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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.
ghbrochure

I’ll let you know as new information develops!

Sign up to receive news on Goldener Hirsch Hotel and Residences as it is released. 

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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).
Stats-Committee-Q1-17-9

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.)

 

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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:

https://issuu.com/summitsothebys/docs/wasatch_springs_booklet/1?e=0/45888081&ff=true

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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.

https://issuu.com/summitsothebys/docs/ssir_resort_report_2016

 

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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.
ghbrochure

I’ll let you know as new information develops!

Sign up to receive news on Goldener Hirsch Hotel and Residences as it is released. 

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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.
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2016 Year-End Statistics

The year-end reports are out for the Park City Board of Realtors. For those who like to settle down in front of the fire with a glass of sherry and a massive binder full of charts, this link is for you: 12 Month Rolling Average January 2015 – December 2016 / January 2014 – December 2015

For those of a more visual persuasion, here is the  Park City MLS Trend Statistics Charts.

And for those of you that like your facts drilled down a little bit, here is the official press release from my last Statistics Committee Meeting at the  Park City Board of Realtors:

Park City, Utah – February 1st, 2017

2016 year-end housing statistics for Summit and Wasatch Counties, as reported by the Park City Board of REALTORS® Multiple Listing Service, show that over the past four years, the number of closed, pended, and active listings has continued to trend at a healthy and stable rate, with an averaged median price increase of 7.5% annually. However, in 2016, the median sales price for single-family homes, condominiums, and vacant land increased at a rate double that number. Overall, the quantity of sold properties did not increase sharply over previous years, yet the dollar volume for our entire market area was up 18%.

President of the Park City Board of REALTORS®, Sara Werbelow adds, “We have experienced a sustainable growth trend for several years. Areas surrounding Park City Proper, such as the Heber Valley and Jordanelle, are proving to be a consistent and robust draw for both primary and secondary homeowners, as buyers are capitalizing on new construction and great value.”

Single-Family Home Sales

Activity within the City Limits (84060)

With limited inventory and high demand for single-family homes within the City Limits, the median price climbed to $1.69 M.

  • Lower Deer Valley doubled in the number of homes sold and saw a 15% increase in median price reaching just under $2.2 M.
  • Park Meadows, consistently in high-demand, experienced seven fewer sales than in 2015 but ended the year with a slight increase in the median price to $1.59 M.
  • The number of sales in Prospector was on par with last year, but median price rose 13% hitting $833,000.
  • Old Town, with seven fewer closed sales than in 2015, ended the year with a median price of $1.48 M – up 12%.

Activity within the Snyderville Basin (84098)

With 366 home sales in 2016 – a 7% increase over last year, the Snyderville Basin accounted for the highest dollar volume in our market area with a median price reaching $968,000.

  • With 46 closed sales – 12 more than the previous year, Trailside took a lion’s share of activity in the Basin and also increased 13% in median price to $723,000.
  • Jeremy Ranch averaged one sale per week, with a total of 52 closed sales – 11 more than in 2015, and held on to a median price of $922,000.
  • The number of sales in the Canyons area went from nine to 23, several of which were in the Colony, ending 2016 with a median price of $5.89 M.
  • Silver Springs had ten fewer sales than last year, showing some market resistance to rising home prices in that neighborhood. The median price also dipped slightly to $897,000.
  • Kimball Junction saw more activity than last year with 16 closed sales and a 12% median price increase to $553,000.
  • Promontory climbed 20% in median price, reaching $2 M, and kept pace with last year’s number of sales.

Activity within the Kamas Valley

Overall, single-family home prices in the Kamas Valley rose 22% in 2016, compared to the previous year, with a median price reaching $380,000.

  • The Oakley / Weber Canyon area accounted for half of the total number of sales in the Kamas Valley with 45 and ended the year with a $387,000 median price.
  • Woodland / Francis saw more activity than in previous years and held on to a median price of $428,000.

Activity within the Heber Valley

With 359 home sales – 111 more than in 2015 – the Heber Valley rivaled the Basin’s number of units sold seeing areas of hot activity, with a median price of $394,000.

  • Midway / Charleston had 29 more sales than last year – which is a 38% increase, with a median price was $480,000. Approximately 40% of the homes in Midway are second-homes.
  • The Heber City / Daniels area accounted for the bulk of the single family home sales in the Heber Valley with a total of 214 – that is 83 more than 2015. The median price of a home gently coasted to $359,000.

Park City Board of REALTORS®’, Statistics Committee Chair, Carol Agle explains, “Our market area has a bifurcated buyer pool. The market resistance for single family homes seems to be at the $1 million price point and consumers have started to erase any preconceived, artificial delineation of zip codes and addresses.”

Condominium Sales

With 318 condominiums sold in 2016, Snyderville Basin (84098) outpaced the Park City Limits (84060) by 15 units. Despite double-digit price increases in both zip codes, demand continued to be strong in both the City Limits and in the Basin with the median price of $685,000 in town and $468,000 out of town.

City Limits

  • Old Town had the highest number of closed sales by neighborhood within the City Limits, averaging two per week with 118 and saw a 26% jump in median price to $568,000.
  • Park Meadows had ten fewer sales than the previous year and crept along with a median price close to last year’s number at $565,000.
  • Lower Deer Valley, with 24 fewer sales than last year, was up slightly in price to $831,000.
  • Prospector, the most affordable neighborhood within the City Limits, had a median price of $139,000.

Snyderville Basin

  • With new product closing at Canyons, that area had an uptick in quantity sold, averaging ten sales per month, and saw a 53% jump in median price to $615,000.
  • Due to large projects closing at the end of 2015, the Kimball Junction area experienced a decrease in the number of units sold in 2016 but finished the year with a solid 79 closed sales, which is close to two sales per week.
  • The Pinebrook area had a solid year with 63 units sold and maintained a steady median price of $437,000.
  • The appeal of new product in the Jordanelle area kept buyers’ interested, as can be seen by a 28% increase in the number of sales and median price of $479,000.

Looking Ahead

The number of active properties has remained surprisingly consistent over the last several years, with 1,840 currently listed on the Park City MLS. Prices in our market area have continued to rise year-over-year as both primary and secondary homeowners desire to live, work, and play in Summit and Wasatch Counties. Finding affordable property in certain areas remains challenging with high demand, limited inventory, and rising home prices. Buyers continue to look for value and affordability in outlying communities. With the average home remaining on the market between 7 – 11 months, properties listed at or below their neighborhood median price sell almost 4 times as quickly.

Our market area is complex and constantly changing and evolving with micro-markets dividing product by property type, location, price, age, and amenities. Buyers and sellers are advised to contact a local Park City REALTOR® for information on what is happening in your neighborhood.

Park City, Utah – February 1st, 2017

2016 year-end housing statistics for Summit and Wasatch Counties, as reported by the Park City Board of REALTORS® Multiple Listing Service, show that over the past four years, the number of closed, pended, and active listings has continued to trend at a healthy and stable rate, with an averaged median price increase of 7.5% annually. However, in 2016, the median sales price for single-family homes, condominiums, and vacant land increased at a rate double that number. Overall, the quantity of sold properties did not increase sharply over previous years, yet the dollar volume for our entire market area was up 18%.

President of the Park City Board of REALTORS®, Sara Werbelow adds, “We have experienced a sustainable growth trend for several years. Areas surrounding Park City Proper, such as the Heber Valley and Jordanelle, are proving to be a consistent and robust draw for both primary and secondary homeowners, as buyers are capitalizing on new construction and great value.”

Single-Family Home Sales

Activity within the City Limits (84060)

With limited inventory and high demand for single-family homes within the City Limits, the median price climbed to $1.69 M.

  • Lower Deer Valley doubled in the number of homes sold and saw a 15% increase in median price reaching just under $2.2 M.
  • Park Meadows, consistently in high-demand, experienced seven fewer sales than in 2015 but ended the year with a slight increase in the median price to $1.59 M.
  • The number of sales in Prospector was on par with last year, but median price rose 13% hitting $833,000.
  • Old Town, with seven fewer closed sales than in 2015, ended the year with a median price of $1.48 M – up 12%.

Activity within the Snyderville Basin (84098)

With 366 home sales in 2016 – a 7% increase over last year, the Snyderville Basin accounted for the highest dollar volume in our market area with a median price reaching $968,000.

  • With 46 closed sales – 12 more than the previous year, Trailside took a lion’s share of activity in the Basin and also increased 13% in median price to $723,000.
  • Jeremy Ranch averaged one sale per week, with a total of 52 closed sales – 11 more than in 2015, and held on to a median price of $922,000.
  • The number of sales in the Canyons area went from nine to 23, several of which were in the Colony, ending 2016 with a median price of $5.89 M.
  • Silver Springs had ten fewer sales than last year, showing some market resistance to rising home prices in that neighborhood. The median price also dipped slightly to $897,000.
  • Kimball Junction saw more activity than last year with 16 closed sales and a 12% median price increase to $553,000.
  • Promontory climbed 20% in median price, reaching $2 M, and kept pace with last year’s number of sales.

Activity within the Kamas Valley

Overall, single-family home prices in the Kamas Valley rose 22% in 2016, compared to the previous year, with a median price reaching $380,000.

  • The Oakley / Weber Canyon area accounted for half of the total number of sales in the Kamas Valley with 45 and ended the year with a $387,000 median price.
  • Woodland / Francis saw more activity than in previous years and held on to a median price of $428,000.

Activity within the Heber Valley

With 359 home sales – 111 more than in 2015 – the Heber Valley rivaled the Basin’s number of units sold seeing areas of hot activity, with a median price of $394,000.

  • Midway / Charleston had 29 more sales than last year – which is a 38% increase, with a median price was $480,000. Approximately 40% of the homes in Midway are second-homes.
  • The Heber City / Daniels area accounted for the bulk of the single family home sales in the Heber Valley with a total of 214 – that is 83 more than 2015. The median price of a home gently coasted to $359,000.

Park City Board of REALTORS®’, Statistics Committee Chair, Carol Agle explains, “Our market area has a bifurcated buyer pool. The market resistance for single family homes seems to be at the $1 million price point and consumers have started to erase any preconceived, artificial delineation of zip codes and addresses.”

Condominium Sales

With 318 condominiums sold in 2016, Snyderville Basin (84098) outpaced the Park City Limits (84060) by 15 units. Despite double-digit price increases in both zip codes, demand continued to be strong in both the City Limits and in the Basin with the median price of $685,000 in town and $468,000 out of town.

City Limits

  • Old Town had the highest number of closed sales by neighborhood within the City Limits, averaging two per week with 118 and saw a 26% jump in median price to $568,000.
  • Park Meadows had ten fewer sales than the previous year and crept along with a median price close to last year’s number at $565,000.
  • Lower Deer Valley, with 24 fewer sales than last year, was up slightly in price to $831,000.
  • Prospector, the most affordable neighborhood within the City Limits, had a median price of $139,000.

Snyderville Basin

  • With new product closing at Canyons, that area had an uptick in quantity sold, averaging ten sales per month, and saw a 53% jump in median price to $615,000.
  • Due to large projects closing at the end of 2015, the Kimball Junction area experienced a decrease in the number of units sold in 2016 but finished the year with a solid 79 closed sales, which is close to two sales per week.
  • The Pinebrook area had a solid year with 63 units sold and maintained a steady median price of $437,000.
  • The appeal of new product in the Jordanelle area kept buyers’ interested, as can be seen by a 28% increase in the number of sales and median price of $479,000.

Looking Ahead

The number of active properties has remained surprisingly consistent over the last several years, with 1,840 currently listed on the Park City MLS. Prices in our market area have continued to rise year-over-year as both primary and secondary homeowners desire to live, work, and play in Summit and Wasatch Counties. Finding affordable property in certain areas remains challenging with high demand, limited inventory, and rising home prices. Buyers continue to look for value and affordability in outlying communities. With the average home remaining on the market between 7 – 11 months, properties listed at or below their neighborhood median price sell almost 4 times as quickly.

Our market area is complex and constantly changing and evolving with micro-markets dividing product by property type, location, price, age, and amenities. Buyers and sellers are advised to contact a local Park City REALTOR® for information on what is happening in your neighborhood.

Park City, Utah – February 1st, 2017

2016 year-end housing statistics for Summit and Wasatch Counties, as reported by the Park City Board of REALTORS® Multiple Listing Service, show that over the past four years, the number of closed, pended, and active listings has continued to trend at a healthy and stable rate, with an averaged median price increase of 7.5% annually. However, in 2016, the median sales price for single-family homes, condominiums, and vacant land increased at a rate double that number. Overall, the quantity of sold properties did not increase sharply over previous years, yet the dollar volume for our entire market area was up 18%.

[…]

Single-Family Home Sales

Activity within the City Limits (84060)

With limited inventory and high demand for single-family homes within the City Limits, the median price climbed to $1.69 M.

  • Lower Deer Valley doubled in the number of homes sold and saw a 15% increase in median price reaching just under $2.2 M.
  • Park Meadows, consistently in high-demand, experienced seven fewer sales than in 2015 but ended the year with a slight increase in the median price to $1.59 M.
  • The number of sales in Prospector was on par with last year, but median price rose 13% hitting $833,000.
  • Old Town, with seven fewer closed sales than in 2015, ended the year with a median price of $1.48 M – up 12%.

Activity within the Snyderville Basin (84098)

With 366 home sales in 2016 – a 7% increase over last year, the Snyderville Basin accounted for the highest dollar volume in our market area with a median price reaching $968,000.

  • With 46 closed sales – 12 more than the previous year, Trailside took a lion’s share of activity in the Basin and also increased 13% in median price to $723,000.
  • Jeremy Ranch averaged one sale per week, with a total of 52 closed sales – 11 more than in 2015, and held on to a median price of $922,000.
  • The number of sales in the Canyons area went from nine to 23, several of which were in the Colony, ending 2016 with a median price of $5.89 M.
  • Silver Springs had ten fewer sales than last year, showing some market resistance to rising home prices in that neighborhood. The median price also dipped slightly to $897,000.
  • Kimball Junction saw more activity than last year with 16 closed sales and a 12% median price increase to $553,000.
  • Promontory climbed 20% in median price, reaching $2 M, and kept pace with last year’s number of sales.

Activity within the Kamas Valley

Overall, single-family home prices in the Kamas Valley rose 22% in 2016, compared to the previous year, with a median price reaching $380,000.

  • The Oakley / Weber Canyon area accounted for half of the total number of sales in the Kamas Valley with 45 and ended the year with a $387,000 median price.
  • Woodland / Francis saw more activity than in previous years and held on to a median price of $428,000.

Activity within the Heber Valley

With 359 home sales – 111 more than in 2015 – the Heber Valley rivaled the Basin’s number of units sold seeing areas of hot activity, with a median price of $394,000.

  • Midway / Charleston had 29 more sales than last year – which is a 38% increase, with a median price was $480,000. Approximately 40% of the homes in Midway are second-homes.
  • The Heber City / Daniels area accounted for the bulk of the single family home sales in the Heber Valley with a total of 214 – that is 83 more than 2015. The median price of a home gently coasted to $359,000.

[…]

Condominium Sales

With 318 condominiums sold in 2016, Snyderville Basin (84098) outpaced the Park City Limits (84060) by 15 units. Despite double-digit price increases in both zip codes, demand continued to be strong in both the City Limits and in the Basin with the median price of $685,000 in town and $468,000 out of town.

City Limits

  • Old Town had the highest number of closed sales by neighborhood within the City Limits, averaging two per week with 118 and saw a 26% jump in median price to $568,000.
  • Park Meadows had ten fewer sales than the previous year and crept along with a median price close to last year’s number at $565,000.
  • Lower Deer Valley, with 24 fewer sales than last year, was up slightly in price to $831,000.
  • Prospector, the most affordable neighborhood within the City Limits, had a median price of $139,000.

Snyderville Basin

  • With new product closing at Canyons, that area had an uptick in quantity sold, averaging ten sales per month, and saw a 53% jump in median price to $615,000.
  • Due to large projects closing at the end of 2015, the Kimball Junction area experienced a decrease in the number of units sold in 2016 but finished the year with a solid 79 closed sales, which is close to two sales per week.
  • The Pinebrook area had a solid year with 63 units sold and maintained a steady median price of $437,000.
  • The appeal of new product in the Jordanelle area kept buyers’ interested, as can be seen by a 28% increase in the number of sales and median price of $479,000.

Looking Ahead

The number of active properties has remained surprisingly consistent over the last several years, with 1,840 currently listed on the Park City MLS. Prices in our market area have continued to rise year-over-year as both primary and secondary homeowners desire to live, work, and play in Summit and Wasatch Counties. Finding affordable property in certain areas remains challenging with high demand, limited inventory, and rising home prices. Buyers continue to look for value and affordability in outlying communities. With the average home remaining on the market between 7 – 11 months, properties listed at or below their neighborhood median price sell almost 4 times as quickly.

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Happening upon Hidden Hollow

I got trapped in a cliche this weekend. Imagine, stumbling on a little hidden wooded oasis in the middle of a vibrant gentrified social center. Even the name is earnestly unironic: Hidden Hollow. IT’S TOTALLY HIDDEN IT’S A HIDDEN HOLLOW

I KNOWWWWW

HiddenHollow-5 This little slice of heaven is next to the Petco/Bed Bath and Beyond/Whole Foods complex and surrounds the river. Huge trees! Bridges! Ducks! Many woodland species and associated informative plaques. HiddenHollow-3

Look, I come to this complex weekly. At least. I drive past it daily. I had no idea this was here. I mean honestly, be less obtuse Kristina. Just because there’s the gigantic Sugarhouse Park across 13th East from this spot why wouldn’t there also be a little slice of wooded heaven right here in between all these businesses.
HiddenHollow-1 Look at this historical plaque! You know I love this stuff. Did you know “Sugar House” was known as the Furniture Capitol of the West? NEITHER DID I AND I AM BIG ON BOTH FURNITURE AND THE WEST. HiddenHollow-2

Like, there are two restaurants in this little cluster of walkable hipness OF COURSE THERE ARE. Just downstairs from fabulous new construction condos and just to the left of thriving commercial and office space. Surely there’s parking for them someplace and some sort of street frontage, there has to be. Right? That I’ve driven past twice a day and just not noticed? Right?
HiddenHollow-6

AND IT’S A TEA ROOM AND A VIETNAMESE RESTAURANT I COULDN’T MAKE THIS UP YOU GUYS

The moral of this story? There is literally cool stuff around every corner if you can just be bothered to slow down and look around. Also I need me some Vietnamese food.