By Todd Anderson
Oct 07, 2012
The third quarter of 2012 has slipped by and fall is in the air in Park City, Utah. Real estate sales for the area are changing focus a bit from single family residential to vacation second homes and condominiums more focused toward winter sports.
Year versus year sales data for Park City real estate shows a market gaining strength. Single family home sales so far for the year are up 6% versus the first three quarters of 2011 and condominium sales in Park City have seen a 10% increase.
Sales comparisons for the most recent quarter show condominium sales rising quickly in Park City. Sales of condominiums for the third quarter were up by nearly 25% from the same time period last year. This increase represents nearly the total difference in sales when comparing the quarters. A large portion of this was a bulk sale at the Newpark Hotel. When excluding this bulk sale, sales were still up by over 10%. Also of note in Park City condominium sales is the fact that the median price of the condominiums sold is that the median sales price was up over 10%. The median sales price of $315,000 ($340,000 excluding the bulk sale) would indicate that over half of the sales are condominiums that would be classified as vacation rentals.
Single family home sales by contrast have seen a decline in their median sales price ($705,000 in Q-3 of 2012 versus $750,000 for Q-3 of 2011).
The impact of distressed sales fell again this past quarter with only 25 sales that were bank owned properties. This was down from 38 for the same quarter last year; a 35% decrease. Competition in purchasing bank owned homes and condominiums in Park City continues to be fierce; most experience multiple offers, sales prices above asking price and almost all end in a cash purchase sales.
Real estate sales in Park City, UT are location specific and many factors specific to location should be considered when determining which area or subdivision is best for you. Contact a Park City realty professional with YouInParkCity.com at (888)968-4672 for more information.
This data has been derived from sales statistics as posted on the Park City Board of Realtors MLS using only statistics involving single family homes, condominiums, and vacant land in the greater Park City areas (1-23). Data is considered accurate, but not guaranteed.
Tags: condominiums, homes, market, Park City, Park City real estate, sales, statistics, Utah, vacant land, value
Posted in buyers, Park City Real Estate Notes, Park City value, sellers |
0 Responses to "Park City Real Estate Sales and Info Q-3 2012"
By Todd Anderson
May 24, 2012
Two appraisals of the same Park City home result with a large dollar discrepancy.
A buying client of the YouInParkCity.com Group was set to purchase a home and was paying cash. Even though it was technically unnecessary, we felt that an appraisal of the home would be good for everyone’s peace of mind ensuring that the second home they were buying was a good value. With the cash purchase, we were on a short timeline and our first choice of local Park City appraisers was on vacation. We asked around and got a few good recommendations for another qualified local appraiser.
The buyers asked that the appraisal be made without the appraiser knowing the contract price of the home. The appraisal came back at approximately 10% below the agreed upon purchase price. Upon getting the appraisal, the Sellers agreed to pay for another appraisal (feeling that this one was incorrect).
For the second appraisal, the Sellers gave the appraiser (another respected local Park City appraiser) a copy of the Purchase Contract. This time the home appraised at the contracted purchase price (10% above the previous appraisal).
We asked both appraisers about their findings. Both stood behind their appraisal values for the home but there were some interesting differences.
Most of the homes used as the comparable sales were the same. In looking at the two appraisals and the adjustments made for the same subject property values of the same item were very different. While one gave a $2500 adjustment for A/C, the other valued it at $5000. A fireplace was valued by one appraiser at $4000 while the other valued it at $2500. One placed a dollar value on the hot tub while the other considered it personal property not attached to the home and gave it no value. The largest discrepancy between the two appraisals was the adjustment for size; one gave a $30/sq ft adjustment versus a similar home (same number of beds, baths, kitchen, etc.) while the other valued the added space at $70/sq ft. This difference was magnified by the 100 sq ft difference between the two measurements stated in the appraisals.
Which one of the appraisals was correct? As it is with most things, it depends upon which side of the transaction you are on. I believe that the value lies somewhere in-between.
Tags: appraisal, Buyer, homes, local, Park City, Real Estate, seller, Utah, value
Posted in Uncategorized, buyers, Park City value, sellers |
0 Responses to "Park City Home Value Appraisals"
By Todd Anderson
Mar 13, 2012
How much off the list price can I expect to pay for Park City Real Estate?
We live in a time when everyone wants a deal and consequently people don’t want to pay the asking price for just about anything. Discounts flood our email in-boxes, coupons fill the mail and newspapers are delivery vehicles for weekly sale circulars. It has gotten to the point that we readily know that full price isn’t what we’ll pay in the end.
There are of course some exceptions; we know the price of an iPad will be the same wherever we buy it and there won’t be any discounts, and we don’t wait to go to Starbucks until the coffee is on sale.
What about houses and condominiums in Park City, UT? Are people paying full price or is everything on sale?
Over the past 90 days there have been 228 sales registered across the Park City MLS. Of these sales, 36 recorded at or above the asking price. Over 15% of the sales were full price or more. Moreover over half of the transactions recorded with a sales price of 95% or more of the asking price. In terms of a retail sale, a 5% off banner wouldn’t turn any heads. What happened to the big discounts? Only 39 of the 228 real estate sales in Park City were discounted by more than 10%.
This isn’t necessarily an indication that people are willing to pay full price, but rather that people are willing to pay for value. If full price is less than a comparable recent home sale and/or if the home or condo is better than other options or part of a limited supply, asking price can be a good value or deal.
Interestingly, not all of the sales that were not discounted moved quickly. Nearly half of the sales that show 5% or less discounting from their original price had been on the market for over 90 days.
Your YouInParkCity.com Group real estate professional can help you determine if a Park City or Deer Valley home or condominium is “on sale” and a value in our current market. Call us at (888)968-4672 or email info@youinparkcity.com to discuss current area home values.
Tags: buyers, condominiums, deals, homes, Park City, prices, Real Estate, UT, value
Posted in buyers, Park City Real Estate Notes, sellers |
0 Responses to "Are Buyers Paying Asking Price for Homes in Park City?"
By Todd Anderson
Nov 13, 2011
The Western Mountain Resort Alliance is composed of 13 destination ski resort area Boards of REALTORS®. The alliance was founded on the idea that while the resorts vary geographically, they share many of the same real estate and development issues due to their vacation resort status. The alliance publishes quarterly sales statistics for the various destination ski areas.
While we here in Park City, UT believe that our resort community offers some of the best recreational opportunities and easiest access of any Western North American Ski Resort, a look at what can be purchased in other resort towns can be very informative.
VS.
Having spent 10 years in Vail, CO, I am jaded to believe that it is the resort with most in common to Park City. In terms of total available inventory if we exclude vacant land, the two areas are almost identical although the single family homes versus condominiums is reversed with Park City having nearly double the number of single family homes on the market as Vail. The number of units sold in the two towns shows Park City’s sales being up 18% in unit volume for the first three quarters of 2011 while Vail’s sales were relatively flat. Available inventory is down in both Park City and Vail versus 2010. The average sales price in Park City saw a 10% decline while Vail registered a 25% decline versus the same period last year.
Another interesting comparison stat between Park City and Vail is the median sales prices. Park City area single family home sales saw a median price (half above and half below) of nearly $550K while Vail shows $400K. Conversely, condominium sales median pricing shows Vail at $480K and Park City at $325. Average sales prices for both single family homes and condominiums are considerably higher in Vail than in Park City.
Maybe Park City and Vail don’t have as much in common as I thought in terms of real estate and the associated values. This likely has a lot to do with the differences in terms of Park City having been an old mining town that developed ski resorts versus Vail having been a ski resort that developed into a town.
For in-depth neighborhood by neighborhood
real estate information about Park City, UT, contact a realty professional with the YouInParkCity.com Group at (888)968-4672.
Tags: CO, comparison, condominiums, homes, Park City, Real Estate, resort, sold, UT, vail, value
Posted in buyers, Park City Real Estate Notes, Park City value |
0 Responses to "Ski Resort Real Estate: Park City or Vail"
By Todd Anderson
Jun 25, 2011
Summer seems to finally have established itself here in Park City and with it has come the various summer concert series'. These opportunities represent a great part of the Park City lifestyle and an added value to living in the area.
Sounds of summer fill the air in Park City, Utah as free concerts can be heard most nights of the week.
Sundays features music at the Park Silly Market from 10-5 on two stages.
Also on Sundays are the Concerts at Quarry Village in Pinebrook starting at 5 pm.
Tuesdays offer free concerts at the Lodge at Stillwater with their Patio Series offering great views of the Jordanelle Reservoir.
Wednesdays features the Mountain Town Music Festival at Deer Valley's Snow Park Amphitheatre at 6pm.
Thursdays have music offerings at the Newpark Town Center in the Kimball Junction area of Park City from 6-8pm. Also on Thursday evenings is the concerts in the park and farmers market in Heber City; market starts at 4:30, music begins at 6:30. Plaza Palooza is also a free outdoor concert at the base of the Silver Star Lift every Thursday from 6-9pm.
Fridays and Saturdays: Canyons Resort summer concert series begins July 16 offering free concerts Saturdays at 6pm at the Resort Village. Park City offers many opportunities to enjoy music weekend nights, but not as many are free in nature.
Other great live music opportunities in Park City can be found in the many local bars and restaurants. Events are constantly being added and with the vast number of listening opportunities it is impossible to catch them all, but nearly impossible to not find a good concert nearly any summer night of the week in Park City, Utah.
Tags: concert, lifestyle, music, Park City, summer, Utah, value
Posted in Park City Events, Park City value |
0 Responses to "Park City Summer Music Scene"
By Todd Anderson
Nov 03, 2010
ParkCityGreen.org
ParkCityGreen.org is a community resource run by Park City Municipal and the Park City Foundation; a grant from the John S. and James L. Knight foundation helped make it possible. The idea is to help residents understand how they can (and do) affect the earth through their carbon footprint, water usage and waste production.
The website has calculators for your home and business which allow you to measure your carbon footprint, water consumption, and waste production. It then offers tips and options to help reduce and recycle. The program will compute costs and give you ways to save as well as ways to produce less waste. The program's "what if calculator" allows you to set goals for yourself, family and business.
Other great parts of the program include "My Sustainable Year" which is a weekly challenge to make a change in your life toward less impact on the environment. Challenges range from eating food produced locally, to walking or riding the bus versus driving your car; avoiding peak energy usage hours, trying to use less hot water, turning out the lights. It is amazing when you monitor what you do, how much you realize you might be wasting. The My Sustainable Year Challenge can be found on the ParkCityGreen.org website and heard on Park City's local radio station KPCW at the beginning of each week. As well as during the "This Green Earth" weekly radio show.
There are great reference tools to help you learn about how you can make a difference as well as kid specific portion of the website. We encourage you to take a look at all of the information this Park City community resource provides. No matter what your personal belief toward global warming may be, this Park City resource gives you ways to easily do what you know is right in terms of doing your part to protect the limited resources our world has.
ParkCityGreen.org is another of the many intangibles that add value to Park City Real Estate and make the Park City, Utah area a great place to live. For more information on making Park City your home, contact a realty professional with the YouInParkCity.com Group.
Tags: community, Park City, ParkCityGreen.org, Real Estate, Utah, value
Posted in buyers, Park City value |
0 Responses to "More things that add to Real Estate Value in Park City, Utah:"
By Todd Anderson
Oct 17, 2010
Added Value to Park City Real Estate: The Youth Winter Sports Alliance
There are many things about Park City, UT that make living here truly special and add to the value of real estate here. There are the things that are obvious: the clean air, the views, the easy and accessibility of outdoor activities, the restaurants, galleries, nightlife and of course 3 world class ski resorts to mention but a few. But there are also many smaller community related events, clubs, foundations and programs that may go unnoticed on a vacation here or a search of properties online. One such offering is the Youth Winter Sports Alliance.
The Youth Winter Sports Alliance (YWSA) was initially established to create a legacy for the 2002 Winter Olympic Games by spearheading a community-wide effort to increase the number of children who actively participate in winter sport programs from the greater Park City area, as well as the surrounding Summit and Wasatch Counties in Utah.
The Alliance is been one of the community's leading advocates in getting the youth of Park City involved in winter sports. The YWSA seeks to involve youth through its outreach programs to schools in Summit and Wasatch County by presenting at assemblies and community school festivals to create awareness of the available winter sports opportunities. The YWSA sponsored "Get Out & Play" program serves the four elementary schools in the Park City School District. Each Friday afternoon for five weeks, over 650 children ranging in age from six to twelve participate in alpine skiing, cross-country skiing, ski jumping, moguls and terrain park activities.
A large portion of the Youth Winter Sports Alliance annual budget comes via fundraising at the annual Jan's Winter Welcome which will be held this year on the 23rd of October at the Silver Lake Lodge in Upper Deer Valley. With the generous support of individuals, and local and national businesses, the costs of undertaking these sports have been reduced, making participation possible for thousands of Park City area children over the years. Some of these youth go on to the highest levels of competition, and others simply take away the valuable life lessons imparted through participation in winter sport programs.
Youth programs such as this as well as many other community outreach programs are part of what adds value to Park City Real Estate. For more information about this and other community involvement projects or any other Park City real estate questions, contact a realty professional with YouInParkCity.com (888) 968-4672.
Tags: Park City, value, Youth Winter Sports Alliance
Posted in Park City value |
0 Responses to "Park City Value Added"
By Todd Anderson
Aug 30, 2010
What Makes Park City Real Estate Valuable? Park City Miner's Day Celebration
The upcoming Labor Day weekend traditionally marks the end of summer, and here in Park City, Utah we celebrate it a bit differently. Park City, UT was founded as a mining town rich in silver. The boom here continued until the government went away from the idea of backing the US Dollar with silver; and the relative collapse of silver prices. This made way for the "silver that is mined today" represented by tourism and outdoor activities: skiing, snowboarding, golfing, hiking, biking, fishing, etc. But more than these activities, it is the funky nature of the town and community that make people want to own a vacation home or live here permanently. Things like the upcoming Miner's Day celebration add value and lifestyle differences to our town.
Miner's Day in Park City is a full day of celebrations:
- The day starts with a pancake breakfast in City Park at 7:00 am (presented by St Mary's Catholic Church)
- The Funky 5K Fun Run starts at 8:30 - perfect to work off those pancakes (sponsored by Arts-Kids go http://www.arts-kids.org/events-funky-5k.html to register)
- 10:45 Features the "running of the balls" down Main St. a fund raiser for Park City Rotary Club (think of a "rubber duckie" race done with tennis balls down Main St.)
- At 11:00 am the parade starts down Park City's Historic Main St.
- Music in the park will run from 11:45 am - 5:00 pm at the City Park Stage
- Noon-3:00 pm keeps you in City Park with a BBQ Lunch (sponsored by DW Healthcare Partners)
- Kid's races take off from City Park Stage from 12:30-1:00 pm
- From 2-2:45 is the annual Mucking & Drilling Competition - this really puts the life of a miner in Park City into perspective; skiing is so much easier
Miner's Day in Park City, Utah is one of those yearly (this is the 113
th annual celebration) events that is great to attend. You are bound to see friends you haven't seen in a while, and no doubt you will have a great time.
Events like the Miner's Day Celebration are what makes Park City a special place to live and part of the lifestyle that adds value to real estate in Park City.
For information about how to make the Park City lifestyle yours by purchasing real estate in Park City,
contact a realty professional with YouInParkCity.com.
Tags: Labor Day in Park City, lifestyle, Miner's Day, Real Estate, Utah, value
Posted in buyers, Park City value |
0 Responses to "More of What Makes Park City Valuable"
By Todd Anderson
Jul 30, 2010
More than just the skiing, biking, golf, snowboarding, hiking or ...it is the local Park City community, people (residents and vacationers alike), and local amenities that make Park City Real Estate Valuable.
Ask a local why they live in Park City, UT and many will answer that they came here for a winter and never left. In this ongoing blog chapter we will talk about some of the many things that make Park City, Utah a special place to live and own real estate.
Today's topic: Park City Gallery Stroll
You spent the last year searching Park City Real Estate for your dream vacation home and you finally found one in Deer Valley. Now you need the perfect piece of Art to make this Deer Valley condominium yours. Where do you look? Park City's Friday Gallery Stoll is a great place to start. On the last Friday of every month (year around) from 6:00 to 9:00 the gallery doors are open and light refreshments are served just so you can meander through, get familiar with the Park City art scene.
There are 19 galleries within walking distance of each other in and around Historic Main St. Park City that take part in the monthly Gallery Stroll. The galleries feature a variety of local and nationally known artists. Even if you don't find the piece of art you want it is a great way to spend an evening in Park City.
I'll be the first to admit that we often use the gallery stroll as a nice walk before dinner on Main St; snacking along the way. The great variety of galleries and artwork give a great insight to your friends as you observe what each of you finds interesting or moving.
For more information go to: http://parkcitygalleryassociation.com/
Click here for a map to the Galleries: http://parkcitygalleryassociation.com/map.pdf
If there is a Park City community amenity that you have questions about, drop The YouInParkCity.com Group an email.
Tags: amenity, art, condominium, Deer Valley, gallery, local, Main St, Park City, Park City real estate, Real Estate, stroll, Utah, value, walk
Posted in buyers, Park City Real Estate Notes, Park City value |
0 Responses to "Park City Gallery Stroll"
By Todd Anderson
Jun 11, 2010
More than just the skiing, biking, golf, snowboarding, hiking or ...it is the community and local amenities that make Park City Real Estate Valuable.
Ask a local why they live in Park City, UT and many will answer that they came here for a winter and never left. In this ongoing blog chapter we will talk about some of the many things that make Park City, Utah a special place to live and own real estate.
Today's topic: The Park City Farmers Market
Every Wednesday throughout the summer, there is a local Park City Farmers Market held in the lower parking lot of The Canyons Resort.
The weekly event is held rain or shine. It is one of those great spots around town where you are bound to run into friends. Stop by and grab lunch, along with some fresh produce, local raised beef and lamb, fresh fish, bread, cheese, flowers and more. The Wednesday Park City Farmers Market is a great stop for food and snacks on your way to the free concert at Deer Valley too.
The market is also home to some local artisans featuring sculptures, art, jewelry, antiques and more. The Wednesday Market has been the inspiration for a few other indoor and outdoor markets around Park City and it is still one of the best.
For more information about the Park City Farmers Market, go to: http://www.parkcityfarmersmarket.com/.
The Park City Farmers Market gives locals and visitors alike a sense that our community is not just about our resort amenities, Summit county not long ago was a mixture of mining and farming communities and to the east of park City, the farming still thrives. Local markets such as this one provide an easy way to be "green"...think global, buy local.
If there is a Park City community amenity that you have questions about, drop The YouInParkCity.com Group an email.
Tags: community, Deer Valley, farmers, food, local, market, Park City, Real Estate, resort, UT, Utah, value
Posted in Park City Economy, Park City Real Estate Notes, Park City value |
0 Responses to "Park City Real Estate Value #4"
By Todd Anderson
Jun 04, 2010
More than just the skiing, it is the community and local amenities that make Park City Real Estate Valuable.
Ask a local why they live in Park City, UT and many will answer that they came here for a winter and never left. In this ongoing blog chapter we will talk about some of the many things that make Park City, Utah a special place to live and own real estate.
Today's topic: The Kimball Art Center
The Kimball Art Center is Park City's nonprofit community art center. Located in the heart of Historic Old Town the Kimball is considered by many the hub of the arts in Park City. Most renowned for hosting the Park City Arts Festival, one of the top art festivals in the country the Kimball Art Center also has classes for artists of all ages and abilities. While I take at least one class a year one of my favorite things do is the monthly Friday night gallery stroll which starts and ends at the Kimball and includes a stop at all of the galleries in Old Town. Most galleries provide beverages and light hors d oeuvres. Of course the center also hosts some fantastic exhibitions featuring both local and nationally known artists. Like the Park City Transit System the Kimball Art Center is free to the public.
While the Kimball has no affiliation with the Park City Real Estate community it is considered by many locals and potential home buyers to be one of the important amenities that make Park City such a great place to live or vacation.
For a list of events or classes at the Kimball visit their web site at kimballartcenter.org or visit the YouInParkCity.com events section at youinparkcity.com/events. If you stop by the Kimball and have any questions about Park City Real Estate stop by our office at 693 Main Street located right next door to the lower level entrance to the Kimball and ask for Rob or Todd.
If there is a Park City community amenity that you have questions about, drop the YouInParkCity.com Group an email.
Tags: amenity, arts center, community, festival, gallery, Kimball, Park City, Real Estate, value
Posted in Park City Neighborhoods, Park City value |
0 Responses to "What Makes Park City Real Estate Valuable? #3"
By Todd Anderson
May 29, 2010
More than just the skiing, it is the community and local amenities that make Park City Real Estate Valuable.
Ask a local why they make Park City, UT home and many will answer that they came here for a winter and never left. In this ongoing blog chapter we will talk about some of the many things we think make Park City, Utah a special place to live and own real estate.
Today's topic: KPCW - Your Community Connection
KPCW is Park City, Utah's local radio station. As one of the few radio stations that sounds clear in your car while driving around Park City, it has a tremendous local following. KPCW is one of the best sources for news and events relevant to the Park City area.
KPCW dedicates five hours a day to award-winning, in-depth local news and interviews, with a focus on local Park City and Summit County issues. KPCW broadcasts timely information on local emergencies, road conditions and weather. The station also offers critical support to local not-for-profit organizations, providing interviews and producing over 26,000 free public service announcements each year to promote their activities.
Unique local programs created by KPCW include: The Morning Show and Local News Hour, Monday-Friday 6:00 - 9:00 AM with Leslie Thatcher presenting local news, traffic and interviews; Mountain Money, with Ann Johnson, a daily report on local businesses; PM Park City, each afternoon with Randy Barton featuring local news and interviews; Cada Domingo, a weekly three-hour program offering national and international news, music and interviews of importance to the area's Spanish speaking community; This Green Earth, a weekly program with local and national "green" news and experts who help listeners live a more environmentally informed life; and Miner Details, a one-hour weekly report on local activities and sports produced by students from Park City High School. The station also provides a Saturday morning Classifieds Show, on-line Ride Board and Lost and Found.
World News Service from the BBC is broadcast overnight starting at 10 PM through 5:00 AM. Throughout the rest of the day, music is played by over 50 local volunteer DJ's.
Many of the local news stories heard on air are posted on the station's website at http://www.kpcw.org/.
KPCW is one of the many things that while somewhat intangible definitely adds to the value of real estate in Park City and makes Park City a great place to live and call home.
If there is a Park City community amenity that you have questions about, drop The YouInParkCity.com Group an email.
Tags: community, home, information, KPCW, news, Park City, place to live, radio, UT real estate, Utah, value
Posted in Park City Economy, Park City Real Estate Notes, Park City value |
0 Responses to "What Makes Park City Real Estate Valuable? #2"
By Todd Anderson
May 27, 2010
More than just the skiing, it is the community and local amenities that make Park City Real Estate Valuable.
Ask a local why they live in Park City, UT and many will answer that they came here for a winter and never left. In this ongoing blog chapter we will talk about some of the many things that make Park City, Utah a special place to live and own real estate.
Today's topic: The Park Record
The Park Record is Park City's local newspaper. The paper comes out bi-weekly on Wednesdays and Saturdays. You can receive the paper by mail, or purchase it at many local outlets and distribution boxes for $0.50. It is also available online at http://www.parkrecord.com/.
The Park Record is a great avenue for learning about what is going on in Park City. When someone walks in the front door here at the Keller Williams office at 693 Main St in Park City asking about what is going on in town, I recommend the Park Record as one of the best resources. It isn't your source for national or world news. The paper is full of articles about local residents, local businesses, local politics and happenings. The paper is a great source for retail and restaurant specials, job openings and long term rentals.
Park City real estate advertising makes up a good portion of the advertising, but the internet is a much more complete and frequently used portal for searching real estate for sale see YouInParkCity.com
If there is a Park City community amenity that you have questions about, drop the YouInParkCity.com Group an email.
Tags: amenity, community, newspaper, Park City, Park City real estate, park record, Utah, value
Posted in buyers, Park City Neighborhoods, Park City Real Estate Notes |
0 Responses to "What Makes Park City Real Estate Valuable?"
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
Posted in buyers, Park City Golfing, Park City Real Estate Notes, Park City Skiing |
0 Responses to "Park City Real Estate"
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 |
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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
Posted in buyers, Park City Economy, Park City Real Estate Notes |
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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
Posted in buyers, Park City Real Estate Notes |
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Jenny Clark