Park City Real Estate News

One Empire Pass

Written By: msletten - Nov• 06•15

I recently attended the second planning meeting with East West Partners regarding their new building in the Empire Pass area of Deer Valley at the base of the Silver Strike lift The official name is One Empire Pass.  Here are the basics:

The building will be what the developer is calling “Modern Organic” meaning there will be lots of wood, stone and glass in a more contemporary style than other buildings in the area.  All of the residences will have Lady Morgan/Empire views, and they will be “see through” with no central hallways or corridors, and each has direct elevator service to the front door. Also on site will be a large fitness room, kids’ rooms, a big “club house” type great room. An Inn Keeper will live onsite and provide services to owners and guests alike.

The complex will have 27 residences as follows:

  • Two 2-bedroom residences of approximately 1,350 square feet.
  • Twelve 3-bedroom residences between 1,850 square feet and 2,250 square feet, and the larger units also having media rooms.
  • Eleven 4-bedroom residences with from 2,350 square feet to 3,200 square feet, and as with the 3’s, the larger residences also having media or family rooms.
  • Two 4-bedroom, roof top penthouses of 2,800 square feet each, plus large roof top decks approximately 20’ X 30’(the plan would allow these two penthouses to be combined into one 5,600 square foot penthouse suite that, with its views, would arguably be the best of the best in all of ski country in North America.
  • Finally, two ADA units that can also be utilized by owners through prior reservations for overflow guests when otherwise not being occupied by an ADA guest, plus the Inn Keepers’ unit.

And here is the timing:

  • December 2015 – Marketing begins (including an onsite sales/presentation office).
  • January 2016 – Non-binding reservations ($50,000 fully refundable deposit – unit specific).
  • February 2016 – Reservations converted to purchase contracts (20% deposit, refundable through due diligence).
  • April 2016 – Commencement of construction.
  • November/December 2017 – Residence closings and occupancy for the holidays.

East West indicated they would expect average pricing will be around $1,250 to $1,450 per square foot, depending on location in the building.

Park CIty Third Quarter 2015 Statistics

Written By: msletten - Oct• 29•15

The Park City Board of REALTORS® today released its report on statistics  for the third quarter of 2015.  In brief summary, sales indicate a continuing strong market, with a 12% increase in quantity sold and 10% increase in median sales price compared to the previous four quarters, with condominium sales accounting for half the closed transactions.  Year-over-year the total dollar volume was also up 20% reaching $1.85 billion.

Notably, in the Single Family Home category, dollar volume in the Greater Park City area for the first nine months of this year was the highest since 2006.

To see the full report, click here.

As the report notes, our local market continues to be highly segmented with micro-markets divided by price, inventory, property type and demand, so if you need local expertise, do not hesitate to contact me.



Sundance Tickets on Sale

Written By: msletten - Oct• 13•15


Sundance 2016 will run from January 21st through January 31st and sales of festival and ticket packages will start tomorrow (Wednesday October 14th).  Individual tickets for specific films will then go on sale on January 14th of 2016.

The website for packages is, and the website for individual tickets is

More complete information is available in an article from the Park Record’s October 10th edition and here is a link:


Thoughts on the Epic Pass

Written By: msletten - Oct• 11•15

I was struck by a recent article in EPIC LIFE magazine entitled “Park City’s New Dawn.”  I live here in Park City and religiously follow the local news and gossip but guessed I missed the full impact of Vail Resorts’ coming to town.  It is way more thanjust  the new 2-way Quicksilver Gondola on Pinecone Ridge which connects the Park City side with the Canyons side of the resort. According to the article, the resort will now consist of” 7,300 skiable acres, 17 peaks, 14 bowls, 38 lifts, all accessible with Vail’s Epic Pass…”  making it the largest winter resort in the US. The “way more” I mentioned above includes a high speed quad replacing the old fixed grip Motherlode lift, a new six-pack lift at King Con, upgrades to both the Summit House on the Park City side and Red Pine Lodge on Canyons side, and a completely new restaurant at the base of the new gondola and the Silverlode high speed. This new restaurant will be named Miners Camp and will offer indoor seating for 500 guests and another 200 seats on the restaurant’s deck. Great on-mountain meals were something missing at the old resort.


I don’t care if, like me, you’ve already bought your tickets or season’s pass at Deer Valley – it may be well worth shelling out another $599 to get your hands on the Epic Local’s Pass.  I’ve got both and especially if Mother Nature comes through with the predicted epic El Niño  winter snows (no pun intended), I’ll get my money’s worth at both Park City and Deer Valley.  If you are thinking about getting an Epic Pass you should hurry as the cut off date is soon and the same for Deer Valley.

Mortgage Rate Update

Written By: msletten - Oct• 11•15

As of late August, the average mortgage rate nationally for the purchase of an existing home was 3.99 percent, down 3 basis points from July. The effective interest rate on all mortgage loans dropped in similar fashion — declining two basis points to 4.15 percent in August. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage.

According to Freddie Mac, mortgage rates have remained in a range between 3.8 percent and 4.1 percent since May. The late-September data showed that 15-year fixed rate mortgages averaged 3.08 percent and the 5-year treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.91 percent, while the 1-year treasury-indexed ARM averaged 2.53 percent.

Jordanelle Activity

Written By: msletten - Sep• 28•15

I am struck by the extraordinary amount of activity taking place surrounding the Jordanelle Reservoir, and anyone looking to buy or sell a home, condominium, building lot in this area should take a look at this data.

In 2015 year to date, there have been 149 transactions which have closed escrow (20 single family homes, 87 condominiums, and 42 building lots). Another 108 properties (24 homes, 73 condominiums, and 11 building lots) have gone under contract since January 1st. Altogether, that is 257 transactions in all 3 categories. By way of comparison, if you add in the 1,204 transactions which occurred over the same period for all property types in Park City’s city limits and the Snyderville Basin, the Jordanelle represented 19.25% of the total – remarkable in that the Jordanelle is so much smaller than the other 2 areas. The differences are that the Jordanelle area properties are newer (in fact, in most cases they are brand new) and less expensive than similar properties in the other areas in and around Park City. As for the building lots, for the most part these represent the developers’ inventories at Hide Out, Victory Ranch, and Tuhaye, the latter two being gated golf communities. Focusing in on just the single family homes and condominiums, the inventory to sales imbalance in the Jordanelle overall equates to an inventory of less than 2 and a half months.

Of the 20 homes which closed escrow this year, they did so at an average price of $1,047,921, although you should note that this average was significantly impacted by a few sales in Victory Ranch and Tuhaye which closed escrow over $2,000,000. The average price of the condominiums over the period was $395,993, although here you should note this average was impacted on the low side by a number of sales in Fox Bay and Blackrock Ridge which closed escrow at prices less than $250,000, and as low as $191,000. Looking at the 42 building lots, here the average price was $294,504, although the delta was quite large with the low price being $75,000 (Star Harbor) and the high at $900,000 (Victory Ranch). Given this disparity, the median price of $355,000 might be the more relevant number.

If you would like to have a copy of all the data (10 Excel pages), please let me know and we’ll be happy to send you a copy. Just call or text me at 435.640.0930, or send an email to


Jordanelle Reservoir

Mortgage Rate Update

Written By: msletten - Sep• 25•15

In response to an anticipated increase in the Federal Funds Rate, mortgage activity across the country accelerated.  That said, the Fed is talking about a rate increase of just ¼ of 1% (25 basis points). Most pundits have stated the Fed should have done so at its September meeting, and just the hint of a rate increase sent the Dollar higher and the Dow was up as well today, although the S&P and NASDAQ were off.  Here is the data:

  • Mortgage applications increased 13.9 percent from one week earlier during the week ending Sept. 18, 2015.
  • The refinance share of mortgage activity increased to 58.4 percent of total applications from 56.2 percent the week prior.
30 yr. fixed rate 3.91% 0.01%
15 yr. fixed rate 3.11% 0.01%
5 yr. adjustable rate 2.92% 0.01%
1 yr. adjustable rate 2.56% 0.07%

New Condo Development in Empire Pass

Written By: msletten - Sep• 04•15

I recently met with the agent representing East West Partners on their new condominium development in Empire Pass.  By way of reference, this new building will be constructed and built just below the existing Silver Strike Lodge.  The building will be what the developer is calling “Modern Organic” meaning there will be lots of wood, stone and glass in a more contemporary style than other buildings in the area.  The building will be all concrete allowing for 10’ 6” ceiling in all of the residences, excepting the top floor which will likely have some taller elements. In addition, to maximize views and light (all units will have Lady Morgan/Empire views), all residences will be “see through” with no central hallways or corridors, and each have direct elevator service to the front door. The outdoor common areas will have a large, rectangular “infinity’ hot tub, along with two other private hot tubs and lots of lounge/deck chairs. While Talisker Club membership will be included, this building will also have fitness and kids rooms, a big “club house” type great room, and Inn Keepers who will live onsite and provide 24/7 services to owners and guests.


As presently designed, the building will consist of 27 total units as follows:


  • Two, 2-bedroom units of approximately 1,350 square feet;
  • Eleven, 3-bedroom units between 1,900 square feet and 2,266 square feet, and the larger units also having media rooms;
  • Twelve, 4-bedroom units with from 2,400 square feet to 3,200 square feet and as with the 3’s, the larger units also having media rooms; and
  • An ADA unit that can also be utilized by through prior reservations by owners for overflow guests when otherwise not being occupied by an ADA guest, plus in Inn Keepers’ unit.
  • Also of note is that the two 4-bedroom penthouse units on the fifth floor come with huge rooftop patios and there is also the possibility of combining these two into one very large penthouse.


The timing is that the opening of the marketing process is scheduled to being with the opening of Deer Valley’s 2015/2016 ski season on December 12th.  They expect to have the plat recorded and be able to take purchase contracts in mid-February and will time their reservations to commence between 30 and 45 days prior to contracts, so early to mid-January. They will commence construction in the spring of 2016 and expect an 18 month construction schedule so everyone will be moved in prior to the 2017/2018 season. They expect average pricing will be around $1,250 per square foot so that should be a range of $1,150 PSF to $1,400 PSF, depending on location in the building and view.




Mortgage Rate Update

Written By: msletten - Sep• 04•15

The 30-year fixed-rate mortgage increased slightly over last week’s 3.84 percent to 3.89 percent, which is a slight decrease over last year’s 4.10 percent.

The 15-year fixed-rate mortgage was reported at 3.09 percent, up slightly from 3.06 percent last week and down from last year’s 3.24 percent.

The 5-year adjustable rate averaged 2.93 percent this week, up from 2.90 percent last week and down slightly from 2.97 percent last year.

Construction in Park City – Up or Down?

Written By: msletten - Aug• 07•15


The Park Record reported in the July 18th edition that building permits in incorporated Park City for June of this year dropped dramatically to $7.3MM from $25mm in May and $14.5MM in June of 2014.  My take is this drop is completely a function of the low inventory of developable land in the City limits – it’s almost all gone as evidenced by the tear downs now occurring in the Park Meadows neighborhood.   Here’s what the Park Record went on to say: The construction industry is continuing a strong rebound from the depths of the recession. The Building Department this year has issued permits for large developments, including for work at Stein Eriksen Residences in Deer Valley and the Park City Medical Center, as well as numerous permits for significant additions or remodels. The Building Department has credited a strong economy and Park City’s desirability for the construction comeback.

What are your thoughts?

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