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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.

Starting Summer 2016 with Exciting New Clients

It’s looking to be a red hot summer for Redhead Marketing & PR after what has been a fantastic first half of 2016 for our small, but robust, full-service marketing and communications firm based in Park City, Utah.

This month, we began working with two Southern California clients in two very different industries – luxury real estate and animated film. Equity Residences offers high net worth individuals the opportunity to invest in a portfolio of high-end vacation homes in many exciting destinations. Investors can vacation in the exclusive homes, earn dividends in the form of rental revenue, and have the opportunity for capital appreciation when homes are sold in the future. What a creative concept that makes it possible to own and enjoy many vacation homes! We are creating content for social media and blogs, and making some improvements to their website.

stellar #3 living room

Hollywood-based Epic Pictures is doing an initial, limited release of animated film, “Space Dogs: Adventure to the Moon,” a sequel voiced by Ashlee Simpson and Alicia Silverstone. We are pleased to be managing the marketing and public relations in the Salt Lake City market for the adorable film about two canine astronauts going to the moon. Needless to say, our four-legged interns are quite thrilled to have landed this project! We are conceiving and managing grassroots marketing efforts, traditional public relations, and digital advertising in advance of the August 26 release date. The film will be showing in many Utah theaters in cities like Provo, Draper, Ogden and Salt Lake City. Stay tuned for more info about Space Dogs coming to a Utah theater near you!

space dogs promo

The third new client to announce is a special one – paralympic snowboard cross athlete and motivational speaker Nicole Roundy. We will be helping Nicole get media exposure for her motivational speaking engagements around the country, activities with sponsors, and snowboard competitions.

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We are excited to team up with these diverse businesses. Additional clients we are currently working with include:

Conestoga Ranch

Carlton Landing, Oklahoma

Meds for Vets

Newpark Town Center

ActiCare Health

Compass Property Services

Julie Robideau Photography

 

Echo Spur is Park City’s First Eco-Friendly, Luxury Development

EchoSpur_logo

FOR IMMEDIATE RELEASE
October 15, 2014
Media Contact:
Hilary Reiter
Redhead Marketing & PR
435.901.2071 | Hilary@redheadmarketingpr.com

PARK CITY, UTAH SKI AREAS ANNOUNCE MAJOR ACQUISITIONS AS CONSTRUCTION BEGINS ON THE TOWN’S FIRST ECO-FRIENDLY RESIDENTIAL DEVELOPMENT

Echo Spur to Feature Seven Luxurious, “Green” Homes in the Heart of Old Town

PARK CITY – While dramatic announcements came from the ski industry, including Vail Resorts’ purchase of Park City Mountain Resort and Deer Valley Resort’s acquisition of Solitude Mountain Resort, construction began on the environmentally-friendly Echo Spur residential development in the town’s highly coveted Old Town neighborhood. One of the last remaining multi-lot developments in the historic district, Echo Spur invites owners to “take control of their environment” with the dual objective of minimizing external water and energy demands in a user-friendly and cost-effective manner.

Echo Spur’s plans consist of seven eco-friendly, “mountain modern” homes situated on sunny Rossie Hill along a private street. The developers are utilizing the latest solar, superinsulation and water management strategies to reduce the cost of homeownership and provide a superior living experience and environment.

“There have been dramatic changes in regards to the economics of home construction, but with the residential real estate market still emerging from the recession, these changes are not well understood by the buying public. Our goal with Echo Spur is to promote the fact that it makes practical and financial sense to own a sustainable home that reduces the monthly costs of homeownership by 70 to 90 percent” explains developer Sean Kelleher, a Park City resident. “This is a groundbreaking project for Park City that complements the municipal government’s mission for the community to become increasingly sustainable. We hope Echo Spur sets an example for future development.”

Echo Spur is within easy walking distance of Historic Main Street’s shops, galleries and restaurants, as well as the Transit Center. The development has expansive views of Old Town, Park City Mountain Resort and Deer Valley. Homes will range in size from 2,700 to 3,500 square feet with versatile layout options that include three to four bedrooms, state-of-the art gourmet kitchens and outdoor entertaining areas with hot tubs and gas fireplaces. “Green” rooftop decks can be used as gardens or patios. Eco-friendly features include super insulation, solar panels, rainwater harvesting, and smart phone- and iPad-controlled lighting, temperature and security.

“The development of Echo Spur coincides with a new dynamic in Park City,” says Kelleher. “With Vail Resorts now a major player in Park City, and their plans to create the largest ski resort in the United States by connecting Park City Mountain Resort and Canyons, we’re likely to see a steady increase in tourism and therefore real estate demand. Deer Valley has also purchased Solitude, and is actively working on a plan to run a gondola from Deer Valley Resort to a location in Old Town that’s literally steps from Echo Spur. Longer term, there’s talk of linking all seven Wasatch resorts and developing better transportation options from Salt Lake to the resorts. Park City’s economic health will be supported by these developments.”

Echo Spur homes are offered by Berkhshire Hathaway HomeServices Utah Properties and range from $2.7 to $3.5 million with a five percent discount offered to the first homebuyer. For more info, visit www.echospur.com.

About Echo Spur
Located in the highly coveted Old Town neighborhood of Park City, Echo Spur is one of the last multi-lot developments in the historic district. Seven contemporary, eco-friendly homes will utilize the latest solar, superinsulation and water management strategies to reduce the cost of homeownership and provide a superior living experience. Old Town’s first sustainable development, Echo Spur is within easy walking distance to Main Street’s cultural offerings and hundreds of miles of trails. It is within one mile of world-class ski areas Park City Mountain Resort and Deer Valley Resort and three miles from Canyons Resort. Park City is a convenient 35 minute drive from Salt Lake City International Airport. Two percent of home lot sales will be donated to the Park City Community Foundation and Kimball Art Center. For more info, visit www.echospur.com.

Echo Spur Site Front V3