Pendry Residences Park City Hits Half-Sold Milestone During Pandemic

The Pendry Residences Park City has reached its half-sold milestone. Despite the pandemic and the economic disruption that it brought on, Pendry Residences have continued to see strong demand and sales activity during the pandemic. As a result, the development remains ahead of schedule on sales volume. The property is scheduled to open in late 2021. The Pendry Residences is a collection of fully furnished homes ranging in size from 448 square feet to 2,600 square feet.

“Over the past 30 days, our sales have wildly exceeded our expectations. We are seeing a surge in demand from people that are looking for an escape from the urban centers and in buying second homes in drive-to markets,” Brian Shirken, president at Columbus Pacific, the developer behind the project, tells GlobeSt.com. “Most of our buyers are from Southern California right now, and we have seen that a lot of the buyers have come out to Park City this summer for the first time. They have decided that the summers in Park City are even better than the winters, and they would like to have a place in Park City where they can spend more time. We are seeing a tremendous amount of activity right now.”

The pandemic did impact sales initially, but demand surged again in May and June. “When the pandemic hit in mid-March and the mountain shut down, our sales shut down with the mountain,” says Shirken. “Our sales through the winter were slower than what we would have expected. However, our sales overall have significantly exceeded our expectation, so we have never been too concerned because we are ahead of our sales projections since the beginning.”

As evidence of the strong activity, Pendry Residences prices have increased. Initially, a 10% increase two months ago, and another price increased is planned in the months ahead. “We have raised our prices about 10% since we launched already, and we are planning another price increase in 60 days,” says Shirken. “We are beginning to see a shortage of some residence types, and we are also seeing what is going on in the Park City market. Activity is much higher than it has been in prior years, and there is a shortage of supply. Prices are definitely beginning to move up.”

In addition to demand for a secluded hideaway, the project is also nearing completion, which has helped to drive sales activity. “The project is about half built now, and we will be topping out within the next 60 days,” says Shirken. “We can tour people through the building now with hard hats and people are getting a better sense of the view and the residence placement. A lot of our activity is because people see that the property is on time to deliver next year. That has made a big difference.”