Deer Valley Real Estate Report Q1 – Q3 2014
Mark Sletten 435.640.0930 msletten@pru-utah.com
Robin Sletten 435.640.0218 robinsletten@gmail.com
www.DeerValleyLuxuryRealty.com
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Deer Valley Real Estate Report 2014 This update is intended to give the reader a thorough overview of the Deer Valley real estate activity for the first three quarters of 2014. The report is broken down by area (Empire Pass, Upper Deer Valley, Deer Crest, and Lower Deer Valley) and property type (condominiums, homes, and building lots). Please note that transactions where sales prices are “Undisclosed” in the Multiple Listing Service’s database are discussed but not mentioned in the actual calculations of dollar volume, number of transactions, median price, etc. The following narrative capsulizes the data. As you can imagine, the data itself is voluminous and it was not practical to include every detail within this Report. Should you want to see specific information by area, property type, or in total, just let us know and we’ll send a copy to you. We’ll start from high to low elevation-wise with Empire Pass; but first, let’s begin with the overall picture. For all real estate types throughout Deer Valley, so far in the first three quarters of 2014 there has been $235,546,200 in closed transactions (sales), as compared with $210,323,825 for the same period of 2013, which represents an 11.99% increase. That said, the data varied greatly from area to area, as well as property type to property type, throughout Deer Valley. For example, as you will see later in the Report when we present the data, while condominium sales in Empire Pass were up by almost 95% for the period, sales of lots in lower Deer Valley were off by almost 81%. It underscores the importance of not drawing broad conclusions about our market but to focus on each sub market and property type. Notwithstanding the fiscal uncertainty we experienced from 2009 through 2013, buyers over the past eighteen or so months are telling us a number of things relative to their interest in getting into the Park City/Deer Valley real estate market. Those include:
We are well past the bottom of the market; Interest rates remain low by historical standards; Inventory is shrinking and the constrained supply of new property in combination with rising demand is beginning to bring about price increases; Time with the family is slipping away and a mountain vacation home is a place where the extended family can spend quality time together; The property becomes a legacy for future generations.
Everyone has a different perspective, but the five points above are things we hear consistently from our clients. Now on to the geographical breakdown which begins on the next page of this Report.
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EMPIRE PASS AREA Empire Pass Condominiums Sales & Contracts - There were thirty transactions closed with fully disclosed sales prices, and another four which occurred quite recently are under contract awaiting closing. The closed and disclosed transactions ranged from $1,500,000 for a 3-bedroom unit in Arrowleaf, to $6,299,000 for a 4-bedroom unit in Montage. Condominium sales in Empire Pass for the first three quarters of 2013 were a total of $90,572,400, an increase over the same period of 2013 of 95.01% The median price was $2,650,000 and the average was $3,019,080. There were also two undisclosed transactions in 2013. Active Listings - Almost all condominium developments in the Empire Pass area are represented with properties currently on the market, and none are a short sale or bank owned.. The developer owned units presently on the market are in Montage, Nakoma (town homes), and The Belles (town homes). The median price of these active listings is $2,372,000 and the average is $2,741,935. Based on sales for the year, and the thirty-one condominiums presently on the market, there is currently just under an eight month supply of condominiums in Empire Pass. Empire Pass Homes Sales & Contracts - One home was sold in this period for $4,905,000 and another in Red Cloud which was listed at $11,300,000 is under contract awaiting escrow. We believe the primary reason for the relatively low number of sales in this class is exclusively due to the Stein Eriksen Residences, as between their homes and condominiums they captured over $100,000,000 of hard purchase contracts in the first seven months of 2014. We expect the interest in this segment of the market to increase significantly. Active Listings - There are twelve homes on the market in Empire Pass ranging in price from $5,400,000 to $15,950,000, with the median being $6,862,000 and the average $7,987,833. Empire Pass Lots Sales & Contracts - There was one lot sold in the area, specifically in Red Cloud, so far in 2014 as compared with two sales for the same period in 2013. Active Listings – That said, the inventory is very scare and as of this writing there are eight building lots in Empire Pass on the market, seven of which are in Red Cloud, priced from $3,350,000 to $5,195,000, and the other in Bannerwood which is priced at $3,600,000. The median is $3,700,000 and the average is $3,998,750.
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UPPER DEER VALLEY AREA Upper Deer Valley (AKA Silver Lake) Condominiums Sales & Contracts - There have been thirteen disclosed sales so far in 2014, plus another twenty-eight which are in escrow awaiting closing, with twenty-four of those being in the Stein Eriksen Residences Additionally, another two sold, but went undisclosed across the Multiple listing Service. Of those that closed and which were fully disclosed, the least expensive was a 3bedrooom unit in the Ridgepoint which closed at $725,000 and the most expensive was a 4bedroom 5-bath Bellearbor town home at $2,900,000. The median sold price so far in 2014 for condominiums in the Upper Deer Valley area was $1,028,000 with the average being $1,249,000. Active Listings - There are forty-eight condominiums on the market in Upper Deer Valley with fourteen of those being situated in the Stein Eriksen Residences. The least expensive is a 2bedroom in the Black Bear Lodge at $625,000, and the most expensive is priced at $6,900,000 in the Stein Eriksen Residences, which has 5-bedrooms and 6-bathrooms in 4,768 square. The median price for condominiums in Upper Deer Valley is $1,922,500 and the average is $2,254,226. Upper Deer Valley Homes Sales & Contracts - Eight sales occurred in Upper Deer Valley with disclosed sales prices ranging from $2,086,500 for a 5-bedroom home in American Flag, to $12,500,000 for an 8bedroom home in the Bald Eagle. Much of the pricing differential in the Upper Deer Valley area is a result of some homes being ski-in/ski-out, while others are not – and there is a real premium for ski access. That said, the median sold price was $3,850,000 and the average $5,325,688. There was also one closing in Evergreen with an “undisclosed� sales price bringing the total number of transactions in the area to nine for the year to date. And there are six presently under contract, five of which are also a part of the Stein Eriksen Residences complex. Since those prices were non-negotiable, it is worth noting the prices the Stein Eriksen Residences achieved ranged from $5,900,000 to $8,800,000. Active Listings - There are twenty-five homes on the market in the Upper Deer Valley and the area wide prices range from $1,950,000 (a 3-bedroom in American Flag), to $34,000,000 (12bedrooms in 22,000 square feet at 5000 Royal Street). The median price in the area is $5,547,000 and the average price in Upper Deer Valley is $7,061,240.
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Upper Deer Valley Lots Sales & Contracts –No transactions occurred over the period and this level of inactivity has more to do with a lack of inventory than anything else. Active Listings - Two lots are available in the area, with one of those being in American Flag and the other in the Bald Eagle Club. The price range runs from $1,595,000 for 409 Centennial Circle in American Flag, to $1,795,000 for 7871 Red Tail Court in Bald Eagle.
DEER CREST AREA Deer Crest Condominiums Sales & Contracts – Seven sales occurred in Deer Crest in the first three quarters of 2014, four of which were in the St. Regis and the other three being town homes in Deer Point and the Deer Crest condominiums. The prices ranged from $1,050,000 for a 3-bedroom in the Deer Crest development, to $3,000,000 for a 4-bedroom in Deer Point. Another three are under contract awaiting closing, two of which are in Deer Point and the other in St. Regis. In total there were $15,671,000 of closings for the period with a median price of $2,365,000 and an average of $2,238,714. Active Listings - There are twenty units presently on the market in the Deer Crest area, with all of those being in St. Regis priced from $1,250,000 (1-bedroom) to $17,999,000 (5-bedroom Penthouse Residence). The median pricing for the active listings is $2,410,000 and the average price is $3,908,65 Deer Crest Homes Sales & Contracts - There have been three disclosed sales for the year with another which was undisclosed. Prices ranged from $4,300,000 to $5,600,000 (two of the homes closed at $5,600,000) with the median being $5,600,000 and the average $5,166,667. Active Listings - There are nine homes on the market in Deer Crest, all of which are ski-in/skiout in the main Deer Crest area (none in Snow Top). These nine range in price from $5,200,000 to $21,900,000, with the median being $7,995,000. One of these homes, 3468 Crest Court is scheduled for a public “Absolute” auction by the owner on November 15th. This home has 8bedrooms in 11,575 square feet and is presently listed through the Park City Multiple Listing Service at $13,250,000. If the thought of participating in an Absolute auction appeals to you, please let us know and we will walk you through the registration process.
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Deer Crest Lots Sales & Contracts –Six lots were sold over the first nine months of 2014, three of which are skiin/ski-out and the other three in the Snow Top area. That follows nine sales which occurred in 2013, so like other areas of Deer Valley, Deer Crest is experiencing a supply shortage in this class. Active Listings - There are five lots presently on the market, all being ski-in/ski-out in the main Deer Crest area. The least expensive is presently listed at $1,498,000 and the most expensive is listed for sale at $4,199,000. There is one larger parcel (154 acres) that will most likely be subdivided and it is listed at $16,500,000. The median lot price in Deer Crest for the period was $1,650,000 and the average was $2,364,400 (not including the 154 acre parcel).
LOWER DEER VALLEY AREA Lower Deer Valley Condominiums (AKA Snow Park) Sales & Contracts – Thirty condominiums were sold in this area of Deer Valley in the first three quarters of 2014, with prices ranging from $495,000 for a 2-bedroom unit in The Lodges at Deer Valley, to $1,325,000 for a 3-bedroom in the Pinnacle. There are another eight condominiums in the area under contract awaiting closing and one undisclosed transaction for a total of thirty-nine sales so far this year The median price of the closed and disclosed sales was $726,000 and the average was $760,610. Active Listings - There are forty-three condominium units on the market in Lower Deer Valley priced from $369,500 (1-bedroom, 2-bath unit in Courchevel), to $4,695,000 (5-bedrooms, 6baths, ski-in/ski-out in Black Diamond). The median price is $775,000 for a 2-bedroom in Powder Run. Lower Deer Valley Homes Sales & Contracts – Nine homes in Lower Deer Valley were sold so far in 2014, and another one is under contract awaiting closing. The price range was $1,300,000 for a home in the Solamere area of lower Deer valley, and the high was $2,875,000 in Hidden Oaks. The median price was $1,855,000 and the average was $2,023,333. Active Listings – There are currently thirteen homes on the market throughout the various Lower Deer Valley neighborhoods. The least expensive is a 4-bedroom home in The Oaks neighborhood priced at $1,450,000, and the most expensive is priced at $3,295,000 and is located in the Solamere subdivision. The median price of homes for sale in this area is $2,195,000 and the average was $2,164,846.
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Lower Deer Valley Lots Sales & Contracts - Three lots were sold with prices ranging from $300,000 for lot #27 in Hidden Oaks, to $395,000 for lot #63 also in Hidden oaks. The median price was $325,000 and the average $340,000. Active Listings - There are eleven lots presently on the market throughout the Lower Deer Valley neighborhoods. The least expensive is lot #12 in the Royal Oaks neighborhood which is priced at $393,500 and the most expensive is lot #4 in Morning Star Estates which is priced at $895,000. The median price is $674,000 and the average is $668,864.
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