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?
- 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 Consider buying an older property (outdated) and do the improvements yourself.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!