Building a Home in Park City, Utah?
KEY POINTS: Overview of the Price to Build or Remodel a Home in Park City and Deer Valley, Utah. The most recent update of this article was in January 2023.
Building a new home in Park City, Utah, has been challenging for the past few years. The cost of building a custom home has increased due to the rising price of materials and labor. At the same time, real estate values dramatically increased, and for the first time in a decade, there was a lack of supply of high-quality land for sale.
As we enter a new phase of the real estate market, the new construction segment of the market continues to remain strong in Park City and the surrounding areas. With the population of Utah and Summit County continuing to grow, we expect to see continued growth, but higher interest rates may slow the pace of new home construction.
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. If building a home isn't in your timeframe, review every newly built property for sale in Park City.
The Cost of Building a Custom Home in Park City, Utah
You can expect the cost to build in Park City to start around $550 per square foot - that does not include the price of the land or landscaping. For the "Park City" style of finishes, plan for $625/sq and a luxury level of finishes at $750+/sq ft.
You can run over the $1,300 per square foot for ultra-luxury with exotic materials—Park City luxury homes on the MLS start to sell at around $1,200+/sq ft.
While labor costs started to adjust in 2023, other items like windows have seen price increases fueled by inflation. So my question of the day is; with inflation pushing prices of everything up and interest rates trying to push prices down, how much will the Park City real estate market be affected?
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 golf course areas of Park City to consider are Tuhaye, Glenwild, and Victory Ranch.
If you're more interested in building your dream home in a ski-in-ski-out community, 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. On the other hand, are you looking to go a little easier on the budget but still want an excellent 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 for sale in Park City, you'll notice a style price and style difference in homes. You can almost draw a line in 2013 to see where the architectural style with more steel and glass changed.
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, demand, etc. Unfortunately, quality parcels closer to the ski resorts and around the Park City limits are becoming harder and harder to find.
When considering building a home 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 existing construction because of the location, views, and ease of buying something already built.
Every area in Park City has its pluses and minuses when building a home. For example, would like to build a home in Old Town, you'll essentially be shutting off a section of the street and may have to hire additional flaggers. When building in Promontory, the excavation dirt typically needs to be removed from the site. These are two examples of why you want to work with an experienced builder and realtor that understand the nuances of land.
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, the remodel cost starts at around $125 per square foot. Depending on how big of a remodel you would like, remodeling expenses can run $250 per square if you want to do a "Park City" style of finishes and $350+ for exotic finishes.
The Top Area to Build a Home in Park City, Utah
If you're considering building a home in the Park City area, there are vacant for sale in Park City. Over the past few years, many buyers have chosen to build in the golfing communities of Park City to enjoy the highly luxurious amenities. For those who are not golfers, the ski-in-ski-out lots for sale on the ski resorts in Park City have been popular.
New Construction Popular Areas
You'll find the most newly built homes in Promontory and the golf communities of Park City. Areas outside Park City 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 with and can refer you to them depending on what you're looking to build or remodel. If you have building questions about real estate, contact me at (435)200-5478.
To get started or try the Park City Building Application and general building questions, 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. I'm sending emails back and forth to a client in the middle of updating this blog post. 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.
True Story - last week, I was contacted by an agent in California that said: "My brother is building a home in Park City, and they 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. The builder is to build their dream home after the property is platted.
Since Todd and Teresa started looking at the property, the developer/builder has been able to re-plat the land into smaller phases. As the next phase is introduced, prices increase - that's common around Park City. Todd and Teresa didn't' expect the price to go up and still have no idea what the price increase will be when the time comes.
Teresa has emailed the developer's agent, asking questions but not getting any real answers. So instead, the developer continues to kick the can down the road by saying we'll know as soon as the parcel is recorded, and it should be quickly recorded.
Like most of my clients, Todd and Teresa pay attention to the market, 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 they aren't the right fit. While the developer may think this is a money issue - it is definitely not a money issue - buyers 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 will happen." Within a few hours, I had everyone calmed down, the meeting was pushed out a few days so Todd and Teresa could both be at the meeting, and I'll be able to manage everyone's expectations from now on to get through a smooth transaction.
Recent Story #2: 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 of Park City she would love, and she came into town a week later.
On 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 dang near impossible to get a reservation. We were told we missed the first phase, but the next development phase will be available soon.
I'm a pretty competitive person that likes to win. So I researched to better understand the developer and how they work. I then tracked down the developer's contract and submitted an offer every few days. Lucky for us, a buyer canceled in the first phase, and my persistence paid off.
We got a new condo in the Park City area that was everything the client wanted, and the biggest bonus was that she could obtain the original pricing - saving thousands of dollars. That's excellent news when other buyers are out there hoping someone will get a call saying they have won a lottery and can now purchase the property.
I could go on with stories about how I've helped clients find their perfect spot, a great builder, and 20%+ equity in their home upon completion, how a builder didn't adhere to the blueprints and put plumbing through an area where a window should go so my client was able to get the $90,000 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 house or even buy a developer product, please call me so we can make the process of building a home as easy as possible.
Contact Your Park City Realtor
If you have questions about building a home in Park City, please get in touch with us by using the phone number at the top of this page or the contact form below. Our goal is to serve you well and build a lasting relationship where you know you'll have a Park City Realtor for life. We have represented luxury land buyers and sellers throughout Park City, Deer Valley Resort, and the surrounding area.
Historical Information of Building During Covid-19:
I spoke with a builder recently 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, but there are occasional issues with appliances and having to select different options for tiles or carpets because the supplier may be running low. Lighting fixtures seem to be the biggest challenge, but there have been easy workarounds where building jobs haven't stalled. We'll see what happens in the next couple of months with the lumber costs back down, but with the current demand for new construction, will the market be relaxed within the next 12 months?
If we could stop time and allow builders to build for four years, then bring all that construction back to today, I think we would sell through the imaginary inventory within eighteen months. But unfortunately, we do not have enough inventory of newly built homes and condos to satisfy the demand for newly built properties. I've worked with multiple clients looking for new construction that want to buy within the next few months, and there are only four to five options for them in a vast geographical area.
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 on January 4, 2023.Posted by Derrik Carlson on