Market Overview -- Same Old, Same Old: Prices Up, Inventory Low

Posted by Joel Rosenfield on Friday, October 12th, 2018 at 2:46pm.

 

 October in Park City, what a difference a couple weeks makes! 

I've been meaning to write an update in market conditions for some time, but the answer today is the same as it's been for a few years. Prices continue to steadily rise, inventory is still low. Most values have exceeding their pre-recession highs, but some have not with differing conditions in different developments. Modern finishes continue to command a premium, and there continues to be a considerable amount of new construction. 

 Construction continues in Upper Deer Valley and Empire Pass with Goldener Hirsch Residences coming along and Empire Residences has started committing to purchase contracts. One Empire Pass is now complete and is spectacular with very few units left. At the Park City base, King's Crown has been approved and excavation has begun. At Canyons Village, the first Apex units appear to be nearing completion, Lift condos are coming along, Blackstone is building their second building, Juniper Landing and Fairway Springs are partially done with their final buildings, and Frostwood Villas (their HOA has added shuttle service) continues to bring townhomes online.  

As prices have continued to rise, sales and values in neighboring towns like Kamas, Heber City, and Midway have really been strong. In particular, the Deer Mountain/Hideout area along SR-248 on the northeast side of the Jordanelle Reservoir has really taken off. The long-proposed hotel is coming out of the ground, and the infrastructure for the long-rumored services near The Retreat, Park's Edge, Wasatch Springs and Block Rock Ridge has been laid down. In addition to homes, there are homesites available in the newer communities of Hideout, Soaring Hawk, the new Golden Eagle, and a recently released section of Tuhaye

Across from the Quinn's Juction athletic fields, People are starting to move into Park City Heights. There will be a total of 239 homes of which 160 are market priced, starting at $1.2M-$1.4M for a home starting at about 4000sqft. These are in the Park City School District and will be connected to town by bike trail and the free bus system. A larger development called Silver Creek Village is southeast of the intersection of I-80 and US-40. Eventually some 1200 homes are planned, but for now they have just released some building lots for sale. 

Finally, the LONG awaited Mayflower expansion of Deer Valley to the south has been approved. This will include a new base area at the Mayflower exit of US-40 across from Jordanelle State Park and communities such as Shores at Stillwater, Hailstone, and Fox Bay. Last I heard, 6 chairs will be added, and buildout will take many, many years, probably much like Canyons Village at Park City Resort. I also heard that a road is planned to connect that Hideout area with that base area without having to go through the SR-248/US-40 interchange in hopes of alleviated traffic. The intent is that the Mayflower base would handle day visitors from Salt Lake City and Wasatch County to free up traffic in Park City which will continue to use the current lots. But much of this is just on paper, and experience shows that things may or may not happen as planned or within the planned timeframe.

If you want more details on either statistics, new developments, or information on specific neighborhoods, please reach to us and ask!

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