This BLOG is focused on updating you on the most significant new sales and listings in the Park City area market on a weekly basis. All content is original. By finding and discussing what makes some properties standout in terms of location, design, and price, I can help buyers spot locations and property types that may meet their needs. I select properties from all members of the Park City Multiple Listing Service that have quality video presentations. These videos are the next best thing to an actual property tour. When you are sure that an actual visit to one or several properties is worth your time, we can make that an enjoyable experience. If you are considering the sale of a property you own, it can pay big dividends to see what comparable properties are selling for vs. what properties you may be competing with are listed for.

I don’t shy away from expressing my opinions concerning this market and I’ve had many years of experience in doing so, but I need to know what you want to accomplish before I can really help you. This website and my BLOG are just first steps in a process that needs to add value to your efforts, so pick up the phone and call me or send along any comments you have on my BLOG posts.



James Lewis

Senior Partner
Branch Broker for The Colony
2200 Park Ave., Suite A200
Park City, UT 84060
Cell: 435.901.9898
Office: 435.649.7171




By Jim Lewis
Feb 27, 2018

After what seemed like a never ending Fall, we finally started seeing snowflakes and I am amazed at how well the season is turning out. Although Park City may not break records this year, we are holding our own. Coleen Reardon, director of marketing at Deer Valley, was quoted in the Park Record as saying that because of the resort's snow making abilities, business is pacing even with last winter. Deer Valley and Park City get well-deserved kudos from recent visitors about the quantity and quality of snow and retail, entertainment and restaurants do an amazing job of providing a quality product. Sundance was once again a huge success with over 70,000 visitors and Utah was again the number one viewer market for the 2018 Olympic Winter Games. I'm sure Park City more than held its own as a small part of the Utah market and it was great to see local winter athletes participate and do well. Salt Lake City/Park City will compete for the 2030 Winter Games and as the only past Winter Olympics location that has maintained facilities and training capability, it is hard to see us not winning that bid. I believe Park City and Salt Lake City's history of welcoming athletes and visitors from around the world will help the media remember that the Olympics are all about the pursuit of excellence in individual/team competition, not about competition among nations. Park City will always be as proud of participants who never make an Olympic podium as it is of Ted, Lindsey, Bode and Stein. This season has also brought us the "battle of the passes". Now Alterra, who recently purchased Deer Valley, is launching the new Ikon Pass to compete with Vail's Epic Pass. The new pass includes Deer Valley, Alta & Snowbird and 23 other North American resorts and goes on sale March 6 at http://www.ikonpass.com . Meanwhile, Vail's 10 year old Epic Pass, which gives its 700,000+ buyers access to four dozen resorts around the world including Park City Mountain Resort, will be tough competition for the Ikon Pass. I expect many of our locals and frequent visitors who are devotees of Deer Valley will continue purchasing Deer Valley season passes since the Ikon Pass includes only 7 days at Deer Valley. The Epic Pass and the new Ikon Pass are having a huge impact on the ski industry. We are seeing more evidence each season that "ski nomads" are becoming the new normal. In the past, "every-year-to-the-same-resort" created a market for larger family gathering ski properties. These homes and condominiums were furnished by the buyer (with the help of top decorators) and managed by professional property managers including nightly rentals when not in owner use. Now we are seeing new projects designed and managed more like luxury hotels and sold furnished with more emphasis on rental returns for owners. Recently Re-Play has launched a full ownership, fully furnished "YOTELPAD" product at Canyons Village with prices starting at $275,000. Sizes of this "first in the world" offering will range from 338 SF - 1,013 SF with services and amenities focused on nightly rental performance. There is a good reason that the company who created YOTEL and YOTELAIR has selected Park City to be its first foray into the resort market. It will be joined by 5 similar projects already confirmed in North America, Europe, and the Middle East. Hubert Viriot, YOTEL CEO was quoted in London as saying " Following the successful roll out of YOTELAIR and YOTEL, we saw a natural opportunity to rethink the traditional extended stay segment in the same fashion we disrupted conventional hotel models." Based on the enthusiastic acceptance so far by the Park City Realtor community, the IPO style offering should be an exciting event. Construction is scheduled to begin July 2018 and estimated completion is early 2020. If all of the above isn't enough real estate related news, last week it was announced that Storied Development, LLC, a Georgia real estate firm has purchased the 450 member Talisker Club in Empire Pass, 533 residential lots in the Tuhaye Golf Community development and 4 Empire Pass sites with development approvals for a combined 75 condominiums. You can expect major news in the near future concerning the rebirth of one of the premier golf/ski communities in the Park City market.


By Jim Lewis
Jan 13, 2018

Although we all wonder where the snow is, it seems to be a surprisingly normal year for visitors. The magicians who make snow have outdone themselves this year and have taken us to the time that never fails to bring real snow - the Sundance Film Festival. Sundance is 10 days (Jan 18-28) of maxing out every resource Park City has to offer (except ski hill capacity). The new Community Guide To The 2018 Sundance Film Festival is helpful for parking and logistics - http://parkcity.org/home/showdocument?id=48708 . My only advise is to bring lots of cash and comfortable snow boots and don't ask the question "Don't you know who I am?" or you'll wind up in the amnesia ward of our world class hospital. One piece of recent news you can use to prove that you're up to speed on Park City news is the announcement that the joint venture between KSL Capital Partners and Henry Crown and Co that acquired Deer Valley Resort has finally come up with a name - Alterra Mountain Co. http://www.tinyurl.com/ybtlhcuf . For additional background refer to my 8/26/17 uncategorized post - "The Battle of 800 lb Gorillas Begins With the Sale of Deer Valley" and my 4/15/17 uncategorized post entitled "Lets Get Ready To Rumble!". Project news is proceeding at warp speed and I have identified 3 projects now under construction in Deer Valley and 7 projects underway in Canyons Village that will be the real estate focus this season. Detailed analysis of these projects will be the subject of my posts in the near future. There were 41 pended sales reported by the Park City Multiple Listing Service in the week ended 1/5/18. 20 closings and 41 new listings were reported during that week. In the week ended 1/12/18, there were 58 pended sales, 29 closings and 48 new listings.


By Jim Lewis
Aug 26, 2017

My April 15, 2017 post discussed the news that a new alliance between KSL Capital Partners and Aspen Skiing Company had entered into an agreement to purchase Intrawest Resort Holdings ski areas for $1.5 Billion, followed several days later with the purchase of Mammoth Resorts. At that time Eric Resnick, CEO of KSL Capital Partners said that the new partnership was not about real estate development, but was focused on operations with seasons pass revenues the financial engine. This was a direct challenge to Vail's industry changing Epic Pass program. http://blogs.realcove.com/jimlewisblog/lets-get-ready-to-rumble/  . On August 21st Park City awoke to the news that the Aspen Skiing Company/KSL Capital Partners alliance have entered into a definitive agreement to acquire Deer Valley Resort. http://blog.deervalley.com/deer-valley-resort-to-be-acquired-by-newly-formed-resort-company-and-joined-with-intrawest-mammoth-resorts-and-squaw-valley-ski-holdings/ . The sale is expected to close prior to the upcoming 2017-18 ski season with no change in the existing Deer Valley pass product already on the market. Deer Valley has also announced that it has no plans to change the operations and standards that have made it the premier ski resort in North America, with management and staff unchanged. Although the four Aspen Snowmass resorts privately owned by the Crown family of Chicago will not be included in this transaction, they may participate in a joint pass program or other opportunities to work together in the future.

So what does this recent development mean for Park City?

I believe it will be easy to underestimate the impact of this good news on Park City's future. Park City now becomes the center of North American skiing. Park City will be the only town where dueling resorts are on the same bus route and within walking distance of each other. Both contenders will share the benefits of our huge transportation advantages, "greatest snow on earth", proximity to the booming Salt Lake metropolitan area, and our $2 Billion International Airport renovation, but I'm sure these two brands will compete to be recognized as the best providers of ski and other vacation experiences. Any fears of becoming a Vail "company town" disappear and both contenders have top reputations as philanthropists and community builders. With access to some of the best minds in architecture, construction & planning and hospitality, the future development of the Deer Valley Resort and other areas already on the drawing boards can only be improved. I do believe we can cut back on efforts to generate visitor traffic from everywhere all the time and concentrate on the quality of what we provide for visitors and residents.

Significant Sales - week ended 8/25/17

Park City real estate activity returned to normal last week. There were 68 pended sales reported by the Park City Multiple Listing Service in the week ended 8/25/17. 41 closings and 73 new listings were reported during that week.

Single Family Homes: Testing, testing - prices that is - new luxury listings continue to be priced aggressively with pended sales supporting that trend in most cases. In locations where that support does not materialize, we are seeing downward adjustments. Two new luxury single family home listings in Old Town demonstrate aggressive pricing, but the greatly diminished supply of top level Old Town homes has made such homes rare opportunities. 527 Park Ave in Old Town is a 2,000 SF, 3 bedroom, 3 bath home built in 1888 and remodeled in 2010. This is the architectural romance that every Old Town buyer is looking for. The location couldn't be better - close to Main Street and the Town Lift. Priced at $2,495,000 ($1,248/SF), this home is a jewel box. http://www.spotlighthometours.com/tours/tour.php?mls=11703537&state=UT . A home at 621 Woodside Ave in Old Town built in 2006 has been considered one of the prime reasons that this location is considered Park City's "Gold Coast". This 3,770 SF, 4 bedroom, 5 bath home features unparalleled craftsmanship, ski-in/ski-out access, an over-sized 2 car garage and many unique historic architectural elements. Priced at $5,500,000 ($1,459/SF) this is as much luxury as Old Town can offer. http://www.spotlighthometours.com/tours/video-player-hls.php?id=2388015&autoPlay=true.  A notable new listing in another very popular location is a home at 2490 Silver Cloud Drive in the Fairway Hills neighborhood in Park Meadows. This 6,783 SF, 5 bedroom, 6 bath home built in 1999 is priced at $2,995,000 ($442/SF) http://www.tourbuzz.net/public/vtour/display/857334?idx=1#!/ . If you've always wanted to live on the top of the mountain, check out a new listing at 147 White Pine Canyon Road at The Colony. This 7,420 SF, 8 bedroom, 10 bath home including a main house and a guest house is priced at $5,750,000 ($775/SF) with ski access on Winters Way. http://www.tourbuzz.net/public/vtour/display?idx=1&mlsId=257&mlsNumber=1476071  . My vote for single family sale of the week goes to 4275 Quarry Mountain Road in the Quarry Mountain Ranch subdivision in the Old Ranch Road area. This 7,377 SF, 6 bedroom, 7 bath home on 2.31 acres was listed at $5,250,000 ($712/SF) after a recent reduction from an original listing price of $5,848,000. http://www.tourbuzz.net/public/vtour/display/583731?idx=1#!/ . 

Condominiums: A rare new listing at the Racquet Club condominiums in Park Meadows sets a hew high for that townhouse project. 177 Racquet Club Drive is a 1430 SF, 2 bedroom, 2 bath property built in 1976 and recently remodeled. Priced at $645,000 ($451/SF), this should attract major interest. http://www.spotlighthometours.com/tours/tour.php?mls=11703501&state=UT . After a recent $191,600 price reduction and 277 DOM, Unit E at the 205 Main St Condominiums went under contract last week. At the new price of $2,995,000 ($922/SF), this 3,249SF, 3 bedroom, 4 bath property is the second closing in this project and should help new townhouse construction on Main Street to find the right price levels. http://www.tourbuzz.net/public/vtour/display?idx=1&mlsId=257&mlsNumber=1445773 .

Vacant Land: The only notable sale in this segment of the market was a sale at 195 White Pine Canyon Road in The Colony. This 4.00 acre site was listed at $1,800,000 with ski access on Trace and easy access to the Quicksilver Gondola. http://www.spotlighthometours.com/tours/tour.php?mls=11504647&state=UT .

PARK CITY MARKET STATISTICS - July 2016-June 2017 / July 2015-June 2016

By Jim Lewis
Jul 29, 2017

A strong first half of the year for the Park City area real estate market:

All major segments of the Park City area market show a steady increase in quantity and volume sold along with increases in both average and median sale prices. Drilling deeper, different trends are apparent. Within the Park City limits, the median price of single family homes has moved up 20% to $1,900,000 while the median condo price has increased by 6.2% to $701,000. The lack of affordable housing is a growing problem and as more affordable housing moves further beyond Park City limits, increased traffic and parking problems also increase. The Snyderville Basin shows a similar pattern with the median single family home price up 4.75% to $970,000 and the median condo price up 13.4% to $487,500. Moving further out, the gated golf communities maintain steady volume and luxury prices, but small outlying communities like Kamas, Oakley and Woodland show increased sales, but the median price of single family homes is still under $400,000. Going all the way to the Heber Valley, activity and volume are up, but the median price of single family homes is under $400,000 and new construction activity is strong.

The latest statistics support a message delivered in my past 2017 blog posts that a large majority of buyers are looking for full-time or second homes vs. vacation or investment properties. Park City is seeing many older nightly rental condos being remodeled and sold to full-time or second home residents who do not enter into nightly rental agreements. Many of these purchases are as more affordable alternatives to single family homes within the city limits. We are also seeing owners of large, older upper-end homes downsizing, but choosing to stay in Park City in smaller upgraded properties. (see the 7/17/2017 post "How did Park City, Utah become a top retirement choice"). A related trend lurking behind the numbers is the rise of a new generation of luxury condominium residences built for nightly rental performance. These new projects are being pre-sold well before the completion of construction. This is also a major reason for significant unsold resale inventory in Empire Pass - product that is now aging and club oriented. Todays buyers seem to be increasingly allergic to high carrying costs in the form of club dues and high HOA expense unless they are confident that rentals can pay those bills. Last week a significant project was announced by the owners of the Goldener Hirsch Inn to be located on the last remaining parcel in Silver Lake Village. This luxury hotel will be the first new project in over a decade in Silver Lake Village and will join St. Regis, the Stein Eriksen Lodge, Stein Eriksen Residences and Montage as full service luxury properties. These 39 contemporary residences will be connected to the iconic Goldener Hirsch Inn by a sky bridge and are being sold fully furnished with completion scheduled for the summer of 2019. Visit http://www.goldenerhirschbrochure.com    for details. This offering is well priced and yes, I do have strong opinions on best location values. I expect strong interest when reservations commence on August 4, 2017.

There were 53 pended sales reported by the Park City Multiple Listing Service in the week ended 7/28/17. 35 closings and 70 new listings were reported during that week.

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