Welcome to Summertime in Utah. The mountains are vibrant with wildflowers, the rivers are carving through the valleys and locals and visitors alike are enjoying our state’s one-of-a-kind lifestyle. All too often we hear “I came for the winter and stayed because of the summer” from our newest residents as they experience their very first summer in Utah.   Summer is a time for celebration, togetherness and a sharing of our company culture here at Summit Sotheby’s International Realty. It is a time where we work hard, play hard and share a lot of who we are with our communities.

There’s just something special around Summit Sotheby’s International Realty in the summertime, a renewal of sorts, an energy that runs through each sales associate and employee, that in turn, we share with each of our clients.  

Since the last edition of Collections Magazine, our company has hit and surpassed some milestones that have made me proud and continued to fuel my fire. For starters, our agent-run 501(c)(3), “Summit Sotheby’s Cares” has closed in on nearly one-million dollars in donations for local non-profits – a feat that not just humbles me, but inspires me to continue our commitment to our communities and embody the change we want to see in the world. Next, we’ve grown and opened two new offices, one in the Heber Valley and one in Draper. These new locations aren’t just locations for us, they are environments in which we can share who we are, what we are all about and redefine the real estate experience for those who call the Heber Valley and South Salt Lake Valley home. Lastly, I’ve had the honor and privilege of watching our sales associates meet and exceed their professional and personal goals.  

Witnessing this team of professionals represent their clients with an exceptional level of service across all price points while breaking records and being industry leaders excites me for the future of Summit Sotheby’s International Realty.   In closing, I invite you to enjoy the pages of our newest edition of Collections Magazine. I, along with all of the staff, management and sales associates of Summit Sotheby’s International Realty wish you the best of summers – may it be one you look back upon fondly for years to come.  

– Thomas Wright, President & Principal Broker
Summit Sotheby’s International Realty

I always find the history of the families that founded the western ski resorts to be fascinating. Like Park City, Aspen was a former mining town where the value transitioned from the minerals underground to the ski trails above. Many fortunes were made during the silver and gold mining eras but back then one probably never imagined the land and home prices one sees today. 

The industrialist Walter Paepcke is best known for founding the Aspen Institute with his wife Elizabeth in 1949. They developed the downtown through the Aspen Skiing Co., and were largely responsible for putting the former mining town on the map. But the family’s time in the area was also occupied with more bucolic pursuits. “My mother loved nature and wildlife and flowers,” says Paepcke’s daughter, Paula Zurcher, now 90. “We all hiked all over the mountains.” On one such idyll, the family stumbled across the 400-acre Erickson Ranch, just a 10-minute drive from downtown Aspen, and promptly bought it.They kept the property intact until Paepcke died in 1960, at which point Elizabeth sold off about 100 acres. The family kept the rest of it for an additional 30 years until Elizabeth died in 1994.Then her heirs began to subdivide the property in earnest.

One of Zurcher’s sisters sold 100 acres to Leslie Wexner, the founder and chairman of L Brands Inc, says Zurcher. The remaining 200 acres were parceled out into even smaller lots. Zurcher kept two. On one, she commissioned architect Harry Teague to build a 6,800-square-foot contemporary house with seven bedrooms and five full baths in 2000. It took two years to build. It had only been intended as a vacation home—Zurcher lived in the Bay Area—but she ended up moving in full-time to the house in 2004. Now, 19 years after building the house and more than 70 years after her father first bought the land, Zurcher is parting ways with the property, listing it with Christie’s International Real Estate’s Aspen brokerage for $17.95 million.

The Land

This section of the original property is parceled out in four lots, all of which are now developed. Those lots, in turn, are shoehorned around a 50-acre plot of open land, in which all the lots share ownership. That land, in turn, is preserved as a sort of buffer, keeping the houses secluded and their views pristine.As a result, even though Zurcher’s house sits on about 12 acres at the base of Red Mountain, it has the feeling of being much more remote. “I chose the lot so that it was far removed from the road,” Zurcher says. “I didn’t want to see any traffic.”There’s a meadow in front of the house, along with beaver and trout ponds, elk habitat, natural springs, and forests of spruce, aspen, and scrub oak. Wildlife regularly crosses the property, and the wildflowers that first enchanted the Paepckes over a half-century ago. still bloom. The house is designed to soak all this nature in, with massive windows that provide panoramic views, from Independence Pass to Mount Sopris. 

The House

Zurcher was friends with Teague, who’s designed civic, commercial, and residential architecture in the area. She liked his work and requested that he build a house that could showcase her collection of African and pre-Columbian art, be maintained fairly easily (the house is made of old barn wood, rusted metal, stucco, and glass, all of which require little upkeep), and accommodate her four children and many grandchildren.To that end, the massive family room has a stage the family used for charades, songs, and performances. At her granddaughters’ behest, two secret rooms are hidden behind bookcases. Unsurprisingly, she says, “All of the grandkids wanted to sleep there.” One of the rooms is large and has a full bed; the other, hidden behind a tapestry, is more cramped.The house has also been battle-tested when it comes to extensive entertaining. Zurcher and her family are still involved in the Aspen community, and she hosted a range of parties—Halloween, birthdays, and otherwise—along with fundraisers for Zurcher’s favored charities, including the Aspen Center for Environmental Studies.

Time to Sell

Zurcher enjoyed the sprawling home for more than a decade. But after an accident, she decided it was time to sell. She initially put the house on the market in 2015, listing it for $23.5 million. It’s since been on and off the market with a series of price cuts. This is fairly normal for the Aspen market, which has sagged for several years. In the fourth quarter of 2018, the average price per square foot in Aspen luxury homes continued to slide, according to a report by Douglas Elliman Miller Samuel, while houses took an average of nearly 47 months (nearly four years) to sell.The house, Zurcher says, “is for someone who wants to be apart from Aspen and its fanciness but still be able to come down to town in five or 10 minutes.”

She adds that after 70 years of gradual development, this is it: The property can’t be subdivided further. 

This article appeared in Bloomberg.net and was written by James Tarmy in New York at jtarmy@bloomberg.net

How do Park City’s real estate prices compare to the other western ski resorts? Park City’s average price for homes and condominiums remains at a lower price point than Aspen, Jackson Hole and Lake Tahoe but how does it compare to Telluride and Sun Valley? The Annual Resort Report analyzes 2018 year-over-year data from 12 prominent resort areas throughout the western half of the United States to inform consumers about the resorts’ performance, and what makes each one unique. As a Sotheby’s International Realty REALTOR, I know associates in these 12 resort markets and am happy to provide you more in-depth information about these resorts or an update on the value of your local real estate holdings.

Click here to read the 2019 Ski Resort Report

Market Report Cover

The year-end housing statistics for Summit and Wasatch Counties revealed a diverse and mixed market. Each neighborhood is different and because of the extreme diversity and complexity of these micro-markets along with continued consumer demand, changing inventory, new developments and diverse price points, it is important for buyers and sellers to work with a REALTOR. I look forward to being of service in 2019. This report covers the Number of Sales, Sold Volume, Average Sales Price, Average Sales Price Per Sq. Ft., List Price to Sales Price Ratio, Average DOM, Active Listings and Months of Inventory for 30+ distinct Park City market areas and is broken out by Single Family Homes, Condominiums and Vacant Land. For a separate Wasatch County Report please contact me.

Click to download Summit County 2018 Market Report

Today, February 2nd, the Priority Reservation Program moves into high gear for the Pendry Residences Park City. Pendry is pleased to announce that residence specific pricing and all floor plans are now live on their website. Fully furnished and designed for entertaining and family gatherings, Pendry Residences feature expansive windows and open living spaces that connect residents to the outdoors and to one another. With a variety of residence sizes in three distinct buildings, pricing for studio to four bedroom residences range from $395,000 to $3.65M


Accepting Residence Specific Reservations Now through February 25, 2019  

Residence Selection Day February 28, 2019 

Firm Contracts Written April 2019 

Private VIP Ski Days Now – March 13

Construction Start Summer 2019

Construction Completion Winter 2021

Visit the Pendry website to be the first to view residence specific floor plans and final pricing.

For questions and further inquiries, please contact Mary at mary.leader@sothebysrealty.com.

As the ski season gets underway, new properties are coming on the market. Investment in real estate is often one of life’s largest, financially. Investment in family and lifestyle is worth every penny. Living in Park City and the surrounding areas amongst the splendor of a mountain environment will be your daily dividend. That’s priceless.

View the newest listings at https://parkcityandbeyond.com/new-property-listings/

Find your perfect family vacation home! Peruse Summit Sotheby’s 2018 Winter Collections Magazine to view all that Park City, Utah has to offer!

Below is a very helpful newsletter from our friend Lisa Lundquist with info about Mortgage Rates and other information. Please check it out and contact us with any questions you might have!

Below is a very helpful newsletter from our friend Lisa Lundquist with info about Mortgage Rates and other information. Please check it out and contact us with any questions you might have!

Below is a very helpful newsletter from our friend Lisa Lundquist with info about Mortgage Rates and other information. Please check it out and contact us with any questions you might have!