproof footware. Gorsuch, North Face and the new Patagonia store should do a land office business. Years ago we used to say that Sundance was a great week to ski because few of the Festival visitors brought their skis. In recent years that is becoming less true as long time festival goers have learned that you can enjoy both along with great restaurants and nightlife on Main Street and many other locations. Not only do the official Sundance sponsors represent an "A" list of corporate America, but we expect over 100 ambush marketers to descend on this years event and everything that can be rented for a pop up has been rented. Another item getting a lot of attention this week is the very real possibility that Park City will be able to purchase the 1,400 acres known as Bonanza Flats for open space for a mere $38 Million. The city already passed a bond for $25 Million in the last election (by over 70%) and by inviting participation from a who's who list of environmental and government partners to raise the needed $13 Million, the project should be concluded shortly. This privately owned area has long been eyed for a super high-end ski & golf development site, but preserving the land long enjoyed by hikers, cyclists, and cross country skiers is seen as good news by the taxpayers who will foot the bill, and is seen as a great balance to the unequaled high-end ski and golf developments we already have or that are on the drawing boards. There were 50 pended sales reported by the Park City Multiple Listing Service in the week ended 1/13/17. 30 closings and 71 new listings were reported during that week.
Single Family Homes: The 28 new single family listings were largely more of the same product in the same neighborhoods, so I focused on several homes that are value priced in neighborhoods where interesting homes don't often show up on the new listing sheet. 2710 Broken Spoke Way in the Broken Spoke subdivision in Park Meadows is one of the most desired neighborhoods with a limited number of homes that form an island within the Park Meadows Country Club golf course. Built in 1992 and remodeled in 2012, this 4,672 SF, 5 bedroom, 5 bath home has great golf course views, main floor master and a 4 car garage. Priced at $1,799,000 ($385/SF), this home is a great value. http://www.tourbuzz.net/public/vtour/display/677098?idx=1 . A home at 7836 N Pinebrook Road in the Boothill subdivision in Pinebrook close to the Pinebrook family park and sledding hill is priced at $995,000 ($266/SF). This 3,746 SF, 4 bedroom, 5 bath home built in 1990 and remodeled in 2010 is a real find as a family home value. http://www.spotlighthometours.com/tours/tour.php?mls=11606073&state=UT . With snow piled deep and temperatures near zero, I was drawn to a new listing in St. George, Utah - an increasingly popular location for those more attracted to golf than skiing. 2405 W Entrada Trail Unit #77 is a 2,274 SF, 3 bedroom, 3 bath home built in 2006 and priced at $635,000 ($279/SF). This home includes a social membership to the Entrada at Snow Canyon Country Club and a Golf membership is available. The forecast temperature today is 72 degrees and its a 1 hour 5 minute non stop flight from SLC on Delta. http://www.tourbuzz.net/public/vtour/display/167999?idx=1 . The single family home sale of the week was the home at 3655 Sun Ridge Drive in Royal Oaks that I featured last week. The home listed at $2,400,000 ($258/SF) was sold after only 5 DOM.
Condominiums: Although there were 32 new condo listings last week, there was not much excitement in terms of unique or special value properties. 5 more units were added to the Empire Pass inventory, but no new sales. There are now 66 condo listings in Empire Pass - 12 2 bedroom units, 28 3 bedroom units and 26 4 bedroom or larger units. The 26 units priced under $2,500,000 represent some great values in terms of luxury ski-to/ski-from properties. The condo sale that caught my attention last week was 2813 Gallivan Loop at the Cove at Eagle Mountain in Park Meadows. Listed at $1,150,000 ($409/SF), this is the 15th area sale since 1/1/2016 and leaves only 1 active condo listing in this popular neighborhood. It will be interesting to see if depleted inventory in this segment of the market improves by the time the snow melts. http://www.spotlighthometours.com/tours/tour.php?mls=11604837&state=UT .
Vacant Land: At The Colony where the snow is deep and the skiers are smiling, 95 White Pine Canyon Road was the standout new lot listing. This 6.54 acre site near the Daybreak and Dreamscape lift features spectacular views and is well priced at $2,195,000. http://www.spotlighthometours.com/tours/tour.php?mls=11700139&state=UT . The lot sale of the week was also a resale at The Colony. 1 White Pine Canyon Road is the first estate lot inside the entry gate. This 40.17 acre lot is the original Colony home-site and is one of the few horse properties at The Colony. http://www.spotlighthometours.com/tours/tour.php?mls=11504485&state=UT .
