Local Area And Real Estate News

          Let the bargain hunting begin.  Home prices may still be falling, but they are getting low enough for some investors to be buying and selling to pocket a tidy profit, or buying investment property that actually returns a positive cash flow.           Rock-bottom prices have finally begun to lure real estate investors into the fray with the effect that prices may be stabilizing in some markets. For example, in south Florida where home prices have dropped nearly 27% a broker bought a three-family home for $195,000 that had been listed at $350,000.           Quick flips are in. Even in the Seattle area, where prices are down just 5% (similar to Park City) from a year ago, an investor purchased a 2700 square foot home for $330,000 and quickly sold it within 3 months for $415,000 (a 25% profit).           Many of these transactions involve a "short sale" (see blog dated 5/13/2008 entitled Short Sales in Park City, Utah), where the seller owes more than realistic market value, and the lender is willing to accept a low offer. But, in the Park City market, some transactions just reflect the lower market value. In other words, there are some real bargains on the market right now!           This week, I talked to representatives of the three ski resorts in Park City: The Canyons, Park City Mountain Resort, and Deer Valley. They are all reporting that advanced sales of lift tickets and skier services are substantially ahead of last year already. It looks like another great ski season in Park City, UT is just months away.           And more good news was reported in the Salt Lake Tribune this morning.  A new survey by Ball State University's Bureau of Business Research ranked Utah the second best state in the country for manufacturing success. Previously, Forbes.com and CNBC placed Utah in the top five states for its business climate. Today, the Nation's Unemployment Rate was announced at 5.7 percent for July with a loss of 51,000 jobs while Utah gained 1.3 percent jobs and listed unemployment at just 3.2 percent.           For current market information on vacation homes or investment properties in the Park City area, use the "Contact Us" button at the top of this page. You can expect a response within 24 hours from one of the http://www.youinparkcity.com/  real estate experts. Technorati Profile Submitted by Ken Drummet, 8/2/2008