Park City Home Value Appraisals

By Todd Anderson

May 24, 2012

Two appraisals of the same Park City home result with a large dollar discrepancy.

A buying client of the YouInParkCity.com Group was set to purchase a home and was paying cash. Even though it was technically unnecessary, we felt that an appraisal of the home would be good for everyone’s peace of mind ensuring that the second home they were buying was a good value. With the cash purchase, we were on a short timeline and our first choice of local Park City appraisers was on vacation. We asked around and got a few good recommendations for another qualified local appraiser.

The buyers asked that the appraisal be made without the appraiser knowing the contract price of the home. The appraisal came back at approximately 10% below the agreed upon purchase price. Upon getting the appraisal, the Sellers agreed to pay for another appraisal (feeling that this one was incorrect).

For the second appraisal, the Sellers gave the appraiser (another respected local Park City appraiser) a copy of the Purchase Contract. This time the home appraised at the contracted purchase price (10% above the previous appraisal).

We asked both appraisers about their findings. Both stood behind their appraisal values for the home but there were some interesting differences.

Most of the homes used as the comparable sales were the same. In looking at the two appraisals and the adjustments made for the same subject property values of the same item were very different. While one gave a $2500 adjustment for A/C, the other valued it at $5000. A fireplace was valued by one appraiser at $4000 while the other valued it at $2500. One placed a dollar value on the hot tub while the other considered it personal property not attached to the home and gave it no value. The largest discrepancy between the two appraisals was the adjustment for size; one gave a $30/sq ft adjustment versus a similar home (same number of beds, baths, kitchen, etc.) while the other valued the added space at $70/sq ft. This difference was magnified by the 100 sq ft difference between the two measurements stated in the appraisals.

Which one of the appraisals was correct? As it is with most things, it depends upon which side of the transaction you are on. I believe that the value lies somewhere in-between.

Tags: appraisal, Buyer, homes, local, Park City, Real Estate, seller, Utah, value
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Park City Ski Pass Deals and Alternatives

By Todd Anderson

Sep 29, 2010

Our recent post on season ski passes being available for the 2010-2011 skiing and riding season at Park City Mountain Resort, Canyons Resort and Deer Valley may have left out a few things to consider when buying lift tickets. For a local resident or property owner that uses their Park City home or condominium often during the winter season, a ski pass is an integral part of life in Park City. For many, a ski pass is the reason we moved here and having one is a reminder of that and a great reason to stay, it is part of the lifestyle that we all enjoy. Which resort you choose to hold your pass is a question of taste, proximity and cost. Having a pass means you'll ski or ride more; mostly because you'll be willing to just take a few runs, an option you wouldn't necessarily consider if you had to purchase a pass for the day.

Beyond the personal pass for an individual resort, there are some other pass options available. Ski Utah - the marketing entity for all of Utah's ski resorts offers two pass options: The Ski Utah Silver Pass allows you to ski at a different resort in Utah everyday with a maximum of 30 days at any one resort for $2400. The Ski Utah Gold Pass allows for the same with a maximum of 50 days at any one resort, and is transferable (lend it to a friend when you aren't using it) for $3400. Check out http://www.skiutah.com/ for more. Similarly, Deer Valley sells its popular ‘bolos' (hospitality pass) which allow for unlimited skiing at Deer Valley as well as use by anyone for the day are available for $3975. Canyons Resort is also offering a Platinum pass which includes access to the new "Canyons Club" with new luxury dining and concierge services as well as ski/board storage and priority lift access. For visitors to Park City, there are a few "tricks" to know and explore when it comes to your daily lift tickets. The first is the Quick START program available through the Park City Chamber of Commerce / Convention & Visitors Bureau. The program allows you to receive a free day pass on for the day you arrive in Park City by registering before you get here and showing your boarding pass and out of state driver's license at the ticket window of a Park City ski resort. Go to http://www.parkcityinfo.com/ for more. Other considerations should include obtaining discount passes before you get into Park City through Salt Lake City area ski shops, and Costco stores.

Tags: bolo, canyons, Deer Valley, local, Park City, Passes, Platinum, Quick START, Ski Utah
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The Kimball Arts Festival

By Todd Anderson

Aug 06, 2010

What Makes Park City Real Estate Valuable? The Kimball Arts Festival I as I was driving into work today with my wife, she mentioned that it was the Arts Festival that brought her to Park City. Ask a local why they live in Park City, UT and many will answer that they came here for a winter and never left. In my wife's case, it was pictures from the Arts Festival that was the draw that put things over the top. The annual Kimball Arts Festival is one of the many things beyond the skiing, biking, golf, snowboarding, hiking or ... that make Park City, Utah special. It is a vibrant piece of the local Park City community (residents and vacationers alike actively volunteer to help with the festival). Local amenities like the Arts Festival make Park City Real Estate Valuable by adding to the Park City Lifestyle. This year marks the 41^st annual Kimball Arts Festival. The festival runs Friday August 6^th (6pm-8pm) Through Sunday August 8^th(Sat 9 am-7 pm, Sun 9 am-6pm). Note that the Friday evening opening is a special "local" event that is free (suggested $10 donation goes to the Kimball Arts Center) and the least crowded time of the festival. The Kimball Arts Festival in Park City, UT is touted as one of the top ten arts festivals in the country (don't ask me who said this). Each year they receive more than 1000 applicants for only 325 spaces. Tents line the middle of Main St as the area is closed to traffic for the weekend to make way for the anticipated 45,000 attendees. Only the Sundance Film Festival and Fourth of July Parades in Park City put so much pressure on Historic Main St. Things will be crowded, but that is part of the lure. It is impossible to walk through without running into friends you haven't seen in a while. Music has been a recent addition to the Arts Festival with 3 different stages running throughout the festival. A free film screening by the Sundance Institute will be held on Friday night at Park City's City Park. Local restaurants have also gotten into the spirit with the "Taste of Art" offering festival goers special pricing and limited time menu offerings. Real Estate for parking in Park City is at a premium during the Kimball Arts Festival. Follow the signs and directions of the volunteers. Plan on parking away from the festival and walking in or hopping on a free shuttle. For more festival information go to: http://www.kimballartcenter.org/ Have a great time, and when you find yourself thinking "If I owned a home in Old Town I could just walk over to events like this on Main St." contact your YouInParkCity.com Group Keller Williams Real Estate Professional to make it possible. (888)968-4672

Tags: arts, community, festival, Kimball, local, Main St, Old Town, Park City, Real Estate, sundance, UT, Utah
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Park City Gallery Stroll

By Todd Anderson

Jul 30, 2010

More than just the skiing, biking, golf, snowboarding, hiking or ...it is the local Park City community, people (residents and vacationers alike), and local amenities that make Park City Real Estate Valuable. Ask a local why they live in Park City, UT and many will answer that they came here for a winter and never left. In this ongoing blog chapter we will talk about some of the many things that make Park City, Utah a special place to live and own real estate. Today's topic: Park City Gallery Stroll You spent the last year searching Park City Real Estate for your dream vacation home and you finally found one in Deer Valley. Now you need the perfect piece of Art to make this Deer Valley condominium yours. Where do you look? Park City's Friday Gallery Stoll is a great place to start. On the last Friday of every month (year around) from 6:00 to 9:00 the gallery doors are open and light refreshments are served just so you can meander through, get familiar with the Park City art scene. There are 19 galleries within walking distance of each other in and around Historic Main St. Park City that take part in the monthly Gallery Stroll. The galleries feature a variety of local and nationally known artists. Even if you don't find the piece of art you want it is a great way to spend an evening in Park City. I'll be the first to admit that we often use the gallery stroll as a nice walk before dinner on Main St; snacking along the way. The great variety of galleries and artwork give a great insight to your friends as you observe what each of you finds interesting or moving. For more information go to: http://parkcitygalleryassociation.com/ Click here for a map to the Galleries: http://parkcitygalleryassociation.com/map.pdf If there is a Park City community amenity that you have questions about, drop The YouInParkCity.com Group an email.

Tags: amenity, art, condominium, Deer Valley, gallery, local, Main St, Park City, Park City real estate, Real Estate, stroll, Utah, value, walk
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Park City Real Estate Value #4

By Todd Anderson

Jun 11, 2010

More than just the skiing, biking, golf, snowboarding, hiking or ...it is the community and local amenities that make Park City Real Estate Valuable. Ask a local why they live in Park City, UT and many will answer that they came here for a winter and never left. In this ongoing blog chapter we will talk about some of the many things that make Park City, Utah a special place to live and own real estate. Today's topic: The Park City Farmers Market Every Wednesday throughout the summer, there is a local Park City Farmers Market held in the lower parking lot of The Canyons Resort. The weekly event is held rain or shine. It is one of those great spots around town where you are bound to run into friends. Stop by and grab lunch, along with some fresh produce, local raised beef and lamb, fresh fish, bread, cheese, flowers and more. The Wednesday Park City Farmers Market is a great stop for food and snacks on your way to the free concert at Deer Valley too. The market is also home to some local artisans featuring sculptures, art, jewelry, antiques and more. The Wednesday Market has been the inspiration for a few other indoor and outdoor markets around Park City and it is still one of the best. For more information about the Park City Farmers Market, go to: http://www.parkcityfarmersmarket.com/. The Park City Farmers Market gives locals and visitors alike a sense that our community is not just about our resort amenities, Summit county not long ago was a mixture of mining and farming communities and to the east of park City, the farming still thrives. Local markets such as this one provide an easy way to be "green"...think global, buy local. If there is a Park City community amenity that you have questions about, drop The YouInParkCity.com Group an email.

Tags: community, Deer Valley, farmers, food, local, market, Park City, Real Estate, resort, UT, Utah, value
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All Real Estate is Local

By Todd Anderson

Jun 02, 2008

One of the most commonly asked question a Park City REALTOR® gets asked is "how is the market?" We've written about this before in the YouInParkCity.com blog, but we think it deserves to be said again. "It really depends on where you are and what you are trying to accomplish in terms of buying, selling or investing, but most important is the idea that all real estate is local. We've noticed some recent Park City numbers that reinforce this point on a local neighborhood level. The Silver Springs real estate area in Park City, Utah currently has 19 active single family home listings. During the month of May, 7 single family homes were put under contract and 1 sale closed (given the average under contract / pended times, the others should close in June). This represents quite a lot of activity in this neighborhood. So the answer to the "how's the market?" question could be "great" or "hot". To the contrary, we can look at the available homes, new pending sales and closed transactions for the Promontory neighborhood in Park City: There are currently 63 active single family home listings in this real estate area, zero went pending in the month of May and only 3 have gone pending this year. So, the answer to the "how's the market?" question might be "tough", "slow", or "a Buyer's market". These two real estate markets are both part of Park City real estate and tell very different stories. The idea that all real estate is local can be narrowed even further than this may suggest. It may be the perfect view of the ski run, access to a great running trail, or proximity to a local school that makes a home "perfect". These limiting factors bring about scarcity and drive demand. The "perfect home" that you want may be represented by only a few possibilities in a given neighborhood, and the fact that one is currently available may make it the right time to buy. "How is the market?" is really determined by what is available in a given local area. Think of this in terms not only of a state, county, or city, but down to specific neighborhoods and even streets and which side of a particular street. For information regarding your present or future home in the Park City area; contact http://www.youinparkcity.com/ . submitted by Todd Anderson Data mentioned herein was taken from the Park City MLS on May, 30, 2008 deemed accurate and reliable, but not guaranteed.

Tags: Buyer, investor, local, market, neighborhood, Park City, Promontory, Real Estate, seller, silver springs, Utah
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