Significant Sales - week ended 5/19/17
Die hard skiers enjoyed fresh powder at Snowbird - the remaining ski area still open, but several others certainly could be operating if they hadn't sent their workforce home. The golf courses are open, but a bit challenged by the continuing snow events. While this late arrival of summer conditions comes at what is usually a slow time of year, the main effect seems to be many summer listings waiting for good photography conditions before launching their marketing campaigns. Once again, the weather guru's have predicted the warmth of summer to be just around the corner. There were 104 pended sales reported by the Park City Multiple Listing Service in the week ended 5/19/17. 46 closings and 84 new listings were reported during that week.
Single Family Homes: With 30 pended sales and 38 new single family listings, it was a surprisingly busy week. 15 if the new listings were priced over $1,000,000, and all 38 were outside Park City limits. 12 of the 30 pended sales were listed above $1,000,000 and 6 of those sales were in the City limits. Old Town single family inventory took another hit this past week with 4 pended sales and no new replacement listings. Prices continue strong based on the limited supply now available. The most interesting sale of the week was a home at 597 Deer Valley Loop Road in the Pearl West neighborhood, which was featured as a new listing in a previous post. This 1,718 SF, 3 bedroom, 3 bath contemporary home priced at $1,550,000 ($902/SF), was built in 2014 and proves that modern architecture fits nicely in Old Town if designed and constructed as well as this property was. http://www.tourbuzz.net/public/vtour/display/452030?idx=1#!/ . A home at 316 Woodside Ave listed at $1,597,000 ($780/SF) is a 2,047 SF, 4 bedroom, 4 bath home suitable as a rental property or full time residence. Built in 1913 and remodeled in 2003, this home is well located in a neighborhood with scarce inventory and strong prices. http://www.spotlighthometours.com/tours/tour.php?mls=11605560&state=UT&reloaded=true . A home at 89 King Road built in 1969 is a rare Old Town development opportunity in another prime neighborhood. http://www.tourbuzz.net/public/vtour/display/669974?idx=1#!/ . The high dollar luxury Old Town home sale of the week was a home that is a restoration of the historic Larremore family barn completed in 2009. This 3,329 SF, 4 bedroom, 4 bath home located at 730 Norfolk Ave and listed at $3,699,000 ($1,111/SF) sold after only 59 DOM. http://www.tourbuzz.net/public/vtour/display/718099?idx=1#!/ .
Condominiums: With 59 pended sales reported last week, it would seem a land rush week for condo sales, but actually the land rush was back in February when the Lift condominium project was opened to reservations. 42 of the 59 pended sales were reservations that were converted to contracts last week, leaving only 11 reservation still in the conversion process. 8 of the 24 new condo listings are Lift units now available for sale. 3 units ranging from an 837 SF, 1 bedroom, 1 bath unit priced at $645,000 ($771/SF) to an 1,884 SF, 3 bedroom, 3 bath unit on the first floor priced at $1,475,000 ($783/SF), together with 5 penthouse units ranging from $1,780,000 ($1,004/SF) to $3,670,000 ($1,157/SF), make up the remaining inventory. Refer back to my 5/12/17 post - "New Car Smell - Part 2" for a discussion of why this new project has attracted such strong interest. Of the remaining 17 pended condo sales, the standout was the sale of Black Diamond Lodge, unit 221. This 2,861 SF, 3 bedroom, 4 bath condo priced at $3,295,000 ($1,101/SF) was built in 2002 and remodeled in 2009. The highly coveted slope-side location at the Snow Park base area is always in high demand. http://www.tourbuzz.net/public/vtour/display/703872?idx=1#!/ .
Vacant Land: There were 22 new lot listings and 15 pended sales last week. The luxury lot sale of the week was a resale of 1 White Pine Canyon Road at The Colony. This 40.17 acre equestrian site just inside The Colony gate was listed for $2,999,900 and was the original home site at The Colony. http://www.spotlighthometours.com/tours/tour.php?mls=11504485&state=UT . 4 of the reported 15 sales were at Victory Ranch ranging from a .97 acre lot listed for $550,000 to a 3.66 acre site priced at $775,000. 7361 N. Caddis Drive, the highest priced of the 4, was sold after 55 DOM. http://www.tourbuzz.net/public/vtour/display/727819?idx=1#!/ .
