PARK CITY — The sale of single-family homes in Salt Lake County increased by 5 percent in 2013 to 11,686 homes, signaling the end of the housing slump in Utah, Jim Wood, director of the University of Utah’s Bureau of Business and Economic Research, reported in January.
But that same month marked a milestone of another sort, this time up in Summit County, home of the state's priciest real estate. And the marketing of the property extends to Monte Carlo, home of some of the world's highest rollers.
A vacation property owned by pizza magnate, John Schnatter, is for sale for $17,999,000 — the highest asking price ever for a condominium in Utah. The residence is one of two penthouses on the 11th floor of the St. Regis Deer Valley.
With more than 6,000 square feet of living space, the palacial five bedroom, five bathroom condo boasts virtually every high-end finish, including a gourmet kitchen equipped with Wolf appliances and a Butler’s kitchen for entertaining. There is private elevator access to a custom ski prep room, a suite of bedrooms, a wine room, a private office with a wet bar in the master suite, and a media game room.
The property also features panoramic views of Deer Valley and Park City from multiple balconies comprising over 2000 square feet of outdoor living space, complete with an enclosed hot tub, barbeque grill, heaters, a bar and a fireplace.
“The living space on the deck is really incredible,” said Brigid Flint, listing agent for Summit Sotheby’s International Realty. “You’re on the top floor with the most incredible views in all of Deer Valley.”
Flint said the property is situated just steps from the Deer Hollow ski run and offers butler service, a full service spa, as well as an on-site restaurant.
Built in 2008, the property’s only owner is the founder and chief executive officer of the Papa John’s pizza franchise.
“Obviously, there is a small pool of people that can afford a property at this price point,” Flint said. To that end, the company has developed a strategy to reach as many qualified buyers as possible, she said.
Last month, Sotheby’s marketed the condo at a luxury real estate conference in Monte Carlo.
“We feel it’s very likely we could see an international buyer,” Flint said. Sotheby’s will promote the property in Jetset Magazine and other notable publications popular with well-heeled potential clients.
“We basically will create a campaign that goes along with the sale and promoting of this property,” she said. The agency will also target potential buyers in the Middle East using the Sotheby’s International Realty network to help market the property to as many qualified people as possible.
“It’s a combination of print, digital and networking events that we will use to (promote) the property,” Flint said.
Summit Sotheby's has recently sold other condo properties for prices ranging from $8 million to $12.45 million, but this is by far the highest ever initial asking price.
Flint said that Schnatter bought the entire top floor of the St. Regis from the developer as an investment in 2008 and has listed the other unit for sale as well. The unfinished unit with just over 5,000 square feet of indoor space is listed for about $12.5 million. Based on previous transactions, this latest listing could be a record sale price for a condominium in the area.
“I have travelled all around the world and there is no place else like the St. Regis Deer Valley," Schnatter said. “Most places you wake up and plan where you are going to eat next and here you plan your next adventure.”
She said Schnatter plans to keep one of the units, "It's just a matter of which one sells first." It's also a matter of finding a buyer who also appreciates the lifestyle and upscale amenties of the St. Regis and is willing to pay the hefty price tag.
“There is always a market for the best in Park City,” Flint said. “And that is what this is.”