Park City Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

May 9, 2019

Out With The Old, In With The New...Not So Fast!

There are 35 new construction developments in Park City. Located anywhere from the top of Deer Valley to the flatlands of Silver Creek Estates, prices start at $275,000 and climb up to $8.5 million. What impact is all this new construction having on the Park City real estate market?

Here are the facts . . .

  • Single Family Home Sales. In Park City, 10% of home sales are new homes. Fifteen percent of home sales are new homes in the Snyderville Basin.
  • Condominium Sales. In Park City, 9% of condos sales are new condos. 32% of condo sales are new condos in the  Snyderville Basin.
  • Single Family Home Prices. In Park City, new homes sell, on average, for 23% more than older homes. New homes sell, on average, for 30% more than older homes in the Snyderville Basin.
  • Condominium Prices. In Park City, new condos sell, on average, for 185% [not a typo] more than older condos. New condos sell, on average, for 41% more than older condos in the Snyderville Basin.

NEW HOMES AND CONDOS

New homes and condos have the latest technology, newest finishes, etc., but they come at a significant premium in terms of price. 

BUYERS: Older properties can be purchased at a big discount!

Don't buy a property postured to be one of the most expensive ones. Buy one of the older  properties. They are the ones with the bigger discounts.

SELLERS: How can an older property compete with new construction and avoid the big discount when selling it?

Make your property younger. Reduce the Effective Age of your property. How do you lower the effective age of property? Through repairs, upgrades, and remodeling (the more, the better).

Older properties can be purchased at a significant discount compared to new homes and condos. Consider buying an older property (outdated) and do the improvements yourself. You'll come away with an improved property and increased equity.

OUR TEAM is available to help you decide which upgrades are most important in terms of  property value.

This way, if you decide to make improvements to your property, you'll make the ones that will not only give you pleasure but will also increase the value of your home.

NEW CONSTRUCTION BUYER GUIDE

We have assembled a comprehensive guide of all 35 new construction projects in Deer Valley, Park City, the Snyderville Basin, and the Jordanelle area. Read the guide online or request a copy today!

Read more about what buyers and sellers need to know about the impact of new construction properties in Park City in our latest newsletter and contact your Park City and Deer Valley real estate experts at The Wilstein Team with all your questions about buying and selling an area property. We are here to help you!

The Wilstein Team

May 1, 2019

What to Do If You Want to Buy New Construction

If you're thinking about buying a new construction property, follow these simple steps . . . New Construction Guide

1. Decide what's important to you for the property you want to buy. 

2. Review our Park City New Construction Buying Guide to see which properties match what you're looking for. 

3. Get all your questions answered to help narrow down your search and ultimately find the right property. 

What's most important to you? 

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April 26, 2019

The Aerie: Luxurious Homes and Spectacular Views

The Aerie is located in the heart of Park City, on the mountain between historic Old Town, Prospector, and lower Deer Valley. This peaceful mountain setting has luxury homes, townhomes and vacant lots. It has spectacular views of the surrounding ski areas and historic Old Town. Residents love the views and close proximity to the restaurants and amenities of Old Town.Luxury Townhome at The Aerie

Single-family home prices range from just under $3,000,000 to about $4,500,000 for 4 to 6-bedroom homes. Townhomes
ranging from 2,855 – 2,917 square feet are available for prices ranging from about $1,500,000 to just under $2,000,000. You might even be fortunate enough to find a vacant lot to build your dream home on. 

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March 29, 2019

Canyons Village Real Estate: Something for Everyone

Canyons Village is part of the Park City Mountain Resort, the largest ski resort in the country. With an assortment of four-season activities, there is a little something for everyone: golfing, live music, dining, hiking, biking, skiing, and snowboarding. Conveniently located just 35 minutes from the Salt Lake City airport, you will be enjoying your vacation in no time with a property at the Canyons Village
Four-Season Activities at Canyons Village

In the village you will find a wide variety of homes, condominiums, vacant land, and even fractional interest ownership opportunities. South of Canyons Village is The Colony, a gated community with luxurious single family homes situated on large lots, ranging from four to 10+ acres in size. Most of these homes offer direct ski or snowboard access to the slopes at the resort. 

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March 19, 2019

Historic Old Town: Epicenter of Park City Activity

Park City Old Town photo by Mary WatermanPark City’s Old Town area encompasses the hillsides on both sides of Main Street as well as the base of Park City Mountain Resort and the Park City Municipal Golf Course. Some of the properties along Deer Valley Drive are included in this area.

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Jan. 29, 2019

3 Things To Do Before You List Your Property

If you're thinking about selling your property, either now or during the next couple of months, don't just call a Realtor and throw your property on the market. There are three things you must do to avoid costly mistakes: 

  1. Determine if your property is ready to be put on the market. 

  2. Learn about the overall condition of the Park City real estate market in your property category (home, condo or vacant land). 

  3. Find out what your property is worth in today's market. 

To assist with these things, we offer the following: 

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Dec. 28, 2018

Interested in Purchasing a Ski Condo? Which Area is Best for You?

The ski and snowboard season is well underway as the early snowfall and cold temperatures brought incredible early season snow conditions. As we move through the holidays and into the new year, Park City is alive with visitors from all over the world enjoying the white and snowy mountain slopes. The town is buzzing with excitement as the year 2019 is quickly approaching and Salt Lake City was selected by the United States Olympic Committee to bid for the 2030 Olympic games.

Canyons Village CondoNow that we are getting towards the end of the busy holiday season, many of our clients are turning their attention to rental condos near the resorts to invest in our strong real estate market, gain a stream of passive income, and secure a place for their families to stay during their upcoming vacations. With the vast diversity of real estate offerings in Park City, we wanted to take this opportunity to explain the characteristics of our most popular investment areas.

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July 31, 2017

Curious About Local Real Estate?

Receive the Latest Local Market Stats

Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

Get Local Market Reports Sent Directly to You

You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates