Park City UT Real Estate Blog

Park City Real Estate 3rd Quarter 2009 Sales

Todd Anderson (You In Park City group - Keller Williams Park City Real Estate) — Sun, 18 Oct 2009 11:07:01 -0500

With the end of September comes the end of the summer selling period as Park City, UT turns toward the upcoming ski & snowboard season. This also tends to mark a change in the real estate buyer profile as Buyers become more interested in ski and snowboard related resort properties.

A look back at the year to date reveals a lot of what we suspected; things were rough in the real estate world and Park City / Deer Valley were no exception. Sales in Park City totaled over $355M on a volume of just under 400 units (sales statistics counted include single family homes, condominiums, and vacant land in the 84060 and 84098 zip codes as reported by the Park City MLS). These numbers represent a 35% unit volume and 40% dollar volume drop versus the same period last year. The current lack of new product (developer) sales has a large impact on these statistics; in 2008 over 70 sales can be attributed to 2 new developments - Silver Star and Newpark Hotel. For the same quarter in 2009, the top 2 selling new developments Dakota Mountain Lodge and Escala (both at The Canyons Resort) account for just over 25 sales. This goes to show that the statistics while being one measure of the market do not necessarily tell the whole story.

Many Park City REALTORS® will tell you that they are very busy right now. There is definitely a "feel" that things are turning around. Most agents are dealing with many clients that are beginning to believe that the worst is over and that the Park City and Deer Valley markets have reached, or are close to the bottom. The YouInParkCity.com Group feels that this is true in some instances and not in others. The most recent quarterly statistics were flat compared to 2008 and this may indicate that things are turning around.

Some cities nationally are showing signs of turning around and as peoples' home markets strengthen; resort vacation properties will become more appealing which should make Park City home and condominium prices rise.

If you are in the market for a strong value in the Park City and Deer Valley area, the time seems right. But we always encourage buyers to purchase for the experiences, memories and lifestyle that accompany a home or condominium in this area we consider paradise.

For more information regarding specific Park City Real Estate areas and statistics contact a YouInParkCity.com professional.

Deer Valley Resort Ranked #1 Again

Todd Anderson (You In Park City group - Keller Williams Park City Real Estate) — Wed, 16 Sep 2009 09:43:59 -0500

SKI Magazine's annual reader poll has awarded Deer Valley Resort the number one ranking as the best resort in North America. Pick up the October edition of SKI Magazine (not yet released) for the full rankings.

This marks the third year in a row that Deer Valley has been named the top ski resort in North America. Deer Valley earned top honors in five categories including Guest Services, Slope Grooming, on mountain food and dining, and Lodging.

Ski Magazine's subtitle for the resort on Skinet.com reads "The ultimate upscale destination resort. Five-star all the way." Resort president Bob Wheaton points to the staff at Deer Valley as well as the commitment to customer service as the reason for the rating and guest comments like the resort description subtitle back that theory.

Deer Valley edged out Whistler and Vail which took the number 2 and 3 spots in the readers poll.

What effects this may have on the local Park City and Deer Valley real estate are probably negligible. But good publicity never hurts and it is a great reminder for people that this is a fantastic spot to own and the desire to be here isn't waning.

Park City Utah Real Estate Trending Upward (?)

Todd Anderson (You In Park City group - Keller Williams Park City Real Estate) — Fri, 21 Aug 2009 09:26:40 -0500

The Park City real estate market place has been showing recent signs of increased activity. Most REALTORS® in Park City and Deer Valley will tell you they feel that things are getting better.

Sales figures for the Park City Board of Realtors may or may not support this feeling. The month of July had 69 closings within Park City and approximately the same number outside the Park City zip code (Kamas and Heber Valleys). Park City area real estate sales totaled nearly $70M for the month while sales in areas outside of Park City (but through the PCBR) totaled about $12.5M. The sales figures represent an increase of approximately 50% over the same time last year.

This quick glance will no doubt be the sound bite for the Board of Realtors. Upon closer inspection, the numbers remain strong, but maybe not quite as robust as they seem. Closings of recently completed construction account for $20M of the total -one closing of a newly built home in the Paintbrush subdivision of Empire Pass at Deer Valley accounted for over $11M of the total. Closings at the newly completed Dakota Mountain Lodge at The Canyons Resort accounted for over $9M and should be even larger in the month of August. Without the new construction closings (most of which were put under contract in 2007), sales figures for July are not as strong. Yet the numbers are still larger that a year ago.

Other positive market signals for Park City and Deer Valley are that sales have been dispersed through all portions of the market. Not everything that has sold has been distressed and lower priced home inventory. At least 10 of the real estate sales completed in July were for over $1M and were not distressed or new constructions including a $5M home in the Bald Eagle subdivision of Deer Valley.

Outside Park City sales volume was up by 30% from last year with total dollar volume slightly down. This illustrates that there may be stronger deals in the outskirts of Park City. Outlying areas have definitely seen larger price variations.

Overall, the Park City real estate market has shown an uptick for the last month, and pending sales for the last two weeks total over 50 potential sales. Buyers and Sellers in Park City and Deer Valley are finding common ground and making deals. Each neighborhood and subdivision is different as are the pressures on individual Buyers and Sellers to better understand if it is the right time for you to buy or sell Park City & Deer Valley real estate, contact your local YouInParkCity.com realty professional.

Red Ledges Golf

Todd Anderson (You In Park City group - Keller Williams Park City Real Estate) — Sun, 02 Aug 2009 23:07:00 -0500

The Red Ledges golf community in Heber City put out the call to local Park City area REALTORS® to come out and play 9 holes. Rob and I gladly accepted to represent the YouInParkCity.com group from Keller Williams Park City Mountain Resort Real Estate.

Red Ledges is less than 2 miles east of Main St. Heber City, Utah down Center St. (aka Lake Creek Rd), lays the Red Ledges community development. About 20 minutes from Park City, UT. Red Ledges' new Jack Nicklaus Signature golf course opened for play on the 3^rd of July, 2009. The private course is the newest addition to the Park City area golf courses now numbering over 15.

We were greeted at the golf course pro-shop, clubhouse and restaurant (a comfortable facility that will be used until the main clubhouse is built at a future date) and sent to the practice range for a few warm-up swings. The practice range has well laid out greens and bunkers and a beautiful backdrop. There is a newly constructed 5400 Sq. ft. home for sale overlooking the practice facility from the east with an asking price of $3.5M.

We started on the par 3 9^th hole which plays just over 200 yards from the "members' tees" (blue). The pin was hidden by a large juniper which we aimed over from the elevated tee box. The hole is very picturesque, nestled up against the namesake red ledges that will be home to the future clubhouse. The red dirt and rocky out croppings surrounded by sage, juniper and natural vegetation make for a beautiful golf hole (a recurring theme throughout the course).

The course proved to be a classic risk/reward style course which forces you to know your game and distances ("can I fly that bunker in the center of the fairway 260 yards uphill?"). The course pushes you to "think your way around". There are many elevation changes within the course and flat lies were few and far between. The greens run fast but true with many undulations. Rob walked away from it saying "I love it". It is a fair test and the setting is fantastic. I think it will prove to be a course that you can play over and over without becoming bored.

We finished the day with frosty beverages and hors devours on the deck with views of the Mt. Timpanogos. We were told that the back nine (finished and playable) has even better views as it sits higher up the hill than the front which we had played (hopefully we'll see it next time).

There is a nine hole "short course" also planned for the Red Ledges community, but next to come will be the pool and gym facilities in the village center of the area. There are over 1400 lots that will ultimately be sold within Red Ledges (this will likely take10-15 years), but only 400 golf memberships. This gives some good insight to the fact that this community is not just about the golf. So while Red Ledges has made the golf portion of the development the first amenity to the community, golf is not necessarily the main focus of the overall master plan. Like other Park City real estate area private community and club style developments, Red Ledges plans a community style social atmosphere based around pool and gym facilities, equestrian access, future tennis club facilities, cross country skiing, snowmobiling alpine skiing (at Deer Valley) and planned social events.

Park City Real Estate Value

Todd Anderson (You In Park City group - Keller Williams Park City Real Estate) — Thu, 30 Jul 2009 10:24:07 -0500

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.

Real Estate News: Park City, Utah

Todd Anderson (You In Park City group - Keller Williams Park City Real Estate) — Tue, 21 Jul 2009 18:35:02 -0500

St Regis, Dakota Mtn Lodge, Treasure Hill, Summit Research Park and more

As the funicular cars fro access to the new St Regis Hotel at Deer Crest in Deer Valley were set to be installed (Friday July 17,2009), local radio station KPCW was airing a story about a Deer Crest residence owner suing the project and its developers.

The radio report indicates that the owner of a home and lot in the lower portion of Deer Crest near the base of the Jordanelle Gondola at Deer Valley Resort has brought a lawsuit against the developers of the St Regis claiming that the developer has improperly changed the original documents pertaining to the parking and access to the hotel at Roosevelt Gap (above the Lower Deer Valley area of Park City, Utah). The complaint stems from the parking that now exists at the hotel and the employee parking lot and shuttle to the hotel from the base area near the gondola. The Deer Crest home owner claims that traffic impacts on the private road through Deer Crest (Deer hollow Rd.) due to the employee shuttles, taxi and limousine service, and service/delivery trucks is outside the scope of the original guidelines for the area and that changes to the guidelines were made improperly.

The St Regis at Deer Crest developers have counter-sued claiming that all changes were made legally and stated that the filing was an attempt to gain access to the amenities of the hotel by the property owner.

In other Park City real estate news, the new Dakota Mountain Lodge at The Canyons Resort in Park City opened its doors for business. The Dakota Mountain Lodge is a part of the internationally renowned Waldorf-Astoria Collection luxury hotels.

The Snyderville Planning Commission has approved guidelines for the Summit Research Park. The research park is an 89 acre development in the Kimball Junction area of Park City just off hwy 224 near the I-80 interchange. The development is scheduled to begin work soon with some road improvements designed to improve traffic flow around the Landmark Dr. Area. The development of the research park with the housing and business construction around it has a possible 20-year build out.

In other planning commission news, the Park City Planning department is scheduled to hear more on the Old Town area Treasure Hill development. This possible large hotel and residential development on the southern hillside above Old Town appears to be moving forward.

The fact that there are major projects finishing up, under construction, and being planned for the near future are positive signs for the future value of real estate in Park City and Deer Valley. These developments will have impacts both positive and negative for many other Park City area communities and developments. To discuss possible recent and future development impacts on your property or future property purchases, contact a YouInParkCity.com Group REALTOR® with Keller Williams Park City Real Estate.

Park City and Deer Valley real estate sales for Q2 2009

Todd Anderson (You In Park City group - Keller Williams Park City Real Estate) — Mon, 13 Jul 2009 07:42:03 -0500

With the end of June came what is considered summer here in Park City after an unusually wet spring "mud-season". The end of June also marks the end of the 2^nd quarter and time for a Park City and Deer Valley real estate market update. The Park City and Deer Valley home and condominium sales for the quarter show that the market has slowed, but probably not as much as people think.

For comparison purposes, we will look only at areas 1-22 for the Park City MLS which includes the Park City neighborhoods of: Old Town, Thaynes, Lower Deer Valley, Deer Crest, Upper Deer Valley, Empire Canyon, The Aerie, Prospector, Park Meadows, The Canyons, Olympic Park, Silver Springs, Old Ranch Road, Kimball Junction, Pinebrook, Summit Park, Jeremy ranch, Silver Creek/Glenwild, Trailside park and Promontory. Our data for comparison will be limited to single family homes, condominiums and vacant land.

Sales data for Park City real estate for the quarter are as follows: 120 total units sold for the quarter with 55 being single family homes, 56 being condominiums, and 9 parcels of vacant land or building lots. These numbers represent a drop in total sales volume of 44% versus 2008 and 67% versus 2007. The drop in dollar volume versus 2008 was 58% and 74% when compared to 2007 sales. The lack of new product has a very pronounced effect on the condominium data; look for these numbers to turn around dramatically in the next two quarters as we see the St. Regis at Deer Crest and Dakota Mountain Lodge sales recorded.

The YouInparkcity.com group feels that of particular interest is the relation of the actual sales price versus the original and asking prices at the time of sale: sales prices were discounted 10% versus asking price and 19% versus the original price for the quarter. Of course the relatively small sample size we are dealing with can skew these numbers. For more information or data regarding a certain segment of the Park City and Deer Valley real estate market contact us or call (888) 968-4672. Areas we feel may be of particular interest statistically include Promontory and Empire Pass.

Mixed signals for the Park City and Deer Valley real estate markets

Todd Anderson (You In Park City group - Keller Williams Park City Real Estate) — Wed, 08 Jul 2009 08:55:28 -0500

The Park Record, Park City Utah's local twice weekly news source, ran an article over the weekend titled "Optimism for Park City economy might be justified - Statewide economy expected to get worse this year". The title of the article seems to be in conflict with itself as much as most of the rest of the article. Within the article, there are quotes from the Park City Board of Realtors President stating that national indicators often drive the Park City real estate market and that the current trends in GDP and stock market have had positive effects on consumer confidence ‘which will prompt many buyers to make the home purchase they've been contemplating for months.' This is a great positive spin for Park City and Deer Valley real estate. The article writer then reverses direction with the following statement:

‘But the frozen credit markets are still hurting Park City's real estate market, he said. And the employment situation is still a concern because if someone has lost their job, or fears losing it, they're less likely to come to Park City for a vacation and/or think about purchasing a home here.'

The Park Record then quotes another prominent local Park City real estate agent whose predictions are cautiously positive noting an incremental recovery locally and predictions for a national recovery in 2010. The newspaper and local real estate agent then go on to note that local tourism reports predict summer travel to mountain destinations to be down 15% from last year. And a six month forecast expecting occupancy to be down by 20% with room rates down by 10%.

It seems that for every negative indicator there is a positive real estate note to go along with it and vice-versa. A look back at last winter can show that during the tough economic and political climate people still came out to ski and enjoy Park City. While they may not have bought local real estate, they did still come (albeit spending a bit less while they were here). I'm sure that soon local real estate agents will point to "pent up demand" from those people that didn't buy last year as the reason for optimism.

Summer is here and this past weekend with its many markets, festivals, and celebrations showed Park City and Deer Valley in their best light. There's no doubt that many visitors had a thought that they should move to or buy a vacation home in Park City.

Construction in Park City Remains Slow

Todd Anderson (You In Park City group - Keller Williams Park City Real Estate) — Thu, 02 Jul 2009 17:41:02 -0500

The Park Record Newspaper (Park City Utah's twice weekly news resource) ran an article this week stating that while construction costs should be enticing for building, builders and suppliers remain quiet.

Park City home building costs have come down recently due to a lower lumber, asphalt, steel and concrete costs. Jim Drexinger, senior vice president of sourcing for Stock Building Supply, which has a large store near Kamas that supplies local builders, said global markets are affecting many of the products they sell. Some lumber products have seen a "significant" reduction in price and some to "multi-year historic lows," he said. Additionally, the slow building market has lead to a glut of construction laborers which has lead to very favorable labor costs for those people choosing to build.

Unfortunately while costs are down (Jared Rakisits, president of the Park City Area Homebuilders Association was quoted as saying "It's probably the best time in quite a few years to build a house"), we are still dealing with a tight credit market and construction loans are not easy to obtain in Park City & Deer Valley (or most other spots in the country).

Not all home construction costs have gone down in the Park City area. A local lighting retailer noted that prices in their field have been steadily rising at five to ten percent a year. This has some Park City and Deer Valley home builders trying to cut costs and search for cheaper materials.

The lack of recent sales of vacant land in the Park City and Deer Valley are another indicator of the slow construction and building market. There are currently over 450 listings for vacant land in the greater Park City real estate area and there have been 9 sales over the past 3 months.

Local Park City and Deer Valley builder Richard Jaffa of Jaffa Group Design/Build was quoted as saying ‘While the recession may be over by next year, it will take about three years for the area's housing boom to fully recover.'

Predicting the bottom of the Park City and Deer Valley real estate market is anybody's guess, but there is no doubt that the current high inventory levels coupled with low building costs make this an opportune time to purchase and build n Park City, Utah.

As skiing film maker Warren Miller liked to say: If you don't do it now, you'll just be a year older when you do next year.

Golf at The Canyons Resort in Park City

Todd Anderson (You In Park City group - Keller Williams Park City Real Estate) — Thu, 18 Jun 2009 13:53:44 -0500

Golf courses and spas are a major component of resort real estate in the Park City and Deer Valley area. Many of the real estate communities in The Canyons area of Park City have some reliance on golf in the area. A meeting will be held today to discuss why the proposed golf course adjacent to The Canyons Resort in Park City, Utah has not come to fruition.

In the late 1990's as part of The Canyons Resort specially planned area (SPA), a golf course was required as part of the plan. The plan required a course to be in place by 2002.

The SPA allows for increased density at the base of The Canyons Resort and has many conditions which allow for the density increase such as a golf course (golf is often developed as "open space" in large development and SPA areas in and around Park City, Utah), roads, trails public right-of-ways, etc. Many of the problems with the proposed golf course and overall development of the base area at The Canyons Resort stem from the fact that there are over 25 different land owners involved dealing with complicated trades, leases and other transactions to get the original SPA approved.

With the Talisker Corp. as the new owner of The Canyons Resort, it was widely anticipated that due to its golf background, the course would move forward quickly. This has yet to happen and the lawsuits surrounding the area can only make matters worse.

Many of the real estate developments within and around The Canyons and Park City have made mention of the future course and no doubt many Buyers have made real estate purchases based on the proposed course.

The proposed golf course at The Canyons could play an important role in making the resort and surrounding tourism driven developments more profitable year-round. Most of the newer real estate developments in The Canyons area (The Grand Summit, The Sundial Lodge, Escala, Vintage on the Strand, The Westgate, Dakota Mountain Lodge, Fairway Springs and more) have made some claim to proximity to and added benefit to owners and guests that the proposed golf course at The Canyons will bring.

Unfortunately, golf courses are not cure-all prescriptions for real estate and tourism. Local private and semi-private Park City area golf courses are experiencing difficulties. These can be seen by the recent bankruptcy and subsequent emergence from bankruptcy at Promontory, as well as the exodus of over 100 members at the Jeremy Ranch golf club and heavily discounted memberships becoming available at Park Meadows Country Club.

The completion of the proposed course at The Canyons Resort in Park City will be a welcome addition by area golfers and tourists alike, but how well the Park City area which boasts more than 14 golf courses (and at least 3 more on the way) within a 20 mile drive can absorb enough tee times to make them all work is yet to be seen. The effect on the real estate surrounding the Park City and Deer Valley area golf courses is a great discussion.

For more information about golf related real estate opportunities in the Park City and Deer Valley areas, contact a YouInParkCity.com real estate agent.

Park City,UT vs Salt Lake City, UT Short Sales

Todd Anderson (You In Park City group - Keller Williams Park City Real Estate) — Fri, 05 Jun 2009 11:49:02 -0500

On June 2, 2009 KSL.com News reported that ‘short sales' are on the rise in Salt Lake City, UT. The report gives very few details and goes on to quote a few Realtors in Salt Lake City about the effects of short sales and whether or not they are good for a potential buyer. The overall report had very little information in terms of data, but it does note that 1 in 7 listings in Sandy, Utah (a suburb of Salt Lake City) is listed as a short sale.

Information like this that goes out nationally (most of the news about Utah is delivered via Salt Lake City) gives people the idea that the news is applicable throughout the state including Park City and Deer Valley, Utah. Real estate is a very local commodity and it is impossible to make assumptions based on one neighborhood and imply that it is true across all neighborhoods. The number of short sales per active listing in the Park City area is less than one in 25. While there is a glut of homes on the market here in Park City, most homes are not a distressed sale.

This is not to say that there are not any deals to be found in the Park City area. Many neighborhoods in the Park City real estate area are seeing prices of homes and condominiums fall by 20% off of their highs. Also there are short sales in the Park City real estate market, and they cover just about every price range including a short sale in the Colony at The Canyons Resort listed at $3.99M down to condominiums in the Kimball Junction area listed at $119K. Of the 50 or so short/distressed sale inventory in the Park City area, nine are listed at over $1M, and 20 are over $500K.

Short sales are not the only way to purchase a property in Park City and Deer Valley at a bargain price, and the relatively few short sales in the area (1 in 25 versus 1 in 5 in Draper, UT) make them a longer and tougher process. Due to the fact that many owners in Park City have a lot of equity in their homes, the deal is often not a short sale, but just an owner taking a large loss.

So when you are looking for a real estate deal in Park City, keep a focus on the end you are hoping for, whether it is a home to retire to, a weekend get-away, an investment or rental property. The deals are there, contact your YouInParkcity.com Keller Williams REALTOR® to find the one that is right for you.

Rocky Mountain Resort Alliance Statistics

Todd Anderson (You In Park City group - Keller Williams Park City Real Estate) — Thu, 07 May 2009 14:57:59 -0500

The Park City Board of Realtors welcomed speakers from the Rocky Mountain Resort Alliance at its monthly luncheon last week. The alliance is made up of the Boards of Realtors from destination ski towns in the western United States. The alliance includes Park City, Utah, Sun Valley Idaho, Jackson Hole, Wyoming, Whistler, BC, Aspen, Vail, Steamboat Springs, Telluride, Summit County, and Winter Park, CO. Speakers were present from Lake Tahoe area of California as well as Vail, Co and Jackson Hole, WY.

The real estate sales statistics for first quarter of 2009 were presented to the Park City Board attendees for each area in the Alliance. A quick look at the statistics gives an immediate sense of "misery loves company". Statistics across the board show sales figures being down from 50% to 75% along with falling median sales prices. There does not seem to be any area that is immune to the effects of the National and International economic downturns especially since it is combined with the current squeeze on credit markets.

The interesting part of the meeting was the discussion that followed. It was noted by each of the speakers that there were bright spots and areas (price ranges) that are seeing activity. Much of the activity is in the lower and entry level end. Some areas also noted sales activity on the very high end of the market. Many of the "bright spots" in the current market may be attributed to the small sample size we are dealing with when looking at the latest quarter statistics. The speakers all seemed to agree that there are many "lookers" in the current market and that while many people are waiting for the bottom, there is a sense of pent-up demand.

All of the resort towns in the Rocky Mountain Resort Alliance seemed to agree that it is a Buyers market and Park City real estate is right in step with the others. Increased inventories and few sales are leading to strong values in the secondary home and vacation markets.

For more information; contact your YouinParkcity.com Keller Williams Park City Real estate Agent.

Developer Buys Park City Luxury Golf Development at Auction

Todd Anderson (You In Park City group - Keller Williams Park City Real Estate) — Tue, 28 Apr 2009 08:08:09 -0500

In the spring of 2008 creditors forced the Promontory luxury golf subdivision in Park City, UT into bankruptcy. The developer, Arizona based Pivotal defaulted on loans amounting to over $270M.

On April 15, 2009 a group named Pivotal 7000 headed by the CEO of Pivotal, Francis Najafi, purchased the development for a price far less than the debt on which Pivotal defaulted. The $70M bid by Najafi which was approved by the U.S. Bankruptcy Court effectively wiped out $275M in loans that had been packaged by Credit Suisse.

During the bankruptcy, Promontory maintained its operations which consist of two golf courses, clubhouses (golf, tennis, kids, outfitters, etc) an equestrian facility and more than 1000 building lots. The assets have been valued between $230M and $560M.

The new ownership plans to move forward with Promontory's original vision for the second home luxury community. While some property owners within Promontory may still have a bad taste for Pivotal, the fact that the development is no longer in bankruptcy and is being run by a company familiar with the project may be a benefit. Promontory's plan of reorganization binds Pivotal 7000, LLC, as the new owner, to observe key provisions of the court-approved plan and sale procedures. These provisions include the obligation to honor Promontory's county-approved master plan, the Promontory Club's membership agreements and membership plan, and the assumption of all lot purchase agreements with Promontory lot and home owners. In addition, provisions have been made in the plan for funding of legitimate unsecured creditor claims and the creation of a reserve fund for Promontory's homeowners' association, the Promontory Conservancy.

The stigma of bankruptcy and the relatively large number of speculative purchases and building that was done by private investors has hurt the market in Promontory. The luxury homes that are for sale in the Promontory area are currently some of the best values in Park City. Now may be a perfect time to invest or purchase a second home in a golf course community as the developer should be on much more stable ground for the near future.

On another positive note, Golf Digest just ranked the Jack Nicklaus and Pete Dye designed courses at Promontory as the number 2 and 3 courses in the state behind Glenwild (also in Park City). For more Park City golf property contact us at YouInparkCity.com.

Park City Utah Real Estate Statistics 1st Quarter 2009

Todd Anderson (You In Park City group - Keller Williams Park City Real Estate) — Wed, 15 Apr 2009 18:44:24 -0500

The first quarter of 2009 Park City real estate statistics show that the Park City and Deer Valley area are not immune to the impacts of the national and global economic downturn.

There were 91 total sales in the greater Park City area (PCMLS 1-22): 30 Single Family Homes, 55 Condominiums, and 6 Vacant Land parcels. These numbers as a total are less than half when compared to the same period for 2008 both in terms of total unit volume as well as total dollar volume. While these numbers show a steep decline in the market, there are some bright spots.

One major difference between Park City real estate sales in the first quarters of 2008 and 2009 is the lack of new development communities available in 2009. In the first quarter of 2008, nearly half of the condominiums sold were brand new (Newpark Hotel and Silver Star were a large portion of sales). If these are removed from the comparatives, the 2009 numbers while definitely down, do not show nearly as dramatic a decrease.

A more telling statistical comparison may be to look at original price versus list price when sold and final sales price. For the first quarter of 2008, the list price of homes sold was actually higher than its original price and the final sales price was about 5% off of the list price. So prices were holding very steady and sellers were getting offers very close to their asking price. The first quarter of 2009 shows a definite softening of prices. Original prices versus list price when sold show a 3% drop in price while the actual sold price represents an additional discount of approximately 8% versus asking price.

As with all statistical analysis, it can be very hard to see a true picture when too small or too large a sample is taken. The Park City and Deer Valley real estate markets have bright and dim spots which vary not only from subdivision to subdivision, but vary greatly depending on which side of a transaction you find yourself.

Real estate sales in Park City are influenced dramatically by location and views as well as amenities available to the property. Scarcity is a major factor and while there are new products on the horizon, there are very few places that can offer all of what Park City offers its residents and second home owners. For more complete analysis or information on a particular Park City neighborhood or community contact a YouInParkCity.com Group Keller Williams Park City REALTOR® or call us at (888) 968-4672.

Data compiled from the PCMLS for sales of Single Family Homes, Condominiums, and Vacant Land in areas 1-22 from 1/1/2009 thru 3/31/2009 deemed reliable but not guaranteed.

Promontory Bankruptcy Auction Date Set

Todd Anderson (You In Park City group - Keller Williams Park City Real Estate) — Mon, 23 Mar 2009 17:18:54 -0500

Efforts to work through the Chapter 11 bankruptcy moved forward last week as it was announced that the Promontory Development will be auctioned off on the 15^th of April, 2009. Credit Suisse has opted to send the property and operations to auction rather than provide the $70 Million in exit financing mandated by the bankruptcy court.

It is expected that Promontory will emerge from bankruptcy in April and the winner of the auction will be bound to observe key provisions of the Court-approved reorganization plan and sale procedures. The provisions include the new owner's obligation to honor Promontory's County-approved master plan, the Promontory Club's membership agreements and membership plan and the assumption of all lot purchase agreements with Promontory lot and home owners. With some luck, this will remove some of the cloud of uncertainty that has been over the development since it was forced into bankruptcy in March of 2008.

The Promontory luxury golf, equestrian and "club" community of second homes covers approx. 7200 acres in the Park City Area with a master plan including 5 golf courses (2 are currently complete), pool, tennis, kids clubhouse, trails, outfitters cabin, ski resort amenities at Deer Valley and Park City Resorts and more (many of which are currently in place). The area includes over 1900 home sites. Of the 700 or so lots that have been sold, nearly 300 have homes completed or homes under construction.

Many of the homes and lots were purchased and constructed during the Park City real estate boom. They have not escaped the current market downturn and the effects of the bankruptcy cloud over the development. There are currently over 100 lots for sale and nearly 90 homes in various states of completion. Many of the lots are offered at prices near or below their original sales price. There are 26 homes available for under $2 Million (I can recall a time two years ago when there was only one).

If The Promontory development emerges successfully from this bankruptcy and is able to complete its original vision as a four-season, multi-generational luxury community, this may prove to be one of the best times to purchase. See the Promontory golf page of the YouInParkCity.com website for a couple of our favorites.

The Mountains vs. The Beach

Todd Anderson (You In Park City group - Keller Williams Park City Real Estate) — Sun, 08 Mar 2009 12:52:13 -0500

Working as a REALTOR® in the Park City and Deer Valley Utah area puts me in a place to get a lot of questions from visitors. This is especially true while I am out enjoying the things that make Park City such a great place to live or vacation; skiing, biking, playing golf, etc. People are always curious about the prices of homes and condominiums in the area; whether or not they have any interest in purchasing Park City or Deer Valley property.

When I tell people the asking price or recent sales price of one of the homes or condominiums in the area, they commonly translate the price into a per square foot price in an effort to make a comparison to their home town. With it currently being ski season, the questions are often related to slope-side homes and condominiums with ski-in, ski-out access and projects currently under construction like the St. Regis, Montage Hotel, and Flagstaff Condominiums. Quick math puts the prices of most of these developments in the $1200 to $2000 per square foot. "Wow" and "Maybe you can sell me a spot to stand" are common responses once the math has been done.

One quick comment regarding the scarcity of true ski-in, ski-out property in the Deer Valley area, and for that matter, in the world often times puts a better perspective on the prices in Park City, Utah. These are also new homes and condominiums for sale with top grade custom finishes and upper end if not professional grade appliances. I remind people that the prices change dramatically as you move away from the slopes.

It is not unlike homes with views versus those without, or homes that are ocean front versus those that are a few blocks inland. On a recent trip to San Diego, I pulled a few for sale flyers from ocean front homes; after doing the math, I found that small homes (under 1000 sq. ft.) built 20 years ago or more are commanding prices well over $2500 per square foot.

Waterfront homes share a similar scarcity to slope-side homes; similarly resort towns all have a common scarcity in whatever makes them a great place to vacation usually makes them a very desirable place to live; if not for employment opportunities, definitely for lifestyle and quality of life reasons.

Whatever quality makes a resort town desirable and the proximity to that attraction, whether it is the ski slopes, golf course, ocean, or bay; the closer you are, the more scarce and more costly the property.

Deer Valley, not unlike other luxury resort towns, puts a premium on its amenity adjacent properties. But don't let those properties scare you away from Park City as a whole; there is a wide array of ownership opportunities available for the vacationer as well as someone wanting to call Park City, UT home. The YouInParkCity.com Group can help you find anything from a premium ski-in, ski-out property to one just minutes away at a discounted price. You'll have to make the decision of the mountains versus the beach.

Park City, Utah Real Estates Sales Statistics 2008

Todd Anderson (You In Park City group - Keller Williams Park City Real Estate) — Mon, 09 Feb 2009 20:01:58 -0600

The Park City Board of REALTORS® last week released statistics for the year ending December 31, 2008. The February press release shows that sales in the Park City, Utah area were down by nearly 50% in dollar volume versus 2007. The sales dollar volume at just over $1 billion was roughly equal to the sales of 2004.

Looking at the sales a little closer and narrowing the scope of the statistics to only include Park City (not outlying areas such as Kamas, Francis, Heber and Midway) and focusing on sales by property type and unit volume, the statistics show that: single family home sales were down by 43%, condominium sales were down 41%, and leading the fall was vacant land sales which fell by 75% in unit volume.

Local REALTORS® are quick to note that median sales prices have only fallen slightly and that Park City and Deer Valley fundamentals remain strong. The president of the Park City Board of REALTORS® was quoted as saying: "People buy homes in Park City because it is based on a lifestyle choice. Our market has never been primarily driven by speculation and investment our product is very diverse and buyers have a wide range of properties that fit their needs and budget. Park City's world class resort facilities and year-round recreation opportunities will continue to make our community an attractive choice for many buyers."

While this may be true, there is no denying that our market is affected by what goes on in the rest of the country and the rest of the world. The Park City and Deer Valley real estate markets have many opportunities and choices for buyers; something that wasn't true while the market was soaring.

Vacant lot sales indicate that home building is down (Park City building department permits concur) and will be for the near term. There are a number of very high-end properties due to open in the near future including the St. Regis Deer Crest Resort, Montage Resort at Deer Valley and Dakota Mountain Lodge which is being serviced by the Waldorf Astoria and includes the Golden Door Spa. The impact of these resorts and the associated real estate sales will be felt in the next two years.

Sales of new construction condominiums played a major part in Deer Valley sales in 2007 with over half of the 180 condominiums that sold being newly built. Sales of condominiums in Upper and Lower Deer Valley combined with Deer Crest and Empire pass were down 67% in 2008, but there were far fewer new condominiums available.

Real Estate numbers nationwide show slow sales and many point to the fact that we still have sales in the Park City area as a good sign. To discuss how these sales numbers affect you and your decision of whether or not to buy or sell realty in the Park City and Deer Valley, Utah area call or email your www.YouInParkCity.com Keller Williams Park City Real Estate agent today.

Park City Short Sales

Todd Anderson (You In Park City group - Keller Williams Park City Real Estate) — Sun, 18 Jan 2009 15:07:49 -0600

The national and global economies have affected the Park City real estate market. We know that at our market peak, Buyers were coming to Park City to buy second homes and vacation property from all over the world. Loose lending standards made finding the money for a second home easy. Housing prices rose everywhere. Higher property values wherever the Buyer's home happened to be made for great equity to borrow against for the purchase vacation property. We know that all this has come to an end with the bursting of the housing bubble. Short sales and foreclosures are now a staple story item for the nightly news. Many boom cities have seen home values drop by 40% or more. Stories abound about the ability to purchase bank owned and distressed properties for truly pennies on the dollar compared to what they sold for just two years ago. In Park City, we're often asked by visitors where the deals are here.

A recent look at the Park City area Board of REALTORS® multiple listing service showed 1871 active listings (653 single family homes, 798 condominiums and 420 parcels of vacant land). Of these, only 26 were listed as a short sale, bank owned or in foreclosure. That is less than 1½ percent of the total number for sale. National figures while the real estate market was booming put the "normal" foreclosure rate at around 3%. Does this mean that Park City has somehow not been affected by the national and global economic changes? No.

Park City and Deer Valley real estate have been impacted by the global economic changes, just not to the extent of Las Vegas, Miami, Phoenix and Southern California. The scarcity of land along with tough hillside builds and tight city regulations have meant that the housing boom did not leave Park City overbuilt. Changes in the market have occurred and prices have fallen from their peaks, but there appears to have not been the speculation and dependence on property appreciation to fund loans here that has lead to the demise of markets in other areas.

The local economy in the Park City and Deer Valley area is only beginning to feel the pinch of the national and global economic downturn. I cannot remember previously seeing signs on Main St stating that restaurants are not hiring. A look through the local paper shows few job opportunities (in a "normal" winter, service and tourism industry jobs are abundant). We are starting to experience job losses. It is possible that the downturn may be just beginning here. Or it is possible that the effects of current low interest rates and the push for new jobs on a national level will turn everything around quickly and all our market will see is just a slight downturn. Only time will tell.

All real estate is local. Are there deals to be found in Park City, Utah? Absolutely. Are there short sales, bank owned and distressed properties? Yes. Will you be able to find 5 homes in a row all in some state of foreclosure and buy them all up for a price that previously would buy one? No. Have the fundamentals of what makes Park City and Deer Valley a desirable place to live or vacation changed? Not at all!

For more information on Buying or Selling homes, condominiums and land in the Park City and Deer Valley Utah area contact the YouInParkCity.com Group.

A New Year Poem for Buyers

Todd Anderson (You In Park City group - Keller Williams Park City Real Estate) — Thu, 01 Jan 2009 15:17:16 -0600

I hesitate to make a list

Of all the countless deals I've missed;

Bonanzas that were in my grip -

I watched them through my fingers slip;

The windfalls which I should have bought

Were lost because I over-thought;

I thought of this, I thought of that,

I could have sworn I smelled a rat,

And while I thought things over twice,

Another grabbed them at the price,

It seemed I always hesitate,

Then make my mind up much too late,

A very cautious man am I

And that is why I never buy.

When tracts rose high on

Sixth and Third,

The prices asked I felt absurd;

Whole block-fronts bleak and black with soot

Were priced at thirty bucks a foot!

I wouldn't even make a bid,

But others did -- yes, others did!

When Tucson was cheap desert land,

I could have had a hip of sand;

When Phoenix was the place to buy,

I thought the climate much too dry!

"Invest in Dallas-That's the spot!"

My sixth sense warned me I should not,

A very prudent man am I

And that is why I never buy.

A corner here, then acres there,

Compounding values year by year,

I chose to think and as I thought,

They bought the deals I should have bought.

The Golden chances I had then

Are lost and will not come again,

Today I can not be enticed

For everything's so overpriced.

The deals of yesteryear are dead;

The market's soft -- so's my head!

Last night I had a fearful dream,

I know I wakened with a scream;

Some Indians approached my bed --

For trinkets on the barrelhead,

(In dollar bills worth twenty-four,

And nothing less and nothing more),

They'd sell Manhattan Isle to me,

The most I'd go was twenty-three.

The redman scowled: "Not on a bet!"

And sold to Peter Minuit.

At times a teardrop drowns my eye

For deals I had, but did not buy;

And now life's saddest words I pen

"If only I'd invested then!"

I don't know who to attribute this poem to, but I had to pass it on.

Happy New Year!!!

www.YouInParkCity.com

Sundance Resort Living

Todd Anderson (You In Park City group - Keller Williams Park City Real Estate) — Sun, 23 Nov 2008 15:50:14 -0600

For many people the name Sundance brings to mind a famous, high profile, independent film festival held each January in Park City. Crowds, traffic, famous and not-so-famous Hollywood types and paparazzi complete the idea of Sundance for these people. Sundance Resort is truly the opposite of the festival image.

The Sundance Resort is located about 30 miles southwest of Park City, Utah, and a short drive northeast of the Provo/Orem area of Utah. It is a quiet area tucked up a canyon with a feeling that is miles away from city hustle and bustle. The area is known for its rustic charm and its owner Robert Redford. Redford stumbled across this place in the 1950's and purchased a cabin lot in Sundance in 1961. As development threatened to move into the area in the late 60's, Redford rallied friends and investors to purchase 3000 acres and stave off the development. What has resulted from these actions that started thirty years ago is an area of 6000 acres of which more than 5000 acres is part of an environmental easement and a 450 acre ski and summer resort.

The Sundance Resort has space for only 250 nightly guests in its 95 cabins. In addition to this, there are only 300 private homes in the area. The residences here vary from A-frame cabins to magnificent homes with beautiful interior finishes and fabulous views masked behind an unpretentious mountain contemporary exterior.

It is the unpretentious nature of Sundance that makes it a truly special place. Sundance has great restaurants and spa amenities, but its beauty is natural and comes from its lack of development and awe inspiring views of Mt Timpanogos' 12000' peak. The resorts' environmental easements and wilderness area feel will keep it genuinely different from its nearby ski resort neighbors in Park City. The true scarcity, low-key feel and lack of mega-resort status make Sundance priceless in comparison to other resorts.

For more on skiing at Sundance Resort, see the December 2008 edition of SKI or go to www.SkiNet.com. For information on Sundance estate opportunities including the home pictured above, go to www.YouInParkCity.com and www.2983RidgeTopRd.com.

Sundance Resort Living

Todd Anderson (You In Park City group - Keller Williams Park City Real Estate) — Sun, 23 Nov 2008 15:49:28 -0600

Park City, UT Price Stability

Todd Anderson (You In Park City group - Keller Williams Park City Real Estate) — Tue, 28 Oct 2008 12:26:16 -0500

This is a follow-up post from Oct 20, 2008. On the 22^nd of October Park City's local paper The Park Record ran an article stating that average home prices in Park City have shown only a 5% decrease while sales volume is down over 40%. In the previous YouInParkCity.com blog post it was noted that some Sellers "don't have/or need to sell" as a reason why prices have remained somewhat stable in Park City and Deer Valley. The homes and condominiums that are currently selling have represented strong values and have been some of the most aggressively priced. So the question is "why doesn't everyone lower their price?"

We want to explore a possibility beyond Sellers being "stubborn" or not truly needing to sell unless they get the price they want. Another reason why Sellers haven't lowered their price may be because they truly can't afford to do so.

While statistics can show that pricing has remained stable here in Park City, it can also be shown that many of the properties that are selling have sales prices close to those of 2005. For a Seller that bought last year or on 2006, they are not necessarily "upside-down" but they may be "underwater" or in a negative equity position. These owners aren't necessarily in danger of losing their home, but they are in a position of being "stuck". While these owners may wish to move, they would need to bring a check to the closing and actually pay to sell their home. To a lesser extent, Sellers may lose the money they had put down originally. For many residential homeowners the majority of their wealth is tied to home equity. They don't have the ability to walk away from equity they had, or start over again with none.

Some national data has shown that nearly 20% of homeowners that bought their home since 2006 may be in a negative equity position. For many of these homeowners, there are only a few ways out of their home and most of them have very harsh financial impacts. Frequently, these homes stay on the market at a sales price that doesn't reflect the current market conditions. Prices may stay stable due to the fact that these owners truly can't afford to lower their price.

Submitted by Todd Anderson

Todd@youInParkCity.com

Why Park City Prices Remain Strong

Todd Anderson (You In Park City group - Keller Williams Park City Real Estate) — Mon, 20 Oct 2008 18:26:58 -0500

I was speaking with a fellow REALTOR® here in Park City last week and she stated that she was surprised that prices here in Park City and Deer Valley hadn't fallen as much as she had expected. While news articles from around the country show home values dropping as much as 30%, Park City hasn't seen very dramatic price changes. Many people ask "why?" Here are some of the contributing factors.

The reasons vary somewhat according to the property involved; primary residences and second or vacation properties. In this article we'll focus on the latter. Second homes and vacation properties are a luxury item and they are bought by people that can afford them. As much as 70% of Park City and Deer Valley area property can be attributed to second homes and vacation property. The majority of these property owners have relatively small or no mortgages on these properties and most have an "if it doesn't sell at this price, I'll just hold onto it" attitude. Few of the second home owners have a true need to sell. In the sellers mind, the property is worth ‘x' and in time it probably will be. Sellers here in Park City have "staying power" and while overall sales volumes are currently down 45%, prices are holding somewhat steady. Sellers are willing to wait, and Buyers are not necessarily willing to jump at prices that have held steady which leads to more property on the market. This Seller's resistance to drop their prices and ability to wait is a major reason that prices in resort towns don't fall as much as national averages in a down market.

A driving force behind the national market downturn was the sub-prime and "risky" mortgages. Park City saw relatively few of these mortgages. It may seem odd from the outside, but few of the second homes with values over $1M have any mortgage debt at all. Historically, fifty percent of real estate purchases in Park City are cash. In general even with as easy as credit was recently, it was still tougher to mortgage secondary homes as creditors know that if there is trouble, these are the first thing debtors walk away from. That is not to say that sub-prime mortgages in our market don't exist or that there are no property owners that are in financial trouble, only that this number is smaller in relation to the Nation's trouble spots.

Another reason that Park City second home and vacation property values have stayed strong is that things the have not changed much here. People still want to be here, whether it is to vacation or to live. Park City is a beautiful, easily accessible. The city offers endless recreational opportunities and a great climate. Park City's economy has not been greatly impacted by the national "crisis". In addition, the Utah economy has been touted as one of the best in the country. Finally, there is scarcity built into Park City. There are only so many places in the world that are like our city, and much of the town is truly "built out".

These are some of the reasons that Park City has not seen a dramatic change in its prices as compared with other spots in the Country. That is not to say that prices in Deer Valley and Park City have not fallen; they have. As noted earlier, pricing remains fairly steady, but many of the properties that have sold were priced aggressively and represent pricing similar to 2005. There are good values and realty opportunities in Park City, and the situation for each seller is unique. Just don't expect to see rows of homes for sale with foreclosure signs in every other window as you search for a place to live or vacation in Park City.

For more detailed information about recent price trends in Park City, Utah go to: www.YouInParkCity.com. Price trends, highs and lows, averages and days on market information is available for each Park City neighborhood.

Recognizing Park City, UT Strengths

Todd Anderson (You In Park City group - Keller Williams Park City Real Estate) — Mon, 13 Oct 2008 08:22:04 -0500

Amidst all of the recent horrible national housing and economy news Park City, UT has received some great accolades. In addition to the release of The SKI Magazine readers' poll recognizing Deer Valley as the top ski resort in North America (see our www.YouInParkCity.com blog post from September 24), Park City has been mentioned by Forbes Traveler and featured in a USA Today article this past week.

In the ForbesTraveler.com article which falls under their "Inspirations" section, travel writer Sarah Tuff Dunn in naming Park City, Utah as one of the 20 prettiest towns in America says:

"I was struck by just how blue the sky was, and how dry the air, during a ski trip one March. I was used to soggy or icy conditions back East. After I skied seemingly bottomless powder at nearby Deer Valley, the whole town of Park City (which looked like a candy village, thanks to all the different colors of the Victorian buildings) seemed like it was on some crazy high from the sun, the snow and the altitude."

Photographer Krist (who also contributed to the list) sums up the intangible quality shared by the pretty towns on his list: "They haven't been homogenized, they still have their local character-and the charm is real."

See http://www.forbestraveler.com/best-lists/americas-prettiest-towns-story.html for the rest of the list.

While Forbes was recognizing the beauty of Park City, UT, the USA Today was touting how easy it is to get here. Beauty can be very subjective, but location isn't. Larry Olmstead, travel writer for the USA Today, notes in the Friday Oct 10, 2008 article titled: Second homes: Park City is just a hop, skip and a ski slope away:

With ski towns, getting there is rarely half the fun. Many, like Aspen and Telluride, are hours from a major airport. Moreover, small mountain-town airports operate at the whims of nature.

But the ski resorts surrounding Salt Lake City are the most accessible in North America, a city-bus ride away from a major hub airport that rarely closes. Three of the biggest Utah resorts can be found in one place: historic Park City.

The article goes on to describe real estate opportunities in and around Park City's three resorts - The Canyons, Deer Valley, and Park City Mountain Resort -

see (http://www.usatoday.com/travel/destinations/secondhomes/2008-10-09-park-city-utah_N.htm?csp=34 ).

What stands out most is the age old real estate mantra: location, location, location. While Park City is experiencing the same economic and finance pressures as the rest of the Nation, the town has something that won't change. Park City is a very desirable place to be. For those of us lucky enough to live here, we are in a place that many people come to vacation. For those who own a second home here, you have a beautiful place to go and recharge your batteries that is easy to get to from most places in the USA. Our location and the scarcity of beautiful and easily accessible towns will keep home values in Park City stronger in times of economic uncertainty.

For information on the average costs of housing in the Park City area see the neighborhood sections of www.YouInParkCity.com or call us at 888-968-4672.

Posted by Todd Anderson

Todd@YouInParkCity.com

Remodeling Your Park City Home to Sell

Todd Anderson (You In Park City group - Keller Williams Park City Real Estate) — Mon, 06 Oct 2008 21:35:43 -0500

Saturday Morning TV seems to be filled with shows on HGTV and the DIY network among others that show people upgrading their homes followed by a Realtor telling them how much more it is worth.

The country's present real estate market shows us that those upgrades may not all be good and definitely don't necessarily make you money in the end. This is not to say that something can't be bought at a great price have a few cosmetic upgrades done and be sold for a profit, but the days of the easy fix and flip may be gone.

The Park City area, having a resort originally built in the 60's and 70's (not to mention miners shacks from the early 1900's), has some properties that are in need of a remodel. The majority of the guests coming here expect a world class resort and accommodations to match. Real estate buyers in Park City have come to expect granite countertops surrounding professional grade appliances, jetted tubs and travertine tile in bathrooms, LCD or Plasma screen TV's, hot tubs plus plenty of snow in the winter and sun in the summer.

Maybe your Park City home or condominium doesn't currently have all this. Do you have to upgrade? If so, what should you do and how much should you spend? To answer these questions you really need to consider what end result you are trying to accomplish. Are you looking to sell soon? Are you looking for better rental revenue? Are you looking to just please yourself or spouse by making your place more comfortable? Do you just want to smile when you turn the corner and see your home come into view? Each of theses answers may lead to a different upgrade and investment in your property.

If your intention is to fix up the property and sell it, consult your local Realtor about which project to tackle first and the resulting revenue difference it may make in the sales price of your home. Remember that the most important part will be to get people to come into your Park City house or condominium, so work on the outside "curb appeal" first (this is the first and last thing people see when they come to look at your property).

If your intention is to remodel the inside of your home, take a look at the cost of remodels and the average return on that investment in the Sellers section of our website. Remember why you are making an upgrade, if it brings you happiness while you are living in the home; consider that value in your return on investment calculation.

Also, for those of you that plan to "do-it-yourself" note that it is never as easy as the ½ hour TV show would lead you to believe. Think about what type of person you are (are you a perfectionist or do you settle for adequate?), make sure that you finish the project to the end and not just do "good enough" especially if your end wish is for better resale value.