Happy Summer Solstice from Park City!
The 2016-2017 ski season was extremely busy, and now summer looks as if it will be more of the same. Great weather, no humidity, no mosquito’s, 500 miles of trails, wine festivals, music, art festivals, and so much more.
As the Park City Real Estate market continues to show strength, it has been tough to find those unique purchase opportunities to blog about since they are typically sold within a couple of days. However, there is a ski in ski out property in the Colony that is going to absolute auction on July 8th, and it could be a solid opportunity.
This home has been on the market for a few years, and in my mind, has not sold due to the competition from newer builds, and obviously the asking price. I have toured this home many times, and if it can be purchased right, it will be a great opportunity.
Built in 2011, this contemporary home sits on two combined lots totaling 18 acres in the Colony, and has stunning views and privacy. It is a larger home with almost 13,000 finished square feet that will make a great family compound or corporate getaway. The home has multiple outdoor living spaces to enjoy in the mild sunny days of winter, or all summer long. A large unfinished lower level awaits the next owner to be customized to suit their needs.
Based on discussions with the Listing Agent, I know that the seller would have taken millions less than the asking price of $8,995,000. With an absolute auction, it should sell at a significant discount.
In the past year, the average sales price for a Colony lot was $1,942,885, and the average size was 5.7 Acres. Average sales price for a Colony home was $6,664,250, and average size was 9689 Square Feet. There is little doubt in my mind that this home on 18 acres will sell significantly below replacement cost, as auction properties have historically.
If this is an opportunity that you or anyone you are acquainted with might find interesting, please contact me at your earliest convenience to set up a preview of the home, and the Colony. Also, if there are other areas of Park City you would like to discuss, please contact me at 435.901.4309 or at firstname.lastname@example.org
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