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seller: Park City Home Value Appraisals - 05/26/12 09:15 AM
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. (0 comments)
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). (0 comments)
Outlying areas of Park City have been hit worst in terms of price depreciation with some areas seeing prices equivalent to those in 2001 and 2002. To give you a better feel for this, the largest increase in area prices happened in the 2004-2005 timeframe. There are now condominiums being offered at prices of over 50% off the peak sales prices of 2006-2007. Granted, these sale prices refer to bank owned and distressed sales, but that currently makes up about 10% of the (1 comments)
seller: Park City Short Sales - 01/18/09 03:07 PM
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 (0 comments)
seller: Park City, UT Price Stability - 10/28/08 12:26 PM
This is a follow-up post from Oct 20, 2008. On the 22nd 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 (0 comments)
seller: Why Park City Prices Remain Strong - 10/20/08 06:26 PM
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 (0 comments)
seller: All real Estate is Local - 06/02/08 09:15 AM
One of the most commonly asked question a Park City REALTOR® gets asked is "how is the market?" We've written about this before in the YouInParkCity.com blog, but we think it deserves to be said again. "It really depends on where you are and what you are trying to accomplish in terms of buying, selling or investing, but most important is the idea that all real estate is local. We've noticed some recent Park City numbers that reinforce this point on a local neighborhood level. The Silver Springs real estate area in Park City, Utah currently has 19 active (0 comments)
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.