Park City, UT Real Estate News

 Salt Lake County, Utah - Sales Up 0.28% -  Average Sale Price $287,119 Utah County, Utah - Sales Down 3.37% -  Average Sales Price $265,056 Wasatch County, Utah - Sales Up 25.26% -  Average Sales Price $483,726 Davis County, Utah - Sales Up 5.58% -  Average Sales Price $254,862 Park City, Utah - Sales Down 6.99% - Average Sales Price $1,127,138   As a whole the real estate market in the state of Utah had a 1.2% decline in the number of sales as compared to Quarter 1 2007.  But overall, as you can see from the numbers above, the majority of our area communities are still hanging in there despite the historical decline.  For more information about what these real estate statistics may mean for you if trying to buy and sell, please feel free to give me a call.  I'd love to give you an ana...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
So this past weekend Rob and I celebrated the Kentucky Derby with our friend Brian in typical Rob & Rachel fashion....no - we did not don big red feathered hats!....We made a celebratory drink - the Mint Julep of course - and ate some delicious food The Juelps were wonderful....but what made the weekend even more wonderful was the delicious food we prepared. Here's one of the dishes we prepared....it's becoming a Spring favorite for us so we thought we'd give out the recipe here for everyone. Beet and Tangerine Salad2 cans of sliced beets2 cans of tangerines in light syrup or juice4 stalks of celery chopped4 tablespoons of Balsamic Vinegar2 tablespoons of olive oil2 teaspoons of dry mustardsalt and pepper to taste So this is a really easy one (which is why I am the one to make it instea...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
Contrary to rumors flying around town, Talisman is still moving forward on development. People are saying the project is going bankrupt, but they are still requesting building permits and look to move forward this summer. The development is just on the other side (south) of the Jordanelle, and looks to have a Robert Trent Jones Jr golf course.
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
Since Friday we have seen 69 properties come on the market, 29 close, and 18 go pending. Of note: PENDING:-30 acre residental lot in Silver Creek for $2.4m...nice views from this horse property.-Aspen Spring Ranch home at $1.45m; 5910 sq ft, 5bd/4ba...only $245ppsf! CLOSED:-4 different cabins at Promontory ranging from $1.582m (2015 sq ft & 2bd/3ba) to $1.996m (4850 sq ft & 4bd/4ba). The lowest ppsf was $404 and the highest was $781.-2 Red Ledges lots at $465,000 and $550,000.-A Larkspur townhome at Empire Pass in Deer Valley at $4.605m; 3614 sq ft , 4bd/5ba...that's $1274 psf.-A Paintbrush home also at Empire Pass in Deer Valley at $6.1m; 4633 sq ft, 5bd/6ba....that one is over $1300 psf!!!-2 Christopher Homes at Tuhaye closed as well. They were $1.4m (3112 sq ft, 4bd/3ba) and $1.535m ...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
Happy Wednesday! Rob and I used to celebrate 'Margarita Day' every Wednesday. But starting last month we have implemented a new weekly celebration, titled 'Wine Wednesdays'. From now on we plan to try a different and interesting wine every Wednesday. And we'll be taking notes. Any fabulous finds we may encounter, we'll be sure to let you in on.....oh - and feel free to join in on our newly created holiday....no leap of faith necessary! ;)Now I know what you're thinking...."is this not a blog about Park City's Real Estate Market?" Well hold your horses, that parts coming....here is the update you're looking for: -We should be hearing more news from Promontory regarding the bankruptcy issue in the next week to 10 days. As of now, Pivotal has put up around $2M to continue club operations, ...
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By Jonelle Simons
(Windermere Real Estate)
It's nearly May, and the weather is finally starting to get nice here in Park City!  Today, it is sunny, and nearly 70 degrees outside, a BIG change from the snow we had last week!!  There is so much great stuff to do here in Park City in the summer!  It is not nearly as crowded, Winter is our big tourist time, so there are locals specials all over!!  there are TONS of 2 for 1 coupons in the local newspaper for dining at some awesome restaurants, and specials on just about everything else too!  Park City Resort has some very fun summer activities, including Horseback Riding, The Alpine Coaster and Alpine Slide, The Zip ride, and much more!  Check out their website for more!Deer Valley is home to the Mountain Town Stages summer concert series, which is SO much fun in the summer!  On Wedn...
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By Jonelle Simons
(Windermere Real Estate)
It's nearly May, and the weather is finally starting to get nice here in Park City!  Today, it is sunny, and nearly 70 degrees outside, a BIG change from the snow we had last week!!  There is so much great stuff to do here in Park City in the summer!  It is not nearly as crowded, Winter is our big tourist time, so there are locals specials all over!!  there are TONS of 2 for 1 coupons in the local newspaper for dining at some awesome restaurants, and specials on just about everything else too!  Park City Resort has some very fun summer activities, including Horseback Riding, The Alpine Coaster and Alpine Slide, The Zip ride, and much more!  Check out their website for more!Deer Valley is home to the Mountain Town Stages summer concert series, which is SO much fun in the summer!  On Wedn...
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By Jonelle Simons
(Windermere Real Estate)
The number of houses and condos sold dropped a whopping 45 percent in the first quarter of 2008, versus the first quarter of 2007!  But despite the slump in volume, house prices held pretty steady, and the overall, median prices only dipped slightly.  Sellers are becoming more and more flexible though, and there has never been a better time for locals to make a lateral move within our market.  There was an article published in this Saturday's Park Record which gives a pretty good picture of our market here right now - We're definitely weathering this lending and real estate storm much better than a lot of other areas.http://www.jparkcity.com/parkrecordarticle1.htm
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By Natalie Southwick
(Aspen Creek Realty)
A few more tips for the Utah Buyer.  If you find you still have more questions about how to approach a short sale or foreclosure, please just give me a call, I'd love to help! •·         As we discussed in the last short sale blog, negotiating a short sale property in the Utah real estate market can be time consuming.  So use the help of an experienced Utah real estate agent and give the seller's lender a deadline.  If the lender doesn't get back to you within the given time frame, take a look around the market and see what else is out there that may be a suitable house for you and your family.  You may end up finding another property for sale that you like; there is a great deal of inventory available in this Utah real estate market.  If not, you can go back to the bank and see if any ...
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By Jonelle Simons
(Windermere Real Estate)
Get your facts strait! Fact: Utah's economy is leading the nation, with healthy population growth, low unemployment and high job growth. Fact: Park City continues to represent a great value when compared to other world-class ski resort towns - and Park City is one of the most accessible ski resort towns. Fact: Park City sales volume in 2007 hit nearly $2 Billion - that's the second-best year in history and up 3% from 2006! Fact: The Salt Lake International Airport makes for an easy commuteto Park City, whether traveling for business or the world-class skiing.Fact: The Park City real estate market appreciated by 11% in 2007. Fact: Local Park City REALTORS® are very involved in their community.Fact: Park City is home to 2 of SKI Magazine's Top 10 Resorts in North America for 2007, with De...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
STOP...before you lock in that loan....NOTE: Due to inflation concerns 30 year fixed rates jumped to just over 6% (6.03%) last week for the first time in a month and a half. The 15 year fixed is at 5.62%, up .22%, abs the 5 year ARM is up .2% to 5.68%. While these are still historically low, you might want to wait a week or two before locking in a rate. So give a little pause if you're about to finalize the terms of your loan...waiting just a few days might really shave some points off for you! Keep checking back to our blog for more valuable tips not only on the Park City Real Estate Market but also on all of the issues related to doing your deals.
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
Hope everyone had a great week! In the past day we have seen 42 properties come on the market, 14 close, and 8 go under contract. Of note: PENDING:-Hidden Meadows home in Lower Deer Valley for $1.71m; 4bd/3ba, 4100 sq ft-Stonebridge condo in Lower Deer Valley at $649k; 3bd/3ba, 2505 sq ft CLOSED:-Empire Pass at Deer Valley in the Paintbrush neighborhood at $5.85m; 5bd/6ba, 4418 sq ft. Coming in at $1324ppsf....Empire Pass is getting it done!-Hidden Meadows lot only on the market 45 days at $1.1m for one and a half acres...Deer Valley is holding one strong.-Maple Ridge Ranch home at $2.4m; 5bd/ba, 6800 sq ft...There seems to be activity in that development (located north of Kamas) as well. We will look at the City Council update on Monday as well as news from Promontory.
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
Well guess what?!?!?  It's snowing like MAD in Park City and it's practically May!  Rob and I are both hard at work recently....him on some contracts and developments Snow Park is working on and me on some things with the St. Regis project here at Deer Crest.  Park City is incredible today....the snow is coming down like crazy, inches and inches....and just as we were beginning to see the green again......but I can't complain - we're planning on skiing at Snowbird this weekend! Below is a very interesting comparison Rob did of two big developments in Park City: Promontory and Glenwild.  There are plenty of perceptions out there regarding both of these developments but this grid helps to sort it out somewhat....  Promontory vs. Glenwild Item Promontory Glenwild Membership Only No ($150k ...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
Local News: -The owners of the Yarrow Hotel on Park Ave. (next to Albertson's) have made it clear that they wish to raze the hotel and replace it with a swankier lodge. This could take place as soon as 2010. The new building would have meeting and convention space like the old one, but would look to add a spa and other upscale ammenities. The Yarrow would also look to be a condo-hotel, which allows the owners to sell units inside and the owners place the units in a rental program (which can be tricky in and of itself). The question is how will the consumer react to this new project? The Yarrow is a mid-level hotel, and can't attract the clientele and prices of the slopeside high-end projects. However, it could be a good corner stone for NOMA (North of Main Street Area) if things work ou...
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Rob and I spent this past Sunday in Sun Valley, Idaho for a special ski day with friends.  There's an event in Sun Valley every year where a "private ski day" is raffled off.  Anyone can buy tickets to the raffle and the winner gets to invite 200 friends to the Sun Valley ski resort for a private day on the mountain which they call the "Baldy Balderdash".  Luckily, Rob and I were invited!  So yesterday we spent the afternoon skiing on a practically empty mountain.  AND - they provided a delicious lunch to boot!  We had a blast and were super grateful for the extra ski day we got to add in to our year totals.....since our local ski resorts have already closed for the year. Now we are hot to trot to get an event like this one implemented here in Park City.....keep your ears to the ground....
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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)
The Park City housing market has seen change recently.  The rocketing upward of prices has slowed and Park City is returning to a more normal real estate market.  The effect of the changing market varies greatly depending on the price, neighborhood and subdivision.  The entry level market appears to have been affected the least by the downward pricing pressure here in Park City, Utah.  Finding a single family home in Park City that is under $400,000 is still very hard to do; the same goes for a truly affordable condominium.  There are a number of factors keeping the entry level home pricing up while other Park City marketplaces flatten or fall.The economy of Park City and most of Utah is still strong.  Job losses and cutbacks have not been a problem here, and the resorts are still enjoy...
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By Natalie Southwick
(Aspen Creek Realty)
  If you are thinking to yourself, My house is not that old and ALWAYS immaculate.It has tile, hardwood, and updated kitchen and bathsIt is in a very desirable Utah location. I worked with a Utah Realtor and priced it right where he or she advised. Then it might just be that your Utah home is missing something that all buyers are looking for.    Some vision!    Can prospective Utah buyers envision themselves living in your home?  If not, you need to help them!  Here are a few “do-it-yourself” projects, all under $500, that may help your home stick out from the rest.   Add a built-in bookshelf to a room and use a housing decoration magazine to teach yourself how to arrange your items on it.   You can buy all the materials for well under $500 and it will give prospective Utah buyers some...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
Going on in the Park City Real Estate market in the past day or so, there have been 25 properties come on the market, 18 go pending, and 12 close. Of note: PENDING:-Golf Club Cabin at Promontory at $2,250,000; 3460 sq ft, 4bd/6ba. Looks like there are still buyers, even though a cloud still hangs over the ownership. We seem to think that this change in ownership will be beneficial to the club in the long run.-Lot at the Colony at the Canyon Ski resort for $1,895,000.-Queen Esther unit in Lower Deer Valley at $759,000; 1548 sq ft, 2bd/2ba. People are buying in Deer Valley! CLOSED:-April Mtn town-home at $1,700,000; 4130 sq ft, 5 bd/ba, and was listed at $1,895,000, and on the market for almost a year.-Tuhaye lot at $550,000, which includes the $100,000 Talisker Club membership. There are...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
UPDATE: We can't get rid of this snow! While it is not good for the golf courses, a few of the ski resorts have stayed open , and maybe we can hit the slopes in the Cottonwood Canyons over the next few weekends. We might be skiing Snowbird until JULY!!! In the past day or so we have seen 35 properties come on the market, 7 close, and 11 go under contract. Of note: PENDING:-New Construction in Old Town Park City on Woodside Ave is under contract at $6,500,000; 5560 sq ft, 4bd/5ba, that is a whopping $1169 ppsf! CLOSED:-Solamere home at $2,450,000; 6051 sq ft, 6bd/7ba. It was only under contract for 15 days and they closed with cash.-Stag Lodge unit in Upper Deer Valley (ski in/ski out) at $2,200,000; 2228 sq ft, 3bd/4ba. We are at $987 ppsf on that one.-Upper Deer Valley single family ho...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
A few updates regarding developments around town:-Boyer Plumb Park City, the developers of Park City Heights at Quinn's Junction, made it through the Park City Planning Commission on a 5-0 with there bid to get the project annexed into the city. The plan is to build 157 regular priced units and 116 affordable housing units on 287 acres at the intersection of US-40 and SR 248. Next up, the City Council will vote whether to actually annex the property or not. They will take into consideration the Planning Commission's recommendation. Boyer Plumb will more than likely loose some density in its next round with the city, and then face many more hurdles with the project's design.-The Montage at Empire Pass in Deer Valley was issued a building permit for framing and outside walls...for a cool ...
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