September snow, $12Million condo, Property Tax Primer

Wow, It’s September Already!
Reasons why September is our favorite Park City month:

1.  Park City summer is usually cool, but in September it really cools down!  Crazy weather and temp swings:  Right now it looks like this, still sort of summer.  We’ve had a record heat wave in August and early September.  Can’t remember it hitting 90 in PC ever before.  Tomorrow it might snow!

Mountaineer Chair lift at Deer Valley

2.  Mountain Colors.  By mid September it will look like this:  It could snow any time, but usually none sticks until early  November.


3.  Quieter.  After Labor Day, it gets nice and quiet in our mountain town.  Less traffic, fewer crowds until Christmas Holiday and ski season!

4.   Looking forward to ski season.  First Ski Magazine hits the stands.   Trying to decide which season pass.  New skis?  Park City announced their opening day of November 20.  But check their website to see how their Covid protocols will work.   Can only ski by  making an online reservation!  Will be interesting.

But, what about Real Estate…?  

Park City/Deer Valley Real Estate Market 

We have experienced a quite active, strong summer market.  Properties at every price range are selling briskly.  In the past 30 days for example, we have seen 21 sales in the Park City local market of properties listed over $6M!

In fact, in the past 30 days, an impressive 538 sales have pended or closed in the local market, at prices ranging from $120k to nearly $14M, for a consistent average of 18 sales a day.   This is pretty incredible, but is due to an influx of  “Urban Refugees” escaping high density living, from East Coast, West Coast, Texas, and in between.   Many of the highest priced sales are of homes on acreage, providing elbow room and social distance from the neighbor!

Most Interesting August/ September 2020 Sales

2750 Meadow Creek Rd
Park Meadows

Sold Appx $6.7M

Quarry Mountain Ranch
List Price $14.5M 
Sales Price “Undisclosed”

The Colony
Pending Sale
List Price:  $12.9M 

Most Interesting New Listings

Really a $20M condo?  Well, it’s nearly the entire top  floor of the St. Regis.  
Click and take a look!

The Colony

A “Best Buy”!   Really, how can a $16m home be a best buy?  
Well, it’s ski in/ski out on over 5 acres, unbelievable views, and at nearly 28,000 square feet in size, (really only $575/sf)  is one of the largest ski in/out homes in North America.   (Most other “Colony” homes are priced at over $1100/sf!)

“Argent” is a new condominium building now just beginning construction at the base of Deer Valley’s Silver Strike lift.  Developed by “East West Partners” they are priced, taking reservations, and have already “sold” a handful.  Should be comparable to the “One Empire” building next door.
Click here for a look

Jordanelle View Dr, Deer Crest
Deer Valley

2020 Property Taxes.  Quick Primer.
Property Tax notices appeared in early August.

Taxes are due by November 30.  We have until September 15 to appeal the assessed valuation of a property (or other items) on the notice.   Summit County gets around to re assessing properties only every few years, so sometimes we can see the assessed valuation suddenly jump. 

As we are a “nondisclosure” state, they cannot go to the recorded deeds to see the sales prices of new sales (they all read $10).  Rather, the Assessor has to do a market analysis, through the Park City Board of Realtors mls system, to evaluate each of the thousands of properties in the County!  Big job.  They’re pretty good at it, but don’t always get it right!

Here is an interesting recent press release from the Utah State Tax Commission regarding 2020 property taxes and appeals.

This year, in an accelerating real estate market, we have seen that most assessed tax valuations have not risen dramatically.  Next year they might. However, if you or someone you know, feels that it has, and would like to appeal, here is a link to Summit County’s on line “BOE” form.  (Wasatch county has a similar one) 

If you think there is valid reason to appeal for a reduced valuation of your property, drop me a note and I can run a few comps to see if there are recent lower sales to justify an appeal, and then provide you with the sold listing comps to attach. 

As always, I will take a look at value, and provide comps for a possible appeal for friends, clients, and associates for free!   Remember, September 15 deadline.