MOUNTAIN PROPERTY REVIEW Park City, Deer Valley and International News FALL 2012 REAL ESTATE 2012 SNAPSHOT e recent Park City Board of REALTORS® third quarter statistics indicate a trend of slow and steady growth in our local market with pended and closed sales at the highest levels since 2007. Single family homes continue to lead the market with 617 sold in the first nine months of 2012 compared to 585 at the same time last year. With interest rates at all time lows and strong buyer interest plus a decreasing inventory, we are seeing a shiſt from the buyer’s market of the past several years to a more balanced market. In Park City proper it is increasingly difficult to find good properties with several bedrooms under $500,000. Many buyers accustomed to distressed prices of the foreclosure market are disappointed as today the distressed sales make up only about 6% of all properties currently on the market. Pricing does vary between types of properties and neighborhoods and in most cases, the prices are still considerably less than 2006 and 2007. Location is always important and it is important to determine what best suits the needs of a buyer. Some looking for primary homes have loved the open spaces of the Snyderville Basin and close proximity to the wide open vistas, trail systems and parks. Median prices of the 20 homes in the Silver Springs area for the first 10 months of the year were $620,000 where as the median price of the 42 homes that sold in Park Meadows (within Park City proper) was $1,025,000. Park City’s historic district remains popular with many out of state buyers who love the proximity to Main Street with its restaurants, shops and general buzz. Buyers here have many options from a ramshackle miner’s shack (there is one now priced at $390,000) to an elegant ski-in/ski-out home offered at $8,640,000. Most of these homes have two to three bedrooms; those properties with four or more bedrooms are few and far between. With 43 homes currently available in Old Town, there is still a good choice. MONTAGE UPDATE It appears that more and more people are discovering this wonderful summer and winter resort in Empire Pass. is past summer six more of the Montage Residences sold and they are forecasting a very busy winter. ese are truly elegant retreats and there is a variety of facilities to entertain kids and the hard to please. My friends, who have stayed at Montage, rave about the service as well as the spa. is winter a number of the Residences will be showcased by a number of different designers. Let me know if you want more information on Montage or would like to have access to their inside information site. MAIRE’S NEWS Many of us are always looking for new ways to market our listings as well as hone our skills with educational classes and real estate related conferences. At a recent meeting of the US Chapter of the International Real Estate Federation in New York City, we were able to participate in a symposium with speakers from the UN that are involved in sustainable development. As a result of this meeting, I have joined both the Asian Real Estate Association of the Americas (AREAA) as well as the National Association of Hispanic Real Estate Professionals (NAHREP). e properties that I represent will also be marketed through the largest portal for Chinese investors. Our real estate markets are truly global and overseas investors are becoming more and more important in the US and even here in Park City. Rosol Summit Sotheby’s International Realty P .O. BOX 682463 Park City, Utah 84068
Transcript
MOUNTAIN PROPERTY
REVIEWPark Ci t y, Deer Va l ley and Inter nat iona l News
FALL
201
2
REAL ESTATE 2012 SNAPSHOTThe recent Park City Board of REALTORS® third quarter statistics indicate a trend of slow and steady growth in our local market with pended and closed sales at the highest levels since 2007. Single family homes continue to lead the market with 617 sold in the first nine months of 2012 compared to 585 at the same time last year. With interest rates at all time lows and strong buyer interest plus a decreasing inventory, we are seeing a shift from the buyer’s market of the past several years to a more balanced market. In Park City proper it is increasingly difficult to find good properties with several bedrooms under $500,000. Many buyers accustomed to distressed prices of the foreclosure market are disappointed as today the distressed sales make up only about 6% of all properties currently on the market. Pricing does vary between types of properties and neighborhoods and in most cases, the prices are still considerably less than 2006 and 2007. Location is always important and it is important to determine what best suits the needs of a buyer. Some looking for primary homes have loved the open spaces of the Snyderville Basin and close proximity to the wide open vistas, trail systems and parks. Median prices of the 20 homes in the Silver Springs area for the first 10 months of the year were $620,000 where as the median price of the 42 homes that sold in Park Meadows (within Park City proper) was $1,025,000.Park City’s historic district remains popular with many out of state buyers who love the proximity to Main Street with its restaurants, shops and general buzz. Buyers here have many options from a ramshackle miner’s shack (there is one now priced at $390,000) to an elegant ski-in/ski-out home offered at $8,640,000. Most of these homes have two to three bedrooms; those properties with four or more bedrooms are few and far between. With 43 homes currently available in Old Town, there is still a good choice.
MONTAGE UPDATEIt appears that more and more people are discovering this wonderful summer and winter resort in Empire Pass. This past summer six more of the Montage Residences sold and they are forecasting a very busy winter. These are truly elegant retreats and there is a variety of facilities to entertain kids and the hard to please. My friends, who have stayed at Montage, rave about the service as well as the spa. This winter a number of the Residences will be showcased by a number of different designers. Let me know if you want more information on Montage or would like to have access to their inside information site.
MAIRE’S NEWSMany of us are always looking for new ways to market our listings as well as hone our skills with educational classes and real estate related conferences. At a recent meeting of the US Chapter of the International Real Estate Federation in New York City, we were able to participate in a symposium with speakers from the UN that are involved in sustainable development. As a result of this meeting, I have joined both the Asian Real Estate Association of the Americas (AREAA) as well as the National Association of Hispanic Real Estate Professionals (NAHREP). The properties that I represent will also be marketed through the largest portal for Chinese investors. Our real estate markets are truly global and overseas investors are becoming more and more important in the US and even here in Park City.
Rosol Summit Sotheby’s International RealtyP.O. BOX 682463Park City, Utah 84068
FEATURED PROPERTIES
Iconic renovated & expanded 4BD/4.5BA historic home on 6 lots with views, wonderful outdoor living spaces, charming interior, gourmet kitchen, light & airy living area, 2 fireplaces, media room, hardwood floors, custom everything, elevator, 2-car garage, partially furnished. $2,995,000
HISTORIC PARK CITY
End 4BD/4BA condominium with direct ski access to Last Chance Ski Run, spectacular views of the ski runs and Old Town, massive stone fireplace hearth. A private location within the Lodge, this condo has easy access to all the amenities – owner’s bar/restaurant, pool, fitness center. $2,890,000
STAG LODGE
Top of the line 4BD/5BA town home with easy ski in/out access to the Last Chance Ski Run, great room with vaulted ceilings and Wolf and SubZero appliances, lower level family room, hot tub, views and AV system. Offered furnished; this is an opportunity for the ski family. $2,750,000
BELLEARBOR TOWNHOME
One of only six 4BD Silver Star town homes, this property is an end unit with easy access from the parking garage, good views over the golf course, rich woodwork, warm ambiance, private hot tub, terrific amenities, ski locker for owner, easy ski access. A great all season community! $1,895,000
SILVER STAR
Fabulous 6BD/8BA property is new to the market. Located on a quiet cul-de-sac, this home features walls of windows offering exceptional views and tons of light. The kitchen is a cook’s delight complete with a butler’s pantry. Very spacious rooms plus a one bedroom apartment.$1,195,000
THAYNES CANYON
Located on a corner lot in a very popular neighborhood with good amenities, this is an incredible 5BD/5BA home with exceptional views and an extraordinary floor plan that also features a great room, formal dining, family room, theatre/game room and tons of storage. $1,175,000
MAHOGANY HILLS
Reminiscent of Switzerland, this 3BD/4BA log home has one of the most spectacular panoramas in the Heber Valley. Perched on a hilltop, the views will “blow your mind”. Surrounded by flower gardens and a water fall in summer, this is one of the most charming places both inside and out. $699,000
Located next to the PC Municipal Golf Course and walking distance the PC Mountain Resort, this 3BD/3BA one level condo is perfect for easy living in winter and summer. Meticulously cared for, this unit offers everything necessary for a good holiday plus the pool and hot tub are out the front door. $619,000
ALL SEASONS
A Canyons gem, this 2BD+ loft condo has been completely remodeled and now features new cabinets, appliances, granite, slate floors and is just steps to the pool and clubhouse. As cute as can be, it is on the bus route and 100 feet to the Canyons Cabriolet. Priced less than similar units. $295,000
PROMONTORYPromontory has enjoyed brisk sales this year. Most of the distressed lots and homes have been sold but there are a few still available. With the improvements such as the wildly popular new community center, The Shed, Promontory continues to have a strong following from the true golf aficionados and to those that enjoy and appreciate the multitude of recreational opportunities and facilities that this development offers. For the first 10 months of 2012, 33 Promontory homes sold for a median price of $1,229,500. Currently, there are 43 single family homes available from $935,000 for a Trapper’s Cabin to be built, to an elegant property in the Deer Crossing neighborhood offered at $6,595,000. Promontory does have a “come and see” package and those details can be provide to you if you would like. It is a wonderful way to explore this community in winter and check out its Deer Valley on-mountain facility.
ENCLAVEDramatic architecture with glass walls stacked stone, beamed ceilings and grass and metal roofs define the style of these contemporary town homes. Located in Sun Canyon at Sun Peak, these 35 homes and five estate lots are surrounded by towering evergreens and aspens. It is a nature lover’s paradise where the outside becomes part of the inside. There are two floor plans each with four bedrooms and approximately 3,200 to 3,800 square feet. Prices of the two homes currently under construction are $1,350,000 and $1,623,000. If you would like more details, a brochure or a tour of the
site, do let me know. There isn’t anything like it in Park City.
INTERNATIONAL OPPORTUNITYAndermatt Swiss Alps is the only location in Switzerland where non-Swiss residents may purchase residential property without government restrictions. ASA has unique concession which allows the sale of property to foreign nations. It is the only five-star residential resort property in the country which permits this rare opportunity. In this all season resort, they are offering a range of luxury properties from $600,000 to over $20 million. If you would like additional information on the Andermatt Swiss Alps project, I would be happy to put you in touch with the brokers that are handling the US market.
PARK CITY TIDBITSPark City Museum – if you have never visited this, do so. It is a delight for all ages and has lots of goodies in its store.Sushi Blue – formerly called Happa Grill, it is now under the wing of the Bill White’s series of restaurants and is located at Redstone just across the street from the movie theatres.Park City’s Ski Resorts – all three, Deer Valley, Park City Mountain Resort and Canyons, have been named to the top 10 in the recent Ski Magazine reviews. All three have made some substantial improvements to their on mountain facilities this past summer. You can find some good on-line deals if you search the web.
