A newly built luxury home in Park City, Utah, has sold for $37 million, setting a record for the most expensive residential property sale recorded within the city limits, according to broker Steve Jury of Keller Williams Park City, who represented both the buyer and the seller.
The nine-bedroom property is located in a gated mountain community in the Deer Valley resort area, one of Park City’s most prestigious residential destinations. The sale highlights the continued strength of the high-end property market in one of the United States’ best-known mountain resort communities.
The roughly 17,000-square-foot residence was developed by Raymond Uritescu, chief executive of Providence Realty Investments, a Rhode Island-based real-estate investment firm. Uritescu purchased the vacant lot and spent approximately four years developing the property before bringing the finished home to the market.
The scale of the residence reflects the growing demand for large, highly customized homes in exclusive resort locations. With nine bedrooms and approximately 17,000 square feet of living space, the property was designed as a substantial private retreat in the mountains rather than a conventional luxury residence.
The $37 million transaction represents a significant milestone for Park City’s residential real-estate market. The resort city has attracted wealthy buyers from across the US and internationally, drawn by its combination of luxury housing, skiing, outdoor recreation and proximity to Salt Lake City.
Deer Valley, in particular, has become a major destination for luxury real estate. Its gated communities and mountain properties command some of the highest prices in the region, with buyers often seeking privacy, expansive living spaces and direct access to resort amenities.
The latest sale demonstrates how far prices can rise for exceptional properties in the market. While Park City has long been associated with expensive vacation homes, the $37 million deal places the city among the increasingly competitive luxury mountain markets where record-breaking transactions have become more common.
The property’s seller, Raymond Uritescu, declined to comment on the transaction. Steve Jury, the Keller Williams Park City broker who represented both sides of the deal, confirmed the record sale.
The transaction also illustrates the growing role of developers and real-estate investors in creating ultra-luxury homes specifically designed for the top end of the market. Rather than purchasing an existing residence, Uritescu acquired an undeveloped lot and spent years constructing a highly customized property.
For luxury buyers, newly built homes can offer advantages over older properties, including modern design, updated infrastructure, larger entertainment areas and the ability to incorporate contemporary technology and amenities.
Park City’s appeal has helped support demand for such properties. The city became internationally famous as a ski destination and has also developed a strong year-round lifestyle market, attracting residents and second-home buyers interested in skiing, hiking, mountain biking, golf and other outdoor activities.
The $37 million sale comes at a time when wealthy buyers continue to compete for scarce luxury properties in sought-after resort markets. Limited land availability, strict development requirements and the desirability of locations with direct access to recreational amenities can all contribute to exceptionally high property values.
The record transaction is therefore more than simply the sale of one extraordinary house. It represents the continued evolution of Park City’s luxury property market and the increasing prices being achieved for large, privately developed homes in its most exclusive neighborhoods.
With its nine bedrooms, approximately 17,000 square feet and location within the Deer Valley resort area, the newly sold residence has set a new benchmark for Park City real estate. The $37 million price tag demonstrates that demand at the very top of the market remains strong and establishes a new record against which future luxury home sales in the city will be measured.
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