park city utah real estate: Housing Recovery is Here & Builders are Happy
- 11/29/12 07:34 AM
The housing market is recovering, both nationally and in Park City.
Nationally, existing Home Sales were up 2.1% in October, staying right near their highest level in over two years. Sales are up 10.9% from a year ago. In Park City, existing home sales are up more than 10% over the previous year.
Nationally, the median price is now $178,600, up 11.1% over a year ago. In Park City, the median price has been essentially flat since January, 2011.
Nationally, the supply of existing homes dropped from 5.6 to 5.4 months. The inventory of existing homes is down to 2.14 million, … (2 comments)
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park city utah real estate: Homes 40% More Affordable Today than 2006
- 11/27/12 07:08 AM
This slide assumes a 20% down payment for a buyer who qualifies for a payment of $1,800 per month.
In January, 2006, that person could afford to buy a home with a purchase price of $365,420. Today, that same buyer would qualify to buy a home with a purchase price of $508,940. What is interesting is that the median home price in the Park City area is just under $500,000. So, homes really are 39% more affordable today than in January, 2006.
If you would like to see additional Park City real estate statistics, please send an email to nancytallman@gmail.com, … (0 comments)
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park city utah real estate: What is Your Idea of Luxury?
- 11/17/12 12:32 PM
Eleven homes listed for sale in Park City are priced at $10million and up. Each of these homes is ski in/ski out. Three of these homes are located at the Colony at White Pine Canyon and the rest are in Deer Valley. The Deer Valley homes are located in the neighborhoods of Deer Crest Estates, Bald Eagle Club, and Empire Canyon. The Huntsman Estate is located in Upper Deer Valley.
What do these homes have in common? They are big. The smallest is 11,250 square feet and the largest is the Huntsman Estate, which is 22,000 square feet. … (3 comments)
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park city utah real estate: Just Listed-Rare “All Seasons” Condo
- 11/13/12 10:57 AM
Bright, Open, Spacious & the IDEAL Location are just a few words to describe this newly listed, single level, 3-bedroom/3-bath condominium. Located on Empire Drive, just behind Park Avenue and Cole Sports, this home has beautiful views of Park City Mountain Resort and Park City Golf Course, and is literally steps to both. Or, take a quick walk to Main Street and Park Avenue dining, movies & shops. Meticulously cared for and up-dated by long-term owners who have developed a turnkey VRBO rental business with stable income. Over $25k in confirmed rentals for this ski season.
Whether you are … (2 comments)
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park city utah real estate: Descriptive Words Drive Sales Prices
- 11/08/12 09:58 AM
Houses that real-estate agents describe as “move-in condition” sell 12% faster than homes listed without those words. “Starter homes” sell 9% faster. But be careful: A house called a “handyman special” sells about 50% faster, but the final price is 30% lower than listings that lack those words.
For the past decade, Paul Anglin, associate professor of real estate at the University of Guelph in Ontario, has been studying the effect of certain words in house descriptions.
One of the worst offenders is “motivated” sellers, which both lowers the sell price and slows the sale. Oddly, frantic pleas of “must … (5 comments)
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park city utah real estate: Park City Market Snapshot
- 11/06/12 08:02 AM
Third Quarter, 2012
Park City September, 2012 pended sales were the highest since early 2012. Park City existing home sales rose 7% in September to 120 and are 10.1% higher than last September. Park City closed sales are up 100% since 2009. Fifty-two percent of Park City buyers paid for their real estate purchase with cash this year. The supply of Park City listings is the second lowest level since January, 2007. Distressed sales represented 13.5% of all sales in 2012.[10% REO/Bank owned and 3.5% short sales]. This is down from 27% of all sales in 2011. Less than 6% … (0 comments)
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park city utah real estate: Price Surge in the Luxury Market
- 11/01/12 05:52 AM
With the inventory of luxury homes down by about one-third and wealthy foreign buyers looking to make safe-haven investments, prices are rising in America’s most expensive zip codes. A booming US technology sector and renewed interest in vacation homes have been strong contributing factors as well. [For the 100 most expensive US zip codes, visit Forbes]
“Many of the world’s new wealthy are looking for places to park their money and despite the economic uncertainty, the pattern is to buy and hold property in the U.S.,” says Jonathan Miller, chief executive of Miller Samuel, a New York-based appraisal firm. Real estate agents from … (0 comments)
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park city utah real estate: The Closet As Art
- 10/30/12 06:10 AM
Once an architectural afterthought, closets are increasingly becoming a focal point in luxury homes. Premium closets may contain library-style stacking shelves for shoe and bag collections, suspended racks laden with off-season garments (accessed by pulling a lever), discreet jewelry safes camouflaged by mirrors, LED-illuminated cases filled with couture clothing exhibited like works of art, silk line drawers apportioned for accessories like sunglasses, climate-controlled fur cabinets and lavish finishes like crystal chandeliers and Carrera marble vanities.
Then there are the creative extras: washer and dryer, wine refrigerators, coffee maker, flat screen TV, and cigar humidors. The premium closet functions as both … (0 comments)
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park city utah real estate: 5 Reasons to Sell Now
- 10/25/12 07:17 AM
1. Only Serious Buyers Are Out At this time of year, only those purchasers who are serious about buying a home will be in the marketplace. You will not be bothered and inconvenienced by mere ‘lookers’. The lookers are at the mall or online doing their holiday shopping.
2. There is Far Less Competition in Some Neighborhoods In Park City, the housing inventory in neighborhoods with full time residents always shrinks dramatically at this time of year. The winter resort properties usually hit the market in December, creating a window of opportunity right now. Inventories in some neighborhoods are extremely low … (4 comments)
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park city utah real estate: Park City Short Sales - Still Available
- 10/23/12 06:55 AM
Could a short sale purchase be right for you?
A short sale is when the seller owes more to his or her lender than a property is worth. The buyer purchases the property from the owner/seller, but the purchase contract is subject to approval by the owner’s lender.
The Park City short sale pickings are slim, but there are still a few good deals out there. Distressed sales (short sales and foreclosures) in the Park City market account for less than 15% of all sales. This is the lowest level since 2007. Statistically, short sales are discounted about 13% off retail. … (0 comments)
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park city utah real estate: You Can't Take it With You
- 10/17/12 07:00 AM
2891 West View Trail In most states, including Utah, fixtures are part of the Real Estate Purchase Contract (REPC). These items are clearly spelled out in the Utah REPC, and include, among other items, light fixtures and bulbs; ceiling fans, bathroom mirrors; curtains, draperies, rods, window and door screens; satellite dishes; fencing and landscaping.
I have seen more transactions go sideways over fixtures and personal property than I care to remember. It even happened to me before I was a licensed realtor. My husband and I bought a home in California to use as a rental. All went well until the … (0 comments)
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park city utah real estate: Amazing Discoveries on Final Walk Through
- 10/09/12 07:11 AM
How would you feel if you saw the water leak in the photo above the day before you were closing on a million dollar home?
Section 11.1 of the Utah Real Estate Purchase Contract, (known to all realtors by the acronym REPC), allows for a “pre-Settlement walk-through inspection”. The purpose of this walk through is for the buyer to determine that (i) the property is in the same condition as it was when the buyer wrote the offer, (ii) personal property that was supposed to be left in the property is present, and (iii) any repairs that were agreed upon … (46 comments)
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park city utah real estate: Beware of Real Estate Rip Offs on Craigs List
- 10/04/12 03:41 AM
Anything suspicious to you about this Craigslist ad? $650 / 2br - Experience the Park City lifestyle at its fullest from the top of Main (Park City, UT). Several people from all over the U.S. looking for a rental in Park City responded to the ad. They received the following email response:
“The house is very much available and it is a large 2 bedrooms and 1 bathroom house. Which was formally occupied by me and my family before we left for Nigeria for a pastoral duty with the US-AID, we left for a volunteer mission together with other missionaries for … (4 comments)
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park city utah real estate: The Ups and Downs of Lowball Real Estate Offers
- 10/02/12 08:19 AM
I was just talking on the phone with an owner of one of my listings. We were deciding how to respond to an offer that was 75% of list price. Ironically, this was the THIRD such offer I received this week. I received an offer at 57% of list price on one home and an offer at 83% of the list price on yet a third home.
Pretend you have a Park City property for sale. You receive an offer at 57% of your list price. You don’t have a mortgage on your property. You can carry your … (5 comments)
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park city utah real estate: Park City Real Estate Prices Rebounding
- 09/29/12 05:19 AM
This graph represents one small neighborhood at Promontory. #1 is the price of a lot sold in 2007, #2-6 are the subsequent sale prices, and #7 is a lot that recently closed this year.
This graph really tells the story of our market. It has hit bottom. Prices are slowly coming back up.
I just received an offer on one of my listings from a Las Vegas couple looking for a second home. They offered approximately 50% of the list price. My clients were so offended they countered at 100% of list price. The days when you could steal … (1 comments)
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park city utah real estate: Why Fall is a Great Time to Buy Park City Real Estate
- 09/25/12 07:35 AM
Armstrong Trail by Rachel Sharwell
1. Experts believe that home prices (nationally) will appreciate 10% over the next 4 years. The Case-Shiller home price index, which is generally a very conservative indicator, has shown increases in home prices the past two months.
2. If you are looking for ski property in Park City, this is the time of year when such properties are not rented and easy to view. If you arrive during Christmas and think you are going to get inside the best income generating properties, think again.
3. Those families who missed the summer selling season are more realistic … (0 comments)
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park city utah real estate: Coming Soon - Not Yet on the MLS.............
- 09/12/12 04:19 AM
109 Main St Park City, UT
Coming to the MLS soon…..Special preview for readers of InsideParkCityRealEstate.com—–Just listed!
Experience the Park City lifestyle at its fullest from the top of Main Street. Walk to the Sundance Film Festival, Egyptian Theater, restaurants, Trolley and Park City Transit Center. Walk to skiing via the Town Lift. Sit on the porch and watch the world go by or take in the mountain views from the great room. This historic cottage was built in 1860 and then completely re-built according to the original plans in 1989, with new roof, foundation, heating and appliances. Exterior was … (2 comments)
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park city utah real estate: Park City's "Out of Town" Areas are Rocking!
- 09/07/12 09:18 AM
2891 West View Trail, Promontory, Park City UT
Looking at the Park City MLS “post Labor Day” sales, the biggest fact that pops out at me is that only 4 of the 24 sales were located in “Park City Proper”, meaning within the Park City limits, also known as zip code 84060. Another surprise is the number of sales (3) located in the Jordanelle area. The Jordanelle area is one of the most beautiful within the greater Park City area, but has always been considered a bit remote. These 3 sales prove that buyers would rather drive a bit farther into … (1 comments)
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park city utah real estate: Fall Luxury Hotel Deals
- 09/04/12 06:49 AM
Lizy Nielsen Fall Photo
Fall is short and beautiful in Park City. It is also a great time to take advantage of lodging deals in some of our most luxurious hotels. Whether you are a Park City fulltime resident, second homeowner, or visitor, I am sure you will enjoy living it up in one of these fantastic resorts. Our family is planning a night at Montage on October 6th, the night of Park City Education Foundation’s Red Apple Gala (www.pcef4kids.org).
Montage is offering a “Montage Memories” special, which includes breakfast for 2 and nightly valet starting at $240/night. See www.montagedeervalley.com.
Sundance … (2 comments)
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park city utah real estate: Live Like A Billionaire
- 08/30/12 10:49 AM
RiverBend Ranch Great Room
Live like a billionaire. Or an actor. Or a rock star. Or a Bush. Where do famous people go to escape? Their own private ranch, of course. The spectacular RiverBend Ranch goes to live auction without reserve on September 14th. Listed by Summit Sotheby’s International Realty at $29 million, a lucky bidder just might be able to steal this property.
RiverBend Ranch Bar
Located just 25 miles from Park City, RiverBend Ranch is situated on 214 acres of land with a magnificent 16,800 square foot home. The home is placed right on the Weber River and takes … (2 comments)
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