JENSEN AND COMPANY 
PARK CITY, UTAH
JANUARY
REAL ESTATE NEWSLETTER
From the Desk of Brad Jensen
Another year has passed and it is time to take a brief look back, only for a minute before we embrace 2016. Here is a snapshot of the real estate market as it was in 2015 and compared to 2014.

All data is taken from the Park City Board of Realtors MLS and includes Single Family Residences, Residential Condos and Vacant Land. Vacant Land sales for the most part are residential lots or vacant land that is proposed for residential use. For purposes of this letter Fractional ownerships, commercial sales and/or leases were not considered and therefore not included. 

In 2014 there were 2,283 total units sold and in 2015 there were 2,452 sold for an increase of 7%. The total dollar volume for this activity was just over $1,645,000,000 in 2014 and just over $1,840,000,000 in 2015 for an increase of 11%.

Single Family Home sales were up by 4% in number of units in 2015 with 1008 total units sold compared to 967 total units sold in 2014. The average sale was $1,063,714 in 2015 and $962,631 in 2014 or a 10% increase in the average price per unit. This equates to a 13% increase in the total dollar volume for single family homes sales for 2015 over 2014.

Residential Condo sales were up by 8% in 2015 with 887 total units sold as compared to 812 units sold in 2014. The average sale was $625,813 in 2015 which was a 2% decrease from 2014 when the average condo sale was $640,123. This equates to a 6% increase in total dollar volume in condo sales in 2015 over 2014.

Land sales went up 10% with 557 units sold in 2015 as compared to 504 units sold in 2014. The average price per unit sold in 2015 was $381,872 as compared to $385,966 in 2014 or a 1% decrease in the average price per unit sold.

The median price per Single Family Home in 2015 was $675,000 as compared to $610,000 in 2014 which is a 10% increase.

The median price per Residential Condo in 2015 was $430,085 as compared to $413,500 in 2014 which is a 4% increase.

The median price per vacant land sale was $240,000 in 2015 and $213,000 in 2014 which is an 11% increase.

In general the market has been very active and it feels healthy. There seems to be enough inventory to satisfy demand but not too much inventory so as to exceed demand.  Prices have generally been stable with Single Family Homes leading the way in price increases. Demand is increasing slightly in all categories. This is all good news but a bit more stable and much less frenetic than the fantastic market I often hear about in the news and from consumers.  You be the judge.

If you have any questions or would like more information regarding the information contained herein please give me a call or send a note. I am always happy to hear from you. It has been my pleasure serving all of you in 2015 and I look forward to seeing you on the slopes and on the trails. Happy New Year!!!


Sincerely,

Brad Jensen
(435) 901-8333
Summit Sotheby's International Realty
The Collections Magazine is Summit Sotheby's International Realty's premiere guide of the finest luxury properties, lifestyles and real estate throughout Utah. Each issue, published bi-annually, showcases luxury estates and homes for sale from the finest international real estate specialists. Drop by our offices for a free copy or simply call or email me with your mailing address to have one mailed complimentary.  

REMEMBERING - Stein Eriksen
Stein Eriksen, the stylistic founder of modern skiing, passed away at his Park City home surrounded by family . He was 88.

The first skier to win a world championship triple gold, Eriksen defined the sport and became one of the most influential athletes and businessmen in Utah's winter sports. He was awarded a Lifetime Achievement Award by from the Utah Sports Commission earlier this year.

At the time, Eriksen praised his family and a few dear friends as his greatest influences: supportive parents who were devoted to the growth of skiing in Norway; an older brother, who interrupted a promising ski career to escape from Nazi-occupied Norway and become a decorated World War II Spitfire pilot; and a German skiing friend, Willy Bogner.

The director of skiing at the world-renowned Deer Valley Resort for 35 years, Eriksen has been involved with the resort since it opened in 1981.

Bob Wheaton, Deer Valley president and general manager, said Sunday that the athlete's involvement at the resort and presence on the slopes will be deeply missed.

"(Eriksen's) influence in the ski industry and at this resort was infinite, and his legacy will always be a fundamental aspect of Deer Valley. He was a true inspiration, and we are honored to have had him as a part of the Deer Valley family," Wheaton said.

Eriksen was born in Norway on Dec. 11, 1927, and grew up ski jumping and on the slopes near his home and developing impressive abilities as a gymnast. Eriksen's father, Marius, was one of Norway's top athletes - a champion ski jumper and gymnast in the 1912 Stockholm Olympics. His mother was the first president of the Ladies' Slalom Club of Oslo.


Eriksen burst onto the competitive skiing scene in 1952 when he took the gold and silver medals in the giant slalom and slalom events at the Oslo Winter Olympics. Two years later, he won three gold medals at the world championships.
 
A stylistic pioneer, Eriksen was the first prominent skier to do a flip on skis, essentially inventing "hotdog" freestyle competition. 
 
That passion for skiing turned into a career and a lifestyle for Eriksen. He lived for six decades in the United States, especially impacting Utah's skiing community and industry. His dreams included developing a luxury hotel at Deer Valley Resort, which was later named the Stein Eriksen Lodge in his honor. 
 
"Stein Eriksen was the vision behind the development of the lodge that carries his name," said Dennis Suskind, president of Stein Eriksen Lodge. "His celebrity charisma created a special ambiance whether within the lodge, our restaurant or out on the mountain, that was warm and inviting. He was a real friend and will be missed." 
 
Despite his influence and the time he dedicated to the business, Eriksen made himself available to thousands of skiers who sought him out for training. He was known for his friendly demeanor and personable attitude as he stopped for a visit and a photo with those who recognized him on the slopes.  When the 2002 Winter Olympics came to Utah, Eriksen served the state as an influential Olympic Ambassador, even holding some Olympic events at his Deer Valley home. 
 
Eriksen's achievements include receiving the Knight First Class honor in 1997 by His Majesty the King of Norway as a reward for outstanding service in the interest of Norway; the Royal Order of Merit awarded for his contribution to the world of sports and his commitment to the people of his homeland; and the Pioneer Award from the Intermountain Ski Areas Association. 
 
Eriksen was inducted into the Intermountain Ski Hall of Fame in 2003, the Professional Ski Instructors of America Hall of Fame in 2013, and received the Outstanding Contribution to Ski Tourism by World Ski Awards in 2015. 
Summit Sotheby's International Realty 2016 Exclusivity Overview
Sotheby's International RealtyŽ brand's unique media partnerships and our overall brand strategy for 2016. Please find our updated exclusivity chart in the link below. 
Market Update
Deer Valley Nightly Rental
Nantucket Island, MA Rental   
Upcoming Park City Events
  • January 08, 2016
  • Times: Thursday's & Friday's at 5:00 pm, Saturday's at 12:00 pm
  • Location: Ritual Chocolate
  • Phone: 435-602-4102
  • Visit Website
  • January 08, 2016 - January 10, 2016
  • Times: Friday & Saturday 8pm, Sunday @ 6pm
  • Location: Jim Santy Auditorium
  • Phone: 435-615-8291
  • Visit Website
  • January 08, 2016 - January 10, 2016
  • Times: Wednesday thru Saturday @ 8pm. Sunday @ 6pm
  • Location: Egyptian Theatre
  • Phone: 435-649-9371
  • Visit Website
  • January 09, 2016
  • Times: 7:30-10:00
  • Location: The George S. & Dolores Dore` Eccles Center for the Performing Arts
  • Phone: 435-655-3114
  • Visit Website
  • January 09, 2016
  • Times: 3 pm
  • Location: Jim Santy Auditorium
  • Phone: 435-615-8291
  • Visit Website
  • January 09, 2016 - February 27, 2016
  • Times: 8:30 am to 10:00 am
  • Phone: 435-649-1767
  • Visit Website
  • January 09, 2016 - April 02, 2016
  • Times: 6 - 7 pm
  • Location: Silver Baron Lodge
  • Phone: 435-655-9463
  • Visit Website
  • January 11, 2016 - January 16, 2016
  • Location: Utah Olympic Park
  • Phone: 435-658-4200
  • Visit Website
  • January 12, 2016
  • Times: 6:00 pm - 7:00 pm
  • Phone: 435-649-8882
  • Visit Website
  • January 13, 2016
  • Times: 6PM to 730PM
  • Location: Silver King Cafe
  • Phone: 435-333-3535
  • Visit Website
  • January 14, 2016
  • Times: 6:30 pm
  • Location: Jim Santy Auditorium
  • Phone: 435-615-8291
  • Visit Website
  • January 14, 2016 - January 16, 2016
  • Times: 8pm nightly
  • Location: Egyptian Theatre
  • Phone: 435-649-9371
  • Visit Website
  • January 15, 2016 - January 17, 2016
  • Times: Friday & Saturday 8pm, Sunday @ 6pm
  • Location: Jim Santy Auditorium
  • Phone: 435-615-8291
  • Visit Website
  • January 16, 2016
  • Times: 7:30-10:00
  • Location: The George S. & Dolores Dore` Eccles Center for the Performing Arts
  • Phone: 435-655-3114
  • Visit Website
  • January 21, 2016 - January 22, 2016
  • Location: Park City Mountain
  • Phone: 435-649-3991
  • Visit Website
  • January 21, 2016 - January 31, 2016
  • Phone: 435-658-3456
  • Visit Website
  • January 21, 2016 - April 21, 2016
  • Times: 6:30 - 7:45 pm
  • Location: The Market at Park City
  • Phone: 435-655-9463
  • Visit Website
 
  • January 21, 2016 - April 24, 2016
  • Times: 10:00am - 5:00pm Mon-Fri and 12:00pm - 5:00 pm Sat-Sun
  • Phone: 435-649-8882
  • Visit Website
 
  • January 24, 2016
  • Location: Park City Ice Arena and Sports Complex
  • Phone: 435-615-5700
  • Visit Website

Sotheby's Cares  
When you work with Brad Jensen and Summit Sotheby's International Realty, you are supporting non-profit organizations in our local community. At the close of every escrow, Brad Jensen voluntarily donates a portion of his earnings to local 501(c)3 non-profit charities. We refer to the funds donated as "Sotheby's Cares." Through this program, Summit Sotheby's International Realty provides its agents, as well as clients, the opportunity to participate in giving back to the local community.
 
Recently, we had the pleasure to present checks to the following non-profits: Nuzzles, Mountain Trails, Blue Angels Foundation, Park City Community Foundation, Christian Center, Ogden Valley Adaptive Sports, Peace House, NAC, Summit Lands, Recycle Utah, Holy Cross Ministries, Park City High School Debate Team, Park City Cooperative Preschool, Huntsman Cancer Center, High Valley Arts,  Park City Museum, Little Miracles, Kingsbury Hall (Utah Presents), PC Tots, Kimball Art Center, EATS, People's Health Clinic, and Rescue Mission SLC. 
3983 Quarry Mountain Road, Park City, Utah 84098 - Price: $2,300,000
Spectacular Quarry Mountain Ranch lot with flowing year round stream and awesome views! Nestled at the base of Quarry Mountain, this very private homesite is conveniently located in a gated community in the Old Ranch Road area just minutes from Historic Old Town and world renown Park City, UT ski resorts. This home site sports big views of the Canyons area of Park City Mountain Resort. Mountain bike and hiking trails adjacent to the private community provide access to hundreds of miles of local trails. Amenities include a lake, picnic area with gazebo, and tennis court. Easy walking distance to Willow Creek Park. This is a beautiful home site. 
If you would like more information on your market area wherever it may be, please let me know. If it is not my area of expertise I can most certainly find a professional in your area who can assist you. It is great to be a part of such a powerful Sotheby's International Realty network. 

Sincerely, 
Brad Jensen 
(435) 901-8333
Brad Jensen
Associate Broker
Summit Sotheby's International Realty
(435) 901-8333