Page 5 - Prestige

A Market Mosaic
Today, there is no one luxury market;
instead, the picture is usually a mosaic of
smaller segments defined by location and
price. Consider Park City, Utah, which
includes Park City as well as several outlying
towns, three major ski resorts and multiple
enclaves within exclusive communities. “Our
market area is complex and constantly
changing and evolving with micro markets
dividing product by property type, location,
price, age, and amenities,” says Rick Shand,
with Berkshire Hathaway HomeServices
Utah Properties, who was president of the
Park City Board of REALTORS® last year.
Within the Park City limits, the median sold
price of a single-family home increased 18
percent to $1.63 million, while the number of
sales was down 18 percent compared to last
year. New construction in Park City itself is
limited by land constraints, but new projects
are in the works at the Canyons, now part of
Park City Resort and the largest ski resort
in the U.S.

2 berkshirehathawayhs.com