The 2014-2015 ski season has proven quite exciting with the arrival of Vail Resorts in Park City. The proposed changes to Park City’s resort landscape have impacted real estate trends on the slopes in interesting and unprecedented ways. Across the board, we are seeing a stunning increase in new construction and vacant land purchases. Consumers seem fixated on new construction and building. Amenities are also frequently cited as a strong point of consideration among buyers.
All of these preferences amount to a new kind of buyer.
In the Colony, our development agents are reporting a record-breaking number of builds taking place and tremendous interest from buyers about locating near the base of the planned and approved gondola connecting Park City Mountain Resort and Canyons Resort, which ends right in the middle of the Colony development. In the last year, 21 lots have sold in the Colony, and there are currently a total of 45 homes under construction or in the SARC process.
In upper Deer Valley, we have seen steady buyer interest. Again, we are seeing a new demographic of buyer emerge: one that wants newer builds, hotel-level amenities, ski access, and a good investment. Our Deer Valley developments have all reported strong sales and remarkable demand for new product.
Deer Crest currently has the lowest amount of inventory since the development’s inception. There’s a wide swing in prices, several resale lots, and great demand for land. In 2014, all new Deer Crest homes sold, most before construction was completed. There’s also less demand for large homes…the priority seems to be intimate family gathering spots with ski access.
The St. Regis at Deer Valley has seen quite a lot of activity: residences are almost sold out and there has been good turnover with the condos.
Deer Pointe townhomes are pre-selling as they’re coming on the market. The hill track ski lift, which takes Deer Pointe residents to Jordanelle skiing, has been completed.
The Stein Eriksen Residences have continued to sell at an unprecedented pace. Currently, 36 of the 54 residences have sold. SER has capitalized on the new demographic of buyer by offering a perfect storm of features: brand new construction, ski-in/ski-out construction, great amenities, fresh contemporary design and finishes, views, and the Steins five star, five diamond management team and name.
Overall, our ski developments have seen a stream of buyers all expressing the same demands: new builds, ski access, amenities, and family gathering spaces.