Park City, UT Real Estate News

By Julie Olsen - Park City Utah Realtor
(Equity Real Estate Luxury Group)
Summer is the best time of the year to find ski property for sale.       During the winter ski season there are more buyers in town in the popular ski communities so it is harder to negotiate for a good price when you are competing with more buyers.  Also many of the ski properties are in a rental pool during the ski season so they are harder to preview with guests occupying the properties.  So why not go shopping in the summer or fall for ski property?  It is so much easier to preview properties and there is very little competition with other buyers who don't make a special trip out during the summer.  You may also have more to choose from with better chances to negotiate for a better price.  Sellers tend to be more motivated too.  They get much less rental income during the summer mon...
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By Julie Olsen - Park City Utah Realtor
(Equity Real Estate Luxury Group)
 Park City Real Estate Market Report for the Second Quarter of 2007      Single Family Home Sales in Park City Utah2nd Quarter 2007 - 131 homes sold with average sold price of $1,290,221 & average days on market 167 days2nd Quarter 2006 - 164 homes sold with average sold price of $1,315,328 & average days on market 133 daysCondo & Townhome Sales in Park City Utah2nd Quarter 2007 - 161 sold condos with average sold price of $912,477 & average days on market 214 days2nd Quarter 2006 - 191 sold condos with average sold price of $579,074 & average days on market 122 days *Data obtained from the Park City Utah MLSSold prices for homes are down but up for condos for the 2nd quarter of 2007 compared to the 2nd quarter of 2006 and it is taking longer to sell homes & condos. Julie Olsen is a Cer...
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By Julie Olsen - Park City Utah Realtor
(Equity Real Estate Luxury Group)
Own a slice of Park City Utah ParadiseThe hot new trend in Resort & Second Home ownership is the Fractional Ownership market.  As the real estate prices continue to rise in prime resort locations, more people are starting to consider fractional ownership as a great way to be able to own real estate in their favorite resort paradise.  Fractional ownership is different then timeshare.  With fractional ownership you actually own a fraction of deeded interest in a property whereas with timeshare  you only get the right to use a property at a specific time with no deeded interest.  The slice of the piece of real estate pie can vary and typically it will be done in 1/4, 1/6 or 1/8ths.  So you may get anywhere from 13 weeks to 6 weeks of use per year, depending on the use program and fraction ...
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By Granda Metz
(Majestic Realty)
Imagine watching the sun rise over Utah's Rocky Mountains, enjoying the Sundance Film Festival in the middle of January, hiking or biking a mountain and reaching the peak.   These are just a few reasons why Park City Real Estate is the ideal place to have a second home.    The possibilities are endless and are available year round.   In fact, purchasing a second home accounted for roughly 36% of residential property sold in the United States for 2006 according to the National Association of Realtors.    If you are looking for the one of best kept secrets for second home market, you need to check out Park City Real Estate.  The market in Park City offers every price range for every buyer.  According to NeighborhoodScout.com, for mountain and lake resorts Heber Utah, just outside Park Cit...
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By Granda Metz
(Majestic Realty)
In the heart of the Wasatch Mountains, Park City, Utah is an outstanding place featuring world class skiing, mountain golf courses, outdoor activities, fine arts, and a host of cultural events.Enjoy a variety of shopping from local boutiques to an outlet mall and the dining is unbeatable.  We can boast more than one hundred restaurants. Park City was originally established as a mining town. You will love its western atmosphere, easy access to an international airport, and pleasant four season climate. Park City features three ski resorts within a five-mile radius, Park City Mountain Resort, The Canyons, and Deer Valley. Besides skiing, Park City has endless activities for the kid at heart. There are many professional guide services to take you into the wilderness whether you are looking...
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By Granda Metz
(Majestic Realty)
Park City has been known as one of Utah's best kept real estate secrets, and relocating to Park City can be a worthwhile and exciting experience you will never forget.   Here are four distinctive new developments that just may capture the heart of living in Park City for you.The Preserve is a new community at Park City. This is one of the finest recreation and sports communities in the world. The south facing estate lots overlook renowned Glenwild Golf Club, all three Ski Resorts, and the basin from the wildlife filled hillsides.  With building lots averaging 10 acres in size these views are going fast.     The Woods of Parley's Lane is a private gated community in Park City featuring exclusive luxury home sites. This exquisite area not only is close to hiking and biking trails, but the...
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The hottest news in Park City is happening at The Canyons.   American Skiing Co. announced a short while ago that they are dissolving the company after recently selling off seven of their eight ski resorts.  These changes left The Canyons in Park City Utah as their only ski resort.  With American Skiing Company dissolving, The Canyons will become the property of Oak Hill Capital Partners.  The business operations will remain the same for now, but how will this affect the real estate market surrounding The Canyons?  According to David Hirasawa, an American Skiing Executive has stated that all of the plans they have been working on are moving ahead and plans for a golf course are also in the plans.   An exciting proposition, this will bring not only visitors to the area, but also a desira...
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This year's 38th Annual Park City Kimball Arts Festival in Park City / Deer Valley will be held August 4 & 5, 2007.     The Arts Festival is the longest running festival of its kind in the West.   Park City, sitting at 7,000 feet elevation above sea level, it a great place to be.   Not only is this a great spot for the adults, but also it's a wonderful time for children with face painting and other fun filled activities.The festival showcases 220 artists including potters, painters, jewelry designers and more! The artwork is different every year, and you don't want to miss it!    We have attended the Park City Arts Festival for many years, and it's always an outstanding experience.  From the distinctive art, the music, and not to mention the great food, it makes Park City Utah in August...
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By Julie Olsen - Park City Utah Realtor
(Equity Real Estate Luxury Group)
The New Park Silly Market in Park City UtahA great time was had by all this weekend at the opening of the first annual Park Silly Market which will take place every Sunday in the summer in the Lower Main Street area of Park City Utah.   The lower main street area was shut off from traffic between 9am to 3pm to host this fun new weekly event.   There were food vendors and artists displaying their wonderful creations as well as live musician performing which added to the festive atmosphere.      Every Wednesday in the summer there still is the Farmers Market at the Canyons Resort which offers more produce from local farmers.  The Park Silly Market is more of an arts festival theme and resembles a smaller version of the annual Park City Arts Festival.  There continues to be more and more f...
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By Julie Olsen - Park City Utah Realtor
(Equity Real Estate Luxury Group)
The Silverado Lodge at the Canyons Resort offers brand new ski condos for sale that are currently available.The developer just recently finished this condo project at the Canyons Resort which is a brand new condo hotel a short walk to the Canyons Resort gondola.  There are some developer condos as well as several resale condos for sale at the Silverado.  These condos come fully furnished and ready to place in a nightly rental pool.  The units come as either a studio, 1, 2 or 3 bedroom and are starting around $215,000 for a studio.  The next condo hotel project to offer brand new product at the Canyons Ski Resort will be the Escala Lodge and it will be a luxury ski in ski out condo hotel with prices for available developer units running around $850 per square foot whereas the Silverado p...
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By Julie Olsen - Park City Utah Realtor
(Equity Real Estate Luxury Group)
         Enjoy Summer at the Canyons ResortNot only is the Canyons Ski Resort area great to enjoy in the winter but summer time is just as wonderful.  Now that we are into June the popular Wednesday Farmers Market at the Canyons Resort has started.  Free concerts on Saturdays will start in July and The Canyons Resort gondola has started offering summer rides to the Redpine Lodge.  From the Red Pine Lodge you can hike or bike my favorite Park City trail which is the Mid-mountain trail (also known as the 8000 foot trail) that connects to all 3 Park City ski Resorts.Visit Ski Condos for Sale to search all the currently listed condos for sale at the Canyons Resort.  It's a great place to own a second home for year round outdoor activities.            
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By Julie Olsen - Park City Utah Realtor
(Equity Real Estate Luxury Group)
When Looking to Buy or Sell Property in the popular ski community of Park City Utah, it is very important to work with a Local, Full-Time & Knowledgeable Park City Realtor.   Why Sellers Should work with a Local  Full-Time Park City Realtor:1. You want a realtor who can list your property on the Local Park City MLS system.  If you work with an agent outside of Park City chances are pretty great that your property will go on the Wasatch Front Multiple Listing Service and not on the Park City MLS.example: Recently I was working with a client and couldn't find the property that was most suitable for them on the Park City MLS because they all sold.  Then I decided to check out the Wasatch Front MLS system that many of the other Park City agents don't use because 99.9% of the Park City listi...
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By Julie Olsen - Park City Utah Realtor
(Equity Real Estate Luxury Group)
Having a Dog can do wonders.I just recently adopted a rescue dog.  Prior to her adoption, I was mostly a cat person but thought it would be fun to have a dog to go on walks with.  I enjoy the outdoors and I'm an animal lover but more often then not I would find excuses not to get outside.  As a realtor, I certainly have a flexible schedule to take care of my new buddy. So my new dog Chloe has turned out to be a great social magnet as well as helping me get outside for fresh air more often.  I live in Park City Utah one of the most beautiful places you could ever call home.It is amazing how many people start talking to you more when you have a dog walking with you.  It also gets you out and about the neighborhood and in front of more people in the neighborhood.  Some of the folks I've ru...
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By Julie Olsen - Park City Utah Realtor
(Equity Real Estate Luxury Group)
      Park City Utah's Amazing Trail SystemMost people think of Park City as a great place for skiing in the winter but summers are also terrific.  Personally, summer is my favorite time of the year in Park City because there are over 300 miles of trails throughout the Park City area and they continue to add more trails every year.  The Park City Mountain Trails Organization puts together an amazing topo map on the trail system every year and because of the ever growing number of trails they update it every year.  They also rate the trails like ski runs as green, blue or black.  You can pick up one of these great trail maps at one of the many local Park City bike shops in town. Most Park City Neighborhoods have easy access to this amazing trail system.  Whether you are looking for a fla...
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By Julie Olsen - Park City Utah Realtor
(Equity Real Estate Luxury Group)
 Park City Real Estate Market Report -  1st Quarter 2007                                                                                                     Single Family Home Sales for the Park City Area Q1 2007 - 168 homes sold with an average sold price of $1,625,394 & average days on the market 173 daysQ1 2006 - 189 homes sold with an average sold price of $1,437,113 & average days on the market 179 daysCondo Sales for the Park City Area Q1 2007 - 285 condos sold with an average sold price of $803,949 & average days on the market 287 daysQ1 2006 - 313 condos sold with an average sold price of $645,926 & average days on the market 154 days For the Q1 of 2007, the number of condos and homes in Park City were slightly down by about 11% for homes and 9% for condos but the average sold p...
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By Julie Olsen - Park City Utah Realtor
(Equity Real Estate Luxury Group)
               The Kimball Junction area is a great place to find a reasonably priced second home ski condo in the popular ski community of Park City Utah.  You can find condos starting as low as $200,000.  There are some older well maintained developements as well as brand new construction for a great value.  The Kimball Junction area is only a short 5-15 minute drive to the local Park City ski resorts.  You can also ride the local Park City free bus from the Kimball Junction area to just about any where in the Park City area including the ski resorts.Besides great value you will also find great shopping and restaurants in the Redstone shopping center located in the Kimball Junction area.  Some of my favorite places are the Spotted Frog Book Store & Cafe, Wild Oats, Redrock Restaurant,...
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By Julie Olsen - Park City Utah Realtor
(Equity Real Estate Luxury Group)
I found this great resource to help my buyer clients of vacation rental property.  It shows them how they can rent out their vacation property themselves and save lots of money.  Alfred & Emily Glossbrenner have put together this great resource click here to visit their website to order this helpful manual and to learn more of what information it includes.  I'm strongly considering this as a great closing gift for my buyer clients that are purchasing a vacation rental home or cono in the Park City Utah or Deer Valley area.As a Park City Buyers Agent working in the ski community of Park City Utah, I find many of my clients get suprised when they find that the local property management companies take 40-50% of the gross rental revenue for nightly rentals in our area.   To better help my c...
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By Julie Olsen - Park City Utah Realtor
(Equity Real Estate Luxury Group)
 Now that the ski season is winding down, it's a good time to consider buying a ski condo or ski home in the Park City Utah area.  There is a good inventory of condos and homes to choose from that are currently on the market.  Sellers who are truly motivated to sell their ski condo or ski home will be more willing to negotiate on their price at this time of the year and through the spring.  Park City continues to grow in popularity as a great place to own a second home so why not buy now when it's the best time to look.Call Julie Olsen Today at 435-513-2848 so she can help you find a great opportunity on a ski property in the Park City or Deer Valley area. Visit  Park City Real Estate to search all the current listings in the Park City area.Visit Deer Valley Real Estate to see all curre...
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By Jim and Billie Harsch
(Keller Williams/Mountain Town Realty Group)
The Office of Federal Housing Enterprise Oversight recently reported that home prices were up 5.9% in 2006, the slowest price gain since 1999. In 2005 prices were rising at more than 13%."These data show that, on the whole, prices are still rising, albeit at a much slower pace," said James Lockhart, director of OFHEO. "This suggests that house price appreciation, is for now, more in line with historical norms"However, Provo, Utah (19.9%) and Salt Lake City, Utah (19.8%) were among the fastest price gains and only 25 of 282 cities showing lower prices on a year-over-year basis. Utah has the largest year-over-year price gain at 17.5%, followed by Wyoming, Idaho, Washington and Oregon. Michigan was the only state with lower prices than the prior year.Although not included in the report, Pa...
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By Mike Varoz
(Summit Sothebys International Realty)
Welcome to our blog on Park City Real Estate. If you are visiting, have visited or are planning a trip in the near future we hope you will check in often for updates on Park City, real estate or just fun things about the area. Let us know if we can help you or if you have something you were wondering about our little section of heaven - Park City, Utah. I recently looked over information on blogs the other day. After reading it, and the other materials I have been absorbing this past week, I just wanted to summarize my thoughts on why I think a blog is a great resource for the Hughes Martin Sells Team marketing strategy and our clients. I believe a Hughes Martin Sells Team real estate blog will benefit our listing clients by exposing http://www.hughesmartin.com/ and their properties  to...
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