Cost to Build a Home in Park City Utah
(Update 2020 for COVID-19)
Overview of Building in Park City and Deer Valley
Building a new home in Park City, Utah has been challenging the past few years for some homeowners because costs seemed to continue to climb - mainly because of the cost of labor. New construction continues to remain strong in the Park City area and costs seem to have leveled off over the past eighteen months and we could see a dip in costs in the near future because of the Coronavirus. If you are thinking of building a home of any size, please feel free to contact me and I'll put you in touch with some great Park City Builders.
Building During Covid-19:
I spoke with a builder I frequently refer clients to in April of 2020 to see how the Coronavirus has changed the landscape of building in the Park City area. He stated that up until this point not much has changed in the cost of labor but he has been able to get the cost down on framing and stonework on recent projects. Homebuilding goods have been readily available except for a few items that are manufactured in China such as lighting fixtures but there have been easy workarounds where building jobs haven't stalled. We'll see what happens in the next couple months with the economy but for the most part, it has been business as usual but with a little more social distancing.
Update October 5, 2020: There has been a dramatic increase in the cost of lumber. Builders have been telling me that there has been more than an 80% increase in the price of old fashioned lumber. Framing lumber can make up approximately a fifth of the materials cost to build a Park City home. The lumber mills shut down in the USA during COVID and are now playing catchup which has caused issues with supply and demand since so many of our local builders didn't slow down though the roughest part of COVID. Tighter borders from Canada have also contributed to the tight supply.
What to Expect for Pricing When Building a Home in Park City.
You can expect the cost to build in Park City and to start around $300 per square foot - that does not include the price of the land or landscaping. For "Park City" style of finishes plan for $400/sq and a luxury level of finishes at $500+/sq ft. If you're looking for ultra-luxury with exotic materials you can run over the $1,000 per square foot mark. Most new construction in Park City that is selling at $1,000+/sq ft is located in Old Town or is ski-in-ski-out.
The hottest spots to build a new home have generally stayed the same over the past few years with Promontory and Jordanelle remaining the leaders. Other great areas of Park City to consider are Tuhaye, Glenwild, and Victory Ranch if you're looking for a Park City Golf Community. If you're more interested in a ski-in-ski-out property I'd focus more on The Colony at White Pine at The Canyons ski resort or Deer Crest & Empire Pass (specifically Red Cloud) for Deer Valley. Looking to go a little easier on the budget but still want a great quality of life? Check out the golf community of Red Ledges in Heber and the beautiful town of Midway.
Tidbit: 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.
Thinking of Building a Home in Park City?
If you're thinking of building and looking for land for sale in Park City you'll want to View Vacant Land for Sale in Park City. The pricing of lots will depend on views, location, ski access, supply and demand, etc. Quality parcels closer to the ski resorts and around within the Park City limits are becoming harder and harder to find. If you're thinking of building in Park City within the next few years I'd start looking now to keep an eye out for a great lot. I've had several clients choose to renovate properties or choose existing construction because of the location, views, and ease of buying something already built.
Cost of Remodeling a Park City Home or Condo?
Cost to Build a Park City Home or Condo: I always like to be able to say "I've got a guy/gal for that" when a client wants to make any alterations to an existing property. If you are considering remodeling a home or condo in Park City you should know that the cost to remodel starts around $100 per square foot, $200 per square if you want to do a "Park City" style of finishes and $300+ for exotic finishes.
Areas Where You'll Find the Most New Construction
You'll find the most newly built homes in Promontory and the golf communities of Park City. Areas outside of Park City, but still provide the same lifestyle will include Tuhaye and Red Ledges. The Canyons will provide the widest selection of newly built condos and there are great options for parcels of land to build on within The Colony. Jordanelle real estate will see the most growth over the next twenty years as the area develops around the reservoir and has access to skiing via the Jordanelle Express Gondola and the new Mayflower Development.
Park City Realtor for New Construction
I have multiple Park City home builders I work and can refer you to depending on what you're looking to build or remodel. 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. Review our Park City Home Builder Services for Buyers program so we can help make the process of building a home as smooth as possible.
Why Working with a Realtor is Important When Building a Home
Recent Story #1: I'd like to tell you a few stories about how I add value. In the middle of updating this blog post I'm sending emails back and forth to a client, I'll call them a client at this point because I'll be listing their home for sale, and helping keep their deal together on building a new home. Here's the story - last week I was contacted by an agent in California that said: "My brother is building a home in Park City and they really need your help." The agent's brother - let's call him Todd and his wife Teresa (names changed to protect the innocent) went directly to the builder in a new subdivision and made a reservation on a parcel of land and the builder is to build their dream home after the property is platted. Well since Todd and Teresa started looking at the property the developer/builder has been able to replat the land into smaller phases and as the next phase is introduced prices go up - that's common around Park City. Todd and Teresa didn't' expect the price to go up and still really have no idea what the price increase will be - Teresa has emailed the developer's agent asking questions but not getting any real answers the developer will "punt" saying we'll know as soon as the parcel is recorded and it should be recorded soon. Well, like most of my clients, Todd and Teresa pay attention to the market, they research the development, builder, and everything else including keeping tabs on the city council meetings and they know that this phase isn't even on the agenda yet. So when they ask the developer for more details the developer offers their deposit back and tells them that they aren't the right fit. While the developer may think this is a money issue - it is definitely not a money issue - clients have the right to know what's going on. That's when I get a phone call saying Derrik, can you help us we have a meeting tomorrow and I don't know what's going to happen. Within a few hours, I have everyone calmed down, the meeting pushed out a few days so the Todd and Teresa can both be at the meeting and I'll be able to manage everyone's expectations going forward to get through a smooth transaction.
Recent Story #2: I know I have to make these stories quicker. I received a call from a buyer interested in the Park City area for her third home and she wants to spend the summers in Park City. Within 10 minutes we had her search narrowed down to four areas she will love and she comes into town a week later. That first trip she finds the area she likes and a beautiful condo with great views that will be perfect for her - the problem is that there is such high demand for the condos that it's hard to get a reservation. We were told what to do but we missed out on the next phase. I'm a pretty competitive person and I don't like to lose so I start doing what I do to understand the developer and how they work and decide to track down their contract and start submitting an offer every few days. Lucky for us a buyer canceled in the previous phase and we were able to get a new condo in the Park City area that was everything the client wanted and at the price of the previous phase. That's great news when other buyers are out there just hoping that they will get a call saying they have won a lottery and now can purchase the property.
I could go on with stories about how I've helped clients find their perfect spot, a great builder, and they had 20%+ equity in their home upon completion, how a builder tricked a first time home buyer into not working with me and the parcel of land in the development wouldn't allow for the home they chose, how a builder didn't adhere to the blueprints put plumbing through where a window should go so my client was able to get the basement 90% finished at no cost and many other stories. So if you're thinking about what it costs to build a home in Park City and you want to build a home or even buy a developer product please give me a call so we can make the process of building a home as easy as possible.
Editor's Note: This post was originally published on May 24, 2018, and has been completely revamped and updated for accuracy and comprehensiveness. The most recent update was October 5, 2020.