Find Your Dream Home in Promontory - Contact Our Experienced Realtors Today
The Promontory community in Park City, Utah, is a world-renowned luxury development that offers an unparalleled lifestyle for homeowners. With stunning mountain views, two championship golf courses, and world-class amenities, it's no wonder that Promontory is one of the most sought-after neighborhoods in Park City.
Our website, RealEstateInParkCity.com, offers sales statistics, a wide selection of Promontory homes and lots for sale, plus professional advice and guidance from our experienced realtors. So whether you're looking for a vacation home, investment property, or your dream home, we can help you find the perfect property to suit your needs.
Promontory real estate boasts mountain elegance and a luxury lifestyle with incredible amenities. The Promontory Club is one of the most fluid luxury real estate markets in the Park City area. The development has spectacular views of the Park City ski resorts to the southwest or the Uinta Mountains to the east.
The Club offers three types of memberships: social membership, golf membership (full membership), and equestrian membership.
Club memberships are not required when owning real estate in this fabulous Park City community. However, you will need to purchase golf or social membership options to use most amenities and on-site dining options. Additionally, social membership does not guarantee access to the Nicholas Club Restaurant during the busy season.
In recent years we have seen the full membership contribute to the value of a property in Promontory.
Promontory takes pride in making the developments membership multi-generational by including trails, dog parks, wine, food, an equestrian center, "The Shed," an outdoor basketball court, a tubing hill, a fishing pond, shuttles to the ski resort, and much more.
The gates of Promontory are located eight miles from Old Town Park City. When you enter the luxury real estate development, it feels large and extraordinarily grand. However, as you find your way around the golf courses and other amenities, you'll notice that the area starts to feel smaller, warmer to the heart, well-planned, and even offers more charm.
Promontory offers the extensive views everyone is looking for in Park City, the best on-site amenities, with the elbow room you've always wanted in a modern mountain luxury home while still close enough to Park City. It's like living in the country but having the convenience of being in a city.
Promontory Club Amenities List
The golf course community of Promontory does a great job and offers plenty of options, from golf, skiing and a mountain beach. So come enjoy living life on Vacation in Park City, Utah. Below is a list of Promontory Amenities.
· Dye Canyon Golf Course
· Nicklaus Painted Valley Golf Course
· The Village Clubhouse and Village Spa
· Alpine Lodge at Deer Valley Resort
· The Shed
· Kids' Club for ages 4-12
· Beach Club
· Outfitters Cabin
· Equestrian Center
· Mountain Garden Park and Boat House
· Golf House
· The Hub
· Park City Mountain Resort Lodge
· Double Deer - Ballroom, Spa, and Golf Lounge
In a Promontory Town Hall July 2022 meeting, it was noted that Promontory is currently working on an on-site flyfishing experience. In addition, the developer is committed to building an outdoor adventure facility in the future. While this project is still unknown, almost everything else has been laid out. The developer also mentioned that the real estate development does not carry any debt on the project.
Real Estate Update Promontory for 2023
Promontory has always been a big draw from second homeowners in the Park City area.
In 2023, the market remains strong, but the 2019 covid real estate boom has ended. Buyers are patient with what they are looking for in a property, and agents can negotiate sales terms again.
The full membership, also referred to as the golf membership, is still valuable to many Promontory buyers. However, with prices for building a home in the Park City area not budging, lot sales have slowed down, but that could also be due to the winter season and starting 2023 with 200% of our average snowpack.
My 2023 prediction for Promontory Real Estate is that the market will be very similar to 2015/2016, where buyers still buy and sellers still sell. Of course, the pace will be slower compared to the past few years, but that's good for many buyers - no one liked only being able to spend 30 minutes in a home and competing with ten other offers for a property.
I expect most home sales to be around 95% of the asking price. So home values in Promontory will budge, but they won't break.
We have Promontory Home Sales Statistics: 2015 through 2022 in the "Promontory Real Estate Trends and Statistics: 2015 through 2022" a few sections down. In addition, we offer a full Park City Real Estate Market Review.
Call me on my cell phone to discuss the benefits of working with me and a local Park City Realtor when buying Promontory homes for sale: (435)200-5478. While Promontory is a great community, other options may work well for you. We aim to ensure you understand all the golfing communities in the Park City area to find the best fit for your needs.
Promontory Real Estate Facts:
One of Park City's premier golf communities, Promontory spans a vast 7,200-acre area, with open spaces accounting for 60% of the total area. Approximately 30% of the community's homeowners are full-time residents, while the rest own vacation homes.
The Promontory Club offers exclusive memberships to its residents, with 917 members to date, including 78% full members and 22% social members. The community is divided into 34 unique neighborhoods, and with a total of 1,920 home sites, 660 are yet to be developed.
As of July 2022, 1,260 home sites have already been sold, with 202 homes under construction and 34 in the design review phase. The real estate market in Promontory has been thriving, with $403,000,000 of real estate sold year-to-date.
For those seeking to experience the luxury of Promontory, its breathtaking views, and world-class amenities, this community offers a fantastic opportunity to invest in prime real estate. To learn more about available listings in Promontory, call us today!
Below we review Promontory real estate facts.
· Size of Promontory: 7,200 Acres
· 30% of Owners are Full Time
· 917 Promontory Club Members - 78% Full Members and 22% Social Members
· Open Space: 60%
· Total Homes Sites: 1,920
· Sold Home Sites: 1,260 (as of July 2022)
· 660 Homesites Remaining
· 202 Homes Under Construction
· 34 Homes in Design Review
· 34 Unique Neighborhoods
· As of July 2022, $403,000,000 of Real Estate has been Sold Year to Date.
Why Would You Choose to Buy a Home in Promontory
Promontory was initially developed as a second home community for Park City, but its incredible lifestyle has proven to be an excellent option for primary residences. Promontory homeowners love the area's convenience, multi-generation amenities, panoramic views, golf, skiing, and exceptional quality of life.
In addition, if you want to go off the grounds for summer fun, you can quickly drive to the nearby Jordanelle Reservoir, which allows for recreational boating and fishing.
Did you know that sections within this community allow for short-term rentals?
Areas such as Cabins or Villas allow homeowners to offset some of the cost of ownership by allowing nightly rentals through the Promontory management program.
Promontory Amenities: Dye Canyon Golf Course, Nicklaus Painted Valley Golf Course, Ranch Clubhouse and Fitness Spa, Alpine Lodge at Deer Valley, Shed Clubhouse, Kid's Cabin, The Beach (photo below), Equestrian Center, Mountain Garden Park & Boat House, Golf House, The Hub, PC Lodge at Park City Mountain Resort, and 140,000 square feet of finished clubhouse space.
The on-site Outfitter's Cabin will allow easy access to fly fishing, kayaking, mountain biking, water skiing, and any outdoor activity you enjoy. In addition, the Promontory Club has a shuttle that will provide ski access to their ski lodges at Park City Mountain Resort and Deer Valley Resort.
Information About Building a Home in Promontory
Promontory has been the top area in Park City for new construction, with approximately forty to sixty homes under construction at all times. With 1,674 total home sites and over 1,000 home sites sold, Promontory is one of the few areas in Park City that offers land for sale with fantastic unobstructed views. When building your home, you can choose any builder or architect, but I suggest you go with a local architect familiar with the design guidelines.
Reach out to me for the design guidelines, CC&Rs, and construction regulations, as they are available upon request. I can also suggest great builders and architects that are familiar with Promontory. View our Park City Builder Services Program page if you are considering building a home in the area.
What to Know When Buying Promontory Property
A 1% transfer fee on homes and land is not often mentioned when buying real estate in Promontory. Typically the buyer pays the transfer fee, or it may be split between the buyer and seller.
Another note is that some smaller cabin-type products do not allow for a primary residence tax rate. Property owners are always taxed at a second home rate close to 1.1% of the assessed value to get the required density for the trapper cabins to get the required density. The other unique thing about the "cabin" or villa product is that they are the only homes owners can rent short-term.
For more information on MLS Listings in Promontory, contact me. I can provide you with Promontory real estate information, including dates, prices, and past property sales history. In addition, I have a catalog with HOA documents, subdivision maps, design guidelines, and more information on homes and condos in Park City, Utah.
What are the Fees to Join The Promontory Club?
Below you will find the HOA fees and dues to join the Promontory social membership, golf club, and equestrian membership.
The HOA dues for Promontory are $3,000 annually, but other memberships include the following list:
· SOCIAL MEMBERSHIP: $100,000 deposit - Annual Dues $9,600
· PROMONTORY GOLF MEMBERSHIP: $250,000 deposit - Annual Dues $13,200 (Updated 7/1/22)
· EQUESTRIAN MEMBERSHIP: $35,000 is $15,000 (in addition to Social or Full) $4,200
What I Love About Promontory Real Estate
As I mentioned at the opening of this page, Promontory grows on you as you spend more time in the community and becomes easier to navigate. For example, when I started selling real estate in Park City in 2012, Promontory felt large and was known as one of the golf course communities in the area. While Promontory was designed around golf, they have transformed the community by adding additional landscaping, tubing hills, bowling alleys, and the developer even added a beach in the mountains.
I love that this luxury real estate community can work for different people. The views from every direction make it known that you are in the mountains of Utah. Getting to the slopes is simple, and this is a community in Park City where you can move in, meet friends, and have fun!
IF YOU ARE CONSIDERING BUYING OR SELLING REAL ESTATE IN PROMONTORY, I CAN HELP BY PROVIDING PROFESSIONAL REPRESENTATION AND SERVICE. In Utah, the seller offers the buyer's broker a commission, which means the seller or developer pays your benefits at no additional cost. I would love to represent you and provide guidance throughout the buying or selling process.
Promontory's Newest Luxury Neighborhoods:
THE GALLERY at PROMONTORY | DEVELOPER HOMES
The Gallery offers eleven homesites with views of the mountains of Park City, on the first hold of the Dye Canyon Golf Course. In addition, the location provides easy access to walk to The Village at Promontory (Dining, Spa, Fitness, Tennis, etc.) across the street. This community is simple and easy for the buyer to build, where there are several pre-selected floorplans, but buyers get to select their finishes. One of the best features is that the cost to build is locked in at the time of signing the purchase contract.
PINNACLE AT PROMONTORY | LAND FOR SALE, CUSTOM HOMES, & EASY BUILDS
Located within a separate gated community in Promontory, Pinnacle comprises sixty-four parcels of land. The 143 acres offer panoramic views of the mountains of Park City, with a private clubhouse specifically for the neighborhood.
This community is surrounded by holes 10 - 18 of the Pete Dye course and allows an owner to have the Builders of Promontory build a home with minor floor plan changes or a custom build.
ELK RIDGE HEIGHTS | NEW HOME SUBDIVISION
The custom homesite community of Elk Ridge Heights provides the opportunity to build on 17 home sites overlooking the Pete Dye Canyon Course. The size of lots ranges from 1.2 to 2.6 acres.
PROMONTORY RANCHES | NEW ESTATE LOTS
The Promontory Ranches are legacy parcels comprising thirty to forty-five-acre parcels of land that offer a five-acre area to build (building envelope). The ten parcels of land allow plenty of elbow room, and full golf memberships are available by a separate bill of sale when purchasing these prized lots. Large lots like this are rare, but a few thirty-plus-acre lots exist in Victory Ranch and Tuhaye.
HILLSIDE ESTATES
Hillside Estates in Promontory only has a few lots remaining for sale. This neighborhood allows you to work with pre-selected floorplans for a contemporary mountain home with a three-car garage. The houses sit on estate-sized parcels with stone, steel, and wood exteriors near the Nicklaus Clubhouse.
Promontory Real Estate Trends and Statistics: 2015 through 2022
BELOW ARE SALES STATS FOR PROMONTORY HOMES FROM 2015 TO THE END OF 2022
Promontory home sales dropped by approximately 31%, and prices remained relatively flat. The average price per square foot was $925, and 44 sales were over $3,000,000. The top sale in Promontory for 2022 was $8,500,000 (Updated January 2023)
While the number of sales floats back to pre-covid numbers, prices remain relatively the same overall. This could be partly due to the two-bedroom double Deer Cottages pushing the number of sales up but at the time pulling down the prices. Last year there were a total of 70 homes over $3,000,000 that closed in Promontory.
Comparing Promontory to Other Park City Golf Properties
The Park City area offers several resort-type real estate communities that provide golf and other amenities.
Glenwild real estate offers a community of around 200 parcels and tends to focus on pure golf without many other amenities.
Tuhaye has similar to Promontory in amenities but is about half the size of Promontory. Mark O'Meara designed the course over Jordanelle Reservoir. Tuhaye also offers an excellent tie-in for skiing in the Empire Pass area of Deer Valley.
Lastly, the Victory Ranch golf course community offers real estate with a western ranch-type feel and back-country access. Victory Ranch is approximately a quarter of the size of Promontory, where you can golf, fish, or ride an ATV on-site.
Thinking about building a home in the Promontory neighborhood of Park City, Utah? A recent article, "What Size of Home Can I Build in Promontory?"
Promontory Park City - Current Real Estate Listings
Contact Your Promontory Realtor
Archived Promontory Real Estate Statistics Writeup for 2021.
Below is what I wrote about the Promontory Real Estate happenings for 2021. Because this information has been updated above for 2022, we have chosen to archive it at the bottom of the webpage.
Promontory has seen many buyers relocating from Southern California, the New York tri-state area, Chicago, Texas, and the Bay Area. Real Estate sales more than doubled over 2019 – from $214 Million to $466 Million in 2020, and we are still on that same track.
We have Promontory Home Sales Statistics: 2015 through 2021 at the bottom of this page. In addition, we offer a full Park City Real Estate Market Review.
In 2022, the availability of the Promontory Golf Membership has become very important and valuable in terms of real estate - there are currently 76 people on the waitlist for full membership. Developer properties for sale will offer full memberships (golf), but not all will have access to the membership. In addition, homes under construction may or may not have membership attached.
Promontory home sales dropped by 15%, but there was still strong buyer interest, with low inventory, so the prices pushed by 28%. The average price per square foot was $713, and 70 sales were over $3,000,000. The top-priced home to ever sell in Promontory sold in 2021 and was for sale for $10,825,000. (Updated 2022)
The lack of inventory in the Park City market has pushed buyers up in price, where they feel they receive a better value for their dollar. As a result, the luxury market has been strong, and it appears that it won't change in the foreseeable future.
In 2022, the availability of the Promontory Golf Membership has become very important and valuable in terms of real estate - there are currently 76 people on the waitlist for full membership. Developer properties for sale will offer full memberships (golf), but not all will have access to the membership. In addition, homes under construction may or may not have membership attached.
EDITOR'S NOTE: Common misspellings of Promontory are: Promentory Utah, Promintory Utah, Prometory Utah, Promotory Utah, Promatory Utah.