Continued from Part 1.
Aspen, CO (Aspen Mountain, Aspen Highlands, Snowmass and Buttermilk)
The Aspen Board of REALTORS® has lost about ten percent of their REALTORS® in the past year. Right now they have a three year supply of condos on the market, and their dollar volume was down about 40% in ’08 compared to ’07, while the number of transactions were down about 38% (thus average price is down slightly). However, prices are still very high compared to our market. For example, the Little Nell at the base of Aspen Mountain is under reconstruction turning it in to a condohotel. Most of the units were presold with prices up to $3.5 million - for a 1/8 share!
Park City, Utah
Headlines: Ski Magazine names Deer Valley the #1 ski resort in North America, with The Park City Mountain Resort coming in at #5 and The Canyons (recently acquired by Talisker Corp.) coming in at #13. Our community of full time and second home residents has for years supported a huge number of non-profit organizations that enrich and expand our lifestyle and appeal as a great place to live and seek refuge from the tensions of the outside world. In general we are seeing fund-raising down 50-60 percent right across the board. The PCBOR through their philanthropic arm continued their efforts this year in support of THE PEACE HOUSE to the tune of $70,000 and successfully raised $60,000 for HABITAT FOR HUMANITY. We sponsored a Turkey Drive in the fall to meet our commitment to provide dinner to 2000 families locally. The city and the county have in a combined effort imposed bonds upon themselves to raise and spend $30 million to preserve open space corridors that will permanently define our landscape. Having evolved from mining town to ski town to the present our city and county planners have had the foresight and vision to diversify our economy and new commercial development has brought in major players such as Rossignal to move their world headquarters here. There’s a little local company called Backcountry.com that I think you’ll be hearing more about, too. We have a hospital under construction and a new “Research Park” in the planning stages. Park City, as is common with the other Rocky Mountain Resorts, has become as much a real estate/construction economy as a resort economy. Diversifying the local economy with high tech and other non-service related jobs is not a bad idea. As for ongoing large scale development, the major construction projects include the following: The St. Regis in the Deer Crest area of Deer Valley, currently about two-thirds sold out and moving towards its official opening later this year; the Montage in the Empire Pass area of Deer Valley, currently under construction but sales to occur at some point in the future; and at The Canyons construction continues on the Dakota Mountain Lodge which is nearing completion and will be managed by The Waldorf Astoria and house a “Golden Door” Spa. It has been forecast by some that with the arrival of all of this High End Branded property will create an onslaught of new and previously unexposed group of buyers for all types of Park City Real Estate. On the realty side, comparing 2008 against 2007 the Park City market was down approximately 48% in terms of number of transactions and down about 49% in dollar volume, making our average price down just slightly. As with the other resorts, 2005 was the best year ever in terms of dollar volume, while 2006 and 2007 were not far behind. To generalize 2008, the average single family home price was generally flat, average condo prices were actually up, and lot prices were down. However, many of these prices were skewed, especially condo prices, by sales that occurred in prior years that closed in 2008. I think this phenomenon is common throughout the resorts. In reality, prices in many parts of the market are down, and we are experiencing a disconnect between sellers and buyers. To try and get a hopefully non-biased but helpful message to the public, the PCBOR launched a website: www.parkcityhousingfacts.com, where articles written by outside sources, a board hired publicist and other interesting facts are posted. Board membership has dropped from an all time of about 1150 at the end of 2007 to a current membership of about 950. Listing inventory has also dropped from a high of around 3600, to an end of 2008 figure of about 3200.
Continued on Part 3.
Park City Real Estate Search
Berkshire Hathaway HomeServices Utah
2200 Park Avenue, Park City, Utah 84060
Linda: 435-640-4816 | Jason: 435-602-9294