Thinking of moving to Park City? Or, do you already live here but are thinking of changing neighborhoods? Over the next few weeks, I’ll offer you a neighborhood-by-neighborhood guide to the real estate market of Park City, Utah. See a neighborhood map of Park City here.
The Canyons is one of the hottest areas in Park City. Recently bought by the Vail Ski Corporation, The Canyons ski area is now connected to the main Park City Mountain, also owned by Vail.
Inside The Canyons is the The Colony, the most exclusive area within The Canyons. It’s a celebrity enclave, where celebrities like Taylor Swift, Justin Beiber, Ashton Kutcher, Demi Moore, Larry King, and Will Smith have all been rumored or confirmed to stay when in Park City. It’s the ultimate neighborhood for ski-in/ski-out privileges and five-star year-round resort living.
Many luxury hotels and developments can be found within The Colony including Waldorf Astoria, Hyatt Escala Lodge, Sundial Lodge, Silverado, Westgate, Grand Summit, and Fairway Springs Villas.
Timberwolf Estates is at the base of The Canyons, featuring large luxurious homes with a maximum of privacy. Aspen Creek Crossing is a newer development, adjacent to the mountain.
The Canyons — and especially The Colony — is one of the most exclusive areas in Park City. There is very little single-family home inventory available and what’s available is skyrocketing in price. Home prices went up an average of 43% in 2015. The median home in The Canyons sold for $5.3 million; the most expensive home sold for $18.9 million.
If that sounds too expensive, condos are more plentiful. Prices increased a more modest 10% in 2015. The median price for a condo is $401,000, the most expensive condo sold for $1.75 million. There was one unit in The Canyons that sold for a mere $90,000.
I expect that this area will continue to grow, so if The Canyons or Colony sounds like the place for you, now is the time to buy.