Blog

Our subject matter is largely made up of questions we are asked by clients and other individuals considering Park City as a place to own or to visit. Most of the questions we are asked pertain to our Golf and Ski communities, but we welcome any questions relating to the Park City market or any real estate topic. We will address every question honestly and answer to the best of our ability. We respect our competition but we don’t shy away from discussing differences in product and services when asked. In addition to answering your questions, we enjoy sharing stories of our clients successes, open houses and Golf, Ski and community events of significance.

 

Park City Real Estate News

By Darrick Olsen
Oct 31, 2015

The transition to Engel & Voelkers Park City has been phenomenal.  To us, it is headline making Park City Real Estate News.   Joe and I appreciate being welcomed and endorsed by owners and advisors of the leading, luxury real estate brand.

Autumn Ski Runs Autumn Hike, Ski Run Views - Water and Mountain

By combining the global presence and premium branding of Engel & Voelkers Real Estate with our specialized grasp of the local market and commitment to our profession, we are benefiting our clientele with a  tailored level of service.    This is an exciting time.

Park City real estate news is constantly changing.  When we are not  taking a listing or touring properties with buyers, Joe and I  are visiting contractors on job sites, meeting with colleagues, holding and attending weekly open houses, studying architecture, build and design trends or researching the Park City/Deer Valley markets. We know the latest Park City Real Estate News.

And, we are always enjoying the Park City lifestyle with family and friends.  Wouldn't you enjoy getting to see  that view with your family?

Find a Park City Real Estate Agent

By Darrick Olsen
Oct 12, 2015

The best Park City real estate agents help their clients buy and sell real estate.  Engel & Völkers - Trabaccone Olsen Advisors does more.  We offer you guidance and insight in ways not every agent can.  In fact, we are designates as "Advisors", to better define the higher level of service we provide.  Engel & Völkers - Trabaccone Olsen Advisors maintains consistently high levels of service experience by managing performance at every level and having a deep understanding that client service is essential.  We start out great and always strive to be better.

On Deck - Dillon & Andrew Playing a Private Client Event On Deck - Dillon & Andrew
Playing a Private Client  Cultural Event

First and foremost, we are the experts. We can recommend restaurants, movie theaters, financial institutions, popular tourist attractions and cultural events. Most importantly, we can talk about the Park City real estate market and where your property is in the bigger picture.   We will provide you with valuable insight that is relevant to your personalized needs and see to every detail throughout the process so you won't have to worry.

 

 

 

My friend needs a realtor. Will you...YES!!

By Darrick Olsen
Feb 28, 2015

During the past week, we have been previewing homes, in order to do a market analysis for a new client, who was referred to us by...well, we don't drop names - let's just say an existing client, who

Every Thing You Need Every Thing You Need - $3,800,000

paid us the compliment of another referral.  And, we are sharing this valuable information with you.   Our new client is interested in private communities that are about 15 minutes from  Old Town Park City and 30-40 minutes from the Salt Lake City International Airport.   Their price point is above $2mm.  We conducted our research in the  requested communities.  We found that the listing and sales prices for 2014 increased over 2013.   For 2015,  sales of homes priced $2mm and up are on the rise.   Ask and we'll send you our list of the homes,  we have toured and have determined are very good values.

  Here is an example.  In the Talisker community of Tuhaye for 2014 the highest sales prices were achieved by two of our listings.  In January 2014, our listing at 10050 N. Uinta Drive sold for $1,850,000.  In October 2014, our listing at 9885 Timpanogos Court sold for $1,850,000.   "Yesterday's ceiling is tomorrow's floor".   As of February 2015, there is a pending sale in Tuhaye - a gated, private golf course community - with a listing price of $2,495,000.  Our sources indicate that the sales price is definitely above the $2mm mark.   Stay tuned.
For the past three years, a gradual and consistent stair step increase in listing and selling price has been the indicator not just of a recovering market, but also validation of a stable and improving real estate market.  Combine that validation with decreasing  inventory,  increasing demand and the current projections for consistent population growth in and around Park City, Utah...there isn't one person reading this, who needs me to explain more.   But, I will.  Contact me.
 

What do you offer your clients?

By Darrick Olsen
Feb 20, 2015

Knowing where to the best real estate values is much the same as knowing where to find the best snow.   When we ski with our clients, we find them the best snow on the mountain.    When we show real estate to our clients, we find them the best real estate values in town.  If it's a ski property, golf property, vacation home or primary residence, we know the market.   It can be a Deer Valley, Park City Mountain Resort or Canyons Resort ski property.  Or, it can be a Park City, Glenwild, Tuhaye or Promontory golf property.  We know  how and where to find the best values for our buyers and obtain the highest value for our sellers.  We also know and understand the complexities of new construction.  Our exclusive relationships with architects, builders, interior designers and developers allow us to cater to our client's exclusive needs.  Joe and I set aside time each week to study neighborhood market trends, current developer product and new developer releases .  We preview and tour properties.  We talk with architects, builders and developers. We take  notes on the details - design, floor plans, finish level, landscaping features and overall construction  quality.  And, we listen.

Trabaccone-Olsen  The only two names you need to know.

 

Blue Bird Day Deer Valley Ski Resort Blue Bird Day Deer Valley Ski Resort

How Is The Snow In Park City and Should I Buy Real Estate?

By Darrick Olsen
Feb 14, 2015

Let's get it all out on the table, right up front.  When it is February, nearly 60 degrees and sunny in a ski town, you still won't find better snow or have a better ski vacation than you will in Park City/Deer Valley, Utah.  And as you can see from my photos, the Canyons Plaza and Cabriolet is  definitley a cool place to be.  The views from the top of the Canyons are - in the words of the two self proclaimed  "surfer - snow boarders", who rode the lift with me, "Dude, this is totally dope!"  Seasoned by his buddy with insightful follow-up, "Yeah, totally dope!"

On the ride up the lift, I had already discovered they were visiting from "SoCal".  Curiosity got me.  What inspired them to spontaneously drive to Park City from Southern California?  "Oh, Dude.  The Epic Pass, man.  It's totally sick".   "We decided to jet up for the long weekend and chillax, then jet back to P.V."   (We decided to drive up, have fun, relax; then drive back to Palos Verdes whenever we feel like it)  "Park City rocks!!"   Okay...no need for me to sell it.

Back to Real Estate - Two guys in their late twenties.  One is single.  One is married and has two children.   One is in the tech industry.  One is in sports marketing.   Both are very astute.  And, both are bi-lingual.  The generational board dude lingo quickly morphed into an MBA exam.    Their questions to me?  1- Where can  we send the ladies shopping and meet them for dinner?   2- Is now a good time to buy?   After answering the first question, I went right to the second.    Answer - YES!  It's a very good time to buy.   A few reasons to buy?  1- Vail Resorts and their proposed $150mm capital investment in Park City Mountain Resort and the Canyons.  2- Supply is is shrinking.  3- The cost to develop new product has increased and will require increased sales prices.   4- Where else can they buy a second home that is 30 minutes from an international airport,  a 90 minute flight or one day drive from California and has the endless year -round amenities we have in Park City, Utah?   As the saying goes, you come for the winters, but stay for the summers.    It's all about lifestyle, Dude!!

A Cool Place To Be A Cool Place To Be

"Dude, This Is Dope...Totally Dope" "Dude, This Is Dope...Totally Dope"

What is the strongest segment of the Park City real estate market?

By Darrick Olsen
Feb 05, 2015

The strongest segment would be  new construction with modern or contemporary  design influences. Ski-in/ski-out  homes and condos, particularly in upper Deer Valley/Empire Pass and the Colony At White Pine are highly desired. There is a very strong demand for the Stein Eriksen Residences.  Prices start at $2.4m go as high as $6.9mm...if the buyer adds adds custom features as many do, the purchase price is higher.  There are 26 Pending sales between $2.25m and nearly $8m.

New homes located in the gated community of the Colony at White Pine Canyon have been brisk. Prices start at $3,750,000 and go as high as  $24,600,000.   During the past six months, seven homes have sold between $4.25m and $12.75m.

 

Sundance 2015 Have You Ever Met A Celebrity At The Sundance Film Festival?

By Darrick Olsen
Jan 24, 2015

No.  I've never met a celebrity at the Sundance Film Festival.   I don't seem to recognize them, until the moment has past and somebody says to me, "Hey, that was...".   While eating at Redrock Cafe,  I've had dinner next to Cameron Diaz.   I didn't know, until the waiter told me.   At the Park City Market, I was in line behind Kevin Bacon.   I didn't know, until  the cashier asked, "Did you talk to Kevin Bacon?".    Coming out of the Sky Lodge, I walked past Ryan Kwanton a few years ago.   I know that, because my wife said, "That was Ryan Kwanton".

The only Celebrity that  I have seen is Cheech Marin.   He lives in Park City.  He drives a yellow Lambroghini.  Actually, I recognized the yellow Lambroghini first.  I saw Cheech in the Deer Valley parking lot.  I've never met Cheech, but I keep hearing what a cool guy he is.  So, Cheech...next time....  And I last summer, I drove past Katherine Heigle as he came through the  gated entrance to  Maple Ridge Ranches.  Katherine has a home there.   Again, somebody had to tell me.

What is your take away?  I'm focused on Real Estate.  I know this town.   I know the neighborhoods.  I know the restaurants.   I know where to find and how to help you buy Real Estate.

Q &A with Blaise Carrig of Vail, Park City & Canyons

By Darrick Olsen
Oct 03, 2014

What is going to be Vail’s focus for Park City and the Canyons?

Vail’s focus is on the skier experience, the family experience and the ski vacation experience. We want a quality experience within each resort.

We hear many good things about the Epic Pass. Can you tell us more?

The Epic Pass is a key benefit to all our skiers. We have a network of 11 resorts. There are 300,000 Epic Pass holders from 87 countries. Park City Mountain Resort is a lead brand. Vail owns six of the ten most visited ski resorts in the U.S.

What is first on the list for Vail?

On Mountain improvement at Park City Mountain Resort by elevating the services, addressing lifts, restaurants and snow making. We also want to focus on families by creating programs oriented to families.

Can you tell us about any plans to connect Park City and the Canyons?

Ideally, we would have a two-way lift connecting Park City Mountain Resort with the Canyons that would be installed next summer. That would be pending approvals. The new combined ski resort, which will have the largest area of skiable terrain will be over 7,300 acres.

Can you address Vail’s capital strength?

Vail has considerable capital strength. As President of the Mountain Division, strategic capital is critical. Does it add value? Vail takes a different and long term approach. We carefully acquire, maintain and grow our resorts. The Mountian Division or ski operations accounts for a significant portion of Vails revenue. Our main focus is the successful running of ski resorts.

How does Real Estate Development factor into that equation?

Vail develops real estate when it feels that additional lodging and facilities are required. Our preference is to bring in a developer or create a partnership. We have a very particular interest in the areas at the base of our resorts. Vail’s focus is on operating ski resorts. When needed, Vail has made the appropriate Real Estate improvements.

Our conclusion is that Vail’s completion of the Park City Mountain Resort purchase is great for Park City. Vail will be an excellent community partner. Vail’s presence in Park City has already been reflected in the Real Estate market. There is a very strong overall feeling that the boost in our Real Estate market has been validated by Vail’s increased presence.

We like the excitement of Old Town Park City and its proximity to both Deer Valley and Park City because our children snowboard. We want something new. Is that possible?

By Darrick Olsen
Sep 13, 2014

Answer:  Yes.  Old Town is an area with tremendously diverse architecture and it offers a great selection of new.  On Main Street, the San Francisco loft style Parkite Luxury Condos are nearing completion.  On the avenues of Old Town Park City there is everything from a meticulously restored Victorian to all an out funky contemporary restored miner shack and everything in between.  If you like eclectic, you'll love Old Town.  The key is knowing where in Old Town Park City to look and how to recognize the hidden benefits or peculiarities of a particular property.

Regardless, if you want to be close to the Night Life of Main Street, the glitz and stars of the Sundance Film Festival, the Post-Bohemian atmosphere of the Park City Arts Festival, have access to Deer Valley Ski Resort or Park City Mountain Resort via the Town Lift - not to mention the Canyons Ski Resort being less than 15 minutes; we can help you select the best Old Town Park City property.

Avid Equestrians Wishing For More Acres and the In Park City School District

By Darrick Olsen
Aug 25, 2014

Question:

We want to  be a members of a Golf Club Community.  However, we are avid equestrians and would like 5 to 10 acres in a more rural setting and live in the Park City School District.

Answer:

For Golf Club Memberships, where it is not required to own property in the specific Golf Community, there are options.  Glenwild, Park Meadow and Jeremy Ranch are excellent choices.  The amenities vary and we have assisted buyers  in achieving this goal.

Some of the neighborhoods, which allow for more acreage and a more rural setting within the Park City School District are - The Preserve, Goshawk, Ranches at the Preserve, Red Hawk and Silver Creek Estates.

Each club facility and neighborhood are excellent choices.  Depending on the lifestyle, acreage requirements and personal preferences,  our extensive knowledge of all the Golf Club Communities and the surrounding areas, based on their needs and wants, we have been able to help buyers make the best choice for them.

Click here to see more

Is there a way for us to access some of the private club facilities we've seen?

By Darrick Olsen
Jun 17, 2014

Question:

Our family has owned a condo in Park City for many years and now that our kids are high school and college age, we visit less often, but our reunions seem to involve more people with more diverse interests. Is there a way for us to access some of the private club facilities we've seen?

Answer:

Depending on knowing the interests of most importance to your family members, you have a number of interesting alternatives to choose from. Not all of the private clubs require property ownership to access club facilities and membership costs - both initial and ongoing - differ greatly. Another important factor is how membership privileges are extended to family members, particularly those over 25 years old. Of course, if you are open to property ownership as a way to accommodate larger family gatherings or as investment property, you will find expanded choices. We are sure that a more detailed discussion of your objectives and your price target will produce some interesting choices. We would love to meet with you in person, but if that doesn't work for your schedule, we can arrange a telephone conversation.

What is the impact of international buyers in the Park City market?

By Darrick Olsen
Jun 04, 2014

Question:


What is the impact of international buyers in the Park City market?

Answer:


After all of our success in hosting the 2002 Winter Olympics, many word cup events, and the publicity surrounding our Park City based athletes in the recent Sochi Olympics, we have been surprised at the small impact that international buyers have had in our market. Looking at estimates of international buyer transactions (which range from 1-3% of total MLS sales), we see evidence that international buyers act only after repeated exposure to Park City as vacationers. In most cases, we meet international buyers when they visit here much like we meet domestic buyers. Our 14 office locations have been important assets in this regard and our foreign language enabled property websites have been key in follow up communications. We do believe international business will grow in the future and we are hopeful that as Berkshire Hathaway Home Services expands internationally, it will aid our efforts to attract these buyers. The Berkshire Hathaway brand is recognized and admired worldwide. Our experience over the past 10-12 years has taught us that passive advertising in foreign countries does not deliver results for our sellers. To put it bluntly, “international exposure” has over-promised and under-delivered. We see our future efforts being focused on a more proactive approach.

The Golf Season

By Darrick Olsen
May 27, 2014

Question:

How long is your golf season and do the gated golf communities shut down when the golf season ends?

Answer:

Our golf season generally runs from May to October- so a little over 6 months. Our cool, dry mountain summers have proven very attractive to golfers from Arizona, Texas, and the South who contend with heat and humidity during those months. You will like how much better your driver works at this altitude. Based on the ever expanding list of activities available at the gated golf communities, the 6 months of the year without golf are packed with activity – no sign of a shut down. We are a true four seasons climate with beautiful fall colors, world famous winters (our long time tagline of “world’s greatest snow” is no exaggeration) as we proved to the world as host of the 2002 Winter Olympics. In spring, if you don’t like the weather, just wait a minute. The Talisker Club has world class mountain facilities at Deer Valley, Promontory has a members ski lodge at Deer Valley and the other golf communities feature ski/winter sports programs. Club facilities including fine dining and children’s activities continue strong operations and members take full advantage of Park City’s winter/holiday season. Christmas and the Sundance Film Festival are prized events that draw many out of state owners to visit during the off season for golf.

How is the market for Golf property in the Park City Area?

By Darrick Olsen
May 23, 2014

Question:

How is the market for Golf property in the Park City area?

Answer:

Demand is strong in our market. The number of sales in our market is up 15.6% in the past 12 months. Medium prices have increased 2% in the past year and distressed sales were less than 6% of first quarter 2014 sales. Inventory declined 3.9% over the past year and is at historic lows since 2007. Having summarized the Park City Board of Realtors first quarter statistics, we should point out that our market is highly segmented and these numbers give only a crude answer to your question. We are working on more detailed statistics that focus on the 10 golf and ski communities we have defined and focus on. Our unsubstantiated feeling is that the golf communities are strengthening led by strong improvement in home site sales and prices (especially the high end) and a resurgence of new construction (custom vs. spec homes). Many high quality resales are still selling below current replacement cost.

Do any of the other gated communities offer homes in our price range?

By Darrick Olsen
May 19, 2014

Question:

Last winter my husband and I looked around Promontory and Tuhaye and saw several homes that were on display. The homes were spectacular, but way out of our price range (we’d like something under $1,000,000). Do any of the other gated communities offer homes in our price range?

Answer:

An increasing number of people share your objective which has given rise to a new product at some of the gated communities. Promontory has three different “cabin” products and their Trappers cabins are roughly 2200 SF, 3 bedrooms, 3 baths. Of the four 3 bedroom units currently available, only one is listed at under $1,000,000. The most expensive 4 bedroom unit (2700SF) is listed at $1,340,000. Victory ranch is now offering a cabin product as small as 2400 SF and Red Ledges offers Cottages that start at $750,000 (3 bedrooms, 2700 SF) and a similar sized “Mountain Villa” product that starts at around $550,000. Tuhaye does not offer a cabin product at this time and as a completed project, Glenwild will never offer that product (single family home resales start around $1,750,000 at Glenwild). Depending on your location preferences and the activities that you enjoy, you would need to factor in membership costs, amenities (currently available and planned) and HOA fees to determine which gated community offers the best fit for your family. Please feel free to contact us and we’ll make further search an enjoyable process. We can probably do enough online to make your next visit very productive.

 
 
Existing user sign in: 
Forgot Password?