- Remarkably, the Park City market has been basically post-crash stable for 5 years.
- There has been an increase in the premium paid for new homes. They now sell for about 35% more per sf than existing inventory.
- Inventory is up a bit. Prices continue at a steady rise, although not huge. The number of sales has fallen a bit.
- As ever, the Park City market is complex and fragmented. Careful analysis is required to evaluate opportunities in discrete niches.
- Click here to go to my Park City Real Estate Statistics page
|Canyons Luxury Home98 White Pine Canyon Road|
MLS 11800250 More Info
|Park City Old Town - Ski Access156 Norfolk Ave|
Price: UNDER CONTRACT
MLS 11900131 More Info
|High Lot with Commanding Views2740 Bear Hollow Drive|
MLS 11804874 More Info
|Upper Deer Valley Family Ski Lodge7979 Roamer Court|
MLS 11808419 More Info
|Super Hillside Home - Close but Private Setting4700 Nelson Court / Cedar Draw|
MLS 11805843 More Info
|Extraordinary Glenwild Residence575 Mountain Holly Rd|
MLS 11804459 More Info
Questions and Answers
You Ask, We Answer
Was the Park City Real Estate market hit like the rest of the country? Has it recovered?
Park City and Deer Valley real estate has held up relatively well compared to other mountain resort towns and the American real estate market in general. Unlike Las Vegas, South Florida, Phoenix, and parts of California, the market here was not decimated, but fell between 20% and 35% from its highs in 2006-2007. As of 2018, valuations have in most areas fully recovered to the previous levels, and activity is robust.
Why are property pricing reports so far off for the Park City and Deer Valley area?
Utah is one of 7 states in the US which are “non-disclosure” states. This means that there exists no public record of any prices paid for real estate. Unlike other states, where the values are filed with the county or city where the property is located, the sole records which exist in Utah are those in the local MLS system, assuming the home sold through the MLS. Since one of the biggest reporting services, Zillow, does not belong to our MLS, it is estimating prices based on the public assessed valuations by the county, but it has no real “price sold” data.
What are the closing costs a buyer can expect on properties in the Park City and Deer Valley area?
Utah is one of the least expensive states for fees on real estate transactions. A buyer paying cash will have to pay half the fee owed to the title company which generally comes to about $200 for the buyer. Unless there is some other negotiated fee, or in a few cases, a transfer fee owed by a buyer in a couple of developments and neighborhoods, the total closing costs for a buyer is normally limited to that $200. Of course for properties that will have a mortgage, loan fees will be part of settlement costs for the buyer. In Utah, the seller pays the Realtor fees and the Title Insurance fees, unless otherwise negotiated by both parties.
What are property taxes in Summit County?
Property taxes generally run just under 1% of actual value of a property. If the home will be the primary residence of the owner, or will be used for a long-term rental for some other occupants, there is a 40% discount from this amount, and this is regulated by the Utah Homestead Exemption Regulation.
What is the average discount from the final listed price of a property a buyer can expect to pay?
4%-5% is a typical discount from the last listed price in our market.
What benefits does an owner of property receive from in effect becoming a tax payer?
Most owners enjoy the many options of reduced ski passes, membership in Park City’s Racquet Club, reduced fees for the municipal golf course, and even though it doesn’t have anything to do with being a tax payer, locals also often have access to special restaurant and spa deals in the off season.