New Development Property Report
New Development Report - 5 Minute Read
8/30/2023(Updated 9/25/2023)
Count
# Listings
189
Proportion
% of active listings
28%
First Time
Lowest priced listing
$392K
Luxury
Highest price listing
$45M
Table of Contents
New Development Report Quick Facts
| Number active listings | 189 |
|---|---|
| Proportion of all listings | 28% |
| Most affordable condominium | YotelPAD at $392,000 |
| Highest priced home | The Colony at White Pine Canyon at $44,950,000 |
| Most total listings | Hideout with 37 total listings |
| Most single family listings | Promontory with 29 |
| Most condo listings | Pendry with 5 |
| Most townhouse listings | Wasatch Springs with 9 |
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New Development Price and Activity Market Trends
One of the most notable trends in the Park City New Development market is the steady increase in the median price for newly built properties. Since the first quarter of 2021, the median price has risen from $974,000 to $2,575,000, a 160% increase in less than three years. This trend is driven by the high demand and limited supply of Park City homes, with new single family homes reaching a median price of almost $3,000,000. Condos and townhouses offer more affordable options for buyers, with median prices of $797,000 and $1,225,000, respectively. The number of active listings for new development properties has remained relatively constant over the same period, fluctuating around 200 listings. The number of listings peaked in early 2020, before the Covid-19 pandemic hit Park City and caused a surge in sales volume. The number of listings bottomed in March 2022, when the Federal Reserve started to raise interest rates and slowed down the market. Since then, the number of listings has stabilized and reflects the balance between supply and demand in the new development market.
The chart "New Development Price and Activity Market Trends" shows the list price and active count for New Development Properties in Park City over the last four years. The data is presented by quarters starting with Q1 2019. The median price can be volatile so it has been smoothed with a trendline in solid blue.
Where to Find New Development Homes
If you are looking for a new development property in Park City, you will find most of the options in the eastern part of the market, near Deer Valley East Village, the Jordanelle Reservoir, and Promontory. These areas can offer stunning views, access to outdoor recreation, and proximity to the widely anticipated East Village Resort. Hideout is one of the most active communities in this region, with multiple planned developments of Shoreline, Klaim, Deer Waters Resort, and Deer Springs. Hideout features a nice split between townhomes and single family homes, with prices ranging from $949,900 to $4,300,000. Amenity rich Promontory is another popular community for new development, with 29 single family luxury homes available. Promontory offers custom homes, spec homes, and developer designed homes to go with a variety of amenities such as golf courses, clubhouses, and equestrian facilities. The prices for Promontory homes start from $2,100,000 and go up to $18,250,000. Tuhaye is another amenity rich community building single family homes for purchase located east of Park City. Tuhaye homes have prices from $3,000,000 to $8,000,000 and feature views of the Uinta Mountains and the Mark O’Meara golf course.
New homes can also be found closer into town and among the more established Park City neighborhoods. Old Town Park City currently offers 9 new single family homes with a median price just south of $6,000,000. The ever popular commuter friendly Pinebrook area has 4 new homes for sale in Discovery Ridge starting at $1,690,000. Just north of I-80, the Glenwild private golfing community has 5 single family homes starting at $3,800,000 and topping out at $14,900,000.
This colorful chart "Acitve Listings by Area and Type" shows where new development properties are actively listed in the Park City MLS at the time this report was written. The single family homes are shown in blue, condos in green, and townhouses in graph. The total number of properties available for each area is shown at the end of the bars for each area.
Top New Home Communities in Park City, Utah
The Park City real estate market features multiple developer-delivered new single family home communities outside Park City limits. You can find new construction communities in golf communities and along the Jordanelle Reservoice.
PromontoryAn amenity rich community consisting of 7,200 acres featuring multiple communities offered by the developer, Promontory HOMES.
- Clubhouse Villas – Nestled along the Nicklaus Painted Valley Course, the Clubhouse Villas offer great golf and fairway views and are conveniently located to Clubhouse and Beach House amenities. Prices started at $3,000,000 with floorplans with 3 bedrooms and 2,645 square feet.
- Double Deer Cottages – 26 single-story buitique homes located along the Nicklaus Painted Valley Golf Course's 18th hole. Each golf-front cottage is exquisitely appointed with beautiful mountain modern, light interiors and furnishings for a turn-key solution to owning at Promontory. The Perch is the communities private club with a pool, hot tub, and enetertainment kitchen/bar.
- Hillside Estates at Painted Valley – These spacious Hillside Estates feature a 3-car garage and mountain contemporary styling of stone, steel and wood. Prices started at $3,625,000 and floorplans range from 3,540 – 5,000 squre feet.
- Pinnacle – an elegant enclave within Promontory featuring expansive views of the Wasatch Mountains and the Dye Golf Course. All elegant, style-forward homes feature uncluttered modern luxury design, and draw inspiration from nature’s canvas of a stunning mountainous setting.
- Sage Hills Estates – located along Promontory’s new par 3 18-hole golf course, the neighborhood of 42 homesites is built by Promontory Homes range from four to six bedrooms (3,626 to 6,673 square feet) and include a comprehensive buyer selection process in our Design Center to customize selections, finishes and design elements
- The Gallery – an enclave of 11 mountain view homesites, with homes built by the developer’s exclusive home builder, Promontory Homes. The generously-sized residence and estate home designs feature new construction with the flexibility of design choices and high-end finishes without the time commitment of a full custom build.
Many independent developers offer spec homes within Promontory – short for speculative house that a builder constructs and markets independently from the larger community builder. The Slope Style Realty team has success guiding clients through selecting a spec home or land for building a custom Promontory luxury home.
Mayflower-Jordanelle- Skyridge – a master-planned community located along the north west shore of the Jordanelle Reservoice featuring 485 luxury homesites. Many homesites feature lake and Deer Valley views. Lot sizes range start at 0.16 between 2,000 – 8,000 square feet. Amenities are scare today but will grow to include a shuttle to Deer Valley East Village, a small par-3 golf course, trails, equestrian center, and a golf academy. Builders are currently offering luxury homes ranging in price from $3,790,000 – $5,300,000 and range in size from 3,995 to 5,500 square feet.
Located just east of Hideout and sitting atop the eastern finger of the Jordanelle Reservoir lies the luxury community of Tuhaye. Built around the Mark O’Meara-designed Signature Championship gof course and sporting jaw-dropping views of Deer Valley and the Uintas – Tuhaye defines the good life.
HideoutHideout is a community situated north-east of the Jordanelle Reservior along Highway 248. New home construction has been brisk in this area for several years with the help of independent builders and established Utah developers. The area contains a public gold course and homes can have stunning views over the Jordanelle, Deer Valley, and the Uinta Mountains.
- Soarding Hawk – a 154 homesite development with all homes being designed and constructed by independent builders. With 7 homes for sale, there are multiple options to choose from the in $2,000,000's.
Top New Condos in Park City, Utah
Canyons- Pendry Residences Park City – Pendry Park City is the most luxurious resort condominium. The Pendry offers ski in/out access, the very best in service and hospitality, world-class spa and fitness center, multiple restaurant and entertainment options wrapped in a modern aestetic. The Pendry currently have 5 newly constructed condos for sale ranging between $999,000 and $2,500,000.
- Black Rock Resort Luxury Condos – perched on the side of Deer Mountain, this luxury condominium is rapidly expanding with event spaces, a hockey rink, huge fitness center, and twin shuttles to take owners and guests to Deer Valley, Park City Mountain Resort, and Old Town. There is a single developer offered unit at this time though a new phase will be released soon.
- Wasatch Springs – an affordable townhouse complex built by local Utah builder, Holmes Homes. The homes have modern finishes and provide 2 car attached garages. There are currently 9 new units for sale and prices start at $850,000 and go up to $1,100,000.
Hideout is a community situated at the north Jordanelle Reservior along Highway 248. New home construction has been brisk in this area for several years with the help of independent builders and established Utah developers. The area contains a public gold course and homes can have stunning views over the Jordanelle, Deer Valley, and the Uinta Mountains. The following communities are all townhome developments.
- Deer Waters – a Holmes Homes development along the Jordanelle Reservoid shores. These twin homes offer some stunning Jordanelle and Uinta views and feature three and four bedroom modern designs along with 2 car garages. The developer is currently offering 7 units mostly priced around $1,300,000.
- Klaim – a strikingly modern community along highway 248, the townhomes feature three and four bedroom floor plans and two car garages. Klaim currently has 7 new units for sale and are priced around $1,500,000.
- Shoreline – a planned 700 twinhome development next to Deer Waters with floor plans providing 3,300 square feet of living space and attached 2 car garages. The developer currently has 3 new homes available for around $1,600,000.
- Mayflower Lakeside – a popular master-planned community located between the Mayflower Resort and the Jordanelle Reservoir. The community will contain 15 buildings with 12 condominiums residences per building. There is currently one new unit for sale and the price is $905,000.
New Development Price Stats for Park City Areas
The following table lists all of the Park City, Utah areas offering New Development Properties. The types of properties currently available are listed for each area with the price range, size, and number of bedrooms provided to help fine tune your search for a new home. We have years of successful experience guiding clients through finding just the right property in our dynamic market. So please reach out if you have any questions or want to check out some homes.
| Type | Price | Square Feet | Beds | ||
|---|---|---|---|---|---|
| Canyons | |||||
| Single Family | $16,500,000 – $44,950,000 | 9,632 – 17,567 | 6 – 6 | ||
| Stacked/Multilevel | $392,000 – $2,550,000 | 338 – 1,617 | 0 – 3 | ||
| Townhouse | $2,550,000 – $3,790,000 | 2,082 – 3,528 | 3 – 5 | ||
| Deer Crest | |||||
| Single Family | $16,945,000 | 9,155 | 6 | ||
| Deer Mountain | |||||
| Single Family | $2,195,000 – $4,950,000 | 3,814 – 5,781 | 4 – 6 | ||
| Stacked/Multilevel | $1,800,000 | 1,994 | 3 | ||
| Townhouse | $850,000 – $1,100,000 | 2,288 – 3,120 | 0 – 4 | ||
| Empire Pass | |||||
| Single Family | $9,495,000 | 5,425 | 5 | ||
| Stacked/Multilevel | $6,500,000 | 3,286 | 5 | ||
| Glenwild | |||||
| Single Family | $3,800,000 – $14,900,000 | 4,100 – 11,246 | 4 – 7 | ||
| Hideout | |||||
| Single Family | $2,068,341 – $4,300,000 | 3,203 – 5,068 | 4 – 5 | ||
| Townhouse | $886,900 – $1,875,000 | 1,887 – 3,460 | 3 – 4 | ||
| Jeremy Ranch | |||||
| Single Family | $3,950,000 | 6,209 | 4 | ||
| L. Deer Valley | |||||
| Stacked/Multilevel | $4,825,000 – $5,350,000 | 2,250 – 2,827 | 2 – 3 | ||
| East Village | |||||
| Single Family | $3,800,000 – $8,625,000 | 2,262 – 4,870 | 3 – 5 | ||
| Stacked/Multilevel | $2,500,000 – $3,600,000 | 1,423 – 2,084 | 2 – 3 | ||
| Townhouse | $8,990,000 | 4,972 | 5 | ||
| Mayflower-Jordanelle | |||||
| Single Family | $3,264,000 – $5,276,749 | 3,200 – 5,500 | 3 – 6 | ||
| Stacked/Multilevel | $625,000 – $1,095,000 | 803 – 1,577 | 1 – 3 | ||
| Townhouse | $2,250,000 – $2,695,000 | 2,638 – 4,051 | 4 – 5 | ||
| Old Town | |||||
| Single Family | $3,790,000 – $7,700,000 | 2,104 – 4,407 | 4 – 7 | ||
| Pinebrook | |||||
| Single Family | $1,690,000 – $2,530,000 | 2,433 – 4,439 | 4 – 4 | ||
| Promontory | |||||
| Single Family | $2,100,000 – $18,250,000 | 1,880 – 10,254 | 2 – 6 | ||
| Silver Creek | |||||
| Single Family | $1,000,000 – $1,495,000 | 2,718 – 4,245 | 4 – 5 | ||
| Townhouse | $761,900 – $883,900 | 1,421 – 1,772 | 3 – 4 | ||
| South Jordanelle | |||||
| Single Family | $1,495,000 – $10,900,000 | 2,101 – 8,040 | 2 – 6 | ||
| Townhouse | $1,099,000 – $1,795,000 | 2,691 – 3,192 | 3 – 4 | ||
| Summit Park | |||||
| Single Family | $1,775,000 | 3,150 | 5 | ||
| Tuhaye | |||||
| Single Family | $2,999,000 – $8,500,000 | 2,542 – 7,754 | 4 – 6 | ||
| U. Deer Valley | |||||
| Single Family | $27,300,000 | 11,854 | 7 | ||
| Stacked/Multilevel | $5,995,000 | 2,400 | 3 | ||
New Construction Properties for Sale
Park City new construction market has 302 properties for sale. Prices range from $395,000 to $39,000,000 with the average of $3,368,724.Here are 9 of the current properties for sale.
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Andy Krumel – andy@slopestylerealty.com
Andy is a former naval aviator and Silicon Valley entrepreneur, having spent over 15 years delivering groundbreaking mobile and SAAS products. Andy brings his technical experience and innovative approaches to Slope Style Realty and KW Park City Keller Williams as a licensed Realtor.
