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.

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.

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 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.

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.

Real Estate Prices on the Rise in 2015

By Todd Anderson
Dec 14, 2015

Buy a Park City Home or Condo Now2015 is rapidly coming to a close, and we are seeing real estate prices continuing to rise. In addition, the number of home sales is on the rise as well.

The Park City Board or Realtors recently released numbers that reflect a 12 percent increase in single family homes, condos, and vacant land sales through the first three quarters of 2015 in the greater Park City area. This reflects a 10 percent increase over the same time in 2014.

Board of Realtors president, Nancy Tallman, states that both figures show an upward trend in spite of a lack of inventory. This problem of a lower inventory has been plaguing the area’s real estate market since the recession. Tallman says that although the sales numbers are up from last year, because of the low inventory, “it’s probably constraining our sales.”

One interesting development highlighted by the recent numbers is the disparity in median sales prices between Park City proper and the Synderville Basin. Prices rose in Park City at approximately 7 percent, while the Basin saw prices spike 20 percent.

According to Tallman, large sales price spikes are generally not good for the market; however, she says the Basin number jump is not worrisome. She says the rising prices are due to increased demand, due to the fact that homes in Snyderville are more affordable than those in Park City. In addition, Kimball Junction is now seen as a second city center, making it attractive to chose housing in the Basin.

She says that the increases are similar in both areas, with both seeing increases. She continues, saying that the homes in the Basin may be undervalued. She says, “There were some good values, underpriced inventory that people snatched up. And then the next homes that came on were priced a little higher, but obviously people are still seeing it as more affordable as being in town, which caused a big demand in the Basin."

The market looks to remain steady and should continue to grow as new construction is gaining for the first time since the recession.

Tallman also says that a big snow year could be big for real estate. She says that many visitors will come to town because of Vail. She says that this influx should help the market. Visitors will see how easy it is to get here, and along with the area’s appeal, demand should drive prices higher.

If you want to know more about the Park City real estate market, give us a call at YouInParkCity.com!

 

What’s new in Historic Old Town Park City real estate?

By Todd Anderson
Oct 06, 2015

One of the areas in Park City where there is value being created by scarcity is Old Town. In the span of years from the mid 1800’s until now most of the lots have been built on. In a typical real estate cycle homes will age and then be torn down to develop new product. The difference in Old Town is that there are a significant number of structures on the Historical Register and these cannot be removed to build new structures. These structures include homes, sheds, garages and even chicken coops. Depending on the historical designation many of these structures cannot even be moved. This is why new construction in Old Town is so valuable.

That being said there are some exciting new construction opportunities in Old Town Park City.

The Parkite & 820 Park Ave

The Parkite:

This redevelopment of the Main Street Mall is nearing completion. Located on upper Main Street these 15 condos located in the heart of Old Town’s Historic District is a must see for Park City’s luxury buyer. For more information or to view available listings click The Parkite.

820 Park Avenue:

There are only three condominium subdivisions contiguous to the Town Lift Plaza ski lift and 820 Park Avenue, which is nearing completion, will be the newest most luxurious of the three. All ten of these condos are under contract.

Single Family Homes:

Sampson Ave, Echo Spur and King Rd

There is a s home on King Road that is under construction with an undetermined completion date. It will be between 1800 and 2100 sf and have three bedrooms and three baths. There is a possibility that there will be a basement added but at this point we are unsure.

A recent sale of a home on Sampson In the historic district that had all of the bells and whistles. There was no detail over looked. This home had 5 bedrooms and 5 bathrooms with a total sf of 3,870. This home sold at $4,000,000 for a per sf price of $1,034.

Echo Spur:

Echo Spur is a new Subdivision of 7 homes on Rossi Hill. Most of the homes will have exceptional views up to Empire Pass in Deer Valley. The most unique element to these homes will be the developer’s commitment to building a “Green Home”

45 King Road:

We identified a 10,000+ sf parcel that had a historic home on it and, for one of our investors, spearheaded the process with the city staff, historical planners and the City Council to get it re-platted. A typical Old Town lot is 1,875 sf. By combining parts of 8 different lots that made up this parcel we were able to create two 5000+ sf lots. We also worked to get the design and plans approved for a new home that incorporates the historic home. Construction is now underway on a 3400 sf home 1 ½ blocks from the top of Main Street on a flat lot a shared private drive. The views are exceptional. This home should be available in early summer of 2016. For more information contact Rob@YouInParkCity.com

There are other homes and condominiums in the design or construction phase. To find out which home might be the best fit for you or to determine the value of your property in Old Town contact the  YouInParkCity.com Group at KW Park City Keller Williams Real Estate (435)962-9472.

Park City Real Estate Competition by Price Point

By Todd Anderson
Sep 29, 2015

Whether you are a Buyer or a Seller in the Park City Real Estate market, the price point that you are buying or selling in can have dramatic impacts on how easy or hard the process is.

The Park City Real Estate Market has seen its strongest 12 month period for sales since 2006. Inventories are low and prices in many areas are above their historic peaks.  With that said it does not mean that there are no deals to be found or that the property you list for sale will be gone in a matter of days. There are many factors that make up the ultimate value of a home or condominium in Park City and of course location is the most important; the age, shape, layout, views and design also contribute to the value. Once all of the of the value factors of a home are considered, the ultimate price has an impact on what competitive part of the market you are buying or selling in.

Queen Esther at Deer Valley, Park City, UTah Under Contract in less than a week $549,000

A look at the past year’s sales, current under contracts, and active inventory in the Park City Real Estate Market homes and condominiums provides a lot of insight to the competition levels at different price points.

The Park City MLS recorded 844 condominium sales over the past 12 months and there are 395 currently listed for sale which gives us about 5.5 months of inventory at the past 12 months sales rate. This absorption rate though is dramatically different depending on the price range you are searching. For condominiums under $500K, that supply drops to months and increases to 20 months for condominiums listed for sale at over $1 million.

On the Market amid heavy competition $8 million - Courtesy KW Keller Williams Park City On the Market amid heavy competition $8 million - Courtesy KW Keller Williams Park City

Single family homes in the Park City real estate market show similarities: the current 388 homes listed for sale would be gone in 8.4 months at the past 12 month’s sales rate, but when broken down into price points a different storyline appears. The inventory of homes priced under $1M would last only 3.7 months at the current absorption rate while homes priced over $2M have an inventory that would last nearly 2 years (23.2 months) at the sales rate of the past 12 months.

Lower priced homes and condominiums are more competitive on the Buying side while higher priced homes and condos have more competition when it comes to Selling. To truly understand the implications of this we need to delve further into specifics of a Buyer or Sellers’ individual property types, subdivision, state of repair and of course location.

For a professional assessment and action plan for your Park City Real Estate needs contact a realty professional with the YouInParkCity.com Group of KW Park City Keller Williams Real Estate.

Fall in Park City: So Many Awesome Things to Do!

By Todd Anderson
Sep 04, 2015

Ski condoAutumn is almost here and it’s a favorite time of year with the mild temperatures and that lovely crispness in the air. And this is the perfect time of year to enjoy some fall activities.

Take to The Hills

Taking a hike through the fall colors can be a great adventure. One of the most popular is the Mid-Mountain Trail were you’ll be at an elevation of 8,000 feet and hiking between the Canyons and Deer Valley. There are more than 400 miles of trails in the area, and with the cooler temps, you can enjoy many of them without worrying about the heat.

You can also take a short drive to Kamas and the nearby Uinta Mountains were you can enjoy the spectacular colors.

You can get closer to nature with a tour of the Swaner Nature Preserve where you can catch a glimpse of some of the area’s wildlife. Take a zipline ride to soar through the air above the treetops. And again, there’s lift-served hiking and biking to enjoy at the area resorts.

Take to the Skies

As the air begins to cool, you’ll start seeing more and more colorful balloons dotting the skies. This is a great ride — high above the rooftops, where you can take in all the beautiful autumn colors. One of the best balloon rides you can enjoy are the sunrise flights, where you will often enjoy a glass of champagne while soaring through the air.

Visit the Farmers’ Market

The weekly Park City Farmers’ Market is a great place to take advantage of the harvest season. You’ll find great fresh produce including tomatoes, chilies, corn and much more. There are also breads, jams, jellies and other tasty delights that are a great addition to a fall barbeque.

It’s Time to Look Forward to Winter

The autumn months are a wonderful precursor to the upcoming winter months. It’s the time to swap out the summer for winter clothes and start tuning up the skis and boards.

This is also a great time of year to look for some Park City property. We at YouInParkCity.com and KW Park City Keller Williams Real Estate are here to help whether you want to sell or buy. Our agents are all knowledgeable about the area and all the great things there are to do and see!

Park City Named Friendliest City!

By Todd Anderson
Aug 28, 2015

Park City, UTWas it a surprise when we found out that Park City was recently named in a Conde Nast readers’ poll as the Friendliest City in America? Actually no, it wasn’t! All of us at KW Park City Keller Williams Real Estate and YouInParkCity.com know the myriad reasons we were awarded such a standing.

Park City was actually highlighted in a slide show on CNTTraveler.com — a site that reaches nearly 2.6 million travel enthusiasts — titled “The 2015 Friendliest and UnFriendliest Cities in the U.S”.

There are so many reasons for Conde Nast to say Park City is a “great place that brings city life to outdoor enthusiasts, film geeks and families”. We also like to point out that Park City is a well-known travel destination renown for hip culture, a rich history and of course, its exciting party atmosphere.

Readers participating in the survey were asked to rate different cities as to whether or not the felt welcome. Other cities that joined Park City in the friendliest category included:

  • Burlington, Vermont
  • New Orleans, Louisiana
  • Jackson, Wyoming
  • Asheville, North Carolina
  • Santa Fe, New Mexico
  • Austin, Texas
  • Nashville, Tennessee
  • Charleston, South Carolina
  • Savannah, Georgia
Visitors and locals alike love the warmth and atmosphere of the city, whether they are enjoy the great banter from bartenders at establishments such as The Spur, The No Name, or O’Shucks. They can also enjoy high-end service at places such as St. Regis and the Montage — there’s something for everyone.

We can’t forget to point out that our area ski resorts have also ranked high on the ratings for their customer service and satisfaction from both visitors and residents. There really is no better place to ski that Park City.

Not to mention the great summers we have with all sorts of great activities such as hiking, biking, and fishing. And of course, you’ll be finding yourself among some of the friendliest people around during the many outdoor concerts happening all summer long.

KW Park City Keller Williams Real Estate and YouInParkCity.com are proud to be a part of what is now known as the “Friendliest City in the U.S.”. We invite you to stop by and check out some great real estate that can put you in the heart of this area so you can experience all the wonderful aspects of our great city.

New Way to Sell Real Estate: The Auction Block

By Todd Anderson
Aug 21, 2015

auction saleThere’s a new business model for selling real estate in the Park City area that is becoming increasingly popular. As you may know, the usual way to sell property is to hire a real estate agent, who then puts the property on the market and stages it. Then you wait for an acceptable offer, which with any luck, will let the seller walk away with a substantial check.

However, now a new approach has hit the Park City real estate market. It has become an enticing proposal for homeowners to put a property up for auction — especially if they have the desire to sell the home quickly.

Instead of waiting for lengthy periods of time to sell high-end property, homeowners are now auctioning their real estate when they are willing to risk getting a lower price in exchange for a faster sale.

Essentially, homeowners will pay an auction firm an upfront fee to market their homes across the country, as well as internationally. This will result in a large number of potential buyers by the auction date.

In reality, one thing that real estate agents may not do as effectively as an auction house, is to bring a sense of urgency to the sale.

Additionally, the process can be so successful that an actual action doesn’t happen. Agents in this area have seen properties that have been ready for auction go to a buyer who just didn’t want to lose the home, so a price that is just to good to pass up is offered. And for sellers, this is a great outcome.

There are, however, some risks that may come with the auction process. For instance, with an “absolute” auction, which is an instance where the top dollar that the bidders are willing to offer becomes the final price. There is no turning back for sellers once the auction has started.

The entire process can be intense. Sellers have no guarantee that the price they want for their property will be met, so it is definitely not a process for the faint of heart.

It is however, a good option for those who are willing to take a more aggressive approach to getting their properties sold — especially those within the higher end markets.

If you are interested in selling properties through an auction process, or even through a traditional method, the YouInParkCity.com Group at KW Park City Keller Williams Real Estate can give you a distinct advantage. Contact us today to discuss all your options!

Pinebrook Real Estate Park City 2015

By Todd Anderson
May 27, 2015

Real Estate information for the Pinebrook area of Park City, Utah as of Memorial Day Weekend 2015.

The Pinebrook area of Park City remains a desirable primary home as well as second home location offering great trails, parks, local amenities and easy access to Park City’s Resorts and Main St. as well as Salt Lake City. Pinebrook Homes and Condos For Sale | Park City, Utah The current housing market in Pinebrook mirrors the real estate market in Park City with limited supply of homes and condos for sale and great Buyer demand.

There are 18 active Single Family Home listings across the Park City Board of Realtors MLS with prices ranging from $449,000 to $1.5 million. There were 18 sales in the past six months ranging from $550,000 to $1.2 million. This translates to a six month inventory supply (a limited supply in terms of Park City due to its combined primary and second home nature). Looking back at the same time period last year, there were also 18 single family home sales BUT the values of the homes sold has increased dramatically. In the last six months there were six sales over $900,000 while the same time last year had zero. Of the eight current pending sales three have asking prices over $1.3 million. The median sales price over the past six months was $797,125 while for the same period last year it was $696,500.

The lack of Pinebrook homes and condominiums for sale represents obstacles for both Buyers and Sellers. The YouinparkCity.com group at KW Park City Keller Williams Real Estate is ready to help you navigate the Park City real estate market.

For Buyers we will educate you and keep you informed of market changes, recent sales, pending sales, back on market listings and homes not available on the MLS. In today’s market finding a house is often the easy part; negotiating the contract, working through the discovery and remediation processes of due diligence, navigating the financing appraisal hurdles while keeping a cool head with a focus on the end goal are just part of what we do.

For Sellers we pre-market and market your home in such a way that the buyers and their agents are educated to the value it represents to ensure you get the most you can from your home with the least amount of hassle in a timeframe that suits your needs. Similar to the Buying side, getting an offer is often the easy part of the process; negotiating for you while navigating multiple offers, repairs, addenda, title issues and more again are just part of what we are doing behind the scene of your sale.

If you or someone you know is thinking of buying or selling a home or condo Pinebrook or the greater Park City area, contact a YouInParkCity.com realty professional.

Search Pinebrook homes and condos For Sale

PARK CITY UTAH IS A WORLD CLASS RETIREMENT CITY

By kendrummetblog
May 16, 2015

What? Right, most people think of Park City as a World Class ski city, and it is, with three great ski areas of Deer Valley, Park City Mountain Resort and Canyons; and it is an Olympic town too, with training facilities for bobsled, luge, skeleton, ski jumping and aerialists.

Retirement in Park City isn't about rocking chairs Retirement in Park City isn't about rocking chairs

Park City real estate appeals to retirees, those ready or just planning for the future because Park City is a small town where you can know almost everyone, find part-time employment,, or fulfill your need to help others by volunteering in numerous non-profit organizations. Just over the hill is Salt Lake City, where you will find convenient access to an International airport, trauma medical centers, several universities, museums, and unlimited entertainment venues.

A low-humidity, temperate, bug-free climate, allows you to enjoy summer hiking, biking, golfing, fishing, camping, and attending numerous music events. Venture out seven hours from Park City and you will find nine National Parks, more than twenty National Monuments, and numerous State parks and campgrounds. Most retirees find they don't have enough time to do all they want to do....but you can be outside and active year round.

Prepare for your retirement in Park City and call an agent with the YouInParkCity.com real estate group today to find your perfect home...and be ready to be visited frequently by friends and family.

Victory Ranch Revisited

By Todd Anderson
May 04, 2015

Much more than one of the Best Golf Courses in Utah.

If you’ve read up on Victory Ranch through YouInParkCity.com you are aware that we consider the golf there one of Utah’s Best; a recent excursion reminded us that it is so much more.

Changes at Victory Ranch recently have made great enhancements to the outdoor lifestyle and the community feel of Victory Ranch.

The 350 residences nestled around the golf course are bordered by large open spaces (Victory Ranch covers 6700 acres).

Construction within the community include new golf “cabins” with spectacular views.

Victory Ranch 1

River Cabins that can be used while you are building or as over-flow for your guests, are well appointed with a feel of being away from it all just outside your door.

The Post is well on its way with framing complete and construction workers feverishly moving forward, the building will be the centerpiece for member activities including gym facilities, an outdoor pool, lunch to go and gathering spaces.

New this spring was the addition of the Ski-in/Ski-out Clubhouse for Victory Ranch Members at the base of the Town Lift on Main St in historic downtown Park City. It is a perfect before and after ski locker space and lounge area.

Over 4000 of Victory Ranch’s 6700 acres is designated as “Backcountry” set aside for exploring on foot, horseback or in four-wheel drive ATV’s. More than 20 miles of mountain bike trails run through the Backcounty; easily accessed on the complimentary full suspension or fat tire mountain bikes.

The Double Barrel is a 5-stand shooting facility with 5, six clay target launchers and experienced range masters can make even someone that has never handled a shotgun feel comfortable and have fun.

Double Barrel shooting at Victory ranch

Victory Ranch’s location along the Upper Provo River has always been one of the things that differentiated it from other second home options in and around Park City, Utah. Its four miles of private world class fly fishing truly sets it apart. Stocked ponds on the property offer a perfect introduction to the sport.

Our most recent outing at Victory Ranch courtesy of its year-round concierge and activity guides gave us an overview of its amenities that reinforced our feeling that this is a truly special private community.

Not all ownership opportunities are listed across the MLS and there are new river view and golf view homesites that we feel are great opportunities.

For more information and a tour of Victory Ranch contact YouInParkCity.com.

Park City Real Estate Q1 2015

By Todd Anderson
Apr 24, 2015

Inventories continue to fall as prices rise.

Park City, Utah Home and Condominium sales for the first quarter of 2015 were the highest first quarter sales since 2007 and were up over 10% versus the first quarter of 2014.

While the area was experiencing a lackluster snow year, skiers, second homeowners and tourists still flocked to Park City. Year to date visitor nights as tallied by the Park City Chamber of Commerce show a 1% increase over last year. Ski Utah projects that skier visits for the state will be down versus last year, which translates into visitors coming to Park City, but maybe not skiing every day during their stay. Early estimates of sales tax revenue for Park City during the winter months are seeing a huge increase this year according to city officials. Sales tax is not part of property tax and has no real correlation to Park City Real Estate sales, but here are some interesting data points from the recent sales:

Median Sale Price for Park City Homes

  • Condominium sales were up 12.6% versus Q1, 2014
  • The Median sales price for Greater Park City area condominiums was $460,450 (up 5%)
  • Single Family Home sales were up 8.2% versus Q1, 2014
  • The Median Sales Price for a Single Family Home in Greater Park City was $1,200,000 for Q1, 2014 (up nearly 34% year over year)
  • The Median Sales price for single Family Homes in Greater Park City jumped 14% from Q4, 2014
  • 25% of the Park City area Homes and Condos sold in Q1 were on the market 14 days or less
  • Average Days on Market for sold listings Q1 was 130 days
  • The Lower Deer Valley Area experienced a large increase in sales
  • The Upper Deer Valley and Canyons areas are selling far slower than the rest of the marketplace (ask us why)
  • Inventory of Homes and Condos For Sale in Park City has fallen 10 % in the past year.

    Active inventory within certain market segments remains extremely hard to find especially in the lower price points (as of this writing, there were six Single Family Homes asking less than $500,000 and twenty one Condominiums (of any size) asking less than $250,000 in the Greater Park City area). At the other end of the spectrum, there are 180 Homes asking $2M or more and 161 Condos asking more than $1M (theses listings make up over half of the active listings on the market).

    The Park City Real Estate market cannot easily be described as while some areas and neighborhoods are extremely “hot”, others are “sluggish”. There are many factors that determine value and great values may still be found in the market. New higher prices being “tested” by sellers are not necessarily leading to quick sales.

    For assistance in marketing your property for sale or finding a property to purchase contact a realty professional with the YouInParkCity.com group at KW Park City Keller Williams Real Estate.

    Data herein was compiled from the Park City Board of Realtors MLS System. Information is deemed reliable, but not guaranteed.

    Park City Real Estate Sales 2014 Q2

    By Todd Anderson
    Jul 08, 2014

    Real estate sales in Greater Park City for the second quarter of 2014 present quite a few different talking points regarding the Park City, UT real estate market.

    The combine number of sales for single family homes, condominiums and vacant lots fell by 12% compared to the same quarter last year. This is the first comparative drop in quarterly sales volume in nearly 4 years.

    The drop in sales was lead almost entirely by a drop in single family home sales. But while the number of sales dropped, the median Park City area single family home sales price rose by 5%. Inventory levels have also risen, so we may be seeing a slight “push back” from buyers to the price increases.

    Park City Real Estate Trends

    Home sales in the $500K-$750K represent the hottest portion of the market. This market segment in the Park City area saw 43 sales last quarter with 46 currently available or effectively a 3 months’ inventory supply.

    Inventory of single family homes between $1M and $2M has been increasing and the current supply would take well over a year to sell at last quarter’s sales rate. Beyond $2M the supply grows to over 2 years at current absorption rates.

    Greater Park City area condominium sales for the quarter were almost identical to the same period last year, but the median sales price was up over 10% and the average sales price was up nearly 20%.

    The sales of new condominium product in the Jordanelle area remains very strong and the pending sales for models that are still under construction will likely keep this trend going for the foreseeable future (note the previous YouInParkCity.com blog on Park City under construction).

    The sales of residential condominiums currently show a much higher demand versus resort condominiums and the same is true for single family homes. This trend is especially true in the Deer Valley area (although pre-sales for the Stein Eriksen Residences bucks this trend).

    All of the points above point to a complex and very localized Park City real estate market. The trend in one neighborhood is not necessarily the same for the next. Call or email us to analyze and discuss your particular Park City real estate situation; (888)968-4672 or info@YouInParkCity.com.

     
     
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