Park City, UT Real Estate News

By Rob Alday & Rachel Peterman
(Snow Park Realty)
MARKET UPDATE: Over the past week we've seen 55 properties come on the market, 32 close, and 31 go under contract. Of note: ACTIVE:-Fantasically priced home in what has turned out to be a hot Lower Deer Valley market. It comes in at $1.883m; 4660 sq ft, 5bd/4ba, $404 psf.-Great deal on an income generator in Upper Deer Valley's Silver Lake Village at $1.199m; 2368 sq ft, 3bd/4ba, $506 psf...it could use an update, but for these views and this location you can't beat it.-Arrowleaf unit in Deer Valley's Empire Pass priced at $2.495m; 1779 sq ft, 3bd/4ba, $1402 psf...it is amazing, but that is what we have been seeing in Empire Pass.-Promontory home in Waptit Canyon, on the golf course, and ski resort views for $2.9m; 5096 sq ft, 4bd/4ba, $588 psf....pretty good deal.-Best deal at Deer Mtn...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
PROMONTORY: -Not too much to report on the Promontory bankruptcy situation. There is another hearing scheduled in court for the end of June. The lien-holders and Pivotal are trying to work out a plan to move forward. Last that we heard Pivotal and the 2nd lien holder had teamed up, and Credit Suisse was putting together their own plan. However, this could change a the drop of a hat...so we'll look to find out more towards the end of June on how Promontory will move forward. The club is still operating and is supposedly going to start construction on the Forest Richardson course this summer.....we'll see though.  GLENWILD: -Glenwild is one of the hottest communities in Park City right know. However, that is if you are looking to buy a home. The land sales out there are not doing particul...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
I read this commencement speech today and was very inspired.  This is the speech JK Rowling gave to the Harvard graduating class.  It is very powerful to me and I hope that it can be as invigorating to anyone else who reads it as well.  Hopefully it will make your Friday just a little bit better. Text as prepared follows.Copyright of JK Rowling, June 2008 President Faust, members of the Harvard Corporation and the Board of Overseers, members of the faculty, proud parents, and, above all, graduates. The first thing I would like to say is ‘thank you.' Not only has Harvard given me an extraordinary honour, but the weeks of fear and nausea I've experienced at the thought of giving this commencement address have made me lose weight. A win-win situation! Now all I have to do is take deep brea...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
I found the disclaimer below hereAnd I loved it so much I used it on my blog ( www.parkcitywire.com )It perfectly fits my personality and it also conviniently conveys what I need it to.The weather is sunny and wonderful here in Park City today and I couldn't be happier...I wish the same to anyone who reads this as well! ...The views expressed by the authors on this website do not necessarily reflect the views of this website, those who link to this website, the author's mother, father, sister, brother, uncle, aunt, grandparents, cousins, step relations, any other blood relative and the author himself, this website's web host... Comments on this website are the sole responsibility of their writers and the writer will take full responsibility, liability, and blame for any libel or litigat...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
Want To Know A Little About The History of Park City?...The city was settled as a mining community in 1870, following the discovery of lead, gold, and silver in the area. The city became heavily populated to such an extent that many people thought it would replace Salt Lake City as the primary city in Utah. However, the mines penetrated the water table and were flooded, and the city nearly became a ghost town.Skiing began to come to the city in the 1950s, but the city did not recover until the 1970s, when growth finally came. Growth has accelerated in the last few decades, and it now stands as one of the most affluent and lively resort towns in the United States.One of the few Utah towns established by non-Mormons, it once had 27 saloons lining the street, with an accompanying wager, ap...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
Below is an update on the Talisker Purchase of The Canyons....but first....let's acknowledge the Park City Highschool's recent ranking by Newsweek Magazine as 286 in the nation....not to shabby! Also, the Park City Highschool Soccer Team took state last week. GO PCHS!!!!!!Talikser Purchasing The Canyons - Update:Talisker Corporation is still working on moving toward closing on the purchase of the Canyons Resort. Closing was supposed to have taken place by the end of business last Saturday. Tim Vetter the spokesman for The Canyons confirmed that the sale did not go through on Saturday as planned, but an extension is in place. According to a form filed with the Securities and Exchange Commission Monday, the extension runs until Friday. Vetter added that everyone is working away to make th...
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By Erik Asarian
(KW Park City Keller Williams Real Estate)
Good thing I dodged the road closure last week caused by the presidential motorcade! It was quite a scene along Kearns Blvd, where Marine One-the President's Helicopter-landed near the Treasure Mountain Middle School in Park City Wednesday afternoon. President Bush was Greeted by a Mixed Crowd in Park City, Utah Crowds lined the presidential motorcade route. Many cheered and gave the President the "Thumbs-Up" as the motorcade passed, but others held signs and flipped the President "The Bird" for his unpopular policies. Here's the rest of the story about President Bush's visit to Park City, Utah.
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
Parkites could be shelling out an extra $30,000 for the chaos that surrounds a Presidential visit. All the extra law enforcement and vehicles ran up a hefty bill....I guess this is par for the course as far as Mr. Bush's economics go...just run up a tab! See the $9,390,653,364,135.51 national debt as of 5/28/08. Talisker is pushing the envelope trying to get affordable housing on the southern end of Daly Ave. The street is narrow and in the winter turns to basically one lane, and the Tuhaye and Empire Pass developer wants to add housing at the far end. The extra traffic is not needed on the street, but the town needs more affordable housing. Talisker is only wanting 8 units however, the land is currently open space.....it will be interesting to see what gives. Don't forget to check out ...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
Here's a great list of best practices to keep in mind as an Agent.  Also, take a look at the "official Rob and Rachel blog" at www.parkcitywire.com! If you're like many of today's real estate professionals you are wanting to attack the Internet to find clients. Given today's challenging market conditions, you want to treat these inquiries like gold. You must respond professionally - honoring prospects' privacy while also providing valuable information that will eventually turn them into clients. Here are six general rules that will help you accomplish that goal. Best Practice #1: Respond in Kind If a prospect e-mails you, respond via e-mail. If a prospect text messages you, respond via text. The general rule is to respond in kind, unless the inquiry explicitly asks you to do otherwise. ...
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By Todd Anderson, Park City | Deer Valley Real Estate
(You In Park City group - KW Park City Keller Williams Real Estate)
          One of the most commonly asked question a Park City REALTOR® gets asked is "how is the market?"  We've written about this before in the YouInParkCity.com blog, but we think it deserves to be said again.  "It really depends on where you are and what you are trying to accomplish in terms of buying, selling or investing, but most important is the idea that all real estate is local.           We've noticed some recent Park City numbers that reinforce this point on a local neighborhood level.  The Silver Springs real estate area in Park City, Utah currently has 19 active single family home listings.  During the month of May, 7 single family homes were put under contract and 1 sale closed (given the average under contract / pended times, the others should close in June).  This repre...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
Here are some handy tips to pulling off a very well received Open House for any listing.  Open Houses can be fun and they are a great way to show off a property and to meet new potential clients. FOLLOW THESE STEPS TO OPEN-HOUSE GREATNESS:Advertise in your local newspaper. Make sure your ads are colorful and provide detailed descriptions.  Don't forget about placing them in picture classifieds or open house directories. An ad in the Sunday newspaper is great as well. Make the path to your open house very easy to find. In a small radius around the house, place signs at busy intersections pointing in the direction of the house. The arrows should point buyers in the right direction and encourage people driving in the area as well as walking to check it out. Signs should be placed every few...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
Mr. President George W Bush himself is coming to Park City today...and even though I don't agree with him on most things...it's still pretty exciting all the same.This morning on the local radio station (KPCW) they were discussing his arrival. The town locals are a bit up in arms over the traffic jam the President's entourage is bound to cause. Apparently, he will be arriving via helicopter (most likely taking off from the Salt Lake City Airport) and landing somewhere in the fields around the high school. A whole section of one of our main roads will be closed off going both ways...and it's happening right at "rush hour" when everyone will be heading home from work....4:30pm to be exact.Still, there's a buzz in the air and it's neat to know I will be able to look up in the sky and see ...
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The big news around town is that President Bush is coming to town Wednesday and Thursday for fund-raising events for John McCain. Mr. Bush will be staying in Deer Valley at former Massachusetts Governor and former Presidential candidate Mitt Romney's home. Helicopters have been seen flying around town gearing up for the Presidents visit. One protest party, labeled the Bush Bash BBQ, has been scheduled at City Park. Interest rates for fixed-rate mortgages fell slightly this week on news of both weaker industrial production in April and consumer sentiment falling in May to its lowest level since June 1980. The 30 year fixed rate fell to 5.98% from 6.01%....last year we were at 6.37% for a 30 year rate. Except last year lenders were actually lending! Over the long weekend we saw 33 propert...
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By Cathy Ritchie
(You In Park City Group - Keller Williams Park City Real Estate)
Admittedly, when I read the article, "Don't Fear Falling Prices", published in Daily Real Estate News back in February 2008, I had a knee-jerk reaction (although I consider myself rather open-minded).  My initial reaction was one of seeing this work as just another suspect notion on the elaboration to justify the "falling" real estate market.  However, something prompted me to go ahead and bookmark this piece into My Favorites file allowing me to weigh on its content at a later date.  For the last three months, this article has continued to "nag" me like a missed birthday, and I find myself continuing to go back to reevaluate it.  You may by now be asking about its content, so let me insert it here for your reading pleasure: Daily Real Estate News  |   February 22, 2008 Don't Fear Falli...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
It's snowing for the second day in a row here in Park City.  It's a little crazy to think that just last Sunday I was sunning myself next to the pool at Promontory and today there are inches of snow on the ground and more falling!  But that's the kind of weather you get living in a mountain town I guess.  We're coming up on 10 months of winter in these parts and I can't say I'm really complaining, it's just the short summer season we get here is so wonderful, I just wish it would show up already.  This whole concept of June-uary sounds quite silly but in fact is is begining to look like a firm reality. Here's an update on our local market values:The most exclusive real estate in Utah continued to hold its value as the median price of a single-family home sold in the greater Park City ar...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
Rob and I recently spent a week's vacation in what we consider to be a hidden gem and our secret little spot of sand in Mexico... I hesitate greatly to mention this wonderful place in such a public forum but I'm just so in love with this island I have to share a little.... The island is called Isla Holbox and it is located north of Cancun.  It can only be reached by taking a two hour car ride from the Cancun airport to a small town on the coast named Chiquila.  In Chiquila you then board a thirty minute ferry which takes you directly to Isla Holbox. The island itself is mainly inhabited by fishermen and their families.  There are no cars on the island and most people get around in golf carts, rigged up for various purposes such as hauling tourists and their luggage, transporting dos equ...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
Okay so we apologize deeply for being out of the loop for so long...but we were out of town...in Mexico having an amazing time an a secret little island we found last year...it's heaven for sure! Here's the updates for what's going on in the Park City...( for additional info as well as all the updates posted here check out www.parkcitywire.com  )139 properties came on the market, 34 went under contract, and 36 closed. Of note: CLOSED:-Old Town home on Ontario Ave at $2.1m; 3432 sq ft, 4bd/5ba....that's $727psf, which is very nice for Ontario Ave and only on the market a month!-Caledonian unit for $3.6m; 3321 sq ft, 5bd/6ba...$1084psf! PENDING:-Silver Star unit ski in/ski out at Park City Mountain Resort at $2.1m; 3783, 4bd/6ba-Lot in Old Town listed at $349,000...prices are coming down ...
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By Michael Jacobson
(Park City Resort Homes- Keller Williams )
Park City Real Estate Market First Quarter 2008 results are in.  Utah and Park City have been some of the last areas to feel the decline of the U.S. real estate market.  Recent Board of Realtor statistics show that Park City real estate prices have held steady during the first quarter of 2008. During the first quarter, the number of listings has doubled and actual number of sales have fallen 45%. Single family homes sales fell from 209 in the first quarter 2007 to 113 first quarter 2008.  Condo sales fell from 247 to 136 in 2008.   While all these numbers can be very discouraging, you must look at each area independently.  Many of the larger developments have seen sales decline, while some of the established areas sales have held steady.  Several areas like Jeremy Ranch, Pinebrook and S...
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By Todd Anderson, Park City | Deer Valley Real Estate
(You In Park City group - KW Park City Keller Williams Real Estate)
           Short sale and foreclosure property always seem to catch people's attention.  The idea of really getting a "steal" on property peaks investor and home-buyer interest.  While a short sale can be a great deal, there are a few things to consider before you go searching for that "steal".              First we should define a short sale.  A short sale is a sale of property in which the sale price is less than the value of the loans against the property.  Short sales can be initiated by the seller (property owner), but must be approved by the parties with loans which are using the property as collateral.   The purpose of the short sale is to try and sell the home before it is foreclosed upon (lenders tend to lose more money in a foreclosure sale than a short sale).              The...
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By Natalie Southwick
(Aspen Creek Realty)
Both nationally and here in Utah, the real estate market is receiving a lot of media attention as inventory has been climbing and prices have been decreasing.  Both factors are signaling that we are moving towards a buyers market.    People often ask if this is true in our Utah real estate market.  Although, we have been shielded a bit, fairing much better than that displayed in much of the national real estate statistics, we are still moving away from being within a true seller's market.  Periodically, the average Utah prices, increases, and decreases have been featured in this blog.  If you are interested in reading on that kind of detail, please visit some of my other posts.    For today though, I am answering a question that I often get, which is, "Is it really a buyers market in Ut...
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