New Home Construction in the Park City Area
New construction remains strong in the Park City area. Whether you're thinking about building a starter home or a luxury home the market here has changed over the past several years. I've spoken with several builders of the past couple of months and they are all running into increased costs of labor (up 20% in the past year), goods such as lumber (up 28% in the past year), steel (up 25% in the past year), and more. Expect the cost to build in Park City to start at $200 per square foot for a very basic home while the high-end homes start at $400 per square foot, and ski-in-ski-out tends to run over $1,000 per square foot. An interesting tidbit I picked up from a builder is that a home that would have cost $248 per square foot to build in 2014 now costs $405+ per square foot to build.
The hottest spots for new construction in the Park City area tend to be around golfing areas that were real estate projects that came on the market in the mid-2000's. Areas such as Promontory, Jordanelle, Tuhaye, Glenwild, Victory Ranch, The Colony at White Pine (ski-in-ski-out), Red Ledges in Heber, and Midway have high activity in lot sales and building permits. Park City property has built out most of the lots in full-time residential areas.
If you've had your eye on existing homes in Park City you'll notice there's a style price difference in new homes and you can almost draw a line in 2013 to see where that shift in the real estate market happened.
If you're thinking of building and looking for lots you here are the most notable areas around Park City and how many lots are for sale as of May 2018.
Top areas for lots in Park City & the number of lots available: View Vacant Land for Sale
• Old Town: 3 (Smaller lots and homes tend to be work with the lay of the land)
• Thaynes: 1 (Mix of larger lots and smaller lots)
• Deer Valley: 4 (Location, Location, Location)
• Deer Crest: 3 (Tend to be ski-in-ski-out and views of Jordanelle Reservoir)
• Empire Pass: 8 (more to be coming on the market soon)
• Aerie: 2 (Can have great views of Park City)
• Park Meadows: 3 (Teardowns are happening in Park Meadows - highly desirable neighborhood for primary residences.)
• Canyons including Colony at White Pine: 24 (Ski-in-ski-out)
• Old Ranch Road: 2 (Big views and larger lots)
• Pinebrook: 4 (Great convenient area for primary residences)
• Summit Park: 9 (Typically the lowest price point in Park City)
• Jeremy Ranch: 11 (An Established neighborhood with an easy commute to Park City - it's surprising there are 11 lots available)
• Glendwild: 35 (Golf and is in the Park City School District)
• Silver Creek: 11 (Horse property area with great views)
• Promontory: 77 (Buyers love their amenities, views, & location)
• Deer Mountain: 13 (Quick commute into Park City)
• Tuhaye/Hideout: 54 (Tuhaye is getting ready to add amenities)
• South Jordanelle: 20 (Rapidly growing)
• Midway: 37 (Great less expensive option vs Park City)
• Red Ledges: 67 (Tends to be a buyer from Utah)
I have multiple local builders I work and can refer you to but If you have building questions dealing with real estate you can contact me at (435)200-5478 to get started or try the Park City Building Application and general building questions can go to the city at 435-615-5100.