Park City Real Estate Trends

Remodeling your Home to Sell

By Todd Anderson
Oct 06, 2008

Park City Remodel          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.

Finding Park City Real Estate Value

By Todd Anderson
Apr 24, 2008

           Park City real estate, like else where in the country, is experiencing a buyers market.  Most of the people I have been working with lately are in search of a "great deal".  To many people this means a property that is priced below previous sales.  This is certainly one element to consider but we have also been finding value in another area; the remodeled property that is priced at or just slightly above previous sales.            When the market was in its frenzy with multiple offers and not enough sellers many people saw the increased equity in their Park City home or condo as an opportunity to renovate their home.  Investors jumped into the market with the intent to buy, fix and flip a unit.  But markets change and some investors entered the market at the end of the cycle.  As a result there are properties in most areas that have undergone extensive renovations and can be a much better value than one that is just "priced to sell".  You may be able to buy that "fixer upper" at a discount but after your remodel will you still come out ahead?  The answer is often no.           We think you can find some strong values in investor owned properties.  These people, while seeking to maximize their returns, may be willing to break even or sell at a loss in an effort to free up their cash and "keep their money working" via other investment opportunities. Some people, myself for instance, who have remodeled their primary residence will usually decide to stay put unless they have to relocate for work.  See blog post of April 21, 2008           The advantage of buying remodeled homes and condos is two fold.  If you decide you want to own it long term you don't need to do much to bring it up to today's standards; it already has the granite counter tops, fresh paint, new carpet and nice cabinetry.  So, when the market moves up and you decide to sell the property it will be positioned ahead of those that have not undergone the renovation.  In the interim, you don't have to do the work and/or live in a construction project.           So when you are having the http://www.youinparkcity.com/ group help you find a best buy in the Park City real estate market don't be surprised if one of the opportunities we uncover isn't necessarily the least expensive.

Blog



 

Blog


Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nunc ut dui risus, id venenatis tortor. Maecenas a nibh enim. Nulla pretium velit sed urna ullamcorper eget feugiat justo volutpat. Duis dapibus sem sit amet arcu consequat molestie. Nulla facilisi. Pellentesque vel urna metus, at ultricies sapien. Donec et purus vel augue feugiat posuere id et diam.

Cras interdum viverra erat, lobortis semper enim commodo non. Cras pellentesque tristique felis, quis ultricies orci dignissim in. Sed iaculis fringilla urna, laoreet rhoncus nisi bibendum quis. Vivamus interdum facilisis nibh, eu mollis risus rhoncus at. Curabitur accumsan orci sed justo vulputate in consectetur eros facilisis. Sed a consequat metus. Nunc condimentum, nisi quis semper gravida, enim massa molestie mi, et porta augue massa quis libero. Morbi a viverra mauris. Quisque tristique, neque eu ullamcorper auctor, est sapien dignissim lorem, et pulvinar risus velit vitae orci. Praesent commodo, justo id pharetra feugiat, eros est eleifend odio, quis semper augue mauris vitae sem. Phasellus semper purus in nisi dictum consequat. Donec eros felis, tempor sit amet adipiscing sit amet, pharetra a dolor. Suspendisse eget faucibus justo.

Blog


Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nunc ut dui risus, id venenatis tortor. Maecenas a nibh enim. Nulla pretium velit sed urna ullamcorper eget feugiat justo volutpat. Duis dapibus sem sit amet arcu consequat molestie. Nulla facilisi. Pellentesque vel urna metus, at ultricies sapien. Donec et purus vel augue feugiat posuere id et diam.

Cras interdum viverra erat, lobortis semper enim commodo non. Cras pellentesque tristique felis, quis ultricies orci dignissim in. Sed iaculis fringilla urna, laoreet rhoncus nisi bibendum quis. Vivamus interdum facilisis nibh, eu mollis risus rhoncus at. Curabitur accumsan orci sed justo vulputate in consectetur eros facilisis. Sed a consequat metus. Nunc condimentum, nisi quis semper gravida, enim massa molestie mi, et porta augue massa quis libero. Morbi a viverra mauris. Quisque tristique, neque eu ullamcorper auctor, est sapien dignissim lorem, et pulvinar risus velit vitae orci. Praesent commodo, justo id pharetra feugiat, eros est eleifend odio, quis semper augue mauris vitae sem. Phasellus semper purus in nisi dictum consequat. Donec eros felis, tempor sit amet adipiscing sit amet, pharetra a dolor. Suspendisse eget faucibus justo.

Blog


Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nunc ut dui risus, id venenatis tortor. Maecenas a nibh enim. Nulla pretium velit sed urna ullamcorper eget feugiat justo volutpat. Duis dapibus sem sit amet arcu consequat molestie. Nulla facilisi. Pellentesque vel urna metus, at ultricies sapien. Donec et purus vel augue feugiat posuere id et diam.

Cras interdum viverra erat, lobortis semper enim commodo non. Cras pellentesque tristique felis, quis ultricies orci dignissim in. Sed iaculis fringilla urna, laoreet rhoncus nisi bibendum quis. Vivamus interdum facilisis nibh, eu mollis risus rhoncus at. Curabitur accumsan orci sed justo vulputate in consectetur eros facilisis. Sed a consequat metus. Nunc condimentum, nisi quis semper gravida, enim massa molestie mi, et porta augue massa quis libero. Morbi a viverra mauris. Quisque tristique, neque eu ullamcorper auctor, est sapien dignissim lorem, et pulvinar risus velit vitae orci. Praesent commodo, justo id pharetra feugiat, eros est eleifend odio, quis semper augue mauris vitae sem. Phasellus semper purus in nisi dictum consequat. Donec eros felis, tempor sit amet adipiscing sit amet, pharetra a dolor. Suspendisse eget faucibus justo.

 
 
Existing user sign in: 
Forgot Password?