Park City UT Real Estate Blog

Donald Trump and Park City Real Estate

2008-08-26T19:12:24Z

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 :: YouInParkCity.com Blog 8/26/2008

Park City Real Estate 2nd Quarter Statistics 2008

2008-07-15T13:52:35Z

The second quarter of 2008 has come to an end and the statistics are out for the Park City, Utah real estate market. It is always interesting to see how the numbers stack up to what your gut feeling about how the market is doing.

A quick look at the numbers can show that my gut feeling is both right and wrong, as usual, the numbers can be spun to show whichever story you want to tell. Well, almost...

There is almost no classification in which it can be shown that sales volumes are up. Single Family home sales for the first 2 quarters of the year were off by 45%. Pricing though was effectively flat (up 1% in town, down 6% in the Snyderville Basin, up 1% in the Heber Valley). Bright spots can be found in single family home sales if you look at Woodland and Francis, sales prices were up 80% from the same period last year.

Over-all condominium sales showed a drop of 24% in sales volume, but prices were up by 18%. There were a few newly completed projects that skewed the numbers (please note that it can be argued that this is almost always true in the Park City real estate market). Sales at the Newpark Hotel in Kimball Junction totaled over $24 million and gave the Kimball Junction area a 95% boost in sales volume and a 131% boost is dollar volume of sales. Similarly, the Old Town area shows remarkable numbers unless you remove the sales of Silver Star (new ski-in / ski-out property at the Park City Mountain Resort) which showed over $54 million in sales.

Vacant land showed a 60% decrease in unit volume sold while overall pricing was up 14%. The telling number here might be that there are over 1300 active listings for vacant land on the Park City MLS and 109 sold in the first 2 quarters of 2008 leading to a 6 year supply of inventory at the current sales pace.

There are bright spots and dim spots throughout the sales report for the first 2 quarters of 2008. All real estate is local down to the block, side of the street, which ski run you're on, or on which hole of the golf course your home sits. For a more complete analysis of the Park City real estate area that you are most interested in, give the YouInParkCity.com Group a call at 888-968-4672 or email us at info@YouInParkCity.com.

Submitted by Todd Anderson -

REALTOR® YouInParkCity.com Keller Williams Park City Real Estate

Statistics herein were derived from the Park City MLS. Numbers are deemed accurate and reliable, but not guaranteed.

This was originally posted at http://youinparkcity.com/blog/ see the originating website for more Park City real estate news, information and listings www.YouInParkCity.com

All real Estate is Local

2008-06-02T09:15:13Z

One of the most commonly asked question a Park City REALTOR® gets asked is "how is the market?" We've written about this before in the YouInParkCity.com blog, but we think it deserves to be said again. "It really depends on where you are and what you are trying to accomplish in terms of buying, selling or investing, but most important is the idea that all real estate is local.

We've noticed some recent Park City numbers that reinforce this point on a local neighborhood level. The Silver Springs real estate area in Park City, Utah currently has 19 active single family home listings. During the month of May, 7 single family homes were put under contract and 1 sale closed (given the average under contract / pended times, the others should close in June). This represents quite a lot of activity in this neighborhood. So the answer to the "how's the market?" question could be "great" or "hot".

To the contrary, we can look at the available homes, new pending sales and closed transactions for the Promontory neighborhood in Park City: There are currently 63 active single family home listings in this real estate area, zero went pending in the month of May and only 3 have gone pending this year. So, the answer to the "how's the market?" question might be "tough", "slow", or "a Buyer's market".

These two real estate markets are both part of Park City real estate and tell very different stories. The idea that all real estate is local can be narrowed even further than this may suggest. It may be the perfect view of the ski run, access to a great running trail, or proximity to a local school that makes a home "perfect". These limiting factors bring about scarcity and drive demand.

The "perfect home" that you want may be represented by only a few possibilities in a given neighborhood, and the fact that one is currently available may make it the right time to buy.

"How is the market?" is really determined by what is available in a given local area. Think of this in terms not only of a state, county, or city, but down to specific neighborhoods and even streets and which side of a particular street.

For information regarding your present or future home in the Park City area; contact www.YouInParkCity.com .

Data mentioned herein was taken from the Park City MLS on May, 30, 2008 deemed accurate and reliable, but not guaranteed.

Short Sales in Park City, Utah

2008-05-13T11:29:55Z

Short sale and foreclosure property always seem to catch people's attention. The idea of really getting a "steal" on property peaks investor and home-buyer interest. While a short sale can be a great deal, there are a few things to consider before you go searching for that "steal".

First we should define a short sale. A short sale is a sale of property in which the sale price is less than the value of the loans against the property. Short sales can be initiated by the seller (property owner), but must be approved by the parties with loans which are using the property as collateral. The purpose of the short sale is to try and sell the home before it is foreclosed upon (lenders tend to lose more money in a foreclosure sale than a short sale).

The parties on the selling side are losing money in the deal. The seller is losing whatever equity they had in the property (unless they got in with some type of "exotic" loan with no money down or cash out at the original loan origination (in this event the seller may not be losing real money, but is still damaging their credit)). The lien-holders are losing whatever money that was their original loan less the sale price. Secondary lien-holders stand to lose nearly all of their loan amounts. All of these parties have to agree to take their losses. None of them wants the loss and few of them want to admit they made a bad loan. The loss that a 1^st mortgage holder is willing to accept is generally about 20%-40% (they usually stand to lose as much as 60% in a foreclosure). Second or junior lien-holders also have to approve the sale. If in anyone's judgment the sale price is too low, they can refuse or send a counter-offer back to the Buyer.

Timing may be the most confusing and frustrating issues that short sales present. Unlike a normal offer and acceptance type of negotiation, once the offer has been accepted by the seller, the contract must be approved by all parties holding liens on the property. These parties do not respond in a timely manner. There is often quite a bit of bureaucratic "red tape" to get through in approving a short sale and just finding the correct representatives that can approve the sale can be very frustrating. And while this process may take months (this is not an exaggeration) for the "third parties" to get approval back to the buyer, they will then ask for a closing within days.

This timing issue means that as a Buyer, you need to keep from getting emotionally attached to the property and have no need to move quickly into owning the property. On the other hand, the Buyer needs to be able to move very quickly through their due diligence, evaluations and approvals as the third parties may ask for the sale to close within 10 days of their approval (in a "normal" sale this would be a 25-30 day process).

Another curve that is thrown into the short sale is that the seller can (and will) keep marketing the home while the Buyer's offer is awaiting approval in hopes of another or better offers. So it may be months before you find out that your offer was bettered by someone else and you should have been trying to find something else instead.

Buying a home can be very stressful and buying a home in a short sale situation is even more stressful. That being said, there are some short sale properties available in the Park City area (though not nearly as many as in areas where the housing market is "depressed") and they may represent a good value for the Buyer. If you want to know more about the short sale process and whether it is an option that works for your Park City real estate needs, contact us at www.YouInParkCity.com

Entry Level Housing Deals In Park City Utah

2008-04-21T17:02:58Z

The Park City housing market has seen change recently. The rocketing upward of prices has slowed and Park City is returning to a more normal real estate market. The effect of the changing market varies greatly depending on the price, neighborhood and subdivision.

The entry level market appears to have been affected the least by the downward pricing pressure here in Park City, Utah. Finding a single family home in Park City that is under $400,000 is still very hard to do; the same goes for a truly affordable condominium. There are a number of factors keeping the entry level home pricing up while other Park City marketplaces flatten or fall.

The economy of Park City and most of Utah is still strong. Job losses and cutbacks have not been a problem here, and the resorts are still enjoying strong tourism. The fact that the job market hasn't changed much means that people living in Park City aren't falling behind on mortgage payments and aren't being forced to sell their homes.

The entry level tier of the housing market has the most resistance to falling prices. While no-one ever wants to take a loss on an investment, the people who scraped everything together to buy the home they live in truly can't afford and refuse to take a loss and start over. If these people aren't forced into selling their homes due to job-loss or some family tragedy, chances are they will just stay where they are until such time that the market changes or they have accumulated enough wealth to move upward within the area.

People still want to live in and raise their families in Park City. Demand for housing, especially entry level housing has not changed much. There is a very strong service industry in Park City and the wages that coincide with these jobs dictates that entry level housing in Park City is what these workers can afford. The recent changes affecting credit and financing have made it harder to get loans, but in truth these were not the people that needed sub-prime loans anyway.

Things do happen and people are forced into selling their homes at "rock bottom" prices at times in order to move them quickly, but there are few indicators that "the bottom is falling out" and that entry level pricing will fall dramatically in the near future. For more information regarding pricing in specific Park City real estate neighborhoods and/or subdivisions, visit http://www.youinparkcity.com/

Rental Income and VRBO

2008-04-15T14:54:31Z

VRBO.com is: Vacation Rentals by Owner a web portal for rentals. The site allows you to advertise and rent out your property on your own. For a relatively small price ($300-$500 for a year) you can advertise your property online and find short term renters. The site is well known amongst vacationers and is gaining popularity and available listings all the time.

Many Park City real estate owners and investors look to this site to increase their exposure and rental income. I have often been asked by prospective property Buyers "Can I increase the net rental dollars if I put it on VRBO?" The answer is: "maybe". VRBO is an option and when you consider that property management companies in Park City take up to 50% of the rental revenue in return for their services, VRBO's advertising costs are fairly insignificant. There are however many hidden or unspecified costs.

There are cleaning services that need to be factored into the equation. Some VRBO users add in a cleaning fee to the rental price to handle this. There is also the question of checking in and picking up a key. Key-boxes at the door can handle this and some rental companies provide this service for a nominal fee. Maintenance can also be a factor: if the plumbing backs up, who is going to respond? Small per service or hourly companies can take care of this issue. The most daunting tasks though are answering the questions (both when guests are "in-house" and before they arrive) and dealing with problems that occur during the stay.

Being a small operator, you do not have the luxury of moving guests to another unit if they aren't satisfied with their accommodations (this is an advantage property management companies have). You also become the one that answers the late night phone calls. Finally you need to set up the ability to take credit card payment (this can be handled via Paypal) and be ready to do battle with guests over their charges.

The question becomes; "Is it worth it for the added revenue?" Once again, the answer is "maybe".

Finally, many owners have taken it upon themselves to use this service to find renters and then use an "owner usage block" with the management company they work with; thus increasing their revenue and still maintaining the benefits of a company to handle all the problems. Beware; this will undoubtedly put you in violation of your contract with your Park City property management company.

While it may appear that fees for management are high, most property management companies in Park City provide many services that justify their fees. These services include websites, advertising, reservationists, shuttles and drivers, front desk personnel and answering services, breakfast, concierge services, cleaning and laundry, maintenance and more.

The dates that the VRBO works best for the property owner are often the easiest to book and most desirable. By removing these from the property management company inventory it only increases their costs and it is reasonable when looking form their side that this would be a violation of their contract with the owner and that the owner should be removed from their rental pool altogether. It's a case of "you can't have your cake and eat it too".

So, in terms of what you can do in Park City to increase your nightly rental revenue, VRBO may or may not be a good resource. You may make more money, but it will cost you time and effort.

Stale real estate searches from Yahoo.com

2008-04-10T19:36:15Z

Hitwise (a web metrics company) reported that in March, 2008 the top 4 real estate websites in terms of market share were Realtor.com, Re/max, Yahoo.com and Zillow.com.

If you watch the month to month statistics that lead to these rankings, nothing seems wrong. These are big companies with large marketing budgets and many people working to make sure the sites show up when people use various search engines to find real estate.

As many of the various MLS's (multiple listing services) become more transparent and the use of the internet increasingly becomes where consumers start their housing searches, web traffic to these sites seems normal. There is one glaring problem with some of these searches; stale and/or incorrect data, as well as inconsistencies.

Recently while I was working with a Buyer, I was sent a list of MLS numbers that the client wished to see. There were nine numbers emailed to me which corresponded to the 2 different MLS systems available to the greater Park City, Utah area (Park City MLS and Wasatch Front MLS). Being a member of both the Park City and Salt Lake Boards City of Realtors, the numbers didn't present a problem. After searching the numbers, I found not one "active listing" in the homes my client had liked. All of the listings had sold or expired, some had new listing numbers. The sales had happened a year ago or more. All of the data that my client had searched was stale and effectively worthless. What a waste of time! I asked what search was used and the response was "Yahoo".

I redirected the Buyer to my website http://www.youinparkcity.com/ which features an IDX feed from the Park City MLS and my client found current active listings and information.

While the You In Park City group will never have the budget of a Yahoo or Zillow, it is somewhat comforting to know that we will always have a better ability to stay current and offer better information and service than the big dot com's.

Credit Scores

2008-03-09T15:59:46Z

A TV news broadcast caught my attention recently. The consumer affairs/product test reporter produced a piece relating to credit scores. The segment dealt with three people and spent four weeks working on their credit scores. At the end of the four week test, all three had increased their FICO scores between 20 and 70 points. The participants had been coached by Al Bingham a loan officer with National City Mortgage out of Salt Lake City, Utah.

Real estate in the Park City area is primarily second homes and vacation property. The majority of the home sales in Park City do not run into financing problems due to their secondary home nature, many are purchased for cash. There are however, many younger families and people in the area that do finance their primary residence here. Finding homes and condominiums in Park City that are affordable for the "average person" or the working class of Park City can be very challenging. A person's credit score can make the difference in monthly payments that can make or break a possible sale.

Bingham's book The Road to 850 illustrates the cost of a credit score (not only in terms of a mortgage, but how it can affect other areas of our lives) and gives directions as how to make your score better. The chart below illustrates the monthly cost of a $200,000 mortgage in terms of monthly payment and the total cost over the full term of the loan.


	$200,000 Loan / 30 year Fixed Interest Rates

Range of Credit Scores		Interest Rate	Monthly Payments	Extra Mo. Cost	Total Extra Cost

760 to 850		6.33%	$1,235	0	0
700 to 759		6.55%	$1,263	$18	$10,253
680 to 699		6.73%	$1,287	$52	$18,713
660 to 679		6.95%	$1,316	$81	$29,135
640 to 659		7.38%	$1,374	$139	$49,766
620 to 639		7.92%	$1,447	$212	$76,140

It is conceivable that these numbers have only become more pronounced in their differences and costs to the consumer with the recent liquidity issues in the mortgage business.

Another interesting point made by the book is that credit scores also affect your insurance rates and that credit reports are becoming part of background checks for employment and other things. The book points out that many, if not most, peoples' credit report contains some inaccuracy. The book gives instruction on how to correct these issues and lets us know that it isn't easy. As the use of credit scores expands it makes sense to know what your credit score says about you and know if it is correct.

The recent sub-prime lending mess has brought credit and financing to the front page of the news. The changes in lenders' standards as well as the other uses of our credit scores make this book something I highly recommend.

Todd Anderson

http://www.youinparkcity.com/

Todd@YouInParkCity.com

Park City, Utah Crime Stats Posted to Internet

2008-02-24T22:17:31Z

Here is a great new way for potential Buyers of Park City area real estate to find out a bit more about the town and the neighborhoods. It is also a great new way for locals to obtain information about the goings in around the city. The Park City Police Department and Summit County Sheriff's Office have begun posting local crimes on a public web-site. The site is updated daily by 7 a.m. Simply go to http://www.crimereports.com/ and click on Utah then pick Park City from the drop down menu. A map will show up and be populated by the crimes that have been reported/acted on by the police for a given date range.

The vast majority of the crimes being posted are consistent with typical resort town problems. The site maps parking problems (a big issue this year due to all the snow we've had), traffic stops, noise complaints, assaults and property crimes. The site offers email alerts, and the ability to look up crime reports by the type of offense. It also gives addresses and information regarding registered sex offenders.

The website should become a great asset for locals and second home owners alike when determining what precautions if any may be prudent while living or vacationing in Park City. It will also give second home owners the ability to look at their neighborhood and see what has been happening while they aren't here.

All in all, I believe that in looking at the crime maps for Park City, people will be better able to appreciate the local police as well as feel safer in general about living in Park City and owning property here.

The Realtors at http://www.youinparkcity.com/ are familiar with the neighborhoods in town and can assist in pointing out areas that may be a problem (our Resort town contains few if any of these) and the new crime maps will provide additional data.

The website contains data for many other cities. A comparison to a major city puts a lot into perspective (take a look at San Diego for instance). When filing through the crimes there and comparing them to Park City, one can get a better sense of the relative safety of our Resort town.

Buyers and Agency in Utah

2008-02-17T16:07:35Z

Buyers and Sellers Agency are possibly the most misunderstood portions of Utah real estate law. This may be more true in Park City real estate transactions than other portions of Utah as many of the buyers are second home buyers and their knowledge is based on another state's law. Agency is something that at first glance seems quite straightforward; that is, until the idea of dual or limited agency is introduced.

Agency is defined as: The relationship created when one person, the principal, delegates to another, the agent, the right to act on his or her behalf in business transactions and to exercise some degree of discretion while so acting. An agency gives rise to a fiduciary relationship and imposes on the agent, as the fiduciary of the principal, certain duties, obligations, and high standards of good faith and loyalty. To understand this we need to further define Fiduciary as: The relationship of trust, honesty and confidence between agent and principal; the faithful relationship owed by an agent to the principal.

In a straightforward real estate sale or purchase, there is an agent working for the Buyer and one working for the Seller. Things change though when the Buyer is not represented or is represented by the Seller's agent (Limited or Dual Agency in Utah). Utah law allows for these types of transactions to exist and many agents actually try to involve themselves in them. Why? Money of course!

Sellers, when agreeing to allow and agent to represent them in marketing and selling their home, agree to pay the agent a commission regardless of who sells the home. The agreement allows the agent to offer a commission to a Buyers agent for bringing a Buyer and taking care of the Buyers side of the sale. If the Seller's agent can find a Buyer, the agent doesn't have to share with a Buyers' Agent. The agent doubles up their commission.

The issue that presents itself here is: how can an agent act as a fiduciary in when their responsibility is to two different people with somewhat opposing interests. The Seller wants the most money for their home and the Buyer wants the home for the best price available. How can the agent work to get the most money for the Seller and the best deal for the Buyer at the same time? They can't. In fact all parties involved have to sign an agreement allowing for Limited or Dual Agency. The form effectively states that the Agent involved now works for no-one and is merely an intermediary making sure that all paperwork is understood by all parties and completed correctly. And for acting in neither party's best interest, the agent gets "both sides" of the commission the Seller agreed to pay.

Unfortunately, this situation presents itself due to an innocent mistake made by the Buyer thinking that they will get a better deal by dealing with the Seller's agent rather than getting their own. We at the YouInParkCity.com group attempt to not involve ourselves in the practice of "Dual" or "Limited Agency". We encourage all of our Park City real estate clients to be represented by a Realtor that is working solely in their best interest. Feel free to contact us by phone (888) 968-4672 or email so that we can start working for you!

Park City Home Buyers Exercise

2008-02-13T11:53:39Z

I have found that Buyers in the Park City market often share something in common. I am sure that what they share is true of not just Buyers of Park City real estate, but is true of real estate buyers everywhere. I've experienced that it is possible to show a home that seems perfect for what I was told the buyer wanted and was well within the price range we discussed, only to have no offer written. The affliction here is; not knowing what all the Buyers want.

It really isn't that the Buyer doesn't know, but the fact that Buyer is rarely a singular term. Buyers can represent a couple, a family, an extended family, a group of like-minded vacationing friends, investor group and more. Each person in these groups has their own "perfect" house, condominium or property in their head. Rarely is it the same as the others in their buying group. In fact I'd say never is it exactly the same.

Before going out to search for the perfect property, it is necessary to come to terms with what the perfect property is. I suggest that all members of a buying group (or all people affected by the new purchase) draw up a list (individually) of the ten most important features the new property needs to have. These should be ranked most important to least important. Once this is done, all interested parties in the Buying process should get together and come up with one list of the most important features their new property will have. This can be a very eye-opening exercise for all of the people involved.

The new list will definitely be longer than the original 10 features, but it will also be much more useful when trying to narrow down what homes you spend time looking at. The new list becomes the game plan and final goal for the Buyers and their Realtor. With this game plan in hand, winning is nearly a foregone conclusion. We will find a new home or property that works for you.

This same type of exercise can be used when building a new home or remodeling your current home. In the end some compromises are made and rarely are all of the wanted features met, but the time savings and understanding of what all the buyers involved will be worth the effort.

Take some time and start your list. We'd be more than happy to work with you on this and become the mediator when it's time to combine the list into one. Give us a call or email and we'll get started on finding the perfect Park City property for you. Get a head start by searching Park City properties on our website http://www.youinparkcity.com/ .

Salt Lake City, Utah Named #1 Bargain

2008-02-11T18:43:04Z

Oversupply of housing coupled with a strong economic outlook for Utah catches the eye of people looking for a deal or strong investment. The Daily Real Estate News posted this today:

February 11, 2008

10 Best Places for House Bargains
The best place to get a bargain on a home is an area where there is healthy job growth and more houses available than people to buy them.

These are markets "where you have high inventories but pliable borrowers, with lenders willing to deal," says Anthony Sanders, a professor of finance at Arizona State University.

Forbes magazine went looking for markets where the damage from risky lending hasn't been as dramatic as in some parts of the country and where employment growth will burn off an over-abundance of inventory quickly.

Here are what the magazine considers the 10 best cities for bargain house hunters.

1. Salt Lake City, Utah. Developers have gotten ahead of the demand, but the city is adding jobs more quickly than practically any place else in the country.
Source: Forbes, Matt Woolsey (02/07/08)

What does this mean for Park City, Utah? While Salt Lake and Park Cities are less than 30 miles from each other, their market-places are surprisingly different, as are their climate, traffic and residents' lifestyles. Park City being what it is, a resort town with many non-resident owners, has for many years been a market very different from Salt Lake City. Park City is very limited in its possible expansion areas due to its geography. There are only so many places that have easy ski and recreation access. The ability to not have to drive to go somewhere in town is a great feature of Park City and a feature that is limited to its city boundaries. Residents living in Park City enjoy not being park of a big city and enjoy the feel of mountain resort living. Scarcity is something that has and continues to drive prices and demand in Park City.

The proximity of the two towns is very close, but pricing, demand, scarcity and the reasons to live in the cities are different between Salt Lake City and Park City. While there are some bargains currently in the Park City area and Salt Lake has been named one of the best markets in the country for bargains, it is more due to coincidence than the two cities being tied to each other. Search http://www.youinparkcity.com/ to find Park City property.

Park City Year-end Sales Statistics

2008-02-06T15:43:52Z

Park City Year End Stats

The Park City real estate market is compiling its year end data. Spin is surely soon to follow.

The two graphs here can tell different stories. There are more available Park City real estate listings on the market currently, and this number has been on the rise. During this same time-frame, pended sales numbers have been decreasing. First glance may indicate that there are more people trying to sell and fewer buyers. A second look may also show that properties that were sold to speculators are being completed, sold and put back on the market (no longer pending and becoming active listings).

The two graphs above tell a much different story when viewed together than they do apart. Park City total sales volume when viewed as a year-to-year comparison shows a very good year, with 2007 being not far from its peak in 2005. This graph or statistic is the one that people seem to cite the most when asked about the state of the Park City real estate market.

The graph on the right shows that the number of transactions for 2007 was down dramatically from its peak in 2005.

The two graphs together indicate that the average price of a sale in Park City has gone up while the number of sales has gone down.

The past year has seen the completion of many homes in the Empire Pass area of Deer Valley as well as many new high-end homes in the Promontory and Tuhaye golf communities. Many of these were speculative "flips" in the Empire Pass area and speculative builds in the others. All of these new available properties have been built for the luxury buyer and contribute to all of the different data shown here.

Another angle that has to be considered when looking at this data is location and scarcity. The boundaries of Park City, its ski resorts, its golf courses, its lack of available land for building, and peoples' desire to live and own homes here contribute greatly to Park City's property values.

It is very hard to consider any one piece of land, condominium, or home in Park City without considering nearby alternatives. This means that much of the data needs to be cropped down to much smaller sample sizes for true comparative analysis.

Interpreting data can lead to many different opinions about the state of real estate in Park City and a valid argument can be made for all of them. The http://www.youinparkcity.com/ group loves to discuss these numbers and help you to make sense of how they affect your Park City real estate buying or selling decisions.

Park City Golf Communities Rate in US Top 100

2008-01-28T13:12:29Z

The January/February edition of Travel and Leisure Golf includes a feature article naming "America's TOP 100 Golf Communities"; subtitled their "Annual List of the Best Places to Live-and Live Well". The list includes Promontory, Talisker (aka Tuhaye) and Glenwild (all here in Park City, Utah). The list was comprised with under the following criteria: "To be eligible, communities must offer property owners an opportunity for membership in an affiliated private golf club. Limited public access to the course- such as for guests at a resort- is allowed but may detract from a community's ranking. Each property is reviewed in the following six categories, in order of importance: golf amenity; residential architecture and style; location, including natural setting and proximity to cultural activities; management, service and programming options, nongolf amenities, such as full service spa, equestrian center or marina; and environmental stewardship." These requirements take quite a few areas out of the mix; even so, finding 3 of the 100 in the Park City area seems implausible.

Don't get me wrong. I think that each of these communities is deserving of high accolades and that each community has its own unique selling points. As a resident of the area currently looking at Park City's local ski resorts all showing over an 80" snow base, I long to get out and play some golf. Granted I currently ski 3-4 times a week and love it, I do look forward to being outside without 6 layers of clothing. Like many ski resort area residents, I can say that I moved to the area for the skiing, but stay because of the summers. Summers here are fantastic and the golf at these three communities measure up well.

Promontory was given the #6 spot on the list of 100. It opened its second 18-hole course this year (a Jack Nicklaus design to compliment its Pete Dye Canyon Course). This area was the first of the club-type properties in the Park City area and covers 7500 acres. Its seemingly endless compliment of alternative amenities includes skiing, fishing, equestrian facilities and a 5000 sq ft area devoted to kids. See Promontory under the Park City Information/golf section of http://www.youinparkcity.com/ for more. http://www.youinparkcity.com/info.php?page_id=15

Talisker (this is the name of the club amenity, the golf course and its attached community is named Tuhaye) earned the #14 spot on the list. Of the three communities in the rankings, this may be the most well rounded (at least from a skier's perspective). It is also the newest and its amenities just keep coming. Its golf course is a Mark O'Meara design and there is talk of a Tom Fazio designed course on the way. See Tuhaye under the Park City Information/golf section of http://www.youinparkcity.com/ for more.

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Glenwild is the true golf community mentioned here in that it has no skiing counterpart involved. It does measure up to the extras in the review categories with its spa and pool facilities, but not to the extent of the other two here. Its golf course, though, sets the standard for the state and nearly always sits at number one on lists. It is rumored that a well known former NBA star recently purchased a home in the area which is limited to just 200 build-able home-sites. See Glenwild under the Park City Information/golf section of http://www.youinparkcity.com/ for more.

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All-in-all, these are three great golf communities and when you look at their proximity to a major airport and the limitless opportunities for outdoor recreation that Park City and Utah offer, I can see where these may be part of the top 100 in the nation. Personally, I think that my top picks might come from areas with a longer golfing season. Until then, skiing will have to fill the void.

SKI Magazine Dream Home

2008-01-18T18:09:49Z

Located at the top of the Jordanelle Gondola in the Deer Crest area of the Deer Valley Ski Resort, SKI Magazine along with Resorts West and Deer Valley Resort have teamed up to produce a fantastic ski home. This is much more than a little ski chalet for weekend getaways. The home features 6 bedrooms and 10 baths spread out in a space of over 13,000 square feet. I know that this number sounds huge, but the builders and designers have done a magnificent job in making this much space seem very live-able. The home is located at 9806 N Summit View Dr in Park City at an elevation of nearly 8000 feet. Access is through the gated Deer Crest community by car, and the ski runs off the Jordanelle Gondola and Deer Crest Lift are right out the door. The outdoor pool/grotto and over-sized hot tub have a view of skiers passing by (in awe of the home and gawking at its inhabitants no doubt). Views can be enjoyed from nearly all rooms in the home as well as from the 4500 square feet of deck space that wraps the home. While the SKI Magazine Dream Home feels very live-able, there is no doubt that this house is made for entertaining. The gourmet kitchen features multiple Sub Zero refrigerators, freezers and an ice maker. Chefs will appreciate the Wolf dual ranges, ovens, microwaves and warming ovens. Three Asko dishwashers are ready for the dishes after a meal is done. A theatre with stadium seating and a 124" screen featuring 7.4 surround sound offers fantastic movie viewing. A dance floor complete with a DJ booth sit outside the theatre area as does a pool table and plasma screen TV. A Full Swinggolf simulator is there to keep your swing in tune during the winter months or the evenings when you can't be on a nearby course. There are 2 wine "cellars" and chillers (one next to the dining room table (a spot that makes much more sense than flights of stairs away). The 15 fireplaces add a sense of warmth to all areas of the home as well as a more cozy intimate feel. The bedrooms are situated to give a private feel within each one. The bathrooms all have a warm feel and no two are even remotely the same. An elevator connects the 3.5 stories of the home although using it seems like a waste of the beautifully designed and finished staircase. A day spa suite makes for a complete get-away, lose yourself ability (bring your own masseuse or therapist) within the home. Design finishes throughout the home are well done without feeling over-the-top. The is no doubt that this home contains many elements of worthy of Dream status. Whether or not it is your Dream Home is up to personal taste, but it is truly hard to find many deficiencies in this one. Asking price $18,950,000. This property is listed by Resorts West Real Estate. If this fits your attainable dream wishes, please contact us. See the Deer Crest portionof our website for more info and photos.