Park City, UT Real Estate News

By Jonelle Simons
(Windermere Real Estate)
This season has been incredible here in Utah for ski and snowboard enthusiasts - The storms just keep coming.  Currently it is snowing hard, with no signs of stopping, which could equate to yet another powder day in the mountains of Utah!  There have been to many to count this year, with over a foot of new snow in the mountains in the past 24 hours being reported!  AND - With a current base of OVER 150 INCHES of snow being reported at some of the ski resorts, it looks like the snow will be here for awhile!  If you are considering taking a spring skiing vacation, be sure to consider Park City!  The town has great nightlife great restaurants, and 3 world class ski resorts within a 10 minute drive, and less than an hour's drive to 7 other incredible resorts.  Visit my website at http://www...
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By Nancy Tallman, Real Estate Strategist
(Summit Sotheby's International Realty)
Flagstaff - A New Project at Empire Pass at Deer ValleyEast West Partners, developers of the Village at Empire Pass, recently announced the sale of its Flagstaff Condominium project at Empire Pass.  The 37 units will be completed in the late spring of 2009.  Finishes include walnut floors, travertine floors, copper tiles, marble countertops, 2-3 fireplaces and a "bunk room" which features separate contained beds with curtains and mini-flat screen televisions, internet access and DVD players.  There will also be additional owner amenities, including a pub, a daily continental breakfast and exercise room, and a live-in groundskeeper and full time concierge.  Prices range from $2 million-$6 million.  John Calhoun, Vice-President of Sales and Marketing with East West Partners, told the Park...
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By Erik Asarian
(KW Park City Keller Williams Real Estate)
Developers are placing big bets on assorted new developments at the base of The Canyons Resort, and the arrival of the venerable Waldorf=Astoria name may be an indicator of exciting future of Park City's largest ski resort.Will Luxury Icon Deer Valley® Resort Have to Compete with The Canyons® Resort for Tomorrow's Luxury Ski Visitors?Here's the rest of the Dakota Mountain Lodge / Waldorf=Astoria story
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By Steve Bowen
(Keller Williams Park City)
An recent article in the Salt Lake Tribune is reporting that Utah leads the country in home price gains for the 5th straight quarter.  A report released by the Office of Federal Housing Enterprise Oversight is reporting that Utah had a 9.27%gain from the 4th quarter of 2006 to the 4th quarter of 2007.  Other parts of the country are not doing as well with California reporting the worst numbers.  California reported a statewide decline of 6.65% from a year earlier.Hopefully, this will be encouraging news for those considering a purchase in Park City or Deer Valley.  Our states overall economy is still thriving!
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By Nancy Tallman, Real Estate Strategist
(Summit Sotheby's International Realty)
While some real estate markets around the country are faltering, the Park City real estate market remains strong.  Our robust local economy coupled with easy airport access for second home owners continues to attract new buyers to our area.  And who can blame them?  The dramatic beauty, rich culture, incredible year round recreation and friendly locals create one of the most desirable communities in the nation.  There is no question that Park City is a unique and special place.The only market that matters is the one that you are planning to buy or sell in.  And the story in Park City is not the same as in other locales. · Utah has the lowest unemployment rate in the U.S. causing in-migration of workers (85,000 people added to the population last year).· Deer Valley was ranked the #1 ski...
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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)
          Here is a great new way for potential Buyers of Park City area real estate to find out a bit more about the town and the neighborhoods.  It is also a great new way for locals to obtain information about the goings in around the city.  The Park City Police Department and Summit County Sheriff's Office have begun posting local crimes on a public web-site.  The site is updated daily by 7 a.m.  Simply go to http://www.crimereports.com/ and click on Utah then pick Park City from the drop down menu.  A map will show up and be populated by the crimes that have been reported/acted on by the police for a given date range.            The vast majority of the crimes being posted are consistent with typical resort town problems.  The site maps parking problems (a big issue this year due t...
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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)
          Buyers and Sellers Agency are possibly the most misunderstood portions of Utah real estate law.  This may be more true in Park City real estate transactions than other portions of Utah as many of the buyers are second home buyers and their knowledge is based on another state's law.  Agency is something that at first glance seems quite straightforward; that is, until the idea of dual or limited agency is introduced.            Agency is defined as: The relationship created when one person, the principal, delegates to another, the agent, the right to act on his or her behalf in business transactions and to exercise some degree of discretion while so acting. An agency gives rise to a fiduciary relationship and imposes on the agent, as the fiduciary of the principal, certain dutie...
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By Erik Asarian
(KW Park City Keller Williams Real Estate)
The energy in Park City is fantastic during SundanceAttending the Sundance Film Festival is a great time to enjoy one of the annual highlights of life in Park City, but it's certainly not an accurate representation of what life in Park City is really like during the rest of the year.   Drink an extra Red Bull, espresso, or whatever else causes your adrenaline level to redline.  You'll need it, as the nightlife continues until the sun rises, people-watching is never more entertaining, and you can catch a quick nap between films.Here's the truth about How Sundance Impacts the Park City Utah Real Estate Market...
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By Erik Asarian
(KW Park City Keller Williams Real Estate)
Mistake #1: Wrong Location...Inferior Ski Access If you have the capacity to own a home anywhere, why would you compromise the convenience of ski access?    When you're searching for the right ski home for your family, don't buy a ski home first and later learn the truth later that your ski access is an icy luge run down a steep hill into your ski room-or even worse-an exhausting crawl uphill to start your ski day.  The perfect ski home has gentle ski access that allows beginners and skiers of all ages to easily and painlessly access the ski runs. See how easy the ski access is in the photo to the right?  A level approach through an open glade of aspens provides easy ski-in access.  A gently sloping downhill ski-out makes for an easy traverse back onto the run for skiers and snowboarder...
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By Erik Asarian
(KW Park City Keller Williams Real Estate)
Park City's niche as a spectacular year round resort destination with easy access from an international airport has insulated us from many of the problems facing other real estate markets.One challenge we face as realtors in Park City, Utah is helping our buyers who live in other states understand that our market has not slowed down the way many markets across the nation have. Buyers can find good values, but prices remain strong in all areas of our market.Owners of luxury second (or third or more) homes have not been tremendously affected by the ‘mortgage crisis' and they are not necessarily urgent to sell. Out of state buyers who see desperate sellers and foreclosures on the rise in their home states assume they can get a spectacular skihome for an unrealistic bargain price.Here's the...
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By Erik Asarian
(KW Park City Keller Williams Real Estate)
Park City's Best Cash Flow Condos (Part III)  If Your Last Park City Vacation Was Before the Olympics, Pay Attention!Don't be misled to believe that Deer Valley is the only neighborhood where savvy investors are parking investment dollars in these volatile economic times.If you haven't paid attention to some of the new developments in Park City that offer high quality new construction and potential for year-round rental demand, you might be missing out on some attractive new possibilities you didn't even know existed...In Park City proper, we see a few properties the represent attractive values for investment-minded buyers looking to maximize their monthly cash flow.Here's the whole Park City investment condo story
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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)
    Oversupply of housing coupled with a strong economic outlook for Utah catches the eye of people looking for a deal or strong investment.  The Daily Real Estate News posted this today:  February 11, 200810 Best Places for House BargainsThe best place to get a bargain on a home is an area where there is healthy job growth and more houses available than people to buy them.These are markets "where you have high inventories but pliable borrowers, with lenders willing to deal," says Anthony Sanders, a professor of finance at Arizona State University.Forbes magazine went looking for markets where the damage from risky lending hasn't been as dramatic as in some parts of the country and where employment growth will burn off an over-abundance of inventory quickly.Here are what the magazine co...
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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)
Park City Year End Stats           The Park City real estate market is compiling its year end data.  Spin is surely soon to follow.            The two graphs here can tell different stories.  There are more available Park City real estate listings on the market currently, and this number has been on the rise.  During this same time-frame, pended sales numbers have been decreasing.  First glance may indicate that there are more people trying to sell and fewer buyers.  A second look may also show that properties that were sold to speculators are being completed, sold and put back on the market (no longer pending and becoming active listings).            The two graphs above tell a much different story when viewed together than they do apart.  Park City total sales volume when viewed as a ...
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By Steve Bowen
(Keller Williams Park City)
Recently, the Park City Board of Realtors published a press release regarding the sales figures for 2007 Park City Real Estate.  Following are some excerpts: 2007 Park City Real Estate Transactions Reach Nearly $2 BillionHome Prices Show Double Digit Appreciation 30 January 2008 (Park City) - Big homes, big condos and big transactions led to a big year in 2007 for Utah's premier destination ski area.In the 12 months ending December 31, 2007, Park City Real Estate transactions reached $1.98 billion, an increase of 3 percent compared to $1.92 billion in volume a year earlier, according to a report released today by the Park City Board of Realtors."Our total volume in 2007 was the second best-ever year in real estate in Park City" said Tyler Richardson, president of the Park City Board of ...
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By Steve Bowen
(Keller Williams Park City)
We have had massive snowfalls at Park City and Deer Valley resorts this week!  Just last night, Park City Mountain Resort reported 23 inches of new snow and it will still snow all day.  This snow storm follows a storm on Wednesday that gave us a few feet of fresh snow and another huge storm is expected in a few days.  The Park City School District cancelled school on Wednesday for the first time in 10 years due to the snowfall!Hopefully, the national attention of record snowfalls will once again focus attention on how Park City, Deer Valley, and The Canyons is a tremendous value for a ski vacation or second home purchase.  Our proximity to Salt Lake International Airport and our easy highway access continues to strengthen our position as a year-round resort.  With only a 30 to 45 minute...
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By Jonelle Simons
(Windermere Real Estate)
Are you considering taking a ski vacation this year?  If so, put Park City, Utah at the top of your list!  We have had an AMAZING season so far, and the storms just keep rolling in!  Almost all of the resorts are reporting 10" or more overnight, and some, including Alta, Snowbasin, Brighton, Snowbird, The Canyons, and Solitude are reporting as much as 16-17"!!  Today is going to be a great powder day, and I'm headed up the canyon!If you are going to visit Park City this season, Please contact me and let me know when!  I can help you find a place to stay (visit my site for Park City Vacation Rental Condos!), Get you discounted lift tickets to some of our resorts, and recommend other THINGS TO DO and places to DINE.  Park City also has a great NIGHTLIFE!I look forward to hearing from pote...
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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 January/February edition of Travel and Leisure Golf includes a feature article naming "America's TOP 100 Golf Communities"; subtitled their "Annual List of the Best Places to Live-and Live Well".  The list includes Promontory, Talisker (aka Tuhaye) and Glenwild (all here in Park City, Utah).  The list was comprised with under the following criteria: "To be eligible, communities must offer property owners an opportunity for membership in an affiliated private golf club. Limited public access to the course- such as for guests at a resort- is allowed but may detract from a community's ranking.  Each property is reviewed in the following six categories, in order of importance: golf amenity; residential architecture and style; location, including natural setting and proximity to cultural...
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By Steve Bowen
(Keller Williams Park City)
 Greg Cutt, President of I-Net Mortgage in Park City, Utah, sent me a great article about why it is a good time to buy a property right now.  I thought I would share his wisdom with others....... A Good Time to BuyWith all the negative news about the housing and mortgage industry, many people are waiting to see what happens before they make a decision to purchase real estate.  However, the time is right to purchase property now.  There are three reasons why the time is right.Interest RatesInterest rates on mortgages have fallen substantially over the past 30 days.  Rates on conforming 30 year fixed loans ($417,000 and below) are 5.25%.  Rates on Jumbo loans (amounts above $417,000) are also very good.  For example, the rate on a 7 - 1 Jumbo Adjustable Rate Mortgage is currently 5.25%.  ...
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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)
Located at the top of the Jordanelle Gondola in the Deer Crest area of the Deer Valley Ski Resort, SKI Magazine along with Resorts West and Deer Valley Resort have teamed up to produce a fantastic ski home. This is much more than a little ski chalet for weekend getaways. The home features 6 bedrooms and 10 baths spread out in a space of over 13,000 square feet. I know that this number sounds huge, but the builders and designers have done a magnificent job in making this much space seem very live-able. The home is located at 9806 N Summit View Dr in Park City at an elevation of nearly 8000 feet. Access is through the gated Deer Crest community by car, and the ski runs off the Jordanelle Gondola and Deer Crest Lift are right out the door. The outdoor pool/grotto and over-sized hot tub hav...
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By Jim and Billie Harsch
(Keller Williams/Mountain Town Realty Group)
The Park City Board of Realtors statistics for the full year of 2007 indicate that Gross Sales Volume totaled $2.0 Billion, an increase of 2% over 2006, with prices up 22%. Unlike sales in other parts of the country, 2007 was the second best year on record for Park City real estate sales barely trailing 2005. Park City remains a “Best Buy” when compared to other ski resorts, such as Vail, Aspen, Telluride, or Jackson Hole. Gross Sales for Single Family Homes were $903 Million, down 1% from 2006, however, prices were up 15%. Areas that were particularly strong were Old Town, Upper Deer Valley, Park Meadows, Jeremy Ranch, Glenwild/Silver Creek, and Promontory which all showed increased sales volume and price. Condominium Gross Sales were extremely strong and up 44% to $673 Million, with p...
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