Deer Val l ey ® Year in Revi ew – 2019 Marke t Repor t
Empire Pass • Silver Lake • Snowpark • Deer Crest
MICHAEL PARKER REALTOR® mparker@bhhsutah.com • (808) 482-4783
MATTHEW MAGNOTTA REALTOR® matt@bhhsutah.com • (435) 602-0904
2019 Marke t Overvi ew f or Deer Val l ey ®
Empi re Pas s
1 60 t o tal sal e s
2019 vs . 201 8
Re s ident ial Stat s Transactions 63% Total Dollar Volume $59,249,253 68% High Sales Price $7,525,000 10% Low Sales Price $1,059,000 13% Avg Sales Price $2,821,393 14% Avg Days on Market 411 10% Pending Transactions 29 Current Inventory 50 21
Marke t Ins ight s
29 t ransac t i ons under $1m
The Village at Empire Pass is Deer Valley’s newest and most exclusive ski-in/ski-out community. Empire Pass is comprised of 1,600 acres, of which only 10% will be built on. Real estate development at Empire Pass is limited to 525 homesites and offers spectacular ski homes, large luxurious townhomes, and extravagant condominiums in some of the most exclusive lodges in the world. Residents at Empire Pass enjoy access to the Tower Club at Deer Valley, which boasts year-round amenities and activities in breathtaking surroundings, polished by great service. Long been known as the best ski-in/ski-out location in Deer Valley, Empire Pass is a currently a mix of new construction options and resells. All new construction options are being delivered now and once they sell out, all future new construction options at Deer Valley will be much lower on the mountain and further to the east. It truly is an important time to explore these final options if getting the ‘pick of the litter’, capturing pre-construction incentives, and customizing finishes is important to you. Area Overvi ew At first glance it looks like the neighborhood is trending severely downward. It is not! If anything, it’s one of the more active and most desirable neighborhoods in Deer Valley. What the statistics don’t show is that the $100 million worth of real estate sold in the One Empire Pass project all closed in 2018. That skewed the sales numbers higher in 2018. Those sales were done over the course of 30 months from 2015 through 2018. In addition, there are 26 pre-construction properties that are pending sale that total an additional $104 million and most of these contracts were written in 2019. These pending sales are not showing up in the statistics above. With those adjustments applied, 2019 was actually a better year in sales volume than 2018.
70
45 t ransac t i ons t ransac t i ons f rom $1m t o $2 . 5m
f rom $2 . 5m t o $5m
$23 , 750,000 $640,000
highe s t sal e : l owe s t sal e :
16 t ransac t i ons over $5m
Invent ory by Segment
Single-family Homes
Townhomes & Condos
Vacant Land
uni t s
vo lume
$8 M
3%
25%
$137 M
$188 M
72%
New Deve l opment
Sal e s Di s t r ibut i on by Pr i ce
1 8%
10%
Argent Empire Pass – Coming Soon! 2 - 4 Bedroom Condos...............$2.4M - $7M Website.....................ArgentDeerValley.com
over $5m
under $1m
44%
28%
$1m - $2 . 5m $2 . 5m - $5m
A private enclave of 28 distinctive residences providing outrageously quick and easy ski-in/ski-out convenience.
Lower Deer Val l ey / Snow Park
Upper Deer Val l ey / S i lver Lake
2019 vs . 201 8
2019 vs . 201 8
Marke t Ins ight s
Re s ident ial Stat s
Re s ident ial Stat s
Marke t Ins ight s
Steady as she goes! Lower Deer Valley is the most consistent neighborhood year over year in the Deer Valley market. Why? Because it delivers a variety of Homes, Townhomes and Condominiums at ‘entry level’ Deer Valley pricing. The average price per square foot in Lower Deer Valley is approximately $500 versus $725 in Upper Deer Valley, $1,085 in Deer Crest, and $1,185 in Empire Pass. In addition, families like the convenient location to Snowpark base area and Main Street. The ‘entry level’ price point causes properties here to trade faster as well, with Days on Market (DOM) typically being around 6 months versus 1+ years in the other neighborhoods. We don’t see this steadiness changing but the average price will continue to rise as a result of the new construction pricing that is well over $1,000 per square foot.
Transactions
13
4%
Transactions 43% Total Dollar Volume $202,957,986 35% High Sales Price $8,900,000 23% Low Sales Price $640,000 16% Avg Sales Price $3,075,121 6% Avg Days on Market 369 16% Pending Transactions 12 Current Inventory 54 66
Upper Deer Valley and the Silver Lake Village had a very strong 2019 over 2018, and 2018 was a good year. In 2019 there was an additional $50 million in sales volume that was driven by an equal mix of 10 more homes and 10 more condominiums purchased over 2018. There was no stand out project or neighborhood that drove the increase in sales. We believe it was the draw of the nearby Village, recognition by the market of the values from a price per square foot perspective, plus more and more buyers in market are accepting of the ‘classic mountain’ style versus ‘mountain modern’. This is a push back against the design trends we saw from 2010 through 2018 for modern style homes. In some ways that trend has passed.
Total Dollar Volume $62,922,496
1%
High Sales Price Low Sales Price Avg Sales Price
$23,750,000 $1,250,000 $4,840,192
28%
71% 2%
Avg Days on Market
390
7%
Pending Transactions 3 Current Inventory 22
New Deve l opment
New Deve l opment
Stein Eriksen Residences, Homes & Condos Total Properties.........................................54 Sq Ft Range............................. 2,100 - 8,200 Price..........................Starting at $3,195,000 Website.......... SteinEriksenResidences.com
St. Regis Snow Park Residences Total Properties.......................................... 9 Sq Ft Range..............................2,150 - 4,400 Price......................... Starting at $2,700,000 Website.............. DeerValleyRealEstate.com
STEIN ERIKSEN RESIDENCES DEER VALLEY
Contemporary residences inspired by Utah’s only 5-star resort.
Currently under construction. All St. Regis amenities included. New restaurant and bar. Owners’ Lounge.
Area Overvi ew
Area Overvi ew
Known as Park City’s first mining settlement, Silver Lake Village is located in Upper Deer Valley above Park City’s historic Main Street and is very easily accessible from Lower Deer Valley or Marsac Avenue. With its European village charm, the area features many restaurants and a handful of shops. The Upper Deer Valley real estate area is among the most desired areas to own property. It is situated mid-mountain and stretches from Silver Lake Village past Bald Eagle Club down to Evergreen and American Flag. Upper Deer Valley offers ski homes and luxurious condominium lodges.
Named after the early ski resort that preceded Deer Valley Resort, Snow Park is the neighborhood at the base of the Deer Valley® ski area. It is host to many World Cup ski competitions in the winter, and world-renowned music in the summer and home to the St. Regis Hotel. Many of the condominiums in Lower Deer Valley have fantastic views and are all within 0.5 miles from the lifts. Lower Deer Valley real estate is in great demand during all four seasons as a result of their ideal location and close proximity to both slopes and Park City’s Main Street.
Service and professionalism are at the core of Matthew’s business model. Currently, Matthew is the Director of Real Estate Sales for the new communities of Argent Deer Valley & Talisker Club’s Empire Pass offerings of Moonshadow and Residences at the Tower Club. Past project experience includes One Empire Pass, Tuhaye, Ritz- Carlton Highlands Northstar, Red Cloud Deer Valley, Enclave at Sun Canyon and the Waldorf Astoria Park City, in addition to representing clients throughout greater Park City since 2010. Matthew attended college at Villanova University, where he studied engineering. He now resides in Park City with his wife Shannon and son Miles, and he enjoys being active in his local community. Matthew has specialized knowledge in large scale development sales and marketing by way of experience with East West Partners and Talisker Corporation in Park City, and Lowe Enterprises and East West Partners in the Lake Tahoe area. MATTHEW MAGNOTTA REALTOR® matt@bhhsutah.com • (435) 602-0904 Michael Parker has been actively immersed in the sales and marketing of Real Estate for thirty-six years, choosing the luxury real estate market as his specific path of expertise. Consulting, managing, and supporting developers in moving a record number in sales (more than two-billion in transactions). While working with developers and clients around the world, Michael has created a precise and fluid method of selling, which he dynamically teaches to other agents. Authoring a book on the subject of understanding the buyer’s mind in the real estate market, The Modus Method of Selling has garnered him praise in his industry, and he is recognized as a leader in his profession. His affable good-nature often finds there’s never an unfamiliar face in the crowd. The son of a fighter-pilot and three-handicap-golfing mom; it was written in his DNA, the need for adrenalin and attaining goals. Michael found a passion for golf, skiing, and scuba-diving. He is married to the love of his life, Jamie, and has five children. MICHAEL PARKER REALTOR® mparker@bhhsutah.com • (808) 482-4783
Deer Cre s t
Marke t Ins ight s
Re s ident ial Stat s Transactions
Deer Crest saw a big jump in price per square foot, jumping +22% from an average of $835 to $1,016 in 2019. Why? New construction spec homes are more expensive due to the rise in building costs and several more St. Regis residences traded over 2018 and condos are typically at a higher price per square foot. There is very little opportunity for growth within the Deer Crest gates which is keeping the inventory stable. Of course the inventory on the Eastside of Deer Valley will expand exponentially if/ when the Mayflower project, being developed by the Extell Corp, begins to take shape. We believe that Mayflower will ultimately boost values in Deer Crest due to the heavily improved ski terrain on the east side of Deer Valley and the increased marketing that will come with its future development.
13 18% Total Dollar Volume $62,922,496 5% High Sales Price $23,750,000 180% Low Sales Price $1,250,000 14% Avg Sales Price $4,840,192 11% Avg Days on Market 390 53% Pending Transactions 1 Current Inventory 20
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Serving large scale luxury communities teaches you how to serve the seller by building value in their real estate through being an expert on features and being able to tell the story of how that will benefit the new Buyer. We also learn how to serve Buyer’s through market expertise and delivering good information efficiently and professionally.”
New Deve l opment
Luxury Townhomes Total Properties......................................... 12 Sq Ft Range.............................4,600 - 6,527 Price......................... Starting at $3,700,000 Website.............. DeerValleyRealEstate.com
Features direct ski access via a private Hilltrac gondola.
Area Overvi ew
The exclusive Deer Crest real estate area offers some of the most luxurious single-family homes and condominiums in the world. Located at Deer Crest Estates and Snowtop, most homes in the gated community feature ski-in/ski-out access, private ski runs, spectacular views of Bald Mountain and Jordanelle Lake, open space, trees, and more. In addition to the Deer Crest homes, there are still some vacant building lots available. You can also find condominiums and townhomes for sale at the luxury St. Regis Deer Valley and Deer Pointe. Deer Crest real estate is accessible from either Lower Deer Valley or Highway 40 and offers some of the most superb real estate in Park City, Utah.
Joining Berkshire Hathaway and partnering with Matt Magnotta is the final adventure in Michael’s storied career. Their team objective is to provide the best service and real estate experience to the homeowners and purchasers in the resort market of Deer Valley and the communities that comprise Park City.
With over $200M sold in the past five years, our focus is in Deer Valley. If you have any questions about market trends, market analysis, current inventory or our opinion of your home’s value and selling strategy, give us a call or text. Whether it is buying or selling your home, Matthew and Michael will work their butts off; you may have noticed that Michael and Matthew don’t have a butt; there is your proof. Cheers!
MICHAEL PARKER REALTOR® mparker@bhhsutah.com • (808) 482-4783
MATTHEW MAGNOTTA REALTOR® matt@bhhsutah.com • (435) 602-0904
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©2020 BHH Affiliates, LLC. An independently owned and operated franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomesServices of America, Inc. Equal Housing Opportunity. If your home is currently listed with a broker, this is not intended as a solicitation. All data is retrieved from Park City Board of Realtors®
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