The 2016 Resort Report is here!

It’s here it’s here! I heart this report. The Resort Report compiles data from the other western mountain resorts so we can really get in and see how Park City shakes out compared to our sister towns.

Also? My network of trusted agents is global and very strong; if you would also like to research other towns, states, or countries, I would be delighted to match you with excellent worldwide associates that can assist with your search.

 

Goldener Hirsch Residences, pt V

“Worth the Wait”

The developers of Goldener Hirsch Hotel are being very careful with their research, scrutinizing all the details, and making very deliberate choices. And can you blame them? Building a new phase of such a storied brand on the last development parcel in Silver Lake is a very high-pressure endeavor. The overall theme here is that this project will be worth the wait.

As such, some of the sales processes are running behind schedule. Though there is a sales office in the lobby of Goldener Hirsch, there is no mockup display because they’re still working on exactly how the exterior will look (let me know when you’re coming to town and I’ll schedule a private tour). But the construction process–the most critical part of all this–is right on schedule, and the footprint of the buildings will not be changing, so when spring comes and the ground thaws physical work will continue as planned.

The rooftop pool and hot tub have been swapped from the original concept so the hot tub is now on the south side and the pool on the north side because that will allow for the best mountain views possible from that highest-floor condo. And if you were here this fall and saw heavy equipment working on the lots, it was because at some point in the last 30 years a sewer line had been run straight from Royal Street through one of the parcels and had to be moved.

The reservation process is still being worked out as well, and possibly won’t begin officially until spring or early summer. We’re guessing the deposit amount will be significant, probably $100,000. And the competition will be fierce for the top floor units with mountain views; rumor is there are as many as 80 interested parties so far. Pricing is not finalized yet, but I am expecting prices per square foot to match the Stein Eriksen Residences resales, which right now is between $1,275 and $1,538 per square foot.

If you are interested in this project, let me know right away. Where we don’t know exactly what the reservation process will entail, I want to make certain you have every opportunity possible to own in this exclusive development. As always, it’s in the details, relationships matter, and luck favors the prepared. 

The marketing is also a fluid concept; this link below will always bring you to the most recent version of the sales brochure. Right now the most recent update is from 1/8/17.
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I’ll let you know as new information develops!

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Coming to Market and Best Buys, 2/13/17

Some exciting properties to talk about this week, either new to the market coming to market:

Fox Point at Redstone

This condo is about to hit the market and I don’t expect it’ll last very long. It’s in Fox Point at Redstone, 2 bd, 2 ba, 1-car garage and resort views. Offered at $425,00. Fox Point is a great option for short-term or long-term rentals, allows pets, the HOA dues cover snow removal, water, sewer and snow removal and run $280/month. Redstone is fun, active, walkable area, right next to the Swaner Nature Preserve which is gorgeous year-round. Summers there are my favorite because they have outdoor concerts on the plaza every week. Click here for the virtual tour.

Galleria on Main
Galleria is right on Main St., above some fun retail shops, and that is the breezeway between Swede Alley and Main St. Galleria has a great rooftop deck where people can lounge, garden, barbecue, or enjoy the parades; the location is difficult to argue with. The last sale on the MLS was in 2014. This one has a nicer remodel, and the living room faces Swede Alley, which means it’s quiet, but the balcony has Main Street views for all the action. Click here for the listing.
Treasure Mountain Inn on Main

Treasure Mountain Inn is a sleeper favorite. At the top of Main, close to the Egyptian Theatre and right across the street from Wasatch Brew Pub. Pricing has stayed low for some time now. I think if you came in with a VRBO-based property management company that could really maximize rentals you could do quite well on a nightly basis. But what makes Treasure Mountain Inn particularly exciting for me is that the city owns the parking lot across the street next to Wasatch Brew Pub and is fleshing out plans to redevelop it into underground parking and above a gathering place to draw visitors to the top of Main. Discussions have included an ampitheatre and a park. Once plans are finalized and construction is finished, I see pricing here increasing dramatically.One of the first presentations about the Wasatch Brew Pub lot redevelopment can be found here. And here is a Park Record article about the discussions. Click here for the listings.

Two lots on Woodside
Total size is 75×75, and is supposedly 1 signature away from approval to build one house in the 5,000-6,000 sq ft range on it. As you all know, it’s rare to find that much space in Old Town that doesn’t have a historic structure on it or something else you have to tear down or accommodate. The flexibility of this parcel is pretty interesting, it sounds like you could build 3 houses (but they’ll be small, it usually works out with the city’s calculations to be around 2,500 sq ft), or 2 houses (larger, more like 3,000 sq ft which seems to work out best for homeowners and renters), or one large house on the whole parcel. Will be coming to market at $3,000,000.
Four lots on Norfolk
These are 4 lots behind the library, .04 ares each, the top four lots facing Empire have been built on already. All four lots are the same price including the primo corner lot with the stair easement (this means your lot feels much larger). The location is excellent since the library is a Sundance venue, and as long as the library lot remains undeveloped offers great access to a big park. Click here for the listings.
Thaynes Canyon house
There is a house coming online on Morningstar Court, neighborhood of $2.7M
Empire Residences
New ski-in/ski-out development in Empire Pass on one of the last remaining parcels, next to Shooting Star and behind Silver Strike, 19 luxury residences, 3, 4 and 5 bedrooms. Click here for the brochure.

Closed! Holiday Ranch Loop Rd

Congratulations to my and Mary Ciminelli’s client on the purchase of their Park City home! We had to move fast on this 4-bd, 2-ba house in Park Meadows but now they have a sweet mountain home minutes from the ski resorts and Old Town. Hooray!

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Goldener Hirsch Hotel and Residences, pt IV

More news on the Goldener Hirsch expansion. This is the first release of the official sales brochure, and it comes with the disclaimer that floorplans, etc. are still being tweaked:

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Expecting the reservation process to begin late February 2017.

There will be updates as we move along, and more information is due to be released this month. As usual, you’ll be the first to know when it does!

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Goldener Hirsch Hotel and Residences, pt III

Please note: this project is still very much in the planning stages. Information herein is not guaranteed.

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As we get closer to 2017 we are getting closer to official information about the new condominiums slated for construction as part of the Goldener Hirsch Inn expansion in Silver Lake at Deer Valley Resort. It’s been months of discussions about density and commercial square footage and codes and master plans.

However, we are starting to get more information trickling out. As you can see above, the actual lots that will be developed are still being used as parking for Deer Valley Resort. Preliminary–and I do mean preliminary–information is on the Goldener Hirsch’s website (scroll down to “Coming Soon”).

DATES TO KNOW:

Sales reservations beginning Winter 2017
Construction planned to start Spring 2017
Completion planned for Winter 2019

Here are the points from the latest press release:

QUICK FACTS
38 New Contemporary Residences
Modern Architecture blended with Sophisticated Design
Studio to Three Bedrooms with Lock-Offs
Approx. 570 – 2,379 Square Feet
Fully Furnished & Impeccably Appointed
Sky Bridge Connection to Inn
Located in the Center of Silver Lake Village

AMENITIES & SERVICES
Front Lobby with Check-in, Valet & Concierge
Lobby Lounge & Outdoor Patio with Firepits
Rooftop Pool & Hot Tub with Stunning Views
Fitness Center adjacent to Rooftop Pool
Ski/Boot Locker Room with Aprés-Ski Lounge
Goldener Hirsch Restaurant & Bar
Conference Center
Underground Parking

Since the January Planning Commission meeting was where the main meat and potatoes of this proposal emerged, I have pulled out some particularly interesting pages from that packet:

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Artist renderings
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Site maps
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Floor-by-floor
GH_Floorplan-examples_thumbnail
Floorplan examples
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Square footage schedule

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Please note: this project is still very much in the planning stages. Information herein is not guaranteed.

Park City Statistics: 2nd Q 2016

Whoa, mama, are you ready for a big post? I promised to stop when it stopped being interesting but all these numbers are interesting. Here is the official report:

2016 Q2 – PCR Rolling 12 – Short-2

What I’m poring over here is the 12 month rolling, year over year, July 2015-June 2016 vs. July 2014-June 2015. I’ve used medians here because we can have sales at $1M and $7M in the same MLS area, but some of our sample sizes are so small that medians are skewed as well. The notes are in italics, and are either my insights or ones gleaned from my colleagues in the statistics committee.

And here are the PCMLS Trend Statistics Graphs (you know I love the graphs):

PCMLS-Trend-Statistics-----2016-05---Printed-May-2016-4

TL;DR (Too Long; Didn’t Read)

Our market continues to be highly complex and highly segmented. We are seeing some buyer resistance to prices in the Park City Proper (84060) areas, and an increase in number of sales in Snyderville Basin (84098), and a particular migration in single family home purchases to Summit Park, Pinebrook and Jordanelle. Outlying areas with properties under $500,000 are very active. Some segments of our market are back to highs of 2008 but the majority of areas have not reached pre-recession heights.

Properties priced at or below the median sell in a quarter of the time properties priced higher do.

Condos in Park City limits (84060) at or below the median price of $660,000 have an absorption rate of 4.6 months; over median price absorption rate moves o 15.4 months.

Single Family homes in the Park City limits at or below the median price of $1.58M have an absorption rate of 4 months; over the median price the absorption rate jumps to 17.4 months.

Condos in Snyderville Basin priced at or below the median price of $427,000 have an absorption rate of only 2 months; over median price the absorption rate becomes 8.7 months.

Single Family homes in Snyderville Basin priced at or below the median price of $955,000 have an absorption rate of 4.1 months; over median price the absorption rate jumps to 13.2 months.

Continue reading “Park City Statistics: 2nd Q 2016”

Motherlode E: Soon to be GBG (Gone, Baby, Gone)

Attention: If you want 3-bedrooms, less than 2 blocks to Town Lift, designated parking and ready for a remodel we have a short window for you to move on this Motherlode condo.

This is not my listing, but is listed by a colleague at Summit Sotheby’s International Realty. These photos aren’t mine either, but are from our rockstar photographers. 

It has private access from the garage, and two-car designated underground parking. Right at 6th St. and Park Ave, next to the Crescent Tram trail. It’s literally this unit with the stained glass windows:
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Continue reading “Motherlode E: Soon to be GBG (Gone, Baby, Gone)”

SOLD! 267 Ridge Top Rd

Congratulations to my seller, the proud no-longer-owner of this half-acre lot in Rockport Estates (hereafter to be known as “Rockapulco” not my genius at work here though I wish it was).