Park City Real Estate Trends

Is this Subdivision Going to the Dogs?

By Todd Anderson
Dec 14, 2017

Park City, UT is often referred to as “Bark City” by its residents, but many Home Owners Associations aren’t so dog friendly. What can you do when your Buyer or Renter has an emotional support dog?

I met someone the other night at a social function who told me he was a member of a home owners association board of directors. He mentioned having recently dealt with a renter with an Emotional Support Animal.

The Homeowners Association (HOA) has a strict ‘no dogs’ policy. The renter presented the HOA with a Certificate of Registration for the dog and a letter from a psychiatrist stating that the dog is an essential part of the renter’s treatment for anxiety. So, the question becomes: which one wins, the rules of the HOA or the renter?

Park City DogsA 2013 newsletter from the US Department of Housing and Urban Development (HUD) states this:

The Fair Housing Act prohibits landlords from discriminating based on disability, race, color, national origin, religion, sex, and familial status.

Further: “Disability-related complaints, including those that involve assistance animals, are the most common discrimination complaint we receive. This notice will help housing providers better understand and meet their obligation to grant reasonable accommodations to people with disabilities that require assistance animals to fully use and enjoy their housing.”

HUD’s new notice explains housing providers’ obligations under the Fair Housing Act, including the requirement to provide reasonable accommodations to people with disabilities who require assistance animals. Pet restrictions cannot be used to deny or limit housing to people with disabilities who require the use of an assistance animal because of their disability. Housing providers must grant reasonable accommodations in such instances, in accordance with the law.

In effect, the renter is stating that they have a disability and that there is little that the HOA can do in terms of disallowing the dog without being in violation of the Fair Housing Act.

The HOA director I met checked with a friend who is a lawyer who told him that: “you don’t want me to fight this, you can’t afford it.”

In a recent dealing with a client with an emotional support dog, I initially thought to nudge toward Park City complexes that do not have a ‘no dog’ policy, but I realized that even that could be construed as a violation. In the end I made sure that the client was aware of the policies of the HOA’s and directed this potential Buyer to a few attorneys that specialize in dealing with these issues.

Comments or Questions? Contact the YouInParkCity.com Group (435)962-9472

Park City’s Real Estate Inventory Problem

By Todd Anderson
Dec 07, 2017

Like many other communities in the country, Park City, Utah is experiencing a lack of available homes for sale.

How can that be when a search of the active properties on Wasatch Back MLS (Summit and Wasatch Counties) brings nearly 1900 results?

  • Just over 700 of those listings are for Vacant Land (Acreage and Building lots)
  • Another 140+ of these listings are for Fractional Ownerships or Commercial properties
  • So, there are 1042 active listings of Homes and Condominiums on the WBMLS
  • 109 of these are outside Summit or Wasatch Counties (mostly in the greater Salt Lake area)
  • Further Subtraction of the homes in the Heber Valley, Kamas Valley and Coalville area removes another 240+ homes from the initial search results
The final tally leaves 691 Homes and Condominiums in the Greater Park City Area for sale (this includes Park City Proper, the Snyderville Basin, and the Jordanelle Reservoir area). The split between Homes and Condominiums is almost even (348 vs 343).

Park City Housing InventoryYear to date sales for homes and Condominiums in the Greater Park City area is 1335 (574 Houses and 761 Condos). This data gives a 6.7 month supply for Homes and a 5 month supply for Condos. These numbers sound very reasonable for most metro markets in the US and might even be considered a Buyer’s market by some standards. A deeper dive shows the real issues in the Park City Market.

Of the active homes for sale, 223 have an asking price of $2 million or more; this is a 17 month supply at the sales rate so far this year. At the other end of the spectrum, there are only 32 Homes listed for less than $1 million; at current sales rates would sell these homes in a mere 1.5 months. Homes between $1 and $2 show a 5 month supply at the current absorption rate.

  • Of the current active listings in Old Town, the median asking price is over $2.1 million
  • Only 6 Homes on the market in Old Town have a price under $1 million; none of these were built after 1920 and half of these are under 1000 square feet.
  • Sales prices for new construction homes in Old Town are averaging approximately $1000/sq ft.
  • The Pinebrook and Jeremy Ranch areas in the Snyderville Basin have 2.5 months worth of inventory at current absorption rates.
  • There were 62 sales this year in these areas under $1 million; there are currently 6 homes for sale in Jeremy Ranch and Pinebrook with an asking price below $1 million.
Condominium sales and active listings show similar discrepancies between inventories at higher and lower prices.
  • There are 31 active condo listings priced above $1 million, a little over 1 year’s worth of inventory at the current absorption rate (note the 5 month condo supply mentioned above).
  • The Racquet Club Condominiums in Park Meadows have seen 4 sales this year all representing the highest prices ever recorded for the area.
  • There were 46 condo sales in Pinebrook this year, there are currently ZERO on the market.
The lack of inventory in certain price points can lead Sellers to believe that they can get any price they choose, but that just really isn’t the case. The current low mortgage rates mean that many Buyers are still getting a mortgage, and in that case the property will need to appraise. Appraisals are a back-ward looking price determination based on recent sales, this keeps prices from jumping too fast or Sellers getting a high price just because they have the only one on the market. Inventory that is on the market a long time is usually over-priced; Buyers won’t pay too much over the last comparable sale unless there is truly something special.

Park City’s low inventory levels can make both Buying and Selling harder (for different reasons), but either way you’ll find that the knowledge and guidance of a local real estate professional is a must. Contact the YouInParkCity.com Group (435)962-9472 at KW Park City Keller Williams to help you through.

The Age of Park City Real Estate

By keziah
Dec 05, 2017

Here’s a reality check… Park City’s housing pool is aging. The majority of our housing is 20+ years old. On top of that, there have been fewer new properties built since 2010 than any decade prior!

However, there is an upside to this dated housing situation. More and more savvy buyers are moving toward the idea of renovating older properties. They can see opportunities available with an “adaptive reuse” strategy – and have the vision to transition older, traditional lodge and log properties into today’s popular mountain-contemporary-modern designs. Park City’s real estate market is holding strong with an annual median appreciation rate of 8.8%. Now might be the right time if you’re considering selling.

Park City Real Estate Photo courtesy of The Park Record

 

Making Sense of Park City, UT Housing Prices

By Todd Anderson
Dec 02, 2017

Park City, Utah home and condominium prices in general are still rising, but a few things have had me scratching my head recently.

Wasatch Back MLS Market WatchI study the data on the Wasatch Back (formerly Park City) Multiple Listing Service (MLS) daily. I watch the new listings, pended sales, completed sales, removed listings and price changes depending on the day of the week, there are 35-75 daily changes.

Price Changes can really give an idea of which way the market is trending although in some cases they make me wonder “what was that agent or owner thinking?” when they priced it originally. Recently I sent a new listing to a client with a note stating, “this is priced well and likely won’t last long”.  Two weeks later it still hadn’t sold which made me question my knowledge, but then a price increase on the property showed up with the price going UP by nearly 35%. I somewhat wrote this off to an agent with little experience in our market, but I noticed something similar from a seasoned agent that knows our Park City real estate market well. This time it was a 20% price increase, but both properties remain on the market a few weeks later waiting for offers on their increased prices. Maybe we can chalk it up to greedy Sellers(?).

While price increases on listed Park City properties are fairly rare outside of new construction which often sees pricing go up as the projects are closer to complete, price reductions are common. Owners may like to “test” the market with a high initial price only to lower it after a few weeks. Lately though it has not been uncommon to see prices be lowered by 20% or more. Seeing a $500,000 drop on the price of a home is surely a good talking point, but I’m not convinced that it is a great marketing strategy. Buyers will tend to not even look at a property that is too far above the market and Sellers often get “anchored” to their original price whether or not it was realistic.

The Park City real estate market has a lot of moving parts and inventory can be quite slim depending on what exactly you have to sell or are looking to buy. Properties that are priced well move quickly, but it doesn’t mean that you can get or need to pay 20% more than the market value.

If you are looking to Buy or Sell property in the Park City, Utah area or just want a better feel for what is going on in the market, contact a realty professional with the YouInParkCity.com Group

(435)962-9472.

Park City Real Estate 2017 2nd Quarter Market Report

By keziah
Sep 09, 2017

Market appreciation is showing signs of stabilizing. The overall appreciation is still a healthy 8.3%! For the first time in many months, annual appreciation has dipped below double digits, signifying a possible return to a more balanced market. Even with this drop, Utah and the Park City area remain one of the most robust markets in the country.

Market Snapshot

(12 month rolling: May 2016-June 2017; $ has been rounded to nearest 500 or 1,000)

Park City Limits Single Family Home average sale price: $2,430,000; median: $1,900,000 Condominium average sale price: $1,230,000; median: $701,000

Snyderville Basin Single Family Home average sale price: $1,492,000; median: $970,000 Condominium average sale price: $583,000; median: $487,000

Heber Valley Single Family Home average sale price: $486,500; median: $392,875 Condominium average sale price: $332,000; median: $317,000

 

Market Absorption is Relative to Median Pricing

In greater Park City, we continue to feel the effects of low inventory coupled with dated inventory. The time on market against the median price within category type clearly reflects that those properties priced at or below the median are absorbed at a significantly higher pace. This is something to keep in mind if you are considering selling your property.

 

Single Family Homes The trend of single family home buyers choosing to purchase in the Snyderville Basin and beyond, due to higher perceived value, continued in the second quarter. In Park City Proper (zip code 84060), inventory has remained stable over the past year, with a 20% increase in median price, which rose from $1,850,000 to $1,900,000 at the end of the first quarter within the city limits.

 

Snyderville Basin - Activity remained strong, with almost double the number of sales as within Park City Proper. The median price is now just under a million at $970,000.

Jordanelle – Supply in this area has been limited due to timing of completion of construction in several communities; as a result there was a 2.6% drop in the number of closed transactions, yet the median price rose almost 28% to $1.52 million. The bulk of the transactions occurred at Victory Ranch.

Heber Valley – 203 homes have been sold year-to-date in Heber/Daniel resulting in a slight increase in the median price, which is now $360,000. Midway’s median price was the highest in the Heber Valley, rising to $469,000.

Kamas Valley - This valley showed strong activity, with a 24% increase in transactions year over year. Median prices also were on the increase: There were 30 sales in Woodland/Francis with a median price of $457,000. Kamas/Marion had 34 transactions for a median of $312,000. Oakley had the highest number of closings in the Kamas Valley, with 48 sales resulting in a median price of $397,000.

 

NEIGHBORHOOD STANDOUTS

Snyderville Basin Over the last 12 months the neighborhood with the highest number of closed sales in the Basin was Promontory with a median price of $1.72 million. Offering new product and an amenity-rich lifestyle, buyers have been drawn to the new design and multi-season services found in gated communities. Jeremy Ranch had a median price of $925,000 and a total of 53 closed sales. Pinebrook saw a 23% increase in median price to $922,000 and 48 closed sales. Consistently low on inventory, Silver Springs had a median price flat to last year’s number at $938,000, with five fewer sales.

Park City Limits Park Meadows saw a 23% increase in median price with $1.84 M and 44 closed sales – up 13% from the previous 12 months.

Old Town experienced an 11% median price increase to $1.49 M but a 16% decrease in number of sales. The median sales price in Prospector was slightly up reaching $825,000, with 10 closed transactions. Combined, there were only 13 home sales in Empire Pass and Upper Deer Valley. Both neighborhoods saw median price decreases as well, with Empire at $5.66 M and Upper DV at $5.85 M.

 

CONDOMINIUMS

Within the Greater Park City Area, condominium sales in Park City and the Snyderville Basin totaled 333 and 310 respectively. With ample new construction offerings, the Jordanelle area had the most significant increase in transactions, up 39% for a total of 191 sales.

The Canyons neighborhood averaged 10 sales per month with a total of 113 for the year – the highest in the Basin, with a 14% median price increase to $635,000.

The Kimball area had a steady 80 transactions with a median price of $335,000. Pinebrook was on par with last year’s number of 61 closed sales, sustaining a median price of $463,000.

 

VACANT LAND

Within the City Limits, 18 lots closed, with a 5% drop in the median price from $750,000 to $715,000. In the Snyderville Basin, transactions were up slightly year over year; a total of 159 lots closed with a 12% increase in the median price to $397,500. The most robust land sales continue to occur at Promontory and in the Jordanelle area. Homesite sales at Promontory increased 32% with a total of 79 lot sales. The median there rose 12% to $375,000. The Jordanelle area witnessed the strongest increase, with 100 sales (up 15%) and a significant 24% increase in the median price to $397,500, with sales at Victory Ranch adding significantly to this increase.

 

LOOKING FORWARD

At mid-year, we continued to see strong price increases in certain neighborhoods and leveling off in others, largely tied to inventory and age of housing stock. Our market continues to expand as buyers continue to show a willingness to expand their horizons in search of higher perceived value. Perhaps the continued focus on mass transit enhancements is positively impacting second homes buyers’ willingness to choose locations a bit farther from the chair lifts.

 

UP NEXT... Autumn along the Wasatch Back is magical. With kids back in school, the pace of visitors slows. Cooler temperatures bring back all-day outdoor recreation options such as golfing, mountain biking and hiking amidst the splendor of vibrant red maples and golden hued aspens. Watch for our Fall Events Newsletter to plan your autumn adventures.

Due to the uniqueness of our market area and the varying degree property types, neighborhood characteristics, and inventory levels, I encourage you to call us for specific data relative to your housing needs or interest. With inventory levels so low, this might be an opportune time to consider selling your current property.

 

Back to school!?!

By keziah
Jul 27, 2017

Summers in Park City Utah are undeniably memorable! We just can’t get enough mountain biking, hiking, golfing, and fishing. Families will spend endless hours swimming, sailing, paddleboarding, and water skiing at Jordanelle Reservoir. Kids will never tire of cruising downhill on the Alpine Coaster or exploring the adventure courses at the Utah Olympic Park. Ahhhh summer!

Not to be a buzzkill – but eventually, another summer in Park City will come to an end. The good news though, is that if you already live here - your kids will get to return to some of the best schools in Utah! If you aren’t yet a full-time resident of Park City but are thinking about education needs for your family – here’s some info about Park City’s Summit County education options...

Summit County Public Schools These are the three school districts within Summit County and grade levels:

Park City
 - Park City Preschool 3-4yr olds
 - Jeremy Ranch Elementary K-4th grades
 - McPolin Elementary K-4th grades
 - Parley’s Park Elementary K-4th grades
 - Trailside Elementary K-4th grades
 - Treasure Mountain Middle 8th-9th grades
 - Ecker Hills Middle – 6th-7th grades
 - High School 10th-12th grades
 - PCCAPS (Center for Advanced Professional Studies) 11th-12th grades
 - Park City Learning Center – 10th-12th grades
View Park City Schools’ complete information here: http://www.pcschools.us/

North Summit – serving north Summit County areas near Coalville, Utah
 - Elementary K-4th grades
 - Middle School 5th-8th grades
 - High School 9th-12th grades
View North Summit Schools’ complete information here: https://www.nsummit.org/

South Summit – serving south Summit County areas in the Kamas Valley
 - Elementary K-4th grades
 - Middle School 5th-8th grades
 - High School 9th-12th grades
 - Silver Summit Academy (individualized STEAM focused education) K-12th grades
View South Summit Schools’ complete information here: https://www.ssummit.org/

 

If education information is holding you back from making a move to Park City – give us a call. We can direct you to all the resources you need, and make direct connections to help you make the right decision for you and your family. We mean it when we say Let Us Help Put YOU IN PARK CITY!

Park City Transportation Update… How We Roll!

By keziah
Jul 12, 2017

For those of us who call Park City and its surrounding communities home – we feel the frustration of the traffic that comes with living in such a popular mountain town! Fortunately, our community leaders have been working hard to find ways to alleviate congestion by “rolling” out some new and expanded alternative transportation programs:

• NEW! E-buses – Park City and Summit County recently launched their first all-electric bus fleet! The Electric Xpress will connect the Kimball Junction shopping area with the Old Town Transit Center – running along Highway 224. The new Electric Xpress will run every 10 minutes from 7am til 12am, seven days a week. "This is the Tesla of the bus. Get out of your car and ride this." says Blake Fonnesbeck, City Hall's public works director. Caroline Rodriguez, Summit County's transportation planning director, said in an interview "What's great about this new fleet is that it is all electric and purely battery operated. Plus, we are the first mountain community to have a fully electrified express route." Rodriguez said the new all-electric fleet embodies the county and city's commitments to energy efficiency and sustainability, while providing more options for riders. And remember… noise from the buses will be minimal, so be on the lookout when you’re in pedestrian lanes. Click here to find more information, maps and schedules for the entire Park City Transit services:  http://www.parkcity.org/about-us/transit-bus

• EXPANDED Park City Free Bus Service – now with expanded for commuters who live in the Kamas Valley and work in Park City to cut down on the number of cars driven. View the new Kamas Commuter service map, and the full services at http://www.parkcity.org/departments/transit-bus/transit-maps-timetables

• New! Summit Bike Share – Summit County recently launched a new Summit Bike Share system to offer pedal-assist bicycles as an alternative way to get around the Park City area. This trend has become popular in many major cities as an enjoyable and affordable option for running errands, commuting for work, or just for fun! And with the many paved rail systems already in place in and around Park City, you can easily get to where you want to go. The Summit Bike Share system has 9 stations, and 88 bikes with 24/7 availability. The Pedelic bikes are just like a basic bike – nothing complicated to learn. Just get on the bike and start pedaling and the Pedelic bike will kick in an extra boost of power to help you get up hills without even breaking a sweat! Riders can register for passes that range from single-trip, daily, monthly or annual. Click here to to learn more! https://www.summitbikeshare.com

Real Estate Sales in Park City. Q1, 2017

By Todd Anderson
Apr 12, 2017

The real estate market in Park City, UT sky-rocketed during the first quarter of 2017.

Comparing the first quarter real estate sales of 2017 to the first quarter of 2016 looks similar to the snowfall comparisons between the two years.

  • Unit volume sales of Single Family homes were up nearly 20%
  • Dollar volume of Single Family homes sales was up nearly 25%
  • Condominium unit sales were up nearly 40%
  • Condominium dollar volume was up a whopping 74%

With all that said, the YouInParkCity.com Group knows that 90 days’ worth of sales isn’t enough to be statistically relevant and the small sample size we are dealing with is easily skewed. If we remove the $50M worth of sales at the Stein Eriksen Residences (SER), condominium unit volume changes to being up 30% with dollar volume up 35%.

The timing of new product to the market definitely impacts our numbers in the first quarter which is historically one of the slowest of the year. In addition to SER mentioned above, a similar story may have happened around the Jordanelle Reservoir where unit sales we up nearly 60% with the completion of many townhomes at Black Rock Ridge and Park’s Edge.

The story-line that may be more relevant and reliable in terms of the data is about scarcity. The greater Park City area currently has under 800 homes and condominiums for sale; the first quarter (which we mentioned is normally slow) had over 300 completed sales. That is less than 9 months inventory at the current sales volume.  This isn’t necessarily out of whack until we look at pricing and sales within price points.

  • Current for Sale Inventory of 440 Condos and 340 Homes in greater Park City has been relatively stable for the past four years
  • The median sales price of a home over the past year has been approx. $1.25M there are 57 active listings below this price (2.5 months’ worth of inventory)
  • The median sales price for a condominium has been $525,000; there are 105 options on the market below this price (3 months’ worth of inventory)
Note that the stats here are just raw data Park City area home and condo numbers and really don’t take locations, views, finishes and all the things that make a home unique and special into account. Thirty percent of the sales in the past year were on the market for less than two weeks.

Having someone that knows the market and the specifics of what you want to buy or have to sell is imperative. Contact the YouInParkCity.com Group for all your Park City Real Estate needs.

Do I Need An Agent for a New Construction Home?

By keziah
Mar 15, 2017

Many years ago, I was doing online research as we prepared for a new home purchase. I found a website for a community of newly built homes that checked most of the boxes on our “must-haves” list. An appointment was set to meet with the builder’s listing agent to tour the property. (This happens most often when people are out driving around and see those “Model Open” signs.)

The listing agent couldn’t have been nicer – very personable, excellent communication skills and follow through, thorough knowledge of the development and the community – a true professional. We went home, slept on it, and asked to meet again as a next step. During that visit, the agent walked through the entire process and timeline. It all sounded reasonable and simple. Fortunately, my husband and I had a sudden reality check. No matter how perfect the property, location, price, features, etc. – this agent was not working for us. They worked for the seller. (Who happens to be the builder.) Here’s what this equation looks like:

Builder + listing agent = seller representation

vs

Buyer + listing agent = seller representation

 

You quickly get a sense of the imbalance here. In this story, we were happy with the property, so made the decision to move forward. But, our next step was to find a Buyer’s Agent to join us on this transaction. Looking back, we realize it was one of our better business decisions. And now as a Realtor®, I strive to educate my clients on the benefits of having their own agent on a new construction home. I’ve assembled 5 key insights from the YouInParkCity.com team, as well as publications that include Zillow.com, the National Association of Realtors (NAR), and realtor message boards.

1. Who’s on your side? Bottom line - every transaction should have equal fiduciary representation. When you sign an Exclusive Buyer’s Agent Agreement – your agent now works for you. They will advise you on every step of the purchase from vetting reputable builders, reviewing contracts, negotiating on your behalf, monitoring deadline dates, advising on which upgrades will get you the best resale value, and help to ensure you stay within your target budget and not jeopardize your appraisal value before closing.

2. Won’t I save money if I just work with the selling agent? Yes, we asked this question, too. The answer is always NO. Every builder has a listing agreement with a selling agent. So, whether you bring an agent to represent you or not does nothing to change their agreement. The builder isn’t going to discount the selling price by the amount of the commission they’d be paying, since doing so would drive down the posted sold price and thus the comparative value of the properties. But wait… they offered me free upgrades! Sorry to be a buzzkill, but the truth is that builders can have huge mark-ups on their upgrades. So those may not translate into a return on your investment when it comes time to sell. The full commission will be paid, but when you don’t have an agent representing you – that means the builder just received more money.

3. Understanding HOA and CC&R’s Full Disclosure – agents are not expected to be experts on HOA’s and CCR’s. They are however, experts on knowing where to guide, advise and educate their clients. Every Homeowner’s Association has its own set of rules and regulations. In my example above – the CC&Rs were 90 pages long (no joke). We were fortunate to have an agent who was a lawyer in a past life, so he actually read the entire document. Then he went over it with us to point out what was most critical, what was standard, and what was worth asking about. He encouraged us to also read the entire document – so we did. We’ve been in our home for over 2 years, and still meet neighbors that don’t know nearly as much about the CC&Rs as we do.

4. Warranties Most builders want to build not just homes, but good reputations. Most of the time they do, but there are exceptions. As part of our buyer due diligence task list, our agent advised us to “Go talk to the neighbors. Ask them what they liked and didn’t like about working with the builder.” So we did! It was incredibly helpful. We crafted a list of issues to address and have the builder sign off of before we agreed to move forward. We saved potentially thousands of dollars and future aggravation simply by having this valuable representation by our agent.

5. What else is out there? Your agent is a networking ninja! They are dialed into the community, so they know what’s happening with the property you’re looking at from more than just the value standpoint. They will know what the long-view planning and activities are of the community. Once you show them your list of must-haves, let them go to work to either validate the value of your find, or even to show you options you hadn’t considered, but are absolutely open to once you see them. That’s the magic of a really good buyer agent!

Now you know… That was one of many buying experiences where I learned to never enter into a transaction without a real estate professional in my corner. I hope you’ll see the value as well. It’s our promise that when you hire a YouInParkCity agent – you can expect more than just real estate representation. You can expect partnership, customer service and expertise on the unique needs of buying and selling in Park City, Deer Valley, and the surrounding Heber Valley – by the entire team.

Is it the right time to buy a building lot?

By Todd Anderson
Oct 08, 2016

Fall is upon us and while the changing leaves may make the views that much better, how will it impact your Park City Utah real estate purchase?
  1. You likely won’t be able to start building right away. This is true regardless of when you buy a building lot. Unless you are purchasing a lot with approved building plans and a builder in place, you will have to spend time with architects, builders and a planning department before you get started. Purchasing a building lot now may give you more time in this process.
  2. You’ll have time to find the right builder. Builders and contractors in Park City are very busy trying to get jobs done before the ski season starts. It isn’t uncommon to not even get an answer to your phone calls right now, but give them a call January 2nd and they’ll likely be more than happy to set up work for the spring. You can be first on the list for when the snow melts.
  3. You’ll have time to refine your plans. We all have an idea of the perfect home (though we’ve never been in it). A little extra time in the planning process can allow for a few tweaks that sill make your new home that much closer to perfection. I know from personal experience that sending floor plans for friends to look at brought some great changes to my personal home.
 

Are you ready for a great home site with space between you and your neighbors, fantastic views in a gated community that's located just 20 minutes to Park City, Utah? Look no further... The Heber Valley has nearly 200 building lots for sale! That may seem to offer you a lot of choices, but inventory is moving quickly!  If you are looking to have space between you and your neighbors, there are fewer than forty 5+ acre lots for sale. And if you want to spend less than $300,000 for the privacy with easy access and amazing views of the Wasatch Back and Timpanogos mountains, there are fewer than 10 lots available.

When you're ready to start planning, you'll need reliable and honest knowledge of the Park City and Heber Valley regions. Please contact one of our experienced real estate professionals at YouInParkCity.com Group at KW Park City Keller Williams Real Estate at (435)962-9472 or Info@YouInParkCity.com

Greenerhills View Lot For Sale

Greenerhills

Ski Condo Investments – Park City, UT

By Todd Anderson
Sep 09, 2016

Is now the right time to invest in a vacation rental in Park City, Utah?

The ski and snowboard magazines rating the new 2016/2017 equipment are in the racks or already in your mail stack, and there are less than 90 days to the opening of the snow ski and ride season. Is now the time to buy a Park City condo you can use a few weeks this season and rent out while you aren’t using it? Here are some of the things you can expect if you start the process now:

  • Sellers while having been on the market all summer may be less inclined to lower their price

While it may seem like sellers would be willing to get more aggressive and move away from their ski condo, the opposite is often true. After carrying the condo all summer long with little or no use and rental revenue, the reservations for the upcoming Park City ski/ride season are ramping up and Sellers can see a positive revenue stream on the way in the near future. The upside of this for potential Buyers is the same for the non-seller, rental revenues are not far off.

  • Holiday weeks may already be booked

Peak holiday weeks in Park City can often book a year out. Sundance, Presidents Day, the Christmas to New Year’s holidays and some spring break weeks are already showing strong bookings. This is a positive for your rental cash flow, but may impact your ability to use your condo at these times. On the flip side, it could be a great time to come out and check on your investment (maybe your CPA will allow you to write the trip off?!!).

  • It is easy to see the available inventory now

Many people get the idea to buy a Park City vacation condo while they are on a ski vacation. The trouble is that if you are here during peak times, many of the condos you want to see are not available due to the fact that they have renters in them. We at YouInParkCity.com encourage you to come out now and enjoy the fall colors while the rental rush is quiet. It will allow you to see the options and make your decision while there is still time to plan your winter stays here.

  • There is still time to make minor improvements

A full remodel is likely out of the question before the slopes at Park City and Deer Valley open, but a fresh coat of paint, new carpet and adding some personal touches are still viable upgrades before the season starts. These little things make your rental show better in photos and rent better for the upcoming season.

  • Why wait? There is revenue to be collected to start paying for your new vacation

The results of the upcoming election will have no impact on how much you want to ski this year. And as Warren Miller likes to say: “if you don’t do it this year, you will just be a year older when you do it next year”.  It’s time to start making those family memories, skiing is one of the few truly multi-generational sports out there.

For reliable and truthful information regarding Park City and Deer Valley ski (and snowboard) condos contact a local real estate professional with the YouInParkCity.com Group at KW Park City Keller Williams (435)962-9472.

Park City Real Estate Sales 2016 Mid-Year

By Todd Anderson
Jul 28, 2016

With summer now in full swing in Park City and the winter firmly behind us (it probably won’t snow again for 2 months!), it is a great time to look at the real estate sales we’ve had and look forward to the rest of the year.

The statistics we use here at YouInparkCity.com are derived from the Park City Board of Realtors MLS data and focus on the Greater Park City area (Park City, Snyderville and Jordanelle). We will also make some notes and special references to the neighboring Heber and Kamas Valleys.

Park City, UT has a complex real estate market made up of many sub-markets; it is in-town vs out-of-town, in the Park City school district versus not, ski-in/ski-out versus a shuttle or walk (note that some consider this a ‘four letter word”) to the slopes, the Heber Valley, the Kamas Valley, Resort/Second home versus primary residence, dogs vs cats and more. We’ll take a look at some of these sub markets with a strong focus on prices; if we’ve missed something that is particularly important to you call or email us and we’ll give you an in depth look at the area that means the most to you as a Buyer or Seller.

Few highlights to start:

  • Inventory levels have risen in the past quarter (July tends to show a peak in Active listings)
  • Snyderville (Park City 84098) has double the single family home sales of Park City proper (84060) and a similar number of condominium sales
  • In town Park City (84060) condominium sales were down by 26% while sales out of town (84098) were up 5%; both areas saw the median sales price increase by 25%
  • Over 70% of the 69 condominium sales in the Jordanelle area were new construction completions.
  • Home sales in the Heber Valley are up 25% versus the first half of 2015 (data from Wasatch Front MLS system)
Chart courtesy of Rick Klein - Wells Fargo Private Mortgage Chart courtesy of Rick Klein - Wells Fargo Private Mortgage

Median home prices (the half-way point in terms of the sales that were made (½ above the price, ½ below the price) rose in all areas. The median sale price in Park City proper (84060) was $1.589 M the current active inventory has less than 20% below the median sales price and fewer than 10 homes are offered at less than $1M. Outside of town proper (Park City 84098) has not quite the skewed inventory of “in-town” with 30% of the available homes listed below the $1.017M median sales price. Prices were up about 8% while the number of sales was relatively constant. The Heber Valley saw the largest increase in median sales price of over 20% with the median sales price there now over $400,000.

As mentioned above, condominium sales within the city fell by 26% but the median sales price rose by 25% to $763,000. The Old Town area lead the price increase while the Empire Pass area saw a decrease in unit volume and in median sales price (both down over 20%). The Canyons Village at Park City lead the way up for the “out-of-town” Park City (84098) properties which showed an overall 5% uptick in sales at a median sales price of just under $500,000 (a 26% increase). Condominium pricing shows some of Park City’s greatest variety with studio condos starting as low as $79,000 and moving up to over $9M. Like single family homes, offerings are heavily weighted to the upper end with nearly half of all available condos asking over $1M.

Tight inventory levels continue to force quick decisions as one third of all homes and condos sold so far in 2016 only lasting two weeks before being under contract.

Our complex market in and around Park City provides many opportunities and a few pitfalls as well. Depending on your particular situation and location, the market may be both a Buyers’ or Sellers’ market. YouInParkCity.com can help you navigate both.

For assistance from REALTORS® you can trust to help you with your Park City area properties contact the YouInParkCity.com Group at KW Park City Keller Williams Real Estate: info@YouInParkCity.com (435)962-9472.

Park City Real Estate Sales 2016 Q1

By Todd Anderson
May 16, 2016

With the ski season in Park City now over (everyone except Mother Nature and the snow gods believe this to be true), it is time to take a look at real estate sales since January and our current Park City Real Estate Market.

If we had to size it all up in one line, it might read “Prices are up and sales volume (in units) is down” but that really doesn’t tell the whole story.

Park City, UT has a complex real estate market made up of many sub-markets; it is in-town vs out-of-town, in the Park City school district versus out, ski-in/ski-out versus a shuttle to the slopes, the Heber Valley, the Kamas Valley, Resort/Second home versus primary residence, dogs vs cats and more. We’ll take a look at some of these sub markets with a strong focus on prices; if we’ve missed something that is particularly important to you call or email us and we’ll give you an in depth look at the area that means the most to you as a Buyer or Seller.

  • Quarter vs Quarter stats may be too small of a sample size for comparison, but:
  • Old Town & Lower Deer Valley condo sales are down considerably while median sales prices are relatively flat
  • Empire Pass condo sales are flat while median sales prices dropped considerably (low sales at the Montage likely impacted this number greatly)
  • Canyons Village sales were buoyed by Blackstone new construction sales but were otherwise flat
  • Jordanelle area condo sales are almost exclusively new construction completions
While the number of available homes and condominiums for sale in the greater Park City area (In-town, Snyderville (out-of-town) and the Jordanelle area) has remained fairly constant over the past couple of years, asking prices for the available inventory has become very skewed.

Available homes for sale in Park City under $1M Homes in Park City under $1million

The Single Family home sales inside the city limits show a median sales price of just over $1.5M for the past 12 months yet of the active 125(+) MLS listings less than 15 have an asking price below $1.5M and 100 have an asking price above $2M. The Snyderville Basin (out-of-town area) is only slightly better with less than 15% of its active MLS listings below its 12 month median sales price of $912,500.  There are currently no homes for sale in the Greater Park City area for under $500K. Moving outside of Park City into the Heber and Kamas Valleys (10-15 minutes to the south and east) dramatically changes what can be purchased. The changes lie mostly in the price as these two valleys have over 150 current for sale homes priced for less than $1 million, but both have the same issue of relatively few homes available below their median sales prices (only about 20 % of the available inventory is priced below the median sold prices of the past 12 months).

Available homes for sale in Park City over $1M Homes in Park City for sale over $1million

Condominiums in the Greater Park City area are experiencing a similar inventory crisis with only 30% of the active inventory having an asking price below the median sales price for the past 12 months. This number doesn’t appear as skewed as the Single Family home data for Park City, but much of that has to do with the availability of smaller units (studio and one bedroom models). Condominium pricing is still heavily weighted toward higher prices over 40% of the active condominium inventory has an asking price over $1 million.

The lack of inventory in the Greater Park City areas continues to have an impact on how quickly sales happen as nearly 35% of all sales in the past year were on the market for less than 2 weeks before being sold. We are in both a Buyers’ and Sellers’ market; higher priced homes and condominiums give the Buyers a lot of choices while Sellers in lower price categories for their neighborhood can play “hard ball”.

For assistance from REALTORS® you can trust to help you with your Park City area properties contact the YouInParkCity.com Group at KW Park City Keller Williams Real Estate: info@YouInParkCity.com (435)962-9472.

Check Out our Upcoming Property in Park City!

By Todd Anderson
Feb 05, 2016

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Looking for a one of a kind home just 1 &1/2 blocks away from the top of Historic Main Street and all Park City proper has to offer? Then check out this home from You In Park City!

This home features the design and  fit and finish you would expect in a luxurious home designed by Bruce Martin Interiors of Sun Valley and David White, architect, of Park City. But the setting and views are unrivaled. Looking to the east are uninterrupted views of historic Old Town to the south you will see a forested mountain vista. While it is currently under construction it is still a home that that needs to be seen to be believed.

The transitional design has and a roomy-but-cozy feel that you are sure to love. This 3,700 square foot home home has 4 bedrooms and 4 & 1/2 baths. The upper level is devoted to the master suite, the main level has 2 junior master suites, dining room, and great room. In the lower level there is a bunk room and gathering area for the kids as well as a media room. All levels of the home have decks or patio areas to enjoy those glorious Park City summers. Better yet, because it is nestled on over 2 & 1/2 Old Town lots, it even has a yard.... really!

If you are looking for an amazing home in Old Town this could be the one for you.

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Contact us today for more information about our brand new property in Park City, Utah!

 

In the news at the 2016 Sundance Film Festival

By Todd Anderson
Jan 29, 2016

stockvault-50mm-camera-lense99050Every year for 10 days out of the month of January, a little movie party occurs in Park City, Utah - you might have heard about it.  The Sundance Film Festival, which this year is being held from January 21- January 31, and as always, is a huge success!  Sleep, of course, is not a factor if your goal is to fit in as many movies as you possibly can in the 10 days - and participate in the after parties too; remember, you can always sleep on the plane!

The Movies

All the movies are unique and deserving of awards.  Most parties involved in the making of said movies really feel just being invited to Sundance is an honor, but at least one movie might even be too unique for the average movie goers!  The Swiss Army Man is basically a movie about dead bodies and flatulence.  Starring Daniel Radcliffe of Harry Potter fame and Paul Dano, crowds have been lining up hours in advance to get in, and once inside, they find a movie that is about a lost man who makes friends with the gas passing remains of Daniel Radcliffe’s character, and the flatulence seems to be too much and they rush to get out!  Something stinks in Sundance, and although the movie is quite good, it may never be more than an extended fart joke!

The Stars

Nepotism is big at Sundance, and the stars of Yoga Hosers might sound a tad familiar; Lily-Rose Depp, daughter of co-star Johnny Depp, and Harley Quinn Smith, daughter of director Kevin Smith (you may recognize him as Silent Bob from the Clerks movies!) are happily making their Sundance debut!  Kate Beckinsale and Chloe Sevigny classed up the festival making an appearance to speak for their period piece, Love & Friendship, based on the Jane Austen novella, Lady Susan. And Elijah Wood stepped out of his acting shoes and directing cape to DJ for his movie “The Greasy Strangler” pre-party!

The Awards

Well, at least one of the awards, The Amazon Studios Sundance Institute award (and the grant money that goes along with the award!) goes to “Morris from America” producers Sara Murphy and Adele Romanski and also to Julie Goldman, executive producer of “Weiner,” a documentary.  This award recognizes boldness and creativity amongst independent producers.  More awards will be forthcoming with the major ones being announced on January 30th.

The Parties

Sundance wouldn’t be Sundance without all the parties that accompany it, and this year is no exception - starting with the Delta Festival Shuttle at LAX airport.  180 of Hollywood’s most beautiful people will get a chance to board a Delta flight with a Sundance theme and enjoy brunch and cocktails, in-flight entertainment (a Sundance movie, perhaps?) and a free gift; even the rich and famous appreciate free stuff!  Premiere Parties for nominated movies include “The Hollars” directed by John Krasinski, and “31”, Rob and Sheri Moon Zombie’s latest horror film, are not to be missed, and cocktail parties, brunches, and after parties - the list is endless and will ensure fuzzy memories of the week’s events if done right!

Park City Real Estate Sales 2015 Review

By Todd Anderson
Jan 26, 2016

Park City Real Estate sales for 2015 continued to show strength and appreciation. The Park City Real Estate Market has shown consistent growth in each of the last eight years going back to 2008. The numbers show steady growth in terms of both unit volume and dollar volume (over $1.85 Billion).

Park City area real estate sales volume

Inventory within the Greater Park city area (Park City Proper, Snyderville, and the Jordanelle area) remains tight with approximately 750 homes and condominiums available. This number translates to an absorption rate of just under 7 months at current sales rates. Note that while this number is higher than national averages, for the Park City real estate market the average absorption rate since 2010 has been 11 months. So we are still in a Sellers’ market in Park City.

New and upgraded homes and condominiums demand a premium and move quickly from active for sale status to pending contracts. Statistics for 2015 indicate that approximately 25% of the sold homes and condos were active for sale listings for less than 2 weeks. Acting quickly or even searching out properties that are not actively listed can make the difference between owning a property and missing out. Ask YouInParkCity.com about how we can help.

Price increases for single family homes have continued to outpace the condominium market. The median sales price of an “in-town” home for 2015 was over $1.5 Million while median prices in the Snyderville Basin and Jordanelle are quickly approaching the $1 Million mark. Price increases from 2014 to 2015 increased approximately 17%. The Park City real estate market for entry-level homes is ultra-competitive. Less than 5% of all home sales in the Greater Park City area for 2015 were for less than $500,000. At the time of this writing, there were zero homes available under $500,000 and less than 10 listed for sale at less than $600,000.

  • The Median Price of a Single Family Home in Greater Park City was $1,070,000 in 2015
Condominium sales in the Park City area increased 7% in 2015 as median prices rose about 15% to $449,000. The impact of new construction and inventory levels had a great impact in specific neighborhoods. The Old Town area saw sales fall by 35% while the Kimball Junction area had sales jump over 100% and median sales prices increase 60%.
  • The Median Price of a Condominium in the Greater Park City area was $449,900 in 2015
Real estate values, pricing and demand in Park City is very localized, sometimes even down to which building in a subdivision or floor and view corridor within a building. For accurate reliable information contact a real estate professional with the YouInparkCity.com group to discuss how these intricacies will play into your real estate sale or purchase in the Park City, UT area.

Data herein derived from PCMLS data. Information is deemed reliable, but not guaranteed.

How To Attend The Sundance Film Festival

By Todd Anderson
Jan 22, 2016

camera-lens-hero-goproIf you’ve never been to the Sundance Film Festival held in Park City, Utah every year, you’re missing out on a truly unique, entertaining experience. For 10 whole days, the Sundance Film Festival provides attendees with the chance not only to enjoy lots of amazing new talent and creative films, as well as popular local restaurants and bars, but also the opportunity to rub elbows with some of the Hollywood celebrities and film stars. Chances are you’ll have an unforgettable time no matter what, but with a little planning on where to go and what to see, your trip to Sundance Film Festival may the best adventure of your year.

Get Your Tickets Quick

Of course you can’t plan a trip to Park City during the Film Festival and not take part in watching one of the many films that have made the event famous. Lines can be long and feel even long with the Park City winter weather, so try to purchase tickets in advance. The most anticipated films will sell out fast, so don’t hesitate to either buy online as soon as possible or to purchase a festival pass so you can enjoy several films with less hassle.

To keep prices affordable during one of the most popular times to visit this beautiful area, look into booking accommodations that are a few miles away from the main attractions on busy Main Street. There are countless lodging options in Park City, most of which provide upscale accommodations and beautiful views with a cozy cabin feel.

Use The Shuttle

For traveling, ditch the car and make use of the local shuttle. There are free shuttles that run all day long that can take you from a rented condo and back without much trouble. You don’t even need to rent a car to enjoy Park City and the Film Festival with how convenient the shuttle system is for those in attendance. Besides, local parking can be pretty pricey.

Live It Up In Park City

Even if you don’t score tickets to many of the films, there is still much fun to be had during Sundance. Hit up the nearby slopes that have helped to put Park City on the map as one of the top destinations in the world for skiing and snowboarding. Hang out at the local pubs and restaurants in hopes of catching a glimpse of, or even getting a picture of, one of your favorite celebrities. Spend all night dancing in one of the local clubs that are sure to attract an A-list crowd during Festival season.

Things to Do on Presidents’ Day in Park City

By Todd Anderson
Jan 15, 2016

freedom-united-states-of-america-flag-americaThe Presidents’ Day holiday is one of the most popular weekends in Park City.  Many visitors flock to the area to enjoy this long weekend, and Park City doesn’t disappoint with the many events and activities.  Don’t miss a day on the slopes of our great mountains.  Both Park City and Deer Valley are great places to enjoy a day of skimming down the slopes before enjoy a great meal at one of the many area restaurants.  Here’s a look at some of the special events that will be happening during this exciting weekend:

San Francisco Gay Men’s Chorus

Eccles Center for Performing Arts

February 13

Tickets available at the Eccles Center, 1750 Kearns Blvd.

Since 1978, this touring group has brought harmony – and endearing playfulness – to the gay rights movement. Enjoy the musical stylings of this chorus, under the direction of Dr. Timothy Seelig, as they continue to keep the soundtrack of civil rights going strong.

The Association

Egyptian Theatre

Thursday, Friday and Saturday, Feb. 11-14

Come out and enjoy the sounds of The Association on the group’s 50th Anniversary Tour! Making history since 1965, this group has received seven Grammy nominations and has six gold and three platinum records. Enjoy favorite hits such as “Never My Love”, “Windy”, and “Cherish”.

2016 Winter Art Salon

Feb. 12-16

The Winter Art Salon is a four-day event showcasing highly recognized artists and other vendors. You will have the opportunity to purchase art and luxury goods, as well as participate in seminars and discussions with artists and experts. All of the events will take place on the slopes of Deer Valley and all proceeds will benefit the Kimball Art Center.

Combine Valentine’s and Presidents’ Day

This year, Valentine’s Day falls during the same weekend as Presidents’ Day. Take this opportunity to enjoy the romance of Park City.  This is the perfect time for a weekend getaway. You can enjoy a cozy bed and breakfast or mountaintop luxury retreat.

Go on a romantic sleigh ride. What’s more romantic than cuddling under a warm blanket while being taken across a winter wonderland? You can enjoy a sleigh ride with or without a delicious dinner.

Park City is home to plenty of romantic restaurant offerings. There are more than 100 restaurants in Park City, offering everything from high end dining to casual eateries. Just make sure that you make those reservations in advance!

Park City businesses say their goodbyes to 2015

By Todd Anderson
Jan 08, 2016

Buy a Park City Home or Condo Now2015 was not only a busy year for local businesses, but an expensive one as well.  Commercial rents went up, while tourism levels fell with the lower snowfall.  The Ski Patrol union nearly disappeared and the deadlines for businesses to implement the chip technology credit card terminals went into effect October 1st.

One bright spot was the announcement that Outdoor Retailer, a trade show for outdoor products, was staying in Salt Lake through 2018 - it’s contract was due to expire in 2016.  All in all, though, it appears most businesses will be welcoming 2016 with relief and open arms.  Read further for all the details - and Happy New Year!

  • Lower Snowfall causes a drop in tourism - Climate changes are not Park City’s friend, with a measly 205 inches of snow in 2015 - compared to 263 in 2014 and a high of 408 inches in 2010; as the amount of snowfall drops, so do the numbers of tourists visiting the state. Protect Our Winters (an environmental group) and Ski Utah (ski and snowboard promoters) are joining forces to get the word out on what we can do to help the snow stick.
  • Largest outdoor products trade show is staying - Outdoor Retailer’s contract with Salt Lake City was due to expire in 2016, but it has now been renewed for another 2 years. Losing the trade show would have created a financial deficit, so local retailers can breathe a sigh of relief.
  • Commercial rents continue to rise - Without rent control, local businesses will be feeling the pinch again. Since 2011, rents on Main Street have steadily increased from $40, to $47 to the current $58 - an $18 increase per month leading to fears that prospective business owners are being priced out of opening new establishments in the trendy Main Street area.  Commerce expert Steve Hooker isn’t worried about current business owners being forced to close doors, but doesn’t address prospective business owners worries.
  • Ski Patrol will still have union at combined resort of Canyons/Park City Mountain Resort - Canyons Professional Ski Patrol Association contract expired in October, and when Canyons Resort and Park City Mountain Resort joined forces becoming one grand resort, it was thought that maybe the union would cease to be - a concept Vail Resorts embraced. A vote in December, however, formed a new union after a 97-94 vote.
  • Chip technology credit card terminals deadline for installation was October 1 - And although some retailers failed to see the urgency, stating credit card fraud in Park City is extremely rare, most business owners were eager to comply. The added security of a chip-enabled terminal eases shoppers’ minds and allows them to shop without fear in a day when fraud is becoming more and more a way of life.

Remembering a Legend: Stein Eriksen

By Todd Anderson
Jan 04, 2016

pexels-photo (7)If you know much about Utah, chances are it’s about their skiing resorts or religious history, but the newest fact is the departure of ski legend, Stein Eriksen.

Eriksen is of Norwegian descent, coming from a legacy of skiers. His mother was the first president of the Oslo Women’s Ski Club and his father was a ski designer as well as a competitive cross-country skier. The acts of Eriksen were dubbed by Ski Magazine as making skiing a national obsession, thanks to his great performance in the Olympics where he took a gold medal in 1952 as well as three golds in the 1954 Alpine World Ski Championship. This man was so well loved that the king of Norway in 1997 knighted him for his merit.

A Cross National Hero

After his Olympic days, Eriksen moved to America and served as a ski instructor in Utah, for several schools. His latest contributions were at Deer Valley Resort, where it has been said the Eriksen was an integral part of the community. It’s described that the presence of Eriksen was fundamental in the Deer Valley and that he will be greatly missed.

In 20009, Eriksen said “to be an Olympic and world champion has been a trademark for me. But the appreciation that the American people have for champions has enhanced that value in a way that made it possible for me to enjoy life without too much effort”. He was a local legend that stimulated the ski community in Utah; many people knew Ericksen and loved to watch him.

Pro-level Character

As a person, Eriksen was humble even amidst all of his prestige. In the late days, Eriksen held a charisma not of ego, but a loving personality which drew others together. He has been credited after his many ski victories saying that a man is nothing without humility.

Eriksen leaves behind his wife Francoise and five children who although surely saddened, are keeping their best face forward in asking for donations to Erkisen’s organization. The Stein Eriksen Youth Sports Opportunity Endowment provides financial assistance to youths for winter sports, with the goal of stimulating an appreciation of winter sports and helping committed athletes.

A Legacy That Lives On We at You in Park City send our best wishes to Eriksen’s family and wish to continue his wishes and legacy through skiing. The slopes won’t be the same without him, but thanks to Eriksen, the slopes are better than they ever could have been.

 
 
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