Park City, UT Real Estate News

By Rob Alday & Rachel Peterman
(Snow Park Realty)
we need an important and relavent quote for some materials..... what do you think of this one? be greedy when others are fearful and fearful when others are greedy" warren buffett any comments on this? we'd love to hear your advice
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
While we were in New Orleans, all 3 ski areas in Park City closed for the season despite all of them having over 120 inch bases! The season was one of the best in memory even though we had somewhat of a late start. It was not until January that we had great powder days, but once they started they did not seem to stop....we even skied powder the last week of the ski season! Although the numbers are not in, Deer Valley looks to be on pace to have its fourth year in a row with record attendance.  In Real Estate happenings over the past few days: 15 properties went pending, 16 new ones came on the market, and 13 closed. We saw a good bit of activity in Old Town and Glenwild still seems to be quit active....of note: -April Mtn home went under contract. Listed at $2.995m (6617 sq ft, 4bd/4ba)...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
This update is a little delayed due to the fact that Rob and I took a little trip to New Orleans to attend the wedding of a friend.  We had a great time in the "Big Easy" but as usual we are grateful to be back home! At the end of last week, the Park City market saw 10 closings, 13 properties go pending, and 47 new on the market. Of note: -Lower Deer Valley Fawngrove unit had a $50,000 price reduction to $945k.-Shooting Star condo in Empire Pass at Deer Valley came on the market at $2.275m (2114 sq ft, 3bd/4ba)-1.47 acre Glenwild lot #150 is active at $890,000  -2 different cottages at Tuhaye closed one for $1,549,370 (2753 sq ft, 3bd/3ba) and the other at $2,355,345 (4940 sq ft, 6bd/7ba)-Ski in/Ski out Silver Star condo at Park City Mountain Resort closed at $985,000 (1420 sq ft, 2bd/3...
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A Few Tips For the Utah buyer:   Keep in mind that short sales do not only occur because of an anticipated foreclosure.  Sometimes a lender will accept a short sale if the value of the property has fallen and/or if the seller owes more than the property is worth in the current Utah real estate market.  So the sellers may not have defaulted on their mortgage. The lender is generally only willing to accept a short sale for a property to bring the price in line with other comparable homes on the market.  Not below them.  So I wouldn’t spend to much time going from Utah property to property trying to low ball lenders.  It is VERY unlikely that they will negotiate that low. Negotiating with the lender can take a great deal of time.  Generally the lenders have committees that need to approve ...
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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)
Hitwise (a web metrics company) reported that in March, 2008 the top 4 real estate websites in terms of market share were Realtor.com, Re/max, Yahoo.com and Zillow.com.  If you watch the month to month statistics that lead to these rankings, nothing seems wrong.  These are big companies with large marketing budgets and many people working to make sure the sites show up when people use various search engines to find real estate.  As many of the various MLS's (multiple listing services) become more transparent and the use of the internet increasingly becomes where consumers start their housing searches, web traffic to these sites seems normal.  There is one glaring problem with some of these searches; stale and/or incorrect data, as well as inconsistencies.Recently while I was working wit...
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By Mike Varoz
(Summit Sothebys International Realty)
For the last seven years I have been associated with the Park City Board of REALTORS Luxury Home Tour and Auction. This event is the biggest event of its kind and each year strives to give back to one our areas most worthy organizations the Peace House. As the Co-Chair of this worthy event, along with Sandra Vogt of Lewis Wolcott and Dornbush - we ask that you would take a little time to watch this You Tube video put together by Billie Harsch and Stacy Dymalski - who we want to thank for the efforts in putting together the video. We did this to show people that things are not always what they are perceived, as you will see - even I thought there was more to this organization that does so much to combat Domestic Violence in our area. The Peace House is a wonderful organization - but it c...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
Yesterday we had terrific snow and today we had delightful sunshine!  It's the second day of another wonderful week in Park City.  The news on TV just keeps yammering on and on about the down market and the never ending supply of bad news.....but here in Park City, Utah we have plenty of other interesting topics to discuss.....  -Talisker is scheduled to hear back from the city on their proposed Park City Heights project, which would provide over 200 work force housing units on 240 acres at Quinn's Junction. Over 70% of the project is to remain open space. The biggest hurdle here seems to be the impact of traffic on Hwy. 248. If the employees had to ride the bus in to town and there was a general store on site for daily goods, some of that traffic might be relieved. -Promontory develope...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
So it DUMPED LIKE CRAZY all morning here in Park City and many of my friends took the day off of work to hit the "pow pow"....but not me....I'm sitting diligently at my computer working away   ;) The most probable reason that I am so content to come to work amidst the amazing snow of today, is that I got great ski weekend in.  I skied all day both Saturday and Sunday and had some of the best days of my year!  So there you have it folks....Park City has great skiing even this far into the season.  Deer Valley in particular is looking spectacular and the delicious lunch and fabulous scene at Stein Erikson is going strong! Now onto the important stuff.......  In the past four days the Park City market has seen 10 closings, 13 properties go pending, and 47 new on the market. Of note: -Lower...
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By Erik Asarian
(KW Park City Keller Williams Real Estate)
Park City Utah Condo Prices Still Rising We're not kidding! So much for the real estate doom and gloom we read about every day in the national media. Check out this chart...It shows average and median sales prices for Condos in Old Town (MLS area #1) Park City, Utah over the past 10 years.Not quite what you expected to see, particularly in the 2007 and 2008 years?How can this be? Here is the rest of the story about Park City Condo Sales...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
See the 2007 year-end stats from the resorts around the Rocky Mountains. While the number of sales decreased in Park City the average sales price was up, which boosted our total volume up by 3% over 2006. Park City is still a great buy when compared to some of the other high-end resort towns in the West.  
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
So there's been plenty of talk lately about the Promontory development and what is going to happen with it's future.....This statement was released from Pivitol Group, the developer of Promontory, on 3/28/08 to its members. In January, Promontory announced that deteriorating market conditions impacted by the sub prime mortgage crisis led to a default in its obligations to its syndicated debt.  Subsequent to a few months of negotiations, it reached an agreement in principle to sell Promontory as an operating business to an investment group headed by Credit Suisse.  That investment group included all of the present lenders to Promontory and is comprised of more than 30 hedge funds and structured investment vehicles.  Ultimately, that purchasing group could not agree among themselves on st...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
As we move into the second quarter of the year, we have seen some nice activity in the market over the past couple days. The highlights are: -A Deer Crest town-home at Deer Valley went under contract. The asking price for the 4 bed/5 bath 2800 sq ft home was $2.1m -A 2bd/3ba 1384 sq ft condo at the Lodges at Deer Valley priced at $929,777 went pending as well -We saw a lot at Tuhaye (Talisker Club) close for $625,000 -In the Bald Eagle Club at Upper Deer Valley, a 8223 sq ft 5 bedroom home sold for $7,025,250 For a full update on all sales and market stats, please feel free to contact us.
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By Erik Asarian
(KW Park City Keller Williams Real Estate)
All of the 98 total homes (condominiums, townhomes, and cottages) in the Silver Star community are now complete.  Only ten Developer-offered homes remain unsold in the entire Silver Star project.  Here is a complet list of all of the properties currently available for sale at Silver Star, including resale units. Here's the rest of the story about Silver Star Park City condos.
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
There was plenty of snow to keep this amazing ski season going strong over the weekend.  We skied powder up to our knees on Sunday and it snowed even more today.  By Wednesday the weather reporters are predicting even more glorious flakes to come our way, making the end of the week a great time to take a Spring Ski Vacation.  Not only is the snow fabulous, but so is the sun shine.  It's warm and sunny - living up to what visitors to Park City expect.  The ski beach at Silver Lake Lodge at Deer Valley is nothing short of heaven on a day like today! On another note, here are some interesting goings on in the local real estate market from over the weekend:-26 new properties came on to the market-19 properties had a price change-11 went under contract-4 closed Specific Transactions To Take ...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
Living here in Park City, Utah I have come to realize over the past three years that this is a very under-rated place.For people who haven't been to Utah - the perception can be very skewed.  I know before I moved here from Chicago I had a very negative opinion of this state which seemed from afar so deep into the desert and full of followers (of a religion I knew nothing about except some interesting rumors).But the thing is.....that Utah is an absolutely amazing state full of breathtaking scenery, wonderful people and tons of outdoor activities.  I love this place so much and I couldn't fathom going back to the concrete, smoggy, busy body Chicago landscape I left.The point is that when selling real estate in Utah, even in a resort town like Park City, it seems the best way to market t...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
i'd love to get feedback on my announcement cards that went out yesterday. i sent out printed cards (from designhergals.com) with an idea i borrowed from Jennifer Allen of sellwithsoul.com they baiscally said happy birthday to me...yada yada....the best present you can give me is your real estate business.....yada yada - and i also included with the note little business card sized magnets printed with the my info the printed materials turned out GREAT and designhergals.com is a great site that allows you to design a cartoon image of yourself (mine was complete with a little dog just like mine who is with me 24/7 and a "sold" sign in my hand  ;) but - i'd love to know if anyone thinks the "happy birhtday to me" thing is a little too pushy....i'm an extrovert for sure and my outgoing pers...
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By Rob Alday & Rachel Peterman
(Snow Park Realty)
i just got my license in utah and am really excited to get started as a part time sales agent in park city.  the main reason i hurried up and procured the license is that i am considering going to work on a project in idaho doing pre-sales.  i need to do a little more research as to what exactly i need to take care of in order to get my license in idaho as well.....but i'm hoping this process won't be very complicated i'm really excited to get started with my real estate career.  the time i've spent working in very high end retail personal shopping as well as in marketing and promotions has given me what i hope to be "the perfect cocktail" of experience to base a successful real estate business on. park city is such a wonderful place and i have come to enjoy my time here so much that i ...
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By Steve Bowen
(Keller Williams Park City)
The following article is from www.ParkCityHousingFacts.com . Nobody Knows Park City Real Estate Like A Park City REALTOR®14 February 2008 (Park City) - Old Town, Deer Valley, Park Meadows, Promontory, Snyderville Basin, Kamas and Heber Valley - to a home buyer the possibilities can be overwhelming. To a Park City REALTOR®, it's all part of a day's work.Buyers want answers to the questions surrounding their purchase. And whether the issues include water rights, property management fees, environmental concerns or traffic patterns, a Park City REALTOR® is your best source of information. That's because a Park City REALTOR® is a licensed professional who knows and lives in the community.Sellers also demand attention. The Park City Board of REALTORS® has its own multiple listing service, the...
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By Steve Bowen
(Keller Williams Park City)
The following is an article from www.ParkCityHousingFacts.com 2007 Park City Home Sales Outpace Other Resorts 14 February 2008 (Park City) - Million-dollar properties remain in high demand among the West's premier destination ski resorts. In the greater Park City area in 2007, more than $1.9 billion in total real estate volume was recorded, the second-highest level of 11 ski resorts across the Rocky Mountain West, according to a new report by the Rocky Mountain Resort Alliance (RMRA), an association representing the boards of Realtors of those 11 resorts.At $2.6 billion, Vail, Colo., ranked No. 1 in total real estate transaction volume.Driving Park City's high sales volume was its exceptional value. The average sales price of a Park City home in 2007 was $1.1 million, a value that ranke...
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