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Promontory Leads Park City in a Summer of Record Home Sales

PARK CITY, UTAH EXPERIENCES ‘LAND RUSH’ AS COVID-19 PANDEMIC BRINGS A WAVE OF TRANSPLANTS FROM DENSE CITIES

Affluent families from urban areas seek a lockdown-free lifestyle with over 22% of record home sales occurring in the exclusive Promontory community

PARK CITY, UTAH – As the pandemic prompts dramatic changes for millions of Americans, Park City, Utah has become one of the leading choices for affluent families seeking to relocate from cities in hopes of making the best of anxious times with a lifestyle without lockdown. The mountain resort town is an obvious option due to its abundant outdoor recreation and cultural offerings, proximity to Salt Lake City International Airport for when travel resumes, and the conveniences of a nearby urban center that no other comparable resort town boasts. Consequently, Park City is experiencing an unprecedented demand for luxury real estate and scarce inventory. Nowhere in Park City is this more evident than at Promontory, one of the most exclusive, private communities in the West.

The 6,400-acre, amenity-rich community accounts for 22 percent of Park City’s July and August home and land real estate boom. It had an astounding 86 new deals during those two months, more than triple the amount during the same time period last year, with record sales of over $275 million year-to-date, compared to $214 million for all of 2019. There have been 165 sales in the community so far in 2020 compared to a year-end total of 142 in 2019. As Park City’s only private community featuring a fully built out infrastructure of year-round member amenities, Promontory is well-positioned to support this increased wave of demand. Last year, Promontory introduced its new enclave, Pinnacle at Promontory, which provides even more seclusion as a smaller gated community with its own member amenity and even larger homesites.

Promontory sets new home sales record
Dye Clubhouse at Promontory

“Promontory was instrumental in redefining Park City as a summer destination. My vision was to create a world-class mountain retreat second to none for multi-generational families with a vast array of amenities and programming designed to be enjoyed year-round,” says Promontory developer Francis Najafi of Pivotal Group. “This record sales activity has solidified us as a desirable haven for new buyers and longtime members to be together with their young children, adult children, and grandchildren. Families find comfort in the ways they are able to connect amidst an expansive retreat that offers safety and variety with five restaurants and many on-site recreational offerings, including two golf courses with their own clubhouses, an equestrian center, miles of trails for year-round enjoyment, a winter tubing hill, and a new event venue. Our membership has typically been 80% second homeowners, but we are now seeing the percentage of primary residents increase due to sudden changes in families’ lifestyles and priorities.”

Promontory’s numbers are reflective of the larger Park City picture. Park City closed home sales in July and August 2020 volume increased more than twofold over July and August 2019. 116 home sales amounted to $206 million in July and August 2019, while July and August 2020 saw 188 sales totaling $446 million. As of September 1st, pending home volume in Park City was $564 million compared to $215 million at the same time last year. In addition to the idyllic lifestyle, the fact that Park City’s exceptional public schools are open for in-person learning is a draw for families from out of state. Many second homeowners are also becoming primary residents, selling their existing properties in search of homes that better meet their needs for year-round living.

Owner of several Engel & Völkers brokerages throughout the Western United States, luxury Real Estate Advisor Paul Benson has handled 61 of transactions totaling $172 million in Park City this summer. “The significant increase in demand from families relocating is resulting in scarcity of luxury properties and driving prices up,” says Benson. “There is little opportunity for new construction within Park City limits, and people are drawn to the exclusive lifestyles offered by Park City-adjacent communities like Promontory that feature member-only amenities and more space for safety and quality of life.”

Recent transplants are relocating from dense areas like Southern California, the New York tri-state area, Chicago, Texas, and the Bay Area. In a stark reversal of the norm, some plan to make Park City their primary home and buy or maintain apartments in the cities from where they moved. Whether this migration from urban centers is a long-term trend and if there are significant changes to the seasonal nature of the town, which was already beginning to experience shorter shoulder seasons prior to the pandemic, remains to be seen. For now, escalating home prices and demand are showing no signs of slowing down.

ABOUT PROMONTORY

Promontory is an award-winning 6,400-acre recreational second home and private mountain community in Park City, Utah. Promontory’s expansive mountain setting offers diverse year-round amenities and activities for the multi-generational family. The community consists of 1,674 homesites with stunning mountain views. More than 627 homes have been built, and there are approximately 675 Members of the private, Promontory Club. Eight of Promontory’s 30 distinct neighborhoods feature developer-built homes, known as Promontory HOMES. These include the new, modern Portfolio of Homes within the Pinnacle at Promontory neighborhood. For more information, visit www.promontoryclub.com.

Statistics contained within this report are based on information from sources including Park City Board of REALTORS® MLS and Proprietary Internal Reporting for the period 1-1-2019 through 8-31-2020.

Promontory Announces Exclusive New Neighborhood

PROMONTORY CLUB – PARK CITY, UTAH’S WORLD-CLASS VACATION HOME COMMUNITY – INTRODUCES EXCLUSIVE, NEW NEIGHBORHOOD OFFERING THE ULTIMATE IN PRIVACY

Pinnacle at Promontory is a 143-Acre Dream Within a Dream Experience Perched Above the Back Nine of the Pete Dye Signature Golf Course

the Skyhouse at Promontory
The Skyhouse, a luxury amenity for residents at The Pinnacle at Promontory

The most luxurious, private vacation home community in Park City is elevating its exclusivity by introducing a highly anticipated new neighborhood – Pinnacle at Promontory. Consisting of 143-acres, the enclave is perched on elevated topography above the back nine holes of the Pete Dye Signature Golf Course. Secluded beyond a private gate, Pinnacle at Promontory’s crown jewel will be Skyhouse, a private amenity, creating an architecturally stunning centerpiece for the neighborhood. A community oasis, Skyhouse, will feature a pool and outdoor courtyard for gatherings, spa treatment rooms, showcase kitchen with private entertaining space, and a state-of-the-art fitness center and movement studio.

“Early on, I made the decision to hold this pristine land in reserve until after the promise of Promontory had been built and its luxurious grandeur was fully realized and established,” says developer Francis Najafi of Arizona-based Pivotal Group. “Offering the most sensational, panoramic views in Promontory, Pinnacle has been thoughtfully planned for those who expect uncommon luxury. With Bloomberg ranking Park City number 1 in its 2019 Index of Affluent Vacation Home Havens, we feel this new neighborhood is appropriately timed to appeal to these discerning families seeking spacious luxury, one-of-a-kind services, and privacy.”

An initial release consisting of 16 majestic, expansive custom estate homesites, boasting unparalleled views of the Wasatch range and the Pete Dye Golf course is anticipated in late Summer 2019. Reservations are now being accepted. In addition to these exquisite homesites, Promontory will introduce the Pinnacle Portfolio of Homes, built by Promontory HOMES. Buyers may select from stunning home designs commissioned especially for Pinnacle at Promontory by renowned architects/designers, including Clive Bridgwater (Bridgwater Consulting Group), John Sather (Swaback), and Erik Peterson (PHX Architecture), as well as exquisite interior finishes by Vallone Design and Alder & Tweed to customize their dream home. An additional 12 homesites to accommodate these luxurious masterpieces will be offered in the initial release.

“Promontory is a community meticulously designed for multi-generational families by providing amenities that cater to each member, including distinctive neighborhoods that accommodate various lifestyles,” explains Robin Milne, Promontory’s General Manager. “While fully integrated into the Promontory landscape, Pinnacle at Promontory has all the ingredients to help a buyer achieve their idea of being at the pinnacle of what life can be!”

ABOUT PROMONTORY

Promontory is an award-winning 6,400-acre recreational second home and private mountain community in Park City, Utah. Promontory’s expansive mountain setting offers diverse year-round amenities and activities for the multi-generational family. The community consists of 1,674 homesites with stunning mountain views. More than 578 homes have been built, and there are approximately 625 Members of the private, Promontory Club. Seven of Promontory’s 27 distinct neighborhoods feature developer-built homes, known as Promontory HOMES. These include the new, modern Nicklaus Villas on the Jack Nicklaus Painted Valley Golf Course. For more information, visit www.promontoryclub.com.