Winter sports enthusiasts and the Sundance Film Festival in January aren’t the only things that make Park City, Utah, a busy season.
Real estate developers are drilling throughout the mountains and valleys of this former 19th-century mining town, an activity that is expected to result in the construction of nearly 1,000 homes over the next few years.
Nowhere is this more evident than with the development of the new Deer Valley East Village, which will partner with the legendary Deer Valley Resort Ski Village. There, chairlifts swoop skiers down, over deep canyons and up Park City’s powder-covered slopes.
Deer Valley East is Park City’s first major resort development since 1981. In addition to the homes, a new ski area will be built on more than 5,700 acres of terrain, and 16 new chairlifts and a 10-passenger gondola will be added to the main Deer Valley Resort. Developers are betting that wealthy travelers, and at least those who can afford second homes, want to be close to the action.
In December, Deer Valley East welcomed its first hotel guests and residents to Grand Hyatt Hotel and Residences, the first building completed by New York City powerhouse Extell Development. Fifty-five condos will be added to this large, previously uninhabited property along Interstate 40 overlooking Jordanelle Reservoir.
Then came the announcement that Extel’s luxury Four Seasons Hotel and Residences would break ground on the nearby Deer Valley East development, which will eventually add 123 one- to six-bedroom homes ranging from 1,200 to 7,000 square feet. These prices are yet to be determined.
Cormont, a luxury mountainside condominium project developed by REEF, is also taking shape in what is now called the “East Village.” Sales recently began for 48 one- to five-bedroom ski-in/ski-out units in the first residential tower, which is expected to be completed by summer 2027. Prices range from approximately $1.7 million to $9.75 million.
A total of five residential buildings will eventually be built at Cormont, adding an estimated 350 units around a plaza lined with restaurants and shops that will form the main ski beach with access to the slopes.
“The East Village offers a wide variety of properties for a variety of homebuyers,” said Sheila Hall, associate broker at Summit Sotheby’s International Realty, lead sales agent for Deer Valley East Village homes. We have everything,” he said. “But it’s an overall luxury price point.”
Single-family residential lots and townhomes are also under construction at Marcella Landing, a private East Village property also developed by REEF. Prices there start at $6.9 million.
But these developments and increased housing inventory don’t necessarily translate into better deals for Park City buyers.
“Inventory is historically low due to high market demand,” Kristen Barber, principal broker at Stein Ericksen Realty Group, told the Post. “Developments sell out before they’re even completed, and that’s been the case historically for the last 10 to 15 years.”
Mr. Barber is overseeing the sale of the new Stein Eriksen Estate, a gated luxury single-family home located within the main building of Deer Valley Resort, with three of the 15 planned homes under construction. The seven-bed, nine-bathroom home is priced at more than $20.9 million.
However, like most luxury housing boom cities, affordable housing is disappearing. Most of the people who work at hotels and ski resorts live in Salt Lake City.
“Affordable housing is a concern. Everything has become so expensive,” said Charlie Taylor, managing partner at Agency Park City. Taylor is the lead agent for Studio Crossings, a five-phase development project that includes approximately 200 affordable units in addition to 50 condos and 50 townhomes near Utah Film Studios. are all developed by Crandall Capital.
Studio Crossing is expected to be completed by spring 2026 and sales will begin in spring 2025. Market-rate homes are expected to cost between $1.37 million and $1.7 million.
It’s not just snow sports that draw residents. Park City can be enjoyed in all seasons, Taylor said. “We believe people are moving here for the beautiful mountains, clean air, outdoor active lifestyle and quality of life. We’re also easily accessible, 30 minutes from Salt Lake International Airport.”
Barber said this has been a steady increase in new residents over the decades, with many choosing to live in Park City year-round. “Many second home owners say they now spend most of the year here,” she says.
Still, Taylor feels Park City’s expansion will level off.
“The development is almost complete. There are very few development lots left,” he said.
But for now, Park City’s once pristine hills are alive with the sounds of excavators and power tools. Even with developments that have left a strong footprint, they are still expanding.
The long-established Canyons Village in Park City Mountain was founded in 1968 and is expanding as well, with the opening of the new Pendry Hotel in 2022 and a growing reputation for hospitality. Construction of Elevation Townhomes is scheduled to begin in summer 2024, with completion expected in fall 2025. Pendry currently has five homes for sale, ranging from $1.89 million for a two-bedroom to $4.8 million for a four-bedroom.
Nearby, White Pine Canyon Village is in its final stages, the second phase of Slopeside Village is underway, and the 15-year-old St. Regis Deer Valley in Snow Park is scheduled to complete its final phase by the end of 2025. It is this final stage that is noteworthy. has brought Park City’s largest condominiums to market, expanding from an average of approximately 2,000 square feet to 3,000 square feet.
“Part of that is the demand for larger luxury homes,” said Michael Zaccaro, chief operating officer of developer Falcon Investors. “But we also made some design changes from the original hotel residences. These condos feature approximately 1,200 square feet of great rooms, dining rooms, and kitchens, with large windows facing the open space in the front and back. That is highly desirable.”
At last count, only two of the 12 St. Regis condos for sale remain unsold. Prices for these three-bedroom homes are $5.95 million and $6.25 million.
“Park City has grown so much over the past 15 years that it’s a little surprising that the area continues to absorb all this product,” he added. “Real estate here continues to be very strong.”
