Market Report for November 2022

The list prices are actually still holding pretty strong here in Park City. Down in Salt Lake, the prices are down about 8%, but the lack of new inventory up in the mountains is still making the list prices hold at least level up here for now.

The change is that buyers and sellers know that the market is shifting and are acting accordingly. The average percentage of the list price received was 96% this week, whereas just three months ago we had a week where the average percentage of the list price received was 102%.

This means that now people are negotiating the original price down with fewer offers. Whereas 102% means that there were many multiple offer situations. This created bidding wars and the cost escalated over the original list price.

People are negotiating more and sellers are making concessions. 96% means a $1,000,000 home is selling for $960,000 now. $40K off of asking! As a buyer, it is a good time to start just throwing out some offers and see if they bite. Many sellers still have their heads stuck on the high prices, but they are starting to realize this is the new normal.

Great Condo Offerings for Under $1m

One million dollars is a lot of money, however, an appreciating asset that allows your family to ski, and creates lasting memories is invaluable.

It also doesn't hurt that ski real estate in the area has tripled in value within the last 10 years.

You can block out the times whenever you want to use it, rent it out nightly to pay for the expenses when you don't, and let friends, family, or colleagues enjoy it... if you really like them.

These are the major areas and I kept it to one-bedroom condos with direct ski access. (Except Deer Valley, because it's more $$ there). That way you can compare similar properties for under $1m. There are lower price points with older resorts that need renovating or require walking a short distance to ski. Reach out if you have questions about specific areas. I don't mind answering ANY questions.

Park City Base Area - 1 Bd 2 Ba $885K. 964 sqft(Click link for details)

If you want true resort living, you can have a condo in the Park City Resort Center. It is located directly next to the Ice Skating Rink and steps from the lifts at the Park City Base. During the summer there are zip lines and mini-golf. Your parking spot is as close as you can park to the lifts and is worth its weight in gold. If you want a stress-free ski condo where all you have to do is fly in and enjoy, this is the place.

Canyons Village (Frostwood Blvd)- 1 Bd 2 Ba. $989K. 877 sqft (Click link for details)

The Waldorf Astoria is a Luxury Resort with a skiing problem. It is Ski-in Ski-out and there are top-notch amenities such as a spa and an amazing pool and hot tub set up. However, you do pay for the service and amenities with an HOA fee of $1860 per month for a one-bedroom. If you want a Luxury hotel-style ski condo that still has a kitchen, washer, and drier, this is it.

Canyons Village Center - 1Bd 1 Ba $775K. 775 sqft. (Click link for details)

The Lodge at Westgate has some of the best ski access and amenities for the price. This price includes a newly remodeled unit and the main lobby and other parts of the resort are currently going through a major renovation. There are restaurants, a spa, and a marketplace on-site. Valet here is not only for your car, they also have a ski valet. Yes, they bring your skis to the chair lift for you so you don't have to drag them through the hallways of the resort.

Deer Valley - Silver Lake - 0Bd 1Ba $1.58m 586 sqft (Click link for details)

Ski access at Deer Valley starts at about $1.5m (I know it is over 1m) for a studio at Goldener Hirsch. Deer Valley is elevated luxury and The Goldener Hirsch is just that. Take a look at the heated glass-walled pool on the edge of the roof!

Silver Lake is also the hangout area for world-class downhill mountain biking during the summer.

There are Other Options

Now that you can see what some different ski-in ski-out values are, just remember there are hundreds of other options. You can get condos that are a short walk to skiing and nightly rentable for under $500k.

You will pay a premium for ski access to your condo, but it is as good as it gets!