Is it Too Early to Shop for a Park City Ski Vacation Home?

By Todd Anderson

May 06, 2014

It is just barely May, there are still snowflakes in the Park City, UT 10 day weather forecast and I haven’t even thought about taking out a pair of short pants; so is it too early to think about the 2014/2015 ski season and owning a home or condo in Park City?

My email inbox is trying to tell me that even though I haven’t tuned up my mountain bike or straightened out my golf swing that it is time to think about winter.

Season pass deals for next ski season are on sale now and with some great incentives to buy now. Adult season passes for Park City Mountain Resort start at $725 if purchased before May 15; after that they move to $815 (and up). Epic passes for Canyons Resort (and 10 other Vail Resorts run mountains) include two Buddy passes if you put down $49 toward the pass before May 26, 2015. Buying now also gets you the upcoming summer biking and hiking season at both resorts (scheduled to start June 12th at Canyons and May 23rd at Park City Mountain Resort).

On top of season ski pass deals in my email inbox, I’m already seeing messages from property management companies with deals on 2014/2015 winter bookings which include lift tickets or gift cards for those that plan early.

So how does this apply to Park City real estate? In the past 21 days (effectively the end of the ski season), there have been 20 ski vacation homes and condominiums that have gone under contract. There have also been 30 new listings of homes and condominiums we would consider to be in line with ski vacation ownership property. Three of these new 30 are already under contract!

The end of the season often brings a clean break for Buyers and Sellers when it comes to mountain vacation properties. The deals are out there and as the ski season gets closer, prices often times go up. If you are considering owning in Park City for the upcoming ski season, contact a resort real estate expert with YouInParkCity.com (888)968-4672 and start the process now.

Tags: deals, mountain, Park City, pass, property, Ski, Utah, vacation
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Distressed Real Estate Sales in Park City, UT

By Todd Anderson

Jan 28, 2012

Park City, Utah has seen its share of distressed real estate sales in the past 2 years.

A look at the sales statistics from the Park City area MLS reveals that distressed sales have made up 25% of the total sales of homes, condominiums and land in the Greater Park City area in 2010 and 2011.

The sales of bank owned properties have far outpaced the short sales (more than 2 to 1) and 2011 saw a smaller percentage of distressed sales than 2010.

The number of distressed for sale real estate listings in Park City has been steadily decreasing. People looking to buy bank owned properties in the Park City area are increasingly encountering multiple offer situations and sales prices are often higher than the listing price for bank owned Park City properties.

The sales of bank owned in relation to the number available is an indicator of how quickly they move. The number of short sales completed is an indication of how hard they can be to complete. Also of note is that half of the current short sale supply has offers awaiting bank approval. Buying distressed real estate in Park City is possible, but there can be many pitfalls and the competition can be fierce.

For more information about real estate sales in Park City, Utah contact a Park City realty professional with YouInParkCity.com at (888)968-4672.

Data and sales information from the Park City MLS deemed reliable but not guaranteed.

Tags: bank owned, condos, distressed, homes, land, Park City, property, Real Estate, sales, UT, Utah
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Park City, UT Real Estate Foreclosure Market

By Todd Anderson

Nov 20, 2011

How Low Can My Offer Be on an REO Property?

Bank owned real estate in Park City, UT is a very small portion of our inventory. In fact, of the 1048 homes and condominiums listed across the Park City Multiple Listing Service in the greater Park City area, only 16 are currently listed as being bank owned. There are 46 homes and condominiums listed as Short Sales, but those are different from bank REO properties.

To date this year 137 sales of bank owned condominiums and single family homes are shown across the Park City MLS. This number makes up over 15% of Park City sales (yet active bank REO listings make up less than 2%). As you look at the number of sales and active listings, it is easy to see that the turn-over of bank REO property in Park City is very fast.

The fast sale of bank owned real estate is by design. Property on a bank’s asset sheet is not a good thing and thus the banks price property to move quickly. That is not to say that they will give property away. Remember that banks are publicly held and at the end of the day banks are accountable to their shareholders; giving away assets is not viewed positively by the owners. As a rule of thumb, the bank REO properties are offered at a price considered to be 20-30% below market value. Due to this pricing strategy it is not uncommon to see multiple offers bid the price up above the asking price.

A recent article in HousingWire.com shows that Freddie Mae sold over 80,000 properties in the first 3 quarters of 2011 and that the sales prices averaged 94% of the asking price.

So when it comes time to make an offer on a bank owned property in Park City, UT, keep these things in mind and also keep in mind that the strength of your offer is measured by the speed at which you can close the transaction (think no contingencies) as well as the offer price. There are many players in the REO market searching for a deal in Park City; the relatively low number of REO offerings makes this market very competitive.

If you would like a list of current distressed properties in the Park City, UT area contact the YouInParkCity.com Group of real estate professionals at (888)968-4672.

Tags: bank owned, bank REO, distressed sale, foreclosure, Park City, Park City real estate, property, sale, Utah
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Park City On Sale!

By Todd Anderson

Jul 15, 2010

As the summer heats up, Park City Utah Real Estate Prices have continued to fall. Outlying areas of Park City have been hit worst in terms of price depreciation with some areas seeing prices equivalent to those in 2001 and 2002. To give you a better feel for this, the largest increase in area prices happened in the 2004-2005 timeframe. There are now condominiums being offered at prices of over 50% off the peak sales prices of 2006-2007. Granted, these sale prices refer to bank owned and distressed sales, but that currently makes up about 10% of the Park City real estate market. Also, purchasing homes and condominiums at these fire-sale prices requires patience, quick response to new listings and most times cash (no financing contingencies allowed). So the great deals are out of reach for many would be buyers. There is evidence that these aggressive sales prices by banks and distressed sellers is having an impact on the neighborhoods around them. Prices continue to fall in an effort to compete with nearby distressed property. This is especially true within the condominium market where there is less variation between units than in the single family home market (some local areas have shown a surprising strength and stability with very little downward pricing pressure). Stringent lending criteria and appraisals based on a falling marketplace is making the pool of qualified buyers smaller which adds to the downward pricing pressure. Strong value can be found in almost all areas of Park City and Deer Valley real estate and we are approaching pricing in outlying areas that may make investment with positive cash flow possible. As always, real estate is local and each segment of Park City and Deer Valley can be different. For assistance in finding the perfect home or condominium for you or to sell your current Park City, UT home; contact a professional with YouInparkCity.com at (888) 968-4672.

Tags: bank, Buyer, condominium, Deer Valley, distressed, home, Park City real estate, property, sale, seller, UT, Utah
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Park City Real Estate Sales Stats for 1st Quarter 2010

By Todd Anderson

Apr 08, 2010

The end of the first quarter of 2010 gives us some concrete evidence of what is happening in the Park City real estate market. Sales volume when compared with first quarter of 2009 is up well over 200%. Granted that is not saying a whole lot, but the numbers are equivalent to those of 2008. For the quarter there were 70 single family homes that sold in the greater Park City area from January 1 to March 31, 2010. The average sales price was slightly over $1.1M. The median price was $820K. Park City single family home closed sales prices versus list price varied by a little over 10%. Condominium sales in Park City for the first quarter of 2010 were very strong. This is largely due to sales of at The St. Regis Deer Crest and the auction sale at Silver Strike in Empire Pass. There were 123 condominium sales in the first quarter with an average sales price of $1.17M. If the sales at the St Regis and Silver Strike are ignored, the average sales price drops to just over $600K. Vacant land sales in Park City, UT for the first quarter may be a good indication of future building in the area. There were 30 land sales in Park City for the quarter with an average sales price of $370K. The Promontory Golf Resort area made up over one-third of these sales as buyers found value in the distressed inventory there. Distressed sales and bank REO property levels have increased dramatically in the Park City area. Distressed listings now make up nearly 10% of the property for sale in Park City. Home prices in Park City are showing large variations. Some areas have held values very well while others are seeing prices similar to those of 2005 and earlier. For more information on specific properties and neighborhoods in Park City contact a professional with YouInParkCity.com.

Tags: bank owned, condominiums, distressed, Empire Pass, homes, Park City real estate, property, quarter, sales, single family, st. regis, statistics
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Park City Real Estate Auction

By Todd Anderson

Feb 15, 2010

The successful auction of property at the Empire Pass area in Park City has spurred another Park City area real estate auction. The Lodge at the Westgate announced last week that it will hold an auction to sell 44 of its whole ownership condominiums on the 28^th of March. Like the auction held last month, the developer has set minimum bids for the units at slightly below half of the current asking prices. Units are being offered with a minimum price starting as low as $149,000 for a 360 square foot studio. Models range up to a four bedroom four bath penthouse with a minimum bid of $995,000. If the auction at Silver Strike in Deer Valley is any indication, prices will be bid up only modestly and other real estate sales near The Canyons Resort will likely be on hold as Buyers and Sellers wait to see the final results. Prices in the Empire Canyon area of Deer Valley are still adjusting after the auction held there last month. The auction at The Lodge at the Westgate Park City should pique the interest of many with national advertising in Sunday's Edition of the New York Times and other metropolitan areas. The initial bid pricing for the units places them near the asking prices of property resales at Silverado and lower than offerings at the nearby Sundial Lodge and Escala Lodges. Determining the value of The Lodges at Westgate isn't easily done due to the number of available condominiums near The Canyons Resort. While the Westgate is not a true ski-in, ski-out property, the amenity package that the Westgate offers is impressive. The prices of all condominium property near the base of The Canyons as well as the fate of the still to open Sunrise at Escala will likely be impacted by the auction. For more information about real estate near The Canyons Resort and to discuss the likely impact of the upcoming auction at The Lodges at The Westgate Park City may have, contact a professional with YouInParkCity.com.

Tags: auction, Deer Valley, Empire Pass, Escala, lodge, ownership, Park City real estate, property, resort, silverado, sundial, The Canyons, westgate
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Park City Utah's $55M Property

By Todd Anderson

Jan 27, 2010

Park City real estate encompasses many showcase homes and ultra high-end luxury properties. Slope-side homes in The Colony at The Canyons, Upper Deer Valley, Deer Crest, and more as well as golf course homes in Glenwild, Tuhaye and Promontory commonly see price tags of over $5 million (in fact there are over 60 such homes currently listed on the Park City MLS). But the home at 5000 Royal St. in Park City's Upper Deer Valley real estate area with an asking price of $55 million stands apart in the premium Park City property listings.

What makes this Park City home different from the others (apart from the price tag)? There are many features that one would expect of a luxury residence in Deer Valley. The home is over 20,000 square feet and includes 12 bedrooms and 16 baths and custom built furniture throughout. The gourmet kitchen is designed to make a professional chef feel at home while still being a comfortable living area. Exterior spaces offer great gathering areas amid the pines away from nearly any city feel. A large gaming room provides a location for hours of fun and an indoor pool and hot tub make for alternative recreation to the outdoors. Two attached garages provide adequate capacity for transportation. The hillside location provides great views. The home's location, while not slope-side is just yards from the slopes at Deer Valley and minutes from Historic Main St. Park City. These things can be found in many of Park City and Deer Valley luxury resort residences. What 5000 Royal St has that others don't is: a private 60+ acre estate, the size of the estate alone is something that sets it apart; the fact that it is so central to Park City makes it truly one of a kind. While there may be the ability to subdivide apportions of the estate, it would be a shame. An attached heated garage is capable of storing and show-casing a car or "toy" collection of 20 or more vehicles. The main home lies within a 3 acre fenced and landscaped grounds.

The construction and materials of this home come with a story as do the residents and guests. The home was constructed with logs reclaimed from the Yellowstone park area of Wyoming. The logs represent the structural integrity of the home as steel beams were not used. This is truly "old world" craftsmanship that took years to complete. The rustic finishes and western feel are authentic and irreplaceable. The Huntsman family has many fond memories of the estate. The home has been an escape for Governors, Heads of State and Prime Ministers from around the world. This home can truly be said to stand apart from other multi-million dollar homes in Deer Valley, Park City, Utah or the world.

Contact your YouInParkCity.com real estate professional for more.

Tags: 5000 Royal, Deer Valley, estate, Huntsman, Luxury, MLS, Park City, property, Real Estate, residence, resort, Royal St, upper
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Pricing Schemes in Utah

By Todd Anderson

Nov 04, 2009

I recently read a blog post by another Utah real estate agent discussing Buyers in her area that were putting in offers on property that were sure to be accepted by sellers (as they would be the highest priced offers) with the background idea that the property would later not appraise for the offer price and then the seller would lower the price to the appraisal value and settle on that as the selling price. It is an interesting type of bidding scheme and an idea that probably works well for short sales and bank owned properties in the current national real estate market where appraisers are bearing some of the blame for our financial crisis. Buyers using the ‘offer high and hope to pay less' tactic are counting on the appraisal coming in lower than the offer price. This will mean that the Buyer can't get their expected loan or that they simply state that they are not willing to "overpay" for the home unless the price is lowered. Appraisers in Park City currently have a tough time with property appraisals not only because they are under increased scrutiny, but also because there are relatively few sales and therefore finding a comparable property that has sold recently can be tough. I have seen a few Park City real estate sales recently that were affected by low appraisals. The end result is not always a lower price. In one recent case, the seller did lower the sales price (although not to the appraised price). In another case of an appraisal lower than the agreed upon sales price, the seller just removed the property from the market; effectively stating that they would not sell for what the appraiser had established was market value. The Buyer did subsequently purchase the home at the original offer price. The Buyer's side tactic of offering over what the buyer wants to pay in hopes of an appraisal effectively lowering the price may or may not work in Park City. It is probably best left to investors that have no emotional attachment to the property they are buying. The YouInParkCity.com group suggests finding a property that you want based on location, features and local amenities. Present an offer that makes sense to you as a buyer. The appraisal may give you an idea of fair market value or it may not. Appraisers only have data as to other "similar" sales, but no two properties are alike. In the end, fair market value can be defined by a willing Seller and a willing Buyer.

Tags: appraisal, buyers, homes, market, Park City, price, pricing, property, scheme, sellers, Utah
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Park City Real Estate

By Todd Anderson

Oct 02, 2009

Buy It for All the Right Reasons

I recently had someone walk into the office asking questions based on what seems to be the most common theme right now: "What is the best deal in town?" This gentleman then went on to tell me he'd be flying in from Texas to use the home or condominium and reiterated that he was looking for a bargain. I probed for some more background: Do you think you will be using it more in the summer or winter? Are you a skier, golfer, hiker, biker, fisherman, horseman, shopper? Will your family be coming with you? How many bedrooms would you like? Will you be renting it when you aren't using it yourself? Do you picture this as a retreat of sorts or an access point to recreation? Do you envision possibly living in the home full time at some point in the future? How familiar are you with the Park City area? Have you vacationed here in the past? Almost all of the responses were at best vague and ended with "I'm just looking for a good deal". I went on to try and explain that there are great values in just about every neighborhood within Park City. Pricing has retreated back to pre 2005 levels and inventories are high, there is no contesting the fact that we are in a Buyers market. "So what is the best deal in town under $1.5M?" the gentleman asked as he grabbed flyers ranging from a fractional interest condominium to a slope-side home to a horse ranch with 20+ acres and everything in between -asking "what about this area?" for each flyer. During the flyer barrage he mentioned a home he'd seen yesterday and that he was working with another REALTOR® and planning to write an offer - what did I think of X as an offer price (about 35% off the asking price for what most that have been in the home would consider a very well priced Park City home already)? I offered the same advice that I give to my own clients. Take some time and figure out how you will use the Park City or Deer Valley property you wish to purchase. Will it become home, a family vacation get-away, an income producing property, an investment flip or whatever? There are strong values and even some outright "steals" in our market, but many of the values should not be measured by a pure monetary value. What value can you put on the memories, lifestyle and pure enjoyment that owning Park City can bring? While the end result of your purchase in Park City may well prove to be a good investment financially when you decide to sell, the rewards you receive while you own here are truly the right reason to buy Park City real estate.

Tags: Buyer, condominium, deal, Deer Valley, home, lifestyle, market, Park City real estate, property, realtor, value
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Real Estate News: Park City, Utah

By Todd Anderson

Jul 20, 2009

St Regis, Dakota Mtn Lodge, Treasure Hill, Summit Research Park and more As the funicular cars fro access to the new St Regis Hotel at Deer Crest in Deer Valley were set to be installed (Friday July 17,2009), local radio station KPCW was airing a story about a Deer Crest residence owner suing the project and its developers. The radio report indicates that the owner of a home and lot in the lower portion of Deer Crest near the base of the Jordanelle Gondola at Deer Valley Resort has brought a lawsuit against the developers of the St Regis claiming that the developer has improperly changed the original documents pertaining to the parking and access to the hotel at Roosevelt Gap (above the Lower Deer Valley area of Park City, Utah). The complaint stems from the parking that now exists at the hotel and the employee parking lot and shuttle to the hotel from the base area near the gondola. The Deer Crest home owner claims that traffic impacts on the private road through Deer Crest (Deer hollow Rd.) due to the employee shuttles, taxi and limousine service, and service/delivery trucks is outside the scope of the original guidelines for the area and that changes to the guidelines were made improperly. The St Regis at Deer Crest developers have counter-sued claiming that all changes were made legally and stated that the filing was an attempt to gain access to the amenities of the hotel by the property owner. In other Park City real estate news, the new Dakota Mountain Lodge at The Canyons Resort in Park City opened its doors for business. The Dakota Mountain Lodge is a part of the internationally renowned Waldorf-Astoria Collection luxury hotels. The Snyderville Planning Commission has approved guidelines for the Summit Research Park. The research park is an 89 acre development in the Kimball Junction area of Park City just off hwy 224 near the I-80 interchange. The development is scheduled to begin work soon with some road improvements designed to improve traffic flow around the Landmark Dr. Area. The development of the research park with the housing and business construction around it has a possible 20-year build out. In other planning commission news, the Park City Planning department is scheduled to hear more on the Old Town area Treasure Hill development. This possible large hotel and residential development on the southern hillside above Old Town appears to be moving forward. The fact that there are major projects finishing up, under construction, and being planned for the near future are positive signs for the future value of real estate in Park City and Deer Valley. These developments will have impacts both positive and negative for many other Park City area communities and developments. To discuss possible recent and future development impacts on your property or future property purchases, contact a YouInParkCity.com Group REALTOR® with Keller Williams Park City Real Estate.

Tags: canyons, Dakota, Deer Crest, Deer Valley, home owner, hotel, kimball junction, lodge, Luxury, mountain, Park City, planning, property, Real Estate, research park, resort, st. regis, treasure hill
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Park City short sale update

By Todd Anderson

Jun 04, 2009

On June 2, 2009 KSL.com News reported that ‘short sales' are on the rise in Salt Lake City, UT. The report gives very few details and goes on to quote a few Realtors in Salt Lake City about the effects of short sales and whether or not they are good for a potential buyer. The overall report had very little information in terms of data, but it does note that 1 in 7 listings in Sandy, Utah (a suburb of Salt Lake City) is listed as a short sale. Information like this that goes out nationally (most of the news about Utah is delivered via Salt Lake City) gives people the idea that the news is applicable throughout the state including Park City and Deer Valley, Utah. Real estate is a very local commodity and it is impossible to make assumptions based on one neighborhood and imply that it is true across all neighborhoods. The number of short sales per active listing in the Park City area is less than one in 25. While there is a glut of homes on the market here in Park City, most homes are not a distressed sale. This is not to say that there are not any deals to be found in the Park City area. Many neighborhoods in the Park City real estate area are seeing prices of homes and condominiums fall by 20% off of their highs. There are also short sales in the Park City & Deer Valley real estate market, and they cover just about every price range including a short sale in the Colony at The Canyons Resort listed at $3.99M down to condominiums in the Kimball Junction area listed at $119K. Of the 50 or so short/distressed sale inventory in the Park City area, nine are listed at over $1M, and 20 are over $500K. Short sales are not the only way to purchase a property in Park City and Deer Valley at a bargain price, and the relatively few short sales in the area (1 in 25 versus 1 in 5 in Draper, UT) make them a longer and tougher process. Due to the fact that many owners in Park City have a lot of equity in their homes, the deal is often not a short sale, but just an owner taking a large loss. So when you are looking for a real estate deal in Park City, keep a focus on the end you are hoping for, whether it is a home to retire to, a weekend get-away, an investment or rental property. The deals are there, contact your YouInParkcity.com Keller Williams REALTOR® to find the one that is right for you.

Tags: bank owned, Buyer, deals, Deer Valley, distressed, downturn, foreclosure, housing, Keller Williams, KSL, market, Park City, property, Real Estate, Salt Lake City, seller, short sales, Utah
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Park City Short Sales

By Todd Anderson

Jan 18, 2009

The national and global economies have affected the Park City real estate market. We know that at our market peak, Buyers were coming to Park City to buy second homes and vacation property from all over the world. Loose lending standards made finding the money for a second home easy. Housing prices rose everywhere. Higher property values wherever the Buyer's home happened to be made for great equity to borrow against for the purchase vacation property. We know that all this has come to an end with the bursting of the housing bubble. Short sales and foreclosures are now a staple story item for the nightly news. Many boom cities have seen home values drop by 40% or more. Stories abound about the ability to purchase bank owned and distressed properties for truly pennies on the dollar compared to what they sold for just two years ago. In Park City, we're often asked by visitors where the deals are here. A recent look at the Park City area Board of REALTORS® multiple listing service showed 1871 active listings (653 single family homes, 798 condominiums and 420 parcels of vacant land). Of these, only 26 were listed as a short sale, bank owned or in foreclosure. That is less than 1½ percent of the total number for sale. National figures while the real estate market was booming put the "normal" foreclosure rate at around 3%. Does this mean that Park City has somehow not been affected by the national and global economic changes? No. Park City and Deer Valley real estate have been impacted by the global economic changes, just not to the extent of Las Vegas, Miami, Phoenix and Southern California. The scarcity of land along with tough hillside builds and tight city regulations have meant that the housing boom did not leave Park City overbuilt. Changes in the market have occurred and prices have fallen from their peaks, but there appears to have not been the speculation and dependence on property appreciation to fund loans here that has lead to the demise of markets in other areas. The local economy in the Park City and Deer Valley area is only beginning to feel the pinch of the national and global economic downturn. I cannot remember previously seeing signs on Main St stating that restaurants are not hiring. A look through the local paper shows few job opportunities (in a "normal" winter, service and tourism industry jobs are abundant). We are starting to experience job losses. It is possible that the downturn may be just beginning here. Or it is possible that the effects of current low interest rates and the push for new jobs on a national level will turn everything around quickly and all our market will see is just a slight downturn. Only time will tell. All real estate is local. Are there deals to be found in Park City, Utah? Absolutely. Are there short sales, bank owned and distressed properties? Yes. Will you be able to find 5 homes in a row all in some state of foreclosure and buy them all up for a price that previously would buy one? No. Have the fundamentals of what makes Park City and Deer Valley a desirable place to live or vacation changed? Not at all! For more information on Buying or Selling homes, condominiums and land in the Park City and Deer Valley Utah area contact the YouInParkCity.com Group.

Tags: bank owned, Buyer, deals, Deer Valley, distressed, downturn, foreclosure, housing, market, Park City, property, Real Estate, seller, short sales
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A poem for the New Year

By Todd Anderson

Jan 01, 2009

I hesitate to make a list
Of all the countless deals I've missed;
Bonanzas that were in my grip -
I watched them through my fingers slip;
The windfalls which I should have bought
Were lost because I over-thought;
I thought of this, I thought of that,
I could have sworn I smelled a rat,
And while I thought things over twice,
Another grabbed them at the price,
It seemed I always hesitate,
Then make my mind up much too late,
A very cautious man am I
And that is why I never buy.
When tracts rose high onSixth and Third,
The prices asked I felt absurd;
Whole block-fronts bleak and black with soot
Were priced at thirty bucks a foot!
I wouldn't even make a bid,
But others did -- yes, others did!
When Tucson was cheap desert land,
I could have had a hip of sand;
When Phoenix was the place to buy,
I thought the climate much too dry!
"Invest in Dallas-That's the spot!"
My sixth sense warned me I should not,
A very prudent man am I
And that is why I never buy.
A corner here,
then acres there,
Compounding values year by year,
I chose to think and as I thought,
They bought the deals I should have bought.
The Golden chances I had then
Are lost and will not come again,
Today I can not be enticed
For everything's so overpriced.
The deals of yesteryear are dead;
The market's soft -- so's my head!
Last night I had a fearful dream,
I know I wakened with a scream;
Some Indians approached my bed --
For trinkets on the barrelhead,
(In dollar bills worth twenty-four,
And nothing less and nothing more),
They'd sell Manhattan Isle to me,
The most I'd go was twenty-three.
The redman scowled: "Not on a bet!"
And sold to Peter Minuit.
At times a teardrop drowns my eye
For deals I had, but did not buy;
And now life's saddest words I pen
"If only I'd invested then!"

I don't know who to attribute this poem to, but I found it timely given our current market and peoples' wish to buy at the bottom.

Wishing everyone a happy and prosperous 2009
Todd

Tags: buying, homes, New Year, Park City, poem, property, rela estate
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Sundance Resort Living

By Todd Anderson

Nov 23, 2008

For many people the name Sundance brings to mind a famous, high profile, independent film festival held each January in Park City. Crowds, traffic, famous and not-so-famous Hollywood types and paparazzi complete the idea of Sundance for these people. Sundance Resort is truly the opposite of the festival image. The Sundance Resort is located about 30 miles southwest of Park City, Utah, and a short drive northeast of the Provo/Orem area of Utah. It is a quiet area tucked up a canyon with a feeling that is miles away from city hustle and bustle. The area is known for its rustic charm and its owner Robert Redford. Redford stumbled across this place in the 1950’s and purchased a cabin lot in Sundance in 1961. As development threatened to move into the area in the late 60’s, Redford rallied friends and investors to purchase 3000 acres and stave off the development. What has resulted from these actions that started thirty years ago is an area of 6000 acres of which more than 5000 acres is part of an environmental easement and a 450 acre ski and summer resort. The Sundance Resort has space for only 250 nightly guests in its 95 cabins. In addition to this, there are only 300 private homes in the area. The residences here vary from A-frame cabins to magnificent homes with beautiful interior finishes and fabulous views masked behind an unpretentious mountain contemporary exterior.

2983 Ridgetop Rd. Sundance, Utah resort home

views from 2983 Ridgetop Rd. Sundance, UT

It is the unpretentious nature of Sundance that makes it a truly special place. Sundance has great restaurants and spa amenities, but its beauty is natural and comes from its lack of development and awe inspiring views of Mt Timpanogos’ 12000’ peak. The resorts’ environmental easements and wilderness area feel will keep it genuinely different from its nearby ski resort neighbors in Park City. The true scarcity, low-key feel and lack of mega-resort status make Sundance priceless in comparison to other resorts. For more on skiing at Sundance Resort, see the December 2008 edition of SKI or go to www.SkiNet.com. For information on Sundance estate opportunities including the home pictured above, go to www.YouInParkCity.com and www.2983RidgeTopRd.com.

Tags: film, for sale, orem, Park City, property, provo, Real Estate, resort, robert redford, Ski, Skiing, sundance, timpanogos, UT, Utah
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Remodeling your Home to Sell

By Todd Anderson

Oct 06, 2008

Saturday Morning TV seems to be filled with shows on HGTV and the DIY network among others that show people upgrading their homes followed by a Realtor telling them how much more it is worth. The country's present real estate market shows us that those upgrades may not all be good and definitely don't necessarily make you money in the end. This is not to say that something can't be bought at a great price have a few cosmetic upgrades done and be sold for a profit, but the days of the easy fix and flip may be gone. The Park City area, having a resort originally built in the 60's and 70's (not to mention miners shacks from the early 1900's), has some properties that are in need of a remodel. The majority of the guests coming here expect a world class resort and accommodations to match. Real estate buyers in Park City have come to expect granite countertops surrounding professional grade appliances, jetted tubs and travertine tile in bathrooms, LCD or Plasma screen TV's, hot tubs plus plenty of snow in the winter and sun in the summer. Maybe your Park City home or condominium doesn't currently have all this. Do you have to upgrade? If so, what should you do and how much should you spend? To answer these questions you really need to consider what end result you are trying to accomplish. Are you looking to sell soon? Are you looking for better rental revenue? Are you looking to just please yourself or spouse by making your place more comfortable? Do you just want to smile when you turn the corner and see your home come into view? Each of theses answers may lead to a different upgrade and investment in your property. If your intention is to fix up the property and sell it, consult your local Realtor about which project to tackle first and the resulting revenue difference it may make in the sales price of your home. Remember that the most important part will be to get people to come into your Park City house or condominium, so work on the outside "curb appeal" first (this is the first and last thing people see when they come to look at your property). If your intention is to remodel the inside of your home, take a look at the cost of remodels and the average return on that investment in the Sellers section of our website. Remember why you are making an upgrade, if it brings you happiness while you are living in the home; consider that value in your return on investment calculation. Also, for those of you that plan to "do-it-yourself" note that it is never as easy as the ½ hour TV show would lead you to believe. Think about what type of person you are (are you a perfectionist or do you settle for adequate?), make sure that you finish the project to the end and not just do "good enough" especially if your end wish is for better resale value.

Tags: condominium, home, Investment, market, Park City, property, Real Estate, remodel, revenue, upgrade, UT, Utah
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Short Sales in Park City, Utah

By Todd Anderson

May 13, 2008

Short sale and foreclosure property always seem to catch people's attention. The idea of really getting a "steal" on property peaks investor and home-buyer interest. While a short sale can be a great deal, there are a few things to consider before you go searching for that "steal". First we should define a short sale. A short sale is a sale of property in which the sale price is less than the value of the loans against the property. Short sales can be initiated by the seller (property owner), but must be approved by the parties with loans which are using the property as collateral. The purpose of the short sale is to try and sell the home before it is foreclosed upon (lenders tend to lose more money in a foreclosure sale than a short sale). The parties on the selling side are losing money in the deal. The seller is losing whatever equity they had in the property (unless they got in with some type of "exotic" loan with no money down or cash out at the original loan origination (in this event the seller may not be losing real money, but is still damaging their credit)). The lien-holders are losing whatever money that was their original loan less the sale price. Secondary lien-holders stand to lose nearly all of their loan amounts. All of these parties have to agree to take their losses. None of them wants the loss and few of them want to admit they made a bad loan. The loss that a 1^st mortgage holder is willing to accept is generally about 20%-40% (they usually stand to lose as much as 60% in a foreclosure). Second or junior lien-holders also have to approve the sale. If in anyone's judgment the sale price is too low, they can refuse or send a counter-offer back to the Buyer. Timing may be the most confusing and frustrating issues that short sales present. Unlike a normal offer and acceptance type of negotiation, once the offer has been accepted by the seller, the contract must be approved by all parties holding liens on the property. These parties do not respond in a timely manner. There is often quite a bit of bureaucratic "red tape" to get through in approving a short sale and just finding the correct representatives that can approve the sale can be very frustrating. And while this process may take months (this is not an exaggeration) for the "third parties" to get approval back to the buyer, they will then ask for a closing within days. This timing issue means that as a Buyer, you need to keep from getting emotionally attached to the property and have no need to move quickly into owning the property. On the other hand, the Buyer needs to be able to move very quickly through their due diligence, evaluations and approvals as the third parties may ask for the sale to close within 10 days of their approval (in a "normal" sale this would be a 25-30 day process). Another curve that is thrown into the short sale is that the seller can (and will) keep marketing the home while the Buyer's offer is awaiting approval in hopes of another or better offers. So it may be months before you find out that your offer was bettered by someone else and you should have been trying to find something else instead. Buying a home can be very stressful and buying a home in a short sale situation is even more stressful. That being said, there are some short sale properties available in the Park City area (though not nearly as many as in areas where the housing market is "depressed") and they may represent a good value for the Buyer. If you want to know more about the short sale process and whether it is an option that works for your Park City real estate needs, contact us at http://www.youinparkcity.com/

Tags: buyers, deal, foreclosure, home-buyer, investor, Park City, property, Real Estate, short sale, Utah
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Park City Home Buyers Exercise

By Todd Anderson

Feb 13, 2008

I have found that Buyers in the Park City market often share something in common. I am sure that what they share is true of not just Buyers of Park City real estate, but is true of real estate buyers everywhere. I've experienced that it is possible to show a home that seems perfect for what I was told the buyer wanted and was well within the price range we discussed, only to have no offer written. The affliction here is; not knowing what all the Buyers want. It really isn't that the Buyer doesn't know, but the fact that Buyer is rarely a singular term. Buyers can represent a couple, a family, an extended family, a group of like-minded vacationing friends, investor group and more. Each person in these groups has their own "perfect" house, condominium or property in their head. Rarely is it the same as the others in their buying group. In fact I'd say never is it exactly the same. Before going out to search for the perfect property, it is necessary to come to terms with what the perfect property is. I suggest that all members of a buying group (or all people affected by the new purchase) draw up a list (individually) of the ten most important features the new property needs to have. These should be ranked most important to least important. Once this is done, all interested parties in the Buying process should get together and come up with one list of the most important features their new property will have. This can be a very eye-opening exercise for all of the people involved. The new list will definitely be longer than the original 10 features, but it will also be much more useful when trying to narrow down what homes you spend time looking at. The new list becomes the game plan and final goal for the Buyers and their Realtor. With this game plan in hand, winning is nearly a foregone conclusion. We will find a new home or property that works for you. This same type of exercise can be used when building a new home or remodeling your current home. In the end some compromises are made and rarely are all of the wanted features met, but the time savings and understanding of what all the buyers involved will be worth the effort. Take some time and start your list. We'd be more than happy to work with you on this and become the mediator when it's time to combine the list into one. Give us a call or email and we'll get started on finding the perfect Park City property for you. Get a head start by searching Park City properties on our website http://www.youinparkcity.com/ .

Tags: Buyer, buyers, home, investor, Park City, property, Real Estate, search
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