Park City Talk

Second Quarter Market Update

Current Park City Market Overview


Second Quarter stats are out. As ever, Park City's multi-faceted resort market remains complex. After carefully reviewing the numbers and interpreting them, here are our thoughts.

-Our market is stable. While we are seeing gradually increasing prices and growth, it is measured and steady. There are no alarming trends with regards to sales price or inventory.

-Buyers have options. While listing inventory feels constrained in the under $1 million market, new builds and good turnover in several of our neighborhoods mean that buyers still have a lot of options. In fact, taken as a whole our inventory is the highest it's been since 2007.

-Two trends, one market. Homes valued

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2014 Park City Market Overview

The Park City real estate market in 2014 proved healthy but measured. Generally, our market maintained its gradual course of improvement with certain sectors of our segmented marketplace seeing substantial growth. Growth remains steady and shows no sign of slumping or unstable bubbles.

2013 was a record-breaking year, and it seemed unlikely that we would see the same gains in 2014; however, pended sales were slightly up over 2013, and total sales volume was just slightly under over last year. Here are some trends we witnessed in 2014:

-There was a slight 1.5% increase in pended sales over 2013 and a 22% increase over 2012

-October brought more pended sales than any single month since 2006…there may be a

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I get this question more frequently than you would think.  The National Association of Realtors actually took the time to compile the data of when people list their homes most frequently.

The following were the most popular home listing dates in 2014:

  1. Thurs., May 1
  2. Tues., April 1
  3. Thurs., May 15
  4. Fri., April 11
  5. Fri., May 30
  6. Thurs., April 10
  7. Fri., May 16
  8. Fri., June 6
  9. Fri., May 2
  10. Fri., May 9

Now what you need to determine is whether or not you think listing at the same time as others is good for your situation.  Based on this information above, I think the folks in the number 2 spot sell faster while there is less inventory.

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Blaise Carrig, President of the Mountain Division at Vail, joined BHHS Management and our agents for a discussion of Vail’s future plans.

Mr. Carrig gave an overview of Vail’s strategy with regards to mountain acquisition and growth, real estate development, growing appeal for winter sports, and running and operating resorts. The presentation was illuminating, and Mr. Carrig answered many of the remaining questions surrounding Vail’s recent acquisition of Park City Mountain Resort and the company’s immediate and future intentions towards its two local resorts.

A large part of the discussion revolved around the unique capital strength commanded by Vail. The business acumen of Vail Resorts allows the company to take a different and long-term approach

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The average skier has probably not experienced Armada Skis.  You should go out of your way to try them.

The company is choosing to relocate to Summit County, according to the Park Record.  With some help from State of Utah, this will be an amazing addition to the area.  Personally, I ski the Armada JJ on powder days.

The 2014/15 Armada JJ 2.0 from Armada Products on Vimeo.

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Vail delivered it's expansion plans to the public this morning.  $50,000,000 in 12 months.

Creating the largest ski area in the United States takes money and time.  With enough money, the time is shorter.  NEW restaurants, NEW Gondola, Upgraded LIFTS, NEW ski runs, IMPROVED snow making, ONE ski pass, TWO resorts, 7300 skiable acres.

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If you're reading this, you are as curious as I am about how Vail's purchase of Park City Mountain Resort will affect sales and prices.  This will be an ongoing series of graphs, but let's start with what we know from October 2014.

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Rumor is that $182M is the price for world class skiing.  Not 2 days after they agreed to pay a bond for a dispute between the two, PCMR has opted to sell.

Vails press release looks like this:

Vail Resorts Acquires Park City Mountain Resort in Park City, Utah

-- Acquisition settles all litigation and ensures no disruption to future resort operations
-- Park City Mountain Resort will be added to the Epic Pass for the 2014-2015 ski season
-- Company intends to connect PCMR and Canyons for the 2015-2016 ski season to create the largest single ski resort in the United States with 7,000 skiable acres, subject to regulatory approvals

BROOMFIELD, Colo., Sept. 11, 2014 /PRNewswire/ -- Vail Resorts, Inc. (NYSE: MTN) today announced that the Company has

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If you've missed the controversy, PCMR missed a lease renewal to Vail/Talisker for a large part of the ski terrain.  The legal battle has come to a temporary end with PCMR agreeing to pay a bond.


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Interesting story to this blog entry.

My son Josh is doing an interview, and they need a picture that represents what we do most of the time.  Well, we talk on the phone and use computers.  I'd like to think we spend our days showing property to people, but technology makes it so the savvy agent and client can narrow the search before getting in to a car. 

Today, with Google Earth Pro, a client and I looked at the market for a few hours prior to getting out to see property.  He could recall names and prices of properties, and get a feel for the area, without trying to get his bearings, or being concerned with traffic or turns.

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