Interesting Thoughts on Real Estate from Two of Park City’s Real Estate Leaders

Today on KPCW, Carol Agle, chair of Park City Board of Realtors statistics committee and President of the Board of Realtors, Marcie Davis spoke about the current Park City real estate market. Here are a few of the quotes during the interview:

“We used to tell people this time of year was the time certain inventory would come on the market. It just doesn’t seem that way anymore.”

“Board is reporting a 12% drop in overall sales.”

“Our prices are not stopped by what people might be willing to but by what their buying power is. So we are seeing Jeremy, Pinebrook, Silver Springs, Prospector are all converging on about the $750,000 price.”

“So within the city limits we have about 2/3 of properties owned by second home owners. ”

“Our clients also love being down by Redstone where the Whole Foods and other stores are. So, we are starting to see people trending toward that area.”

“There are quite a lot of more sales now in Wasatch County. The area in and around Jordanelle is starting to feel more like new Park City.”

“Deer Valley doubles it skiing terrain and the new village is built where Mayflower is you are going to be able to get off the airplane and be at that porthole and area with zero traffic lights.”

“Construction Costs are just sobering in what has happened to them. We used to quote that you could build a beautiful new home at $300 a square foot and then we interviewed our home builders at the beginning of las season and they said our cost structure is now coming in at $400 a square foot.”

We encourage you to listen to the whole segment if/when it appears on KPCW’s website as the Realtors provided a lot more, interesting info.