Park City Home Buyers Change

By Todd Anderson

Dec 16, 2010

The Real Estate market in Park City, Utah has not been immune to the value changes that the rest of the country has seen. Early on in the National housing and credit collapse many agents in Park City claimed that our area was insulated and we would not be affected by the changes the rest of the country was experiencing. An in depth analysis of our market now shows that market changes in Park City mirror the national averages. Prices have retreated to the 2005-2006 levels in many areas while falling well below that in the outlying areas of the city. The change has occurred in residential entry level condominiums and every market segment right through multi-million dollar luxury ski villas. Changes can be seen not only in sales prices, but also in the mindset of the Buyers. Park City is a destination ski resort area offering arguably one of the county's best vacation and second home experiences. The things that made Park City desirable before the economic change have not changed, but the Buyers now have a different perspective on real estate here. Buyers still want to own in Park City and the emotion behind the decision to buy here has not changed. The focus that drives which Park City home a Buyer purchases has changed and the emotional drive toward a particular home is gone. In past years Buyers fell in love with a home, now the buyers can be just as focused on the deal as they are a particular home. Park City real estate buyers now often have a somewhat indifferent attitude to the home or condominium they are purchasing; as long as they are getting a deal, they love the home. Prospective property owners are writing offers on multiple homes with the intent of purchasing whichever property presents the best bargain. Park City real estate Buyers are still focused within a particular area, property type, and price range, but the message to Sellers is "I like your home best, but I'll substitute it with the home down road or in the next subdivision if I believe it represents is a better value".

Tags: bargain, Buyer, condominium, deal, home, Luxury, Park City, purchase, seller, Ski, Utah
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Opportunists Eying Park City Realty

By Todd Anderson

Aug 02, 2008

Let the bargain hunting begin. Home prices may still be falling, but they are getting low enough for some investors to be buying and selling to pocket a tidy profit, or buying investment property that actually returns a positive cash flow. Rock-bottom prices have finally begun to lure real estate investors into the fray with the effect that prices may be stabilizing in some markets. For example, in south Florida where home prices have dropped nearly 27% a broker bought a three-family home for $195,000 that had been listed at $350,000. Quick flips are in. Even in the Seattle area, where prices are down just 5% (similar to Park City) from a year ago, an investor purchased a 2700 square foot home for $330,000 and quickly sold it within 3 months for $415,000 (a 25% profit). Many of these transactions involve a "short sale" (see blog dated 5/13/2008 entitled Short Sales in Park City, Utah), where the seller owes more than realistic market value, and the lender is willing to accept a low offer. But, in the Park City market, some transactions just reflect the lower market value. In other words, there are some real bargains on the market right now! This week, I talked to representatives of the three ski resorts in Park City: The Canyons, Park City Mountain Resort, and Deer Valley. They are all reporting that advanced sales of lift tickets and skier services are substantially ahead of last year already. It looks like another great ski season in Park City, UT is just months away. And more good news was reported in the Salt Lake Tribune this morning. A new survey by Ball State University's Bureau of Business Research ranked Utah the second best state in the country for manufacturing success. Previously, Forbes.com and CNBC placed Utah in the top five states for its business climate. Today, the Nation's Unemployment Rate was announced at 5.7 percent for July with a loss of 51,000 jobs while Utah gained 1.3 percent jobs and listed unemployment at just 3.2 percent. For current market information on vacation homes or investment properties in the Park City area, use the "Contact Us" button at the top of this page. You can expect a response within 24 hours from one of the http://www.youinparkcity.com/ real estate experts. Technorati Profile Submitted by Ken Drummet, 8/2/2008

Tags: bargain, homes, investors, Park City, prices, Real Estate, realty, short sale, UT, Utah, values
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Salt Lake City Named #1 Bargain

By Todd Anderson

Feb 11, 2008

Oversupply of housing coupled with a strong economic outlook for Utah catches the eye of people looking for a deal or strong investment. The Daily Real Estate News posted this today:

February 11, 2008

10 Best Places for House Bargains

The best place to get a bargain on a home is an area where there is healthy job growth and more houses available than people to buy them.

These are markets "where you have high inventories but pliable borrowers, with lenders willing to deal," says Anthony Sanders, a professor of finance at Arizona State University.

Forbes magazine went looking for markets where the damage from risky lending hasn't been as dramatic as in some parts of the country and where employment growth will burn off an over-abundance of inventory quickly. Here are what the magazine considers the 10 best cities for bargain house hunters.

1. Salt Lake City, Utah. Developers have gotten ahead of the demand, but the city is adding jobs more quickly than practically any place else in the country.
Source: Forbes, Matt Woolsey (02/07/08)

What does this mean for Park City, Utah? While Salt Lake and Park Cities are less than 30 miles from each other, their market-places are surprisingly different, as are their climate, traffic and residents' lifestyles. Park City being what it is, a resort town with many non-resident owners, has for many years been a market very different from Salt Lake City. Park City is very limited in its possible expansion areas due to its geography. There are only so many places that have easy ski and recreation access. The ability to not have to drive to go somewhere in town is a great feature of Park City and a feature that is limited to its city boundaries. Residents living in Park City enjoy not being park of a big city and enjoy the feel of mountain resort living. Scarcity is something that has and continues to drive prices and demand in Park City. The proximity of the two towns is very close, but pricing, demand, scarcity and the reasons to live in the cities are different between Salt Lake City and Park City. While there are some bargains currently in the Park City area and Salt Lake has been named one of the best markets in the country for bargains, it is more due to coincidence than the two cities being tied to each other. Search http://www.youinparkcity.com/ to find Park City property.

Tags: bargain, homes, Park City, Salt Lake City, Utah
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