Original prices for the 2BR townhomes apparently began around $29,000 in 1973. Larger units were slightly more, and the one bedrooms were under $20,000. Prices doubled by the late 1970's. They apparently doubled again by the mid 1980's to over $100,000 for the 2BR townhome. However, prices pulled back during the recession in the early 1990's.
After the economy rebounded in the early 1990's, building activity increased. In the mid 1990s, Salt Lake City became (notoriously) active in soliciting for the 2002 Olympic games. This started to increase sale prices dramatically in the 1995-1997 period. When Salt Lake received the Olympic bid around 1996, prices surged over the following year or two. The growth of Salt Lake City, favorable demographic trends and the expansion of three major ski areas within a few miles of the complex also helped increase price levels, as well as additional development. This, and the desire by some earlier purchases to profit before the Olympics, caused a glut of units to be pushed into the resort housing markets. As an example, about 15 Park Avenue units were listed for sale at the same time in late 1998 and early 1999, over double the normal amount that were previously for sale at any one time. This was an early warning sign that the market was becoming weak.
Still, from the early 1990s to the late 1990's the typical 2 bedroom townhouse in the complex increased over 100%; from about $100,000 to about $250,000. A price peak was reached around 1999, about the same time Unit 1785 was acquired, with some units asking around $300,000, but selling for less. A couple years before the Olympics in February 2002, housing prices in Park City declined for most market segments, easily by 10% and possibly as much as 25%. However, in 2003, despite a sluggish economy throughout Utah, prices began heading up, helped by the lowest interest rates in over 40-years.
As the locations of new developments are becoming further away from the downtown Park City, more amenities or improved designs with larger areas are occurring. This creates a strong demand for new product, but it is also helping increase prices for older, close-in locations near the ski areas, especially for up-dated units. In particular, demand for condominiums and houses directly on the golf course seems to be strong. Only two other condominium complexes, Three Kings and PayDay, are also located on the golf course. Although these units are wood (not brick as in Park Avenue), have inferior parking and less convenient locations, some units in these other complexes are larger than those in the Park Ave. complex and are more extensively remodeled. Consequently, some condos in these other complexes have sold at similar or even higher prices than those in Park Avenue. It is believed without recent and extensive remodeled sales in Park Avenue, prices have held back. However, while Park Ave units with few modification sold for about $235,000 on the golf course in early 2003, one of the nicest units with around $90,000 in improvements sold for $325,000 in mid-2003. This not only justifies the significant remodeling costs that were incurred, but it may also help start pushing prices higher again in the Park Avenue complex.