8 Best Selling Condos in Park City, Utah

One hundred and forty one condos closed between January 1, 2014 and this morning, June 3rd in Park City limits (84060). Which Park City condo projects had the most sales? What do these properties have in common? The answer is that most are newer construction, with ski access and value. Even the most expensive condominiums in Park City sell briskly when luxury buyers sense value.

The Most Popular Park City Condos This Year

8. Last Sun at The Cove (4 Sales This Year)

flagstaffThis was the only condominium project that is not walking distance to the slopes that made our list. Last Sun at the Cove are larger townhomes (3800-4300 square feet) located across the street from Park Meadows Country Club. They were designed by Mike Upwall and built between 2004 and 2007. Sold prices ranged from $1,470,000-$1,775,000.

7. The Lodges at Deer Valley (4 Sales This Year)

lodges-deer-valleyThese condominiums are located walking distance to Deer Valley. They were built between 1997 and 1999 and have amenities such as skiers breakfast, swimming pool, and conference rooms/meeting spaces. There is also a front desk for turnkey property management. Sold prices ranged from $589,000 for a 2-bedroom unit to $1 million for a 3-bedroom unit.

6. Silver King (4 Sales This Year)

silver-king-condosBuilt in 1983, Silver King condominiums are a stone’s throw from Park City Mountain Resort. At sold prices ranging from $229,000 to $289,000, they are a real value. Amenities include pool, ski storage, hot tub, sauna and front desk. In the summertime, Silver King isn’t far from all of the beautiful hiking and biking trails the resort and old town have to offer.

5. Town Pointe (4 Sales This Year)

town-pointeLocated steps from the Town Lift, with easy access to Park City Mountain Resort and Historic Main Street, these condos, built in 2002 are all about location. Sold prices ranged from $655,000 to $700,000 for 3-bedroom units. Once the snow melts, hiking and biking trails abound.

4. Flagstaff (5 Sales This Year)

flagstaffLocated in the heart of Empire Pass at Deer Valley, the Flagstaff condominiums offer an après ski bistro pub, spa, pool, outdoor fire pit, family room, fitness center, sunset deck and private lodge keeper. Built in 2009, sold prices ranged from $1,520,000-$2,185,000. These prices represent a discount of about 30% off the original list price making them extremely popular with value driven luxury buyers.

3. Shadow Ridge Condos (6 Sales This Year)

shadow-ridgeLocated across the street from Park City Mountain Resort, Shadow Ridge condos were built in 1990 and offer a gym, swimming pool, hot tub, and retail area. Many units have been updated and the common area just went through a major remodel. Sold prices ranged from $200-$324,000 for 1-2 bedroom units.

2. Montage Deer Valley (8 Sales This Year)

montage-deer-valleyThe highest priced real estate in Park City and one of the highest number of sales. Montage Deer Valley condos in Park City are located in a premium ski in/out site at Deer Valley’s Empire Pass. Amenities include a 35,000 square feet spa, outdoor heated pool & fire pits, several dining facilities, ski concierge, and access to the private residents’ lounge and dedicated residential concierge staff.  Montage Deer Valley is truly upscale mountain living in one of America’s grand resorts. Closed prices ranged from $2,500,000 to $6,299,000.

1. Silver Star (12 Sales This Year)

silver-star-condosThe most popular condominium project in Park City was built in 2006-2009 and is located slopeside at Park City Mountain Resort. These ski in/ski out condominiums and townhomes are situated in a charming village with restaurant, ski shop and home to the Sundance Institute. The artsy vibe extends to the common area amenities, which include pool, hot tub, gym and private ski lockers. Closed sales ranged from $808,000-$1,725,000.

Zillow, Trulia & Realtor.com-What’s the Difference?

Graph Source: NAR
Graph Source: NAR

These are generally regarded as the top 3 real estate search sites in terms of the number of property views.   All of my listings are syndicated to each of these sites and many others.  But does quantity of views measure up to quality of views?  I looked at data collected by my brokerage, Summit Sotheby’s International Realty, to take a closer look.

We measured the number of property views and the number of email inquiries.  While Zillow had the most property views (more than double Trulia and Realtor.com combined), it had the least number of email inquires.  The Sotheby’s International Realty Website, came in at number 4 in terms of number of views, just slightly behind Trulia and Realtor.com; but it had more than twice the number of inquiries as each of those sites and more than 4 times the number of inquiries as Zillow.   Our local brokerage website, came in 5th for property views, but third for number of inquires, with almost twice as many inquiries as Zillow.

What conclusions can we make from this data?  Quantity does not always equal quality.  While it’s nice that hundreds of thousands of people are looking at my listings, the people I care about are the ones who will actually turn into buyers. These are the people who are making email inquiries.  The Sotheby’s International Realty website and our local brokerage site are attracting more serious buyers.

Where do Park City buyers come from?  It turns out that the number one state for searches was Utah, followed by California, Texas, New York, and Florida.  This is no surprise to me, as these states make up the majority of where my clients live.  There is no question that it is important for properties to be syndicated to real estate websites, as 92% of buyers use the internet to search for homes.  It is even more important for properties to be syndicated to the right real estate websites.

What do you think?  Which websites do you use to search for property?

What is Your Idea of Luxury?

Eleven homes listed for sale in Park City are priced at $10million and up.  Each of these homes is ski in/ski out.   Three of these homes are located at the Colony at White Pine Canyon and the rest are in Deer Valley.  The Deer Valley homes are located in the neighborhoods of Deer Crest Estates, Bald Eagle Club, and Empire Canyon.  The Huntsman Estate is located in Upper Deer Valley.

What do these homes have in common?  They are big.  The smallest is 11,250 square feet and the largest is the Huntsman Estate, which is 22,000 square feet. In addition to their ski in/out location, these homes feature amenities such as:

  • Multiple laundry rooms; multiple garages
  • Butler’s kitchen (not pantry—a kitchen for throwing big parties)
  • Large home theater
  • Home spa with separate massage/sauna/steam rooms
  • Elevators
  • Aquariums
  • Library

The other interesting feature about these luxury homes is that they all have names, such as  “Casa Nova”, “Ski Magazine Dream Home”, and “Crested Eagle Estate”, to name a few.  If you don’t want to go all out to purchase one of these homes, The Ski Magazine Dream Home and Casa Nova can be rented.  See http://www.resortswest.com/rw/info/re.dream.aspx and www.skicasanova.com.

If you have the means and desire to live large in one of these exquisite homes, please contact me for a private showing.