Park City UT Real Estate Blog

The Best Real Estate Value Your Park City Agent Won’t Show You

Fri, 29 Mar 2013 11:37:04 -0700

One of the first questions agents ask when asked about purchasing a home or condominium in the Park City, UT area is “how are you planning on using the home?” One of the most common answers is: “We plan on skiing here a couple times a year and possibly come up for a few weeks during the summer.” The follow-up questions are generally about where in Park City they’d like to be, the number of bedrooms they need, and the amount the buyer is hoping to spend.

The answer to the last question may be what keeps potential buyers from seeing one of Park City’s best real estate values. Once a buyer mentions the price they are willing to or expect to spend, the agent will add that to the search criteria. A three bedroom condominium with easy access to skiing will cost at least $500,000 and range to the $3M. True ski-in/ski-out condominium in Park City will start at over $1M.

Once the price range criteria has been added to help narrow down a search, one of the best values in Park City that fits the answer to the first question (How are you planning to use the property?) does not show up in the search results. The Deer Valley Club doesn’t show up in the search results.

The Deer Valley Club is a Private Residence Club. The model of the Club is designed to split the purchase price and expenses of a luxury resort townhome between like-minded owners. At The Deer Valley Club potential Owners who realize their usage will likely be a limited number of weeks a year are able to make a purchase that is more suited to how they plan to use the property. It requires less of an investment of both time and money. An equitable usage and reservation system coordinates usage between owners (six per residence) and keeps costs down while providing luxury amenities. The Deer Valley Private Residence Club model allows owners to enjoy a one-of-a-kind ski-in/ski-out location with all the amenities and services of a world class resort hotel at a fraction of the initial and ongoing costs of whole ownership.

Don’t blame your real estate agent for not introducing this option to you, they are showing you everything that matched your search criteria. Ask them to include fractional or shared ownership opportunities in the property search.

For more information on how the private residence club model operates and for information about the Deer Valley Club contact a real estate professional with the YouInParkCity.com Group at Keller Williams Park City Real Estate.

R. Todd Anderson Asoociate Broker, GRI, RSPS, CNE, SFR
(435)901-1417 mobile & text
(866)885-1115 fax
Todd@YouInParkCity.com

www.YouInParkCity.com
Keller Williams Park City Real Estate

Vacation in Park City, Utah at the Deer Valley Club

Fri, 11 Jan 2013 08:56:06 -0800

See Current Inventory of Deer Valley Club Condominiums in Park City, UT

Listing Details

Deer Valley Club Ownership

7720 Royal St. # CGT-11, Park City, UT 84032
price $175,000
MLS # 9994782
Bedrooms 3
Bathrooms 3.5
Square Footage 1500

Call Todd Anderson at (435)901-1417 to see if this property is still available and to arrange a showing

The Deer Valley Club will be the Perfect Vacation Home

Enjoy three weeks each winter and three weeks each summer in a three bedroom three and one half bath ski-in/ski-out condominium at the number one ski resort in the United States! From the time you are picked up at the airport by the experienced Deer Valley Club driver, you'll know that you have embarked on another perfect Park City, Utah vacation. Newly remodeled for its 20th anniversary, the Deer Valley Clubstill enjoys one of the best slopeside locations in all of Deer Valley Resort. Granite countertops, new bathrooms, new carpet, paint, furniture and bedding are just some of the upgrades that put the Deer Valley Club on par with any luxury resort accomodation.

Ski From the Private Locker Room Down to the Lifts

Click here to see more Deer Valley Club Photos

Ammenities, ammenities, ammenities

Not only does your Deer Valley Club ownership provide you with one of the best service staffs in Park City, and a great ski-in/ski-out location at Deer Valley's Silver Lake Village, you get free transportation to and from the airport and around town, a full time concierge staff, business center, private ski locker room, private owners' bar, owners' club room, kids game room, heated gargage, heated pool, sauna, steam room, workout facility, on-site store, social events and activities. Make the Deer Valley Club your home away from home.More about Owning at the Deer Valley Club in Park City, Utah

Click here for more information about ownership at the Deer Valley Club

Click for information about other nearby real estate in Upper Deer Valley options as well as great information on Silver Lake Village slopeside at Deer Valley Resort in Park City, Utah

R. Todd Anderson Asoociate Broker, GRI, RSPS, CNE, SFR
(435)901-1417 mobile & text
(866)885-1115 fax
Todd@YouInParkCity.com

www.YouInParkCity.com
Keller Williams Park City Real Estate

Old Town area Home in Park City, Utah

Thu, 03 Jan 2013 20:59:41 -0800

Search all Old Town Park City Homes For Sale

Listing Details

415 Deer Valley Drive

Price: $889,000

MLS # 9994667

Bedrooms: 4

Bathrooms: 2.5

Square Footage: 2286

Call Todd Anderson at (435)901-1417 to confirm this property is still available and arrange a showing

Walk to Historic Main St Park City and Deer Valley Resort

Enjoy everything that makes Park City wonderful right out your front door. This non-historic home has been remodeled and updated while incorporating the charm of Old Town. The 250 shops, galleries activity centers and restaurants that make up Historic Old Town Park City are less than a quarter mile from your front door. Leave your car in the ample two car garage (uncommon for Old Town) and walk to more than 50 restaurant options. Skiing and summer concerts are a mile down the road at Deer Valley Resort while Park City Mountain Resort can be accessed via the Town Lift less than half a mile away.

Click here for more property photos

Among the other things that make this Old Town home uncommon are the large front deck which could become an expansion of the living area; a fenced yard perfect for pets, a private back deck sheltered from the elements perfect for BBQ, and a hot tub installed on a deck perched high above the home with ski resort views. This home is zoned for nightly rentals and sits on multiple lots giving it 0.2 acres of space.

Inside the home offers a remodeled kitchen with stainless steel appliances, cherry wood cabinets and floors plus granite counters. The living area has a wood burning fireplace as its centerpiece and an office nook. Large windows and a door to the expansive deck provide great light to the home. The updated full bath on the top floor services the three bedrooms. Downstairs is an efficiency apartment which can be a guest getaway or in-law apartment, also perfect for growing kids and short term guests. The versatility of this level makes the home viable for growing into or downsizing.

R. Todd Anderson Asoociate Broker, GRI, RSPS, CNE, SFR
(435)901-1417 mobile & text
(866)885-1115 fax
Todd@YouInParkCity.com

www.YouInParkCity.com
Keller Williams Park City Real Estate

Another Top Ten Rating for Park City

Mon, 17 Dec 2012 16:45:01 -0800

Park City was recently named as one of the top 5 Ski Resorts in the US in terms of “Awesomeness”.

Contributing author for Forbes.com Christopher Steiner notes how “ubiquitous rankings have become” and decided to rank ski resorts in his own terms as a measure of Awesomeness “do you need to know anything else?”

Park City was grouped as one resort due to the proximity of its three ski mountains (Canyons, Deer Valley and Park City Mountain Resort)all being within ten minutes of one-another. Similarly Alta and Snowbird were grouped together as were Vail and Beaver Creek (they were ranked #2 and #4 on the Ski Resort Awesomeness rankings). Jackson Hole led the way and Telluride came in at #3.

Of interest in this Ski Resort Awesomeness ranking is the ratings of the skiing; the author rates Canyons as the best of the three resorts in Park City with Deer Valley second and Park City Mountain Resort third. Mr. Steiner definitely knows the resorts as he makes mention of the good and bad at all three. Canyons 9990 lift takes his top spot to ski while there (we’d throw in Peak 5 as a great spot to make laps until 9990 opens) and he cautions against spending the day getting to something as the mountain is quite spread out. Deer Valley gets a strong recommendation not only as a fancy resort, but also for its great skiing terrain including trees and chutes. He calls Empire Lodge the greatest ski lodge in the world and calls the Deer Valley Turkey Chili the greatest single dish served mountainside anywhere. Forbes.com calls Jupiter Peak the best of the skiing at Park City Mountain Resort but laments the run-outs and the occasional crowds (for Utah). A thumbs-up was given for the ability to ski into Main St and ride the Town Lift back.

All-in-all it was a great positive article based almost solely on the ski aspects of Park City. When you throw in the other things that make the area great (restaurants, shopping, galleries, Sundance, nightlife, spas and all the non-ski-related amenities) Park City continues to shine as one of the most well-rounded destination vacations or place to call home.

For everyone east of the Rockies it was noted that no resort there made the list due to the snow and terrain not ranking in terms of Awesomeness versus the west.

For a complete version of the story see: Top 10 Ski Resorts in the United States for 2013.

For information about Park City Real Estate contact a realty professional with the YouInParkCity.com Group at (888)968-4672.

R. Todd Anderson Asoociate Broker, GRI, RSPS, CNE, SFR
(435)901-1417 mobile & text
(866)885-1115 fax
Todd@YouInParkCity.com

www.YouInParkCity.com
Keller Williams Park City Real Estate

Park City, Utah Ski 'Country Club' properties

Sat, 01 Dec 2012 17:03:13 -0800

Why do people buy country club memberships and why isn’t there a ski oriented membership Park City real estate option?

People buy country club memberships for many reasons but probably the primary motivation is the quality of the golf experience and the easy access to the course. People are also drawn to the social element of a country club and the many (non-golf) functions the clubs host which allow members to interact in a relaxing setting with their family, friends and peers.

In Park City there actually are several ski oriented country club experiences which come in the form of interval or fractional real estate offerings. In my mind purchasing one these luxury ski condos offerings is very similar to buying an equity country club membership.

· You purchase your membership or condo and pay annual dues.

· When you want to do something different you sell your membership. Most golf clubs make you sell the membership through the club. They set the price and keep a portion of the proceeds. With a fractional or interval ski condo sale you generally sell it at market price and no proceeds are returned to the club.

· You pay dues to maintain the facilities, pay for staffing and market and communicate with members and the public who are the clubs future members.

· Just like country clubs there is no usually no financing available for a fractional or interval condo purchase. It is a luxury real estate purchase and an investment in lifestyle.

· Golf is included in country club dues. With the purchase of a Park City fractional or interval condo you get access to lodging. The number of weeks available and the reservation policies vary from property to property.

When buying a fractional mountain resort condo what questions should you ask?

· Is the condo ski in ski out and what are the other winter activities will be provided?

· What summer activities are organized for you?

· Is airport transportation and in town shuttle service provided. You are looking for a hassle free experience aren’t you?

· What other amenities are within walking distance to the condo, i.e. restaurants, shopping, ski and bike rentals, etc.?

· What are the other owners like?

· What level of service are you expecting? What is the staff like? Are they knowledgeable about the property and the community? Are they friendly?

· What do you own and how is ownership conveyed?

· Are property taxes paid as part of your dues?

· If you aren’t going to use one of your weeks what can you do with the condo?

What interval or fractional condos offerings are there in Park City, Utah?

In Deer Valley:

· Deer Valley Club, a Private Residence Club.

· Red Stag Lodge

· Residences at the Chateaux

In Old Town

· Sky Lodge

At Canyons Resort

· Grand Summit Hotel

For expert information on these fractional or interval ownership condominiums or any Park City Real Estate information contact the realty professionals with the YouInParkCity.com Group at (888)968-4672.

R. Todd Anderson Asoociate Broker, GRI, RSPS, CNE, SFR
(435)901-1417 mobile & text
(866)885-1115 fax
Todd@YouInParkCity.com

www.YouInParkCity.com
Keller Williams Park City Real Estate

Ski Swaps in Park City

Sat, 20 Oct 2012 16:07:38 -0700

The falling leaves and cold weather are reminders that summer is over and we can put the golf clubs away. The annual Park City ski swaps are the reminder of why many of us moved here. Sliding on snow in one way or another is just around the corner.

I wandered through a swap a couple of weeks ago while enjoying Oktoberfest at Snowbird; it seemed too early, but it did get my mind thinking: what didn’t I have last year or what equipment do I want to change going into the new ski/snowboard season? All thoughts are tempered with the fact that I like most of you hate to pay retail. Ski and snowboard swaps with new (but likely last season’s) or lightly used equipment are a great answer and Park City offers some great ones.

Here are some winter gear swaps to consider:

Black Diamond (Salt Lake City)

Oct 20: 7am – 2 pm

Rowmark (Salt Lake City)

Oct 26-27: 5pm-10pm and 10am to 5pm

St Lawrence Thrift (Midway)

Nov 2-3: 9am-6pm and 9am-4pm

Park City (This is the Big One!)

Nov 2-4: 8pm-1am, 10am-6pm, and 10am-2pm

Soldier Hollow (Midway)

Nov 2-3: 8am-3pm

A note for the wise, local shops send a lot of equipment through the swaps and most of that equipment and clothing is currently for sale in the shops. The price won’t be lower because it is at a swap. So shop swap prices now in your local ski and snowboard shops.

R. Todd Anderson Asoociate Broker, GRI, RSPS, CNE, SFR
(435)901-1417 mobile & text
(866)885-1115 fax
Todd@YouInParkCity.com

www.YouInParkCity.com
Keller Williams Park City Real Estate

Park City, Utah Ski Resort Rankings | Deer Valley - PCMR - Canyons

Sat, 13 Oct 2012 10:55:28 -0700

Annual Ski Resort area rankings put all three Park City Resorts in the Top Ten.

SKI Magazine is due on the newsstands or in your mailbox the 16^th of October. The upcoming issue features the results of the annual readers’ poll. In the magazine they will rank the top 50 Resorts in North America.

Park City, Utah is home to three resorts that cover nearly 10,000 skiable acres located just a few miles apart. This year for the first time Deer Valley, Park City Mountain Resort and Canyons Resort are all ranked in the readers’ poll top 10.

Deer Valley Resort takes the 2^nd place ranking; dropping from its unprecedented reign in the number one spot for five years in a row. Deer Valley still saw a number one rating in many individual categories and was likely impacted by the lack of natural snowfall last season.

Park City Mountain Resort moves up a notch this year to number four in the SKI Magazine Readers’ Poll top 50 Resorts. This is the best ranking that the resort has ever earned.

The tens of millions of dollars that have been spent at Canyons Resort in the past few years are paying dividends in the minds of SKI Magazine readers as Canyons receives the number ten spot in this year’s poll. This is an impressive move from rankings in the low 20’s just a few years ago. The number ten ranking for Canyons Resort is also the best that the resort has ever earned.

Park City, Utah is unique in that there are not many cities that are home to multiple ski and snowboard resorts. Deer Valley, Park City Mountain and Canyons Resorts all share in some high ratings related to Park City’s snow, weather, accessibility to an International Airport as well as local restaurants and non-ski related activity options.

The YouInParkCity.com Group congratulates all three of Park City’s World Class Resorts on their rankings in Ski Magazine’s annual reader poll for the 2012/2013 season.

For information about how the resort rankings may affect real estate prices in Park City, Utah contact a Park City Real Estate Professional with YouInParkCity.com at (888)968-4672.

R. Todd Anderson Asoociate Broker, GRI, RSPS, CNE, SFR
(435)901-1417 mobile & text
(866)885-1115 fax
Todd@YouInParkCity.com

www.YouInParkCity.com
Keller Williams Park City Real Estate

Park City Real Estate Sales and Info Q-3 2012

Tue, 09 Oct 2012 06:40:21 -0700

The third quarter of 2012 has slipped by and fall is in the air in Park City, Utah. Real estate sales for the area are changing focus a bit from single family residential to vacation second homes and condominiums more focused toward winter sports.

Year versus year sales data for Park City real estate shows a market gaining strength. Single family home sales so far for the year are up 6% versus the first three quarters of 2011 and condominium sales in Park City have seen a 10% increase.

Sales comparisons for the most recent quarter show condominium sales rising quickly in Park City. Sales of condominiums for the third quarter were up by nearly 25% from the same time period last year. This increase represents nearly the total difference in sales when comparing the quarters. A large portion of this was a bulk sale at the Newpark Hotel. When excluding this bulk sale, sales were still up by over 10%. Also of note in Park City condominium sales is the fact that the median price of the condominiums sold is that the median sales price was up over 10%. The median sales price of $315,000 ($340,000 excluding the bulk sale) would indicate that over half of the sales are condominiums that would be classified as vacation rentals.

Single family home sales by contrast have seen a decline in their median sales price ($705,000 in Q-3 of 2012 versus $750,000 for Q-3 of 2011).

The impact of distressed sales fell again this past quarter with only 25 sales that were bank owned properties. This was down from 38 for the same quarter last year; a 35% decrease. Competition in purchasing bank owned homes and condominiums in Park City continues to be fierce; most experience multiple offers, sales prices above asking price and almost all end in a cash purchase sales.

Real estate sales in Park City, UT are location specific and many factors specific to location should be considered when determining which area or subdivision is best for you. Contact a Park City realty professional with YouInParkCity.com at (888)968-4672 for more information.

This data has been derived from sales statistics as posted on the Park City Board of Realtors MLS using only statistics involving single family homes, condominiums, and vacant land in the greater Park City areas (1-23). Data is considered accurate, but not guaranteed.

R. Todd Anderson Asoociate Broker, GRI, RSPS, CNE, SFR
(435)901-1417 mobile & text
(866)885-1115 fax
Todd@YouInParkCity.com

www.YouInParkCity.com
Keller Williams Park City Real Estate

What’s that New Construction in Park City?

Thu, 30 Aug 2012 11:21:42 -0700

The Park City Heights development has started work.

What is the Park City Heights Development? It is a Master Planned Development near the corner of Highway 40 and State Road 248. The Quinn’s Junction area commonly referred to as the ‘back door’ into Park City, UT. The development when completed will cover 239 acres and have nearly 240 residences.

The location is just behind the much disputed film studio that was approved earlier this year. Unlike the film studio, this master planned development worked with the city and has met all of their guidelines regarding density, impacts, etc. Because there aren’t any neighborhoods nearby, the public was largely silent during discussions about the new neighborhood. I expect that there will be more of an uproar now that the construction process has started and as the impacts become more visible.

The original Master Plan was a collaboration between Park City and The Boyer Company (which is currently developing the Tech Center at the other entrance to Park City (Highway 80 and State Road 224). The construction of the development has since been transferred to Ivory Homes (one of Utah’s largest builders). Ivory Homes is known for entry level home communities throughout the state, but has also recently added some higher end product in the Red Ledges Community in Heber City just south of Park City, UT. Over 70% of the development will be open space. The community will have a 3000’ community center/ club house as well as 15000’ of community garden space. Trails, both paved and dirt will run through the community and connect to other trails in Park City.

The Park City Heights community is slated for 160 market rate cottages and single family homes plus 28 deed restricted townhomes and 41 other deed restricted (affordable) units. Questions about the need or possible overbuilding of the deed restricted or workforce housing components of developments like this have been prevalent with the downturn in the economy. These 79 units will have the added benefit of being within the city limits.

Future residents in the area will have great access to the Quinn’s Junction recreational amenities (Park City’s Ice Arena, soccer and ball fields, the dog park as well as Round Valley Trails and the Rail Trail. The area will though add traffic to the already congested roads in front of the Tri-school area on SR248. This new construction will also have effects on real estate sales and values in the Prospector area as well as the new construction developments in the Jordanelle Reservoir area (Black Rock Ridge, Parks Edge, and the Retreat at Jordanelle).

For more information about Park City Heights and its impacts on the Park City Real Estate Market contact a Park City Real Estate professional with YouInParkCity.com at (888)968-4672.

R. Todd Anderson Asoociate Broker, GRI, RSPS, CNE, SFR
(435)901-1417 mobile & text
(866)885-1115 fax
Todd@YouInParkCity.com

www.YouInParkCity.com
Keller Williams Park City Real Estate

Park City Real Estate versus Other Ski Towns

Fri, 24 Aug 2012 07:27:14 -0700

Park City is a member of the Western Mountain Resort Alliance which gathers quarterly to discuss and share real estate information in the ski towns of Vail, Steamboat, Sun Valley, Whistler, Big Sky, Jackson Hole and Lake Tahoe. The most recent meeting provided some interesting real estate activity information for the ski towns of the west.

Inventory levels in all of the resort areas providing data fell versus last year (and 2011 had shown a similar decrease in inventory levels). Similarly, all of the resorts reported an increase in the number of sales (with the exception of Park City which reported the same number of sales in the first 2 quarters of 2012 as in 2011). Changes in prices varied among the resorts, but Park City, Vail and Lake Tahoe all reported relatively small changes when compared to 2011.

The resort areas of Park City, UT, Vail, CO and Lake Tahoe, CA appear quite similar statistically. The real estate markets in each of these resort areas are much larger in terms of available inventory, sales, and number of active agents than the other resorts that participate in the WMRA. The average sales price in each of these three resort towns for homes and condominiums showed little variance between 2011 and 2012 (less than 2%).

Statistically the resorts are showing signs of price stability and the decreasing inventories are making it tougher for buyers to find what they want which should in time lead to increasing prices. Many of the real estate markets in California are showing signs of improvement and the fact that all of these resorts see many visitors and second homeowners from California should also lead to increasing demand.

While some people may try and make decisions based on resort real estate values, comparing the different resorts and their real estate values doesn’t make much sense. Each resort has its pros and cons and these vary for the individual purchasing or selling in each area. But seeing the similar trends in pricing and sales currently may signal a bottom of the market.

For more information specific to the Park City, UT real estate and local real estate values contact a professional with the YouInParkCity.com Group at (888)968-4672 or send us an email at info@YouInParkCity.com.

R. Todd Anderson Asoociate Broker, GRI, RSPS, CNE, SFR
(435)901-1417 mobile & text
(866)885-1115 fax
Todd@YouInParkCity.com

www.YouInParkCity.com
Keller Williams Park City Real Estate

Are we entering a Seller’s Market in Park City, UT?

Fri, 10 Aug 2012 16:03:20 -0700

The Salt Lake Tribune reported that the median sales price for single family homes in Salt Lake County rose last quarter for the first time in 5 years. Will Park City real estate see similar statistics soon?

National statistics are beginning to show strength and there are many reports indicating prices on the rise (similar to the reports from Salt Lake City). Park City and other resort communities tend to lag the national indicators as people must feel comfortable with their primary home before purchasing secondary homes and condominiums.

Sales statistics so far for the year have been flat with the previous year in terms of volume and again this last period showed a slight decline in the median sales price for single family homes in Park City. The decline was not even across all areas and some areas experienced an increase in median sales prices. Inventory levels are having an impact on sales in most areas and especially in the lower price points in all neighborhoods.

Recent Park City area home sales statistics report that inventory levels are at a five year low. This lack of inventory shows very prominently in the lower price levels in all neighborhoods and also can be seen in the lack of REO product. For example, single family homes in Park City under $500K that aren’t considered cabin properties actively for sale numbers under 50 while over 100 such homes have sold in the past 12 months. A look at the Promontory area shows 14 home sales (non-“cabins”) in the past 12 months under $1.5M and only 9 active non-cabin listings offered at under $1.5M.

Park City Home Sales and Inventory

The lack of inventory is causing multiple offer situations in many situations as well as frustration on buyer’s sides trying to purchase a deal.

Lower inventory levels and lower prices will not last long as the demand will begin to force prices up.

As mentioned above, sales statistics and inventory levels vary between Park City neighborhoods and price ranges. Contact YouInParkCity.com for specifics about the price point and neighborhood matters most to you (888)968-4672.

R. Todd Anderson Asoociate Broker, GRI, RSPS, CNE, SFR
(435)901-1417 mobile & text
(866)885-1115 fax
Todd@YouInParkCity.com

www.YouInParkCity.com
Keller Williams Park City Real Estate

Deer Valley Club Membership

Tue, 03 Jul 2012 02:12:08 -0700

Guests skiing at Deer Valley resort (the top ranked ski resort in North America for 5 years in a row) often ask "who owns these?" and "how often are people staying there?" as they ski by the large homes that dot the sides of the ski runs.

The answer may be "it could be you".

The Sterling Lodge offers condominiums for about $2 million while the most recent sale of a Double Eagle condominium was for just under $1.2 million.

Sandwiched in-between these two is the Deer Valley Club where a membership can be yours for $140,000.

This membership gives you equity ownership of and the ability to use a 3 bedroom 3 and one half bedroom ski-in/ski-out residence for two weeks each winter and two weeks each summer plus added weeks on a space-available basis.

The Deer Valley Club offers more than the condominiums on either side of its location as you can take advantage of airport transportation, a welcoming staff to greet you, answer your questions, store your skis and other recreation equiptment. Club staff assists you with all your needs while you are in-house and can set up activities away from the property. A weekly social introduces you to other members and their guests. CLub amenities beyond its great location include an outdoor pool, indoor hot tub, gym facility, members lounge, ski lockers and more.

Call for more information about how being a member of the Deer Valley Club may be the perfect answer to the question of "who owns that?".

Todd Anderson

(435)901-1417

http://YouInParkCity.com

R. Todd Anderson Asoociate Broker, GRI, RSPS, CNE, SFR
(435)901-1417 mobile & text
(866)885-1115 fax
Todd@YouInParkCity.com

www.YouInParkCity.com
Keller Williams Park City Real Estate

Park City Home Value Appraisals

Sat, 26 May 2012 09:15:57 -0700

Two appraisals of the same Park City home result with a large dollar discrepancy.

A buying client of the YouInParkCity.com Group was set to purchase a home and was paying cash. Even though it was technically unnecessary, we felt that an appraisal of the home would be good for everyone’s peace of mind ensuring that the second home they were buying was a good value. With the cash purchase, we were on a short timeline and our first choice of local Park City appraisers was on vacation. We asked around and got a few good recommendations for another qualified local appraiser.

The buyers asked that the appraisal be made without the appraiser knowing the contract price of the home. The appraisal came back at approximately 10% below the agreed upon purchase price. Upon getting the appraisal, the Sellers agreed to pay for another appraisal (feeling that this one was incorrect).

For the second appraisal, the Sellers gave the appraiser (another respected local Park City appraiser) a copy of the Purchase Contract. This time the home appraised at the contracted purchase price (10% above the previous appraisal).

We asked both appraisers about their findings. Both stood behind their appraisal values for the home but there were some interesting differences.

Most of the homes used as the comparable sales were the same. In looking at the two appraisals and the adjustments made for the same subject property values of the same item were very different. While one gave a $2500 adjustment for A/C, the other valued it at $5000. A fireplace was valued by one appraiser at $4000 while the other valued it at $2500. One placed a dollar value on the hot tub while the other considered it personal property not attached to the home and gave it no value. The largest discrepancy between the two appraisals was the adjustment for size; one gave a $30/sq ft adjustment versus a similar home (same number of beds, baths, kitchen, etc.) while the other valued the added space at $70/sq ft. This difference was magnified by the 100 sq ft difference between the two measurements stated in the appraisals.

Which one of the appraisals was correct? As it is with most things, it depends upon which side of the transaction you are on. I believe that the value lies somewhere in-between. For more information on the Park City Real Estate Market call us at (888)968-4672.

R. Todd Anderson Asoociate Broker, GRI, RSPS, CNE, SFR
(435)901-1417 mobile & text
(866)885-1115 fax
Todd@YouInParkCity.com

www.YouInParkCity.com
Keller Williams Park City Real Estate

Deer Valley Real Estate Sales 2012

Mon, 19 Mar 2012 13:11:22 -0700

Real Estate sales in Deer Valley, Utah for the current year.

We here at the YouInParkCity.com group keep a constant eye on what is going on in Park City real estate through a consistent watch of the Park City MLS, regular open house attendance, talking with other agents and monitoring what our clients and local visitors tell us among other things. A recent post indicating that Deer Valley sales were on an uptick caught our eye. Here is a summary of what we found to be true:

Current Park City MLS data shows that there have been 40 sales of homes condominiums and vacant land in Deer Valley since the first of the year. This number is almost identical to the real estate sales for the same period for last year. The average sales price is down a bit at just under $2 million, but the median sales price (half above and half below) is off by nearly $1M. So, thus far in 2012, half of the real estate sales in Deer Valley have been for less than $1M. While we are still seeing movement in the luxury market with sales at the Montage and St Regis Deer Crest hotel residences, real estate sales of above $2M in Deer Valley are currently off by 25% from this time last year. The 16 current pending sales represent a possible upward movement if they make it through to closed sales.

Overall the Deer Valley real estate market is a somewhat mixed bag with pockets of strengths and weaknesses but overall fairly stable in relation to last year. For an in-depth analysis of the portion of the Deer Valley or Park City real estate market that interests you contact a realty professional with YouInParkCity.com at (888)968-4672.

R. Todd Anderson Asoociate Broker, GRI, RSPS, CNE, SFR
(435)901-1417 mobile & text
(866)885-1115 fax
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Keller Williams Park City Real Estate

Are people paying asking price for homes in Park City?

Wed, 14 Mar 2012 10:20:28 -0700

How much off the list price can I expect to pay for Park City Real Estate?

We live in a time when everyone wants a deal and consequently people don’t want to pay the asking price for just about anything. Discounts flood our email in-boxes, coupons fill the mail and newspapers are delivery vehicles for weekly sale circulars. It has gotten to the point that we readily know that full price isn’t what we’ll pay in the end.

There are of course some exceptions; we know the price of an iPad will be the same wherever we buy it and there won’t be any discounts, and we don’t wait to go to Starbucks until the coffee is on sale.

What about houses and condominiums in Park City, UT? Are people paying full price or is everything on sale?

Over the past 90 days there have been 228 sales registered across the Park City MLS. Of these sales, 36 recorded at or above the asking price. Over 15% of the sales were full price or more. Moreover over half of the transactions recorded with a sales price of 95% or more of the asking price. In terms of a retail sale, a 5% off banner wouldn’t turn any heads. What happened to the big discounts? Only 39 of the 228 real estate sales in Park City were discounted by more than 10%.

This isn’t necessarily an indication that people are willing to pay full price, but rather that people are willing to pay for value. If full price is less than a comparable recent home sale and/or if the home or condo is better than other options or part of a limited supply, asking price can be a good value or deal.

Interestingly, not all of the sales that were not discounted moved quickly. Nearly half of the sales that show 5% or less discounting from their original price had been on the market for over 90 days.

Your YouInParkCity.com Group real estate professional can help you determine if a Park City home or condominium is “on sale” and a value in our current market. Call us at (888)968-4672 or email info@youinparkcity.com to discuss current area home values.

R. Todd Anderson Asoociate Broker, GRI, RSPS, CNE, SFR
(435)901-1417 mobile & text
(866)885-1115 fax
Todd@YouInParkCity.com

www.YouInParkCity.com
Keller Williams Park City Real Estate

Park City Home & Condo Prices

Sun, 26 Feb 2012 16:42:19 -0800

Days on market for real estate in the Park City, Utah area

Days on Market is a piece of information that can give us some information about home sales in an area, but it is not the end-all statistic. In Park City, Utah the current average days on market for real estate is about 150 days from initial list to sale. This statistic counts only those properties that have sold (not inventory or expired/removed properties).

In general a lower number of days on market relates to a “hotter” market and less of a “buyer’s market” but there are other factors that also have to be considered. Note that the 2007 timeframe has a relatively higher days on market; yet things were selling within days at this time. New construction is the reason in this case. Projects were selling out quickly, but the days on market statistic counts from the time the property goes under contract until the sale closes which in this case does not happen until the home or condominium is complete. Similarly, current days on market may be averaging a little longer due to the loan process taking longer now than it did a few years ago.

Buyers often ask how long something has been on the market and try and use that information in determining an initial offer. Unfortunately the correlation between days on market and accepted sales price does not always have a straight forward correlation. No two properties are exactly the same, so the sales price of two similar homes need not be the same. Similarly, the financial situation and reasons for selling are never the same for two individual sellers.

This is not to say that days on market does not have any value in determining a fair price. It is interesting to note that of the over 500 sales in the past 6 months, over 20% sold in less than 21days (sales this quick are cash purchases). The average sales price of these quick sales was over 95% of the list price. Conversely, Park City properties that took longer than 180 days to sell had a sales price of about 90% of the list price.

For inforation on a particular Park City Real Estate neighborhood contact a realty professional with the YouInParkCity.com Group at (888)968-4672 (888)YOU-INPC

R. Todd Anderson Asoociate Broker, GRI, RSPS, CNE, SFR
(435)901-1417 mobile & text
(866)885-1115 fax
Todd@YouInParkCity.com

www.YouInParkCity.com
Keller Williams Park City Real Estate

Distressed Real Estate Sales in Park City, UT

Tue, 31 Jan 2012 08:47:27 -0800

Park City, Utah has seen its share of distressed real estate sales in the past 2 years.

A look at the sales statistics from the Park City area MLS reveals that distressed sales have made up 25% of the total sales of homes, condominiums and land in the Greater Park City area in 2010 and 2011.

The sales of bank owned properties have far outpaced the short sales (more than 2 to 1) and 2011 saw a smaller percentage of distressed sales than 2010.

Park City Real Estate Distressed Sales

	2010	2011

Total Sales	1018	1191
(Homes, Condos, Land)
Bank Owned	178	200
Short Sale	91	83
Bank & Short	269	283
% of Total Sales	26.4%	23.8%

The number of distressed for sale real estate listings in Park City has been steadily decreasing. People looking to buy bank owned properties in the Park City area are increasingly encountering multiple offer situations and sales prices are often higher than the listing price for bank owned Park City properties.

Park City Real Estate Distressed Listings

Active Listings	1536
(Homes, Condos, Land)
Bank Owned	38
Short Sale	64
Bank & Short	102
% of Total	6.6%

The sales of bank owned in relation to the number available is an indicator of how quickly they move. The number of short sales completed is an indication of how hard they can be to complete. Also of note is that half of the current short sale supply has offers awaiting bank approval. Buying distressed real estate in Park City is possible, but there can be many pitfalls and the competition can be fierce.

For more information about real estate sales in Park City, Utah contact a Park City realty professional with YouInParkCity.com at (888)968-4672.

Data and sales information from the Park City MLS deemed reliable but not guaranteed.

R. Todd Anderson Asoociate Broker, GRI, RSPS, CNE, SFR
(435)901-1417 mobile & text
(866)885-1115 fax
Todd@YouInParkCity.com

www.YouInParkCity.com
Keller Williams Park City Real Estate

Park City Luxury Ski Condos

Sun, 18 Dec 2011 13:24:44 -0800

The Hyatt Escala Lodge

About a month ago we toured the changes at The Hyatt Escala Lodge at Canyons Resort and had a fantastic dinner in one of their mountain view 3 bedroom luxury condos. The Lodge, which was rated as one of the top 12 “Hot Hotels” in North America, continues to step it up and is delivering on the news that they announced months ago, the opening of The Escala Provisions Company, “The Restaurant” and bar. Other additions include 5,000 sq. ft. of meeting space, a staffed children’s center and 7,000 sq. ft of “flexible indoor /outdoor space”.

This gives Park City Real Estate another amenity rich, high end luxury condo option for clients who are considering a ski in/ski out Park City home. There are currently 21 Hyatt Escala Lodge Condos on the market ranging in price from $365,000 for a 1 bedroom, 1 bath condo to $2,000,000 for a 4 bedroom, 5 bath residence. In the past 12 months there have been 5 sales at the Hyatt Escala Lodge. The sold prices ranged from $299,000 for a 1 bedroom to $1,916,000 for a penthouse 3 bedroom 5 bath.

Another factor to take into account when considering purchasing Canyons Resort real estate in general are the many changes that have taken place in the last year or are on the books. The Winter Zip Line tour is in and is something I have to try. The tour is comprised of two zip lines; one is 800 feet long has an 8% grade the other is 2100 feet with a 10% grade. Just thinking about this makes me grin. Additional snowmaking, new lifts, a remake of the resort center area and the beginning of construction on the new golf course are just a few things that have happened recently. For skiers and boarders (and owners of any Park City real estate) the proposed “Skilink” which will connect Canyons Resort in Park City to Solitude Ski Resort in Little Cottonwood Canyon will have positive impacts too many to list. If and when the Ski Link goes through final approval and is built skiers and riders will be able to access Solitude from Canyons ski resort and avoid the 45 minute drive.

If you have questions about The Hyatt Escala Park City, Canyon Resort Real Estate or Park City Real Estate in general please contact the YouInParkCity.com Group Real Estate Professionals at 888-968-4672

Click for more information including all for sale listings at the Hyatt Escala Park City or contact the YouinParkCity.com group.

Click here to learn more about SkiLink

R. Todd Anderson Asoociate Broker, GRI, RSPS, CNE, SFR
(435)901-1417 mobile & text
(866)885-1115 fax
Todd@YouInParkCity.com

www.YouInParkCity.com
Keller Williams Park City Real Estate

Park City Luxury Ski-in/Ski-out Hotel

Mon, 12 Dec 2011 21:24:49 -0800

Park City Mountain Resort to Improve Base Area

Resort Officials of Park City Mountain Resort announced to the Park City Council and Planning Committee that they are beginning to explore new development around the resort base area.

In recent years the resort has positioned itself as a ski resort operator and not a developer. They now point to new base area development as a way to ensure that they are adequately taking care of their customers as well as increasing capacity for new resort guests.

There have been many rumors in the past about possible resort hotels going in at the base of the resort where the parking lots are currently located. The recent additions of the Hyatt Escala and Waldorf Astoria at Canyons Resort as well as the St Regis and Montage Hotels at Deer Valley leave Park City Mountain Resort without a luxury offering to compete with Deer Valley and Canyons. The lower lots near the base of the First Time Lift and Super-pipe would appear to be the most logical place for a new resort hotel and base area expansion. A Four Seasons Resort Hotel was once rumored for this location; maybe it is a step closer to reality (?).

The plans are still conceptual at this point, but as the supply of new luxury condominiums in Park City dwindles another resort property will make sense. The addition would be great for the Town of Park City as well as the Park City Mountain Resort.

R. Todd Anderson Asoociate Broker, GRI, RSPS, CNE, SFR
(435)901-1417 mobile & text
(866)885-1115 fax
Todd@YouInParkCity.com

www.YouInParkCity.com
Keller Williams Park City Real Estate

Park City, UT Real Estate Foreclosure Market

Sat, 03 Dec 2011 19:27:13 -0800

How Low Can My Offer Be on an REO Property?

Bank owned real estate in Park City, UT is a very small portion of our inventory. In fact, of the 1048 homes and condominiums listed across the Park City Multiple Listing Service in the greater Park City area, only 16 are currently listed as being bank owned. There are 46 homes and condominiums listed as Short Sales, but those are different from bank REO properties.

To date this year 137 sales of bank owned condominiums and single family homes are shown across the Park City MLS. This number makes up over 15% of Park City sales (yet active bank REO listings make up less than 2%). As you look at the number of sales and active listings, it is easy to see that the turn-over of bank REO property in Park City is very fast.

The fast sale of bank owned real estate is by design. Property on a bank’s asset sheet is not a good thing and thus the banks price property to move quickly. That is not to say that they will give property away. Remember that banks are publicly held and at the end of the day banks are accountable to their shareholders; giving away assets is not viewed positively by the owners. As a rule of thumb, the bank REO properties are offered at a price considered to be 20-30% below market value. Due to this pricing strategy it is not uncommon to see multiple offers bid the price up above the asking price.

A recent article in HousingWire.com shows that Freddie Mae sold over 80,000 properties in the first 3 quarters of 2011 and that the sales prices averaged 94% of the asking price.

So when it comes time to make an offer on a bank owned property in Park City, UT, keep these things in mind and also keep in mind that the strength of your offer is measured by the speed at which you can close the transaction (think no contingencies) as well as the offer price. There are many players in the REO market searching for a deal in Park City; the relatively low number of REO offerings makes this market very competitive.

If you would like a list of current distressed properties in the Park City, UT area contact the YouInParkCity.com Group of real estate professionals at (888)968-4672.

R. Todd Anderson Asoociate Broker, GRI, RSPS, CNE, SFR
(435)901-1417 mobile & text
(866)885-1115 fax
Todd@YouInParkCity.com

www.YouInParkCity.com
Keller Williams Park City Real Estate

Ski Resort Real Estate: Park City or Vail

Tue, 15 Nov 2011 17:39:41 -0800

The Western Mountain Resort Alliance is composed of 13 destination ski resort area Boards of REALTORS®. The alliance was founded on the idea that while the resorts vary geographically, they share many of the same real estate and development issues due to their vacation resort status. The alliance publishes quarterly sales statistics for the various destination ski areas.

While we here in Park City, UT believe that our resort community offers some of the best recreational opportunities and easiest access of any Western North American Ski Resort, a look at what can be purchased in other resort towns can be very informative.

VS.

Having spent 10 years in Vail, CO, I am jaded to believe that it is the resort with most in common to Park City. In terms of total available inventory if we exclude vacant land, the two areas are almost identical although the single family homes versus condominiums is reversed with Park City having nearly double the number of single family homes on the market as Vail. The number of units sold in the two towns shows Park City’s sales being up 18% in unit volume for the first three quarters of 2011 while Vail’s sales were relatively flat. Available inventory is down in both Park City and Vail versus 2010. The average sales price in Park City saw a 10% decline while Vail registered a 25% decline versus the same period last year.

Another interesting comparison stat between Park City and Vail is the median sales prices. Park City area single family home sales saw a median price (half above and half below) of nearly $550K while Vail shows $400K. Conversely, condominium sales median pricing shows Vail at $480K and Park City at $325. Average sales prices for both single family homes and condominiums are considerably higher in Vail than in Park City.

Maybe Park City and Vail don’t have as much in common as I thought in terms of real estate and the associated values. This likely has a lot to do with the differences in terms of Park City having been an old mining town that developed ski resorts versus Vail having been a ski resort that developed into a town.

For in-depth neighborhood by neighborhood real estate information about Park City, UT, contact a realty professional with the YouInParkCity.com Group at (888)968-4672.

R. Todd Anderson Asoociate Broker, GRI, RSPS, CNE, SFR
(435)901-1417 mobile & text
(866)885-1115 fax
Todd@YouInParkCity.com

www.YouInParkCity.com
Keller Williams Park City Real Estate

Home Buyers: Are You Worried the Market is Still Trending Down?

Sat, 12 Nov 2011 13:42:31 -0800

Here is a new program designed to protect the value of the Park City home or condominium you are buying. Equity Lock Solutions is offering a product called Home Price Protection.

Generally the plan works like this: The buyer or seller of a home or condominium in Park City can purchase a plan up to $2 million for a one time fee of 1.8-3.0% of the plan amount (costs vary slightly but Keller Williams agents have access to the lowest rates). The plan is tied to a local House Price Index published by the Federal Housing Finance Agency (FHFA). The index for the Park City area is tied to the Salt Lake City metropolitan statistical area. If the index drops from the time of purchase to the time of sale, the plan pays the percentage difference in the fall to the owner at the time of the sale.

If you as a buyer purchased this price protection and bought a $1 million Park City home and five years from now when you go to sell the home the House Price Index has gone down 10%, the Home Price Protection Plan will pay you $100,000 when you sell the house. The plan is a hedge against the housing market going down, not the individual home, so choosing the correct home is still important. The product is avaialble for primary residences, second homes and investment property.

For more in-depth information about this program as well as the current HPI for your area, go to: http://equityocksolutions.com/faq/ .

RIS Media has announced Home Price Protection as their product of the year, their announcement came at last weeks NAR convention.

This may give a buyer the peace of mind they are searching for as they wonder if they are truly buying at the bottom of the market.

For more information about Home Price Protection or any Park City or Deer Valley, UT real estate questions contact a realty professional with the YouInParkCity.com Group of Keller Williams Park City Real Estate at (888)968-4672 or email us at info@YouInParkCity.com.

R. Todd Anderson Asoociate Broker, GRI, RSPS, CNE, SFR
(435)901-1417 mobile & text
(866)885-1115 fax
Todd@YouInParkCity.com

www.YouInParkCity.com
Keller Williams Park City Real Estate

Deer Valley Resort #1 (again)

Tue, 11 Oct 2011 19:11:45 -0700

For the fifth year in a row the readers of SKI Magazine have named Deer Valley as the number one resort in North America. This is the 6^th time in the last 7 years that Deer Valley has been named number one overall. The resort has not been lower than 3^rd in the last 11 years.

The rankings take in many different aspects of the resort and while Deer Valley may not be the toughest or largest resort, or get the best snow, its ranking as best overall is impressive. Deer Valley Resort always gets accolades for and was ranked number one in the categories of: grooming, service, weather, on-mountain food, lodging and dining. The editor of SKI Magazine notes that the size of the resort and the fact that snowboarding is not allowed helps Deer Valley to edge its large competitors Vail and Whistler for the number one spot.

The other Park City area resorts alos fared well with Park City Mountain Resort coming in at number 6 and Canyons Resort in the number 16 slot.

A new lifestyle category named Park City Mountain Resort as the best place in North America to ski with kids.

The consistent rankings from the readers of SKI Magazine have a great impact on tourism in Park City as well as housing values. A town with the best overall ski resort ranking which shares a ropeline with the resort ranked as the best place to ski with a family makes for quite a place to live or own a vacation home.

Click for more information about Park City and homes for sale in Park City and Deer Valley, UT

R. Todd Anderson Asoociate Broker, GRI, RSPS, CNE, SFR
(435)901-1417 mobile & text
(866)885-1115 fax
Todd@YouInParkCity.com

www.YouInParkCity.com
Keller Williams Park City Real Estate

Did You Miss the Bottom?

Mon, 08 Aug 2011 17:30:23 -0700

Park City Real Estate Market Turning Upward

The bottom of a market; be it stock prices, commodities or real estate in Park City, Utah can really only be seen in hindsight. We can never be sure of the bottom until we look at it in retrospect and study the sales data. While we cannot yet call the bottom of Park City real estate prices, we can see definitive signs of the bottom.

Real estate sales in the second quarter of 2011 show a strong increase in the number of transactions. The 451 closed real estate sales in Park City for the second represent a 20% increase from the first quarter of 2011 and the best quarter since the fourth quarter of 2007.

The recent increase in sales in the area has been accompanied by a decrease in the number of newly listed properties in the Park City real estate market. So while demand is increasing, the supply is falling which should in time lead to an increase in pricing.

While it may be too early to call the bottom of the market in terms of pricing, we may be seeing signs that some of the best deals are gone. It is kind of like that big sale at the store and we are in its last days. There are still good values to be found in the Park City real estate market, but there is far less to choose from. A good example of this may be the Promontory area of Park City: so far this year there have been 15 homes sold for under $1.5M that were not part of the “cabin” communities and only 10 remain in this price range. It doesn’t mean that there are no more deals to be had in the area, only that the remaining opportunities have been picked over.

There are other areas within Park City that show real estate values possibly finding their bottom as well as localized areas which have indicators pointing toward further price reductions. For information on specific buying and selling opportunities in Park City real estate contact a realty professional with the www.YouInParkCity.com Group of Keller Williams Park City Real Estate.

R. Todd Anderson Asoociate Broker, GRI, RSPS, CNE, SFR
(435)901-1417 mobile & text
(866)885-1115 fax
Todd@YouInParkCity.com

www.YouInParkCity.com
Keller Williams Park City Real Estate

Silver Baron Lodge - Deer Valley, UT - Trustee Sale

Sat, 16 Apr 2011 20:27:44 -0700

Silver Baron Lodge - Deer Valley, UT - Trustee Sale

After an initial Trustee Sale scheduled for Dec 29,2010 and at least one other postponed auction, a courthouse steps auction for 16 units (of 51 total) located at the Silver Baron Lodge in the lower Deer Valley area of Park City, Utah happened yesterday.

see http://youinparkcity.com/blog/ for details.

To discuss how this sale may impact your decisions to buy or sell in the Park City, Utah area contact a YouInParkCity.com Group Park City real estate professional at (888) 968-4672.

R. Todd Anderson Asoociate Broker, GRI, RSPS, CNE, SFR
(435)901-1417 mobile & text
(866)885-1115 fax
Todd@YouInParkCity.com