Why Now IS A Good Time to Buy a Ski Vacation Home

By Todd Anderson

Mar 20, 2014

The 2013/2014 ski season is nearly over, but the storm that blew through Park City, UT Tuesday is a reminder that there will be fresh powder to reports still to come this Spring. There are still four plus weeks of good skiing left in the season. Spring skiing in Park City brings great opportunities to diversify your day, ski the morning and go fishing or play golf in the afternoon… a 20 minute drive to the Heber Valley makes this more than viable now that daylight savings has kicked in and the sun is out until nearly 8PM.

With the season coming to a close, it is the perfect time to think about buying. How many years have you been thinking it would be great to own in Park City? If you don’t get to it now, another year will likely pass you by. Purchasing now would give you time to come out during the summer (you’ve heard every local tell you “they moved for winter and stay because of summer”) and add the touches to make it yours. If you decide to make bigger changes or things that need a contractor, it is best not to wait until the fall… you’ll only to find that the contractors are all busy with every other job that waited until the last minute.

Purchasing real estate in Park City now will make all of the planning easier. You’ll likely have to force yourself into making an extra ski vacation next year (darn!). But, you can work around your schedule instead of trying to find a rental.

Sellers are ready to move on; it can be a good time to make a deal. There’s no need to hassle with existing rentals and management contracts. Sellers know they are moving into the slow season and will have higher upcoming carrying costs.

We are not advocating that you buy a Park City vacation home now because there won’t be another chance in the future, we are just pointing out that there are many good reasons not to wait until next year.

There is a chance that if you start thinking about the 2014/2015 ski season now, you may actually find time to get in shape for it before it gets here.

Tags: buying, condominiums, homes, Park City real estate, ski vacation
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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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Donald Trump and Park City Real Estate

By Todd Anderson

Aug 26, 2008

A recent video on the web shows an interview by Hilarie Barsky of Good Morning America Now speaking with Donald Trump about the real estate market. Mr. Trump is quoted as saying that the time to buy is now through next year and that those who don't may be wishing they had in the future. Trump feels that we are currently at "about the bottom of the market". We see and hear reports pointing in all directions about which way the market is going. Mr. Trump may have some good insights, but can he call the bottom of the market? Only time will tell. He also states in the interview that "the country is obviously in big trouble" and that the banks have failed the people. Buying while home prices are down is good if you can find a way to finance it, and time will probably show that Trump seeing buying signals now was a good call. How does all of this relate to the Park City market? The President of the Park City Board of Realtors recently said that prices in the Park City area are holding steady while inventories are on the rise. Economics 101 tells us that this can't last and the likely solution to drive up demand is to lower prices. Recent sales in the Park City, UT area indicate that prices are falling. The YouInParkCity.com group feels that most of the homes that have sold recently represent aggressively priced houses and condominiums that were a true value. We have recently added a Park City Best Buys page to our website. In its first week, 2 of the 12 properties we identified were put under contract. We will continue to update the site with Park City homes we think are a strong value and monitor the results. The Park City market may not have reached its true bottom, but we are seeing some great values. A couple of other things from the Donald Trump interview do ring true in the Park City market. Mr. Trump states that real estate is a local business and that you need to know what you are doing. This idea has been a common theme in the www.YouInParkCity.com/blog. We know what we are doing and we are here to help you with your Park City real estate needs. To see the Donald Trump interview go to: http://abcnews.go.com/video/playerIndex?id=5576708 or search ABC News Donald Trump 8/13/2008. Posted by Todd Anderson

Tags: best buys, buying, Donald Trump, homes, market, Park City, prices, Real Estate, sales, UT, value
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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.

Tags: Buyer, buying, investor, Park City, Real Estate, remodel, Utah, value
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