Peter Beyer SVP, Finance & Operations | realtors.com
Real estate development is booming in Park City, Utah, as nearly 1,000 housing units are set to emerge over the coming years. The new Deer Valley East Village development is a focal point of this expansion, linking with the renowned Deer Valley Resort ski village. This marks the first major resort development in Park City since 1981.
The Grand Hyatt Hotel and Residences by Extell Development has already welcomed its first guests in December. This addition brings 55 condos to an area previously uninhabited near I-40, overlooking Jordanelle Reservoir. Extell also announced plans for a luxury Four Seasons Hotel and Residences within the Deer Valley East development, which will include 123 homes ranging from one to six bedrooms.
Another project taking shape in the "East Village" is Cormont, developed by REEF. This luxury condominium project will eventually consist of five residential buildings with approximately 350 units. Sales have begun for its first tower, with prices between $1.7 million and $9.75 million.
"The East Village has a good diversity of properties for different home buyers," said Sheila Hall from Summit Sotheby’s International Realty. However, she noted that it remains a luxury market.
Additional developments include Marcella Landing and Stein Eriksen Estates, both offering high-end housing options with prices starting at $6.9 million and exceeding $20.9 million respectively.
Despite the surge in luxury housing, affordable options remain scarce. Charlie Taylor from The Agency Park City highlighted concerns about affordability: “Affordable housing has become a concern." Studio Crossings aims to address this issue by offering around 200 affordable units alongside market-rate homes.
Park City's appeal extends beyond winter sports; it's seen as attractive year-round due to its natural beauty and proximity to Salt Lake International Airport. Kristen Barber from Stein Eriksen Realty Group noted that many second homeowners now reside there most of the year.
As Park City continues its expansion, some predict it may soon reach capacity due to limited available land for further development.
Nearby areas like Canyons Village at Park City Mountain are also expanding with projects such as Elevation Townhomes expected to complete by fall 2025. The St. Regis Deer Valley at Snow Park will finish its final phase by late 2025, introducing larger condos into the market.
Michael Zaccaro from Falcon Investors commented on demand trends: “Demand for larger luxury homes is part of it.” He added that real estate remains strong despite significant growth over recent years.
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