March 2017 Newsletter Jensen
From the Desk of Brad Jensen
Park City Utah | Real Estate Newsletter | March 2017
Dear Park City,
March is here and so is spring fever. The skiing is still excellent but the weather is getting warm and the days are getting longer. We have had an excellent snow year and the reservoirs should fill up quickly, hopefully not too quickly.
Demand for real estate has been steadily increasing over the past three years. Now it seems that it is going to be very strong for the rest of this year. New homes are in high demand vacant lots are hard to come by. In the past 6 months to date, there have been 119 closed sales for vacant lots and there are currently 47 pending contracts in the Park City area. That includes all of Park City, all of the Snyderville Basin and all of the Jordanelle area. There are currently 341 lots actively listed for sale in these areas.
Within the Park City limits there are only 45 lots actively listed with an average price of $1,589,000. If you exclude the Colony and Promontory, the rest of the Snyderville Basin has only 75 lots actively listed with an average price of $901,000. Of the 341 active listings overall, 85 of them are in Promontory alone with an average price of $608,000. The Colony has 24 lots currently listed with an average price of $2,198,000.
The Jordanelle area includes Tuhaye, Victory Ranch and Deer Vista as well as other neighborhoods. Tuhaye and Victory Ranch each have private golf courses along with other amenities and of course Victory Ranch has the Provo River private fishing waters. Between these two communities there are currently 39 active vacant lot listings with an average price of $584K. There are currently 28 active listings in Deer Vista with an average price of $396K.
Based simply on the fact that there are very few building lots left in Park City and the Snyderville Basin, the Jordanelle area is where the action will be for the next 5 to 10 years. With anticipation for the Mayflower community and the proposed expansion of the Deer Valley resort the west side of the Jordanelle will feel the greatest impact. See Wasatch County Growth Projections Here. Deer Vista, Tuhaye and Victory Ranch will all see a lot of growth on the east and south sides of the valley.
I hope that this information is helpful. If you have questions or if I can ever be of service please reach out to me. I am always happy to hear from you.
EXPERIENCE THE UNIQUE
by Summit Sotheby’s International Realty
Summit Sotheby’s International Realty is the local real estate provider that offers unrivaled access to qualified people and distinctive properties around the world. When you list your property with Brad Jensen and Summit Sotheby’s International Realty, you get a true international brand that can offer you the best exposure, whether online or in print. View our Property Selling Services brochure below to learn about our many competitive advantages.
The Art of Giving
Summit Sotheby’s International Realty’s sales associates donated $70,000 in 2016 to local Summit, Wasatch & Salt Lake County non-profits via its philanthropic 501(c)3 group called “Summit Sotheby’s International Realty Cares”.
When you work with Brad Jensen and Summit Sotheby’s International Realty, you are supporting non-profit organizations in communities where we do business. Our approach is simple, at the close of every escrow, Brad Jensen and real estate brokerage firm voluntarily donate a portion of their repsective earnings to our 501(c)3 non-profit organization we refer to as “Summit Sotheby’s Cares.” At the end of the year, we identify non-profit organizations who are making a difference and then do our part in donating funds to help them further accomplish their goals.
The Park City Foundation
Forever Young Foundation
Park City Education Foundation
Planned Parenthood Association
Mountain Town Music
Mountain Trails Foundation
PC Foundation, directed to
Blue Angels Foundation
UtahPresents, University of Utah
Nuzzles & Co., Pet Rescue & Adoption
Summit Land Conservancy
Huntsman Cancer Center
Paws for Life Utah
Park City Lacrosse Organization
Utah Symphony & Opera
Park City High School
Utah Open Lands/Bonanza Flats
Holy Cross Ministries
National Ability Center
2017 Housing Forecast
In February Dr. Yun presented his 2017 Economic Forecast and Current Housing Statistics to the Park City and Salt Lake Board of Realtors. I invite you to look at the presentation from Lawrence Yun Here. Please feel free to reach out to me to discuss further.
2307 Morning Star Dr, Park City – 5 Beds | 4.5 Baths | 5,459 SF
You must see this stunning family home on a quiet cul-de-sac in highly sought-after Thaynes Canyon neighborhood, within minutes to everything Park City has to offer. Recently remodeled with fit and finish in the highest quality design and workmanship. Enjoy gourmet kitchen with Wolf and Sub Zero appliances, stunning master suite with a spa-like master bath, soft contemporary styling with natural stone and top quality fixtures. Easy flowing entertaining floorplan with spacious indoor/outdoor living spaces. Located above the 6th green of the iconic Park City Golf Course, in the winter you can cross country ski right out the back door, in the summer you can walk to golf or dinner at the highly rated Silver Star Café or Ruth’s Chris. Immerse yourself in this extraordinary mountain setting nestled amongst a grove of mature trees and a year-round stream.