Goldener Hirsch Residences, pt VI

As the 2016-2017 ski season comes to a close (although we had a good storm last night, Snowbird is reporting 17″), we should be seeing more updates, more news, and more changes at the site of the new Goldener Hirsch Residences.GH_4_3

The site is fenced off and there is heavy equipment moving snow; digging should start any day now.gh_4_2017_2

Even more exciting is that the development team estimates that they are about 30 days out on prices, and looking at probably early June to begin the reservation process.gh_4_2017_1

They have also brought on Todd-Avery Lenahan as the designer for the project.gh_4_2017_4

Palettes look interesting so far; they’re trying to offer a fresh design but still keep with the European feel of the original Goldener Hirsch.gh_4_2017_5

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.

I’ll let you know as new information develops!

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Park City Statistics: 1st Quarter 2017

Just came out of our Year over Year Period Comparison Report — 12 Month Rolling and as usual, more information than I can digest at one time. Here are some initial observations from the committee:

Watch out when looking at Upper Deer Valley’s condo sales, price appears to be up over 130% but that is because Stein Eriksen Residences began to close.

Trends suggest that the number of sales in the first quarter is always low; the number of sales this quarter is up 22% in number of sales over last year, so we might expect the next three quarters to increase as well.

Anything in the Kamas valley that is reasonably priced is under contract in under 2 weeks. There is also a huge rental demand.

What was perceived as far away is no longer perceived as such. Red Ledges is a terrific value. The competition for Empire Pass is Promontory. Buyers are younger (heyooooooo) and looking for gated communities with lots of amenities.

Single family home sales in Old Town is very stable, but just because some condos are listed at $1,100/sq ft (and not selling) doesn’t mean every Old Town house is–or even many of them are–worth $1,100/sq ft.

Lower Deer Valley condos were hot, now it’s houses and a continuation of what we saw last quarter. People see the value and there is some flipping happening.

One of our local lenders, Rick Klein, compiles an excellent report that includes this fabulous graph (which does have some formatting issues).

If you list a condo in area 1-9 (Old Town to Park Meadows), for under the median sales price of $705,000, the stats show the absorption rate at 3.4 months. If you list for over that median, the stats show the absorption rate shooting up to 14.3 months. For single family homes in areas 1-9, if you list under the median price of $1,850,000 the stats show your absorption rate at 4 months. Whereas over that median price the stats show the absorption rate changes to 16.7 months.

For areas from 10-23 (Canyons out to Jordanelle), for condos up to the median price of $484,615 the stats show 1.5 months, and over the median price the stats show an absorption rate of 5.7 months. For single family homes up to the median price of $982,000 the stats show an absorption rate of 1.9 months, and over that median, the stats show an absorption rate of 10.1 months. (Absorption rate is calculated by taking the number of properties sold per month and dividing that out by the number of properties on the market.)


Wasatch Springs: New townhomes starting in the $450s

Exciting new project coming online just outside of town. One of the things we’ve been struggling with is a shortage of properties under $700k. These thirty townhouses start in the $450,000s, built by Holmes Homes, and are being pitched as filling the gap in the market. 3-4 bedrooms, 2-car garages, nice floorplans, all the upgrades are built into the price so all you choose is your color scheme. One of the floorplans does have an optional finished or unfinished basement, which is a nice touch. The development team also mentioned they are focusing on keeping the HOA dues low (around $200 a month), which reflects a concern many of us have about how much those dues actually add to the monthly cost of ownership. These are in the same area as the Retreat at Jordanelle, Park’s Edge, and the Stock Building Supply facility.

As of right now, 5 of the 10 units in this phase are reserved. It only takes $1,000 to reserve a unit, so if you’re interested, let’s pick a unit and get a reservation in LIKE RIGHT NOW.

When you get to the site plan, B1 and D3 were reserved this morning.

Here is the official brochure:

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.