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
Posted in buyers, Park City Real Estate Notes, Park City value |
0 Responses to "Distressed Real Estate Sales in Park City, UT"
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
Posted in buyers, Park City Economy, Park City Real Estate Notes, sellers |
0 Responses to "Park City On Sale!"
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
Posted in buyers, Park City Economy, Park City Real Estate Notes, sellers |
0 Responses to "Park City Real Estate Sales Stats for 1st Quarter 2010"
By Todd Anderson
Feb 21, 2010
As a real estate professional in Park City, Utah the most common question I hear after "How is the market?" is probably "What's the best deal in town?"
There are so many factors that go into what a deal is that the question is nearly impossible to answer without asking at least 20 more questions. I generally respond by trying to find out how the prospective Buyer will use the home. With nearly 1500 Single Family Homes and Condominiums available in the Greater Park City area, there are many deals.
Often times as we look at a deal, we are looking back and making a comparison to what things were a few years ago. With this as the criteria, there are a ton of great real estate deals in Park City. Unfortunately, they may also have been a deal back then when someone bought the property. We just don't have a crystal ball, and don't know what the future will be in terms of value.
The recent influx of bank owned and distressed sales bring many questions about the "deals" in our market. When we make comparisons between the asking price of the bank owned properties and a nearby home or condominium, a very close look needs to be taken in terms of deferred maintenance and what it will take to make this property a true equivalent of the other nearby properties. The risk factor in what may have been covered up (water damage is very common) and what you won't learn about a home due to banks' "as is" and ‘non-occupant" addendums. Distressed sales throw another variable into the picture: Can the home truly be purchased for the advertised price, and if so, how long will it take?
Best Buys can take on many different forms in Park City and will be very different for every buyer. A best buy may be the $4 million ski-in/ski-out home that needs $1 million in renovations or it may be the new studio condominium at the base of The Canyons that is auctioned off with an asking price of under $150,000. Sometimes the Best Buy is the home that hasn't been for sale that you've been watching for years that can finally be yours. In the end, it should be the place that is best for you the Buyer, the perfect home or weekend get-away that you will use to its fullest making memories and enjoying the Park City lifestyle.
Financing can also play a part of a Park City real estate Best Buy, not only what you can get from a conventional source, but Seller financing options and lease options can make a property a deal.
Let us help you in your search for your Park City Best Buy. Contact a real estate professional with YouInParkCity.com .
Tags: best buy, condominium, deal, distressed, financing, home, lifestyle, Park City real estate, sale, seller, Utah
Posted in buyers, Park City Real Estate Notes |
0 Responses to "What is a Real Estate Best Buy?"
By Todd Anderson
Jul 28, 2009
Pricing trends in the Park City and Deer Valley real estate market are very interesting right now. As the national economy tries to find its bottom, Park City, Utah real estate is doing the same while making an effort to prop up its values.
There has been an uptick in the sales activity recently and there is a feel within the real estate community that Buyers are coming back to the marketplace. Recent sales activity confirms the feeling. While the second quarter of 2009 shows 121 sales of land, homes and condominiums in the greater Park City area, there have been 75 closings in the last 30 days. There are some very interesting stories within the numbers here. A third of the sales were for over $1 million which goes against recent trends leaning toward "starter homes" and condominiums. Approximately 30% of the recent real estate sales in Park City and Deer Valley, Utah fall into a category of having drastically reduced prices (at least 20% from original asking price), being a distressed sale (short sales or bank owned properties), or a large variance to current asking prices for a local community.
There is a definite trend toward value no matter what price level, and in the upper most price level there is a tendency to hide sales prices in an effort to keep neighborhood values up. The top 14 sales in this recent report show 5 sales at 20% or more off their original asking price and 6 sales reporting an undisclosed sales price. Utah is a non-disclosure state which means that the sales prices are not part of the necessary data for recording a sale and the sales price is not public record (this is one of the reasons that Zillow has such poor information for Utah). The MLS systems do report sales prices, but again, it is not public record. In an effort to keep data attached to a sale, an undisclosed sales price is recorded in the MLS as 95% of the list price at the time of the sale. The inordinate number of undisclosed sales prices at the top end of the market may artificially inflate the value of these areas, but it can be argued that it is better than no record at all. The number of undisclosed sales prices at the top combined with those sales showing a 20% price reduction (11 of 14 combined) shows that the top levels of the Park City and Deer Valley real estate markets are not immune to the market downturn and that the sellers in the luxury marketplace are also willing to make a deal.
The increased number of real estate transactions in Deer Valley and Park City show that there are strong values in the market and that there are "value shoppers" finding deals here. Not all of these values have a listed price that reflects a value, but with some negotiation, bargains can be found. Contact a YouInParkCity.com real estate professional to claim yours.
Tags: bank owned, buyers, community, condominiums, Deer Valley, distressed, homes, Luxury, market, neighborhood, Park City, prices, real estae, trend, value, Zillow
Posted in buyers, Park City Real Estate Notes, sellers |
0 Responses to "Park City Real Estate Value"
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
Posted in buyers, Park City Economy, Park City Real Estate Notes, sellers |
0 Responses to "Park City short sale update"
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
Posted in buyers, Park City Economy |
0 Responses to "Park City Short Sales"
Jenny Clark