Holiday Real Estate Greeetings!

Happy Holidays from Park City! Kristi & I are enjoying the open, distanced outdoor spaces! Skiing, Snowbiking, hiking! Not quite a Utah “Greatest Snow on Earth” just yet, but it’s coming! Skiing is good, resorts are open on a limited basis, on great man made snow coverage (not completely, but more every day!)
I’ve skied both resorts. Snow coverage is good, the limited skiing is excellent.. Lift lines are not too bad; calm, polite, everyone masked up for safety. Deer Valley has many more runs open, 16 lifts, 45 trails… about 45% of the mountain open, while Park City Mountain is showing about 15% of their runs open so far. However, snowing now as I write!

But, what about Real Estate…?

Park City/Deer Valley Real Estate Market
It was a busy year in the Park City Market. Covid hit and closed the ski resorts in March. Real Estate stalled for a few panic weeks, and then took off like a rocket in May, as Urban dwellers from around the country realized this is a better place to be, for many reasons!
So here we are nearly a year later… The chart below tells the dramatic difference between last November (just before Covid hit in January/February) and November of this year. This snapshot is for all properties over $2M in the general Park City market: 30% fewer listings, more than double number of closed sales, and more than triple the number of new pending sales.

Promontory is Hot
Promontory, one of Park City Real Estate’s continuously hottest market segments, has been more than hot this year! Here is a similar chart for single family home availability and sales comparing November 2019 to 2020. Note that there are now less than half the number of available home listings in Promontory, while closed sales were nearly quadruple that of November last year!
And what if you would like to buy a lot and build in Promontory? In June of this year, there were 95 lots available. Today there are 19, and a third of those are priced over $1M! Yes, about 70 Promontory lots sold in 7 months!

Highest Priced Sales of 2020
2636 Aspen Springs Drive

Highest closed sales price in Park City in 2020
Just over $15M
Highest Current Pending Sale
in Park City Market

256 White Pine Canyon rd
Colony
List $16.5M
Highest Current Pending Sale in Deer Valley

68 Red Cloud Trail
List $13.5M

Most Interesting New Listings
Deer Crest Estates Dr
Deer Valley

Deer Crest Estates Dr
5.9m
Most Affordable Home in Deer Crest!
Panoramic Views
Direct Door to Door Ski Access

King Road Estate
19.5M
55 acres
Ski in/ski out at PCMR

Red Cloud building lot
Deer Valley
$4.5M
And if you think that is an expensive building lot, check out this one that Ivanka Trump and Jared Kushner are buying now!

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September snow, $12Million condo, Property Tax Primer