With over 20 years of real estate experience and an extensive knowledge of Park City resort communities, Dennis Hanlon continually proves that he understands current market trends and the needs of his clients. Hanlon sat down with Haute Residence to discuss where the luxury real estate market is heading, and the key factors homebuyers are looking for in purchasing property.
What are the current real estate market trends and conditions in Park City?
At the end of the third quarter of 2018, housing statistics revealed a slight slowdown in demand with prices remaining relatively stable. The number of single-family home sales inside the city limits was down by less than 2% and the median price of $1.95 million remained the same as 12 months ago.
Condo sales inside the city limits were down 5%, but the median price increased 8% to $820,000. I attribute the decrease in sales to new developments that closed in 2017 artificially inflating the number of closed sales for 2017.
What are the top 3 things luxury homebuyers look for?
LOCATION! Whether it is views, privacy or ski access, location is the #1 factor in purchasing. Quality of construction/finishes. With a high number of luxury properties available, buyers can be very discerning regarding the quality of the home and if it fits their expectations. Floor Plan; does the home layout fit the needs of their family? From large gathering spaces, kitchen and bedroom layout, luxury buyers are not willing to compromise.
Where do you foresee the luxury real estate market heading in the new year?
If the economy continues to show signs of slowing or even remaining stagnant buyers will be able to be even more choosy and not settle for anything that does not exactly fit their needs.
Is there a push for vertical living in Park City or is it still horizontal based?
While Park City certainly has seen its share of vertical properties; Montage, Stein Erickson Lodge and Residences, and St. Regis, Park City has historically favored horizontal properties. This may change as land for luxury developments becomes scarce leaving no alternative for new luxury residences, but for vertical properties.
What do you recommend to homebuyers looking to invest in Park City as we head into 2019 and the ski season?
Work with a long-time experienced agent who can advise you on the history and future of various luxury developments as well as knowing what is coming to market. Patience. If you do not find exactly what you are looking for, do not feel pressured into settling for less. The Park City luxury home market is quite fluid, and a good agent will listen to your needs and find the perfect property for you. Interest rates are still low but creeping upward. Inventory for luxury properties is comfortable, giving buyers ample choices. This a good time to be looking for a vacation home in Park City/Deer Valley.