By keziah
Jan 02, 2018
Park City Real Estate Sales: Activity by Price Point
We’re always watching Park City real estate market trends to see not just locations of where buyers are buying and sellers are selling – but at what prices. The following graphs reflect the sales results between 2015-17. Read through to learn what drove certain activities and note where anomalies occurred. This info may be helpful if you’re considering buying or selling a home so you can see how competitive or active the market will be for your targeted price range.
Single Family Homes:
- Between 2015 and 2017, the Park City market had a yearly decline in the number of single-family homes sold in the <$750k range primarily because home prices went up! As a result, all the selling activity shifted up to the homes priced between $750k-$1m – making that the most active price point range, with the highest number of homes sold in 2017 at 125 units.
- Following that same increase trend were single-family homes priced between $1.0m-$1.5m with 108 units, $1.5m-$2m with 78 units, and $2m-$2.5m with 46 units sold.
- The number of homes sold at the $4m-$5m ranges declined slightly, but then numbers increased in the $5m-$7.5m range with 27units sold. Much of this shifting in each of these price points was again the result of “trading up” to newer properties. Of the homes sold in the $5m and above range, approximately 60% were ski in/ski out homes.
Side note: the least expensive
true ski in/out (think “beach front property”) home sold at The Colony for $3.4m. (Although, it
was just a guesthouse.)
Condominiums:
- It’s clear that 2015 was a big year in the <$500k price ranges, with 287 closed sales. The launch of Newpark Terrace in Kimball Junction was a big driver of this activity. We have yet to see that kind of volume since new building has been limited to smaller projects and has moved outside of Park City proper.
- The $500k-$750k range had its best year in 2017 with 168 units sold, reflecting the increase in condo prices. There was a mix of subdivisions in this range, which shows that sellers may have been trading up mixed with new buyers in the area.
- Although the numbers are small for higher price point condos, 2017 had its highest number of units sold in the $2.5m-$3.5m ranges with 23 units and 18 units sold respectively, and in the $5m-$7.5m range with 10 units sold.
Side note… 2018 promises to see several newly built projects within the Snyderville area with Apex and Viridian rolling out by late Spring. These will have higher price points starting in the high-700’s.
How can this info best work for you? Whether you’re considering buying or selling, talk to one of our You In Park City real estate professionals to find out.
*Within Park City and Snyderville Basin city limits.
Tags: buyers, condominiums, Luxury, Park City, Park City real estate, park city real estate sales, homes in park city, Park City Home Prices, You In Park City
Posted in Uncategorized |
0 Responses to "Park City Real Estate: Sales By Price"
By Todd Anderson
May 01, 2012
The Park City, UT housing market is often thought of as being different than the rest of the country due to its luxury resort nature, but many of the indicators housing experts are pointing to in the rest of the country are mirrored closely here in Park City.
A Wall Street Journal article today titled ‘Housing Ends Slide but Faces a Long Bottom’ notes gains being made in the construction of new homes in the US Market. Locally in Park City, construction of new homes has yet to rebound, but the combination of lower building lot prices and construction costs has many Buyers weighing new-builds versus purchasing previously owned homes. This trend is even more prevalent in the outlying areas of Park City such as Midway, Heber and Kamas where new home offerings can be found for less than $100 per square foot.
Shadow inventory, tenuous job growth and the likelihood of mortgage rates rising in the future are cited as possible stumbling blocks to the recovery, but the overall tone of the article is positive and while it doesn’t suggest a rebound in pricing, it does see the market at or near the bottom.
An article also from the Wall Street Journal Friday April 27 entitled ‘Stunned Home Buyers Find the Bidding Wars Are Back’ notes that the current lack of supply in the housing market has people offering prices above list for homes in some parts of the country. The article notes that at the height of the housing crisis in 2008 inventory was at an 11.1 month’s supply and that number currently is 6.3 nationally. That represents a 40+% reduction; Park City real saw a peak of nearly 3600 listed properties and now has just 2100 listed across the MLS also a 40% reduction in inventory. Multiple offers and prices being bid up are common with bank REO properties and it is also seen in any aggressively priced property. The prices are not coming near peak levels, and Park City buyers are well in tune with what is a good deal; buyers are aggressively pursuing these deals.
While the Park City real estate market has seen a drop in inventory, the drop in inventory and changes in price have not been equal across all areas of town or all price points. For a report specific to the Park City neighborhood or home value that interests you most
contact a realty professional with YouInPakCity.com at (888)968-4672.
Tags: bottom, buyers, inventory, market, Park City, Park City Housing, prices, Real Estate, Utah, Wall Street Journal
Posted in buyers, Park City Economy, Park City value, sellers |
0 Responses to "Park City Housing Bottom (?)"
By Todd Anderson
Mar 13, 2012
How much off the list price can I expect to pay for Park City Real Estate?
We live in a time when everyone wants a deal and consequently people don’t want to pay the asking price for just about anything. Discounts flood our email in-boxes, coupons fill the mail and newspapers are delivery vehicles for weekly sale circulars. It has gotten to the point that we readily know that full price isn’t what we’ll pay in the end.
There are of course some exceptions; we know the price of an iPad will be the same wherever we buy it and there won’t be any discounts, and we don’t wait to go to Starbucks until the coffee is on sale.
What about houses and condominiums in Park City, UT? Are people paying full price or is everything on sale?
Over the past 90 days there have been 228 sales registered across the Park City MLS. Of these sales, 36 recorded at or above the asking price. Over 15% of the sales were full price or more. Moreover over half of the transactions recorded with a sales price of 95% or more of the asking price. In terms of a retail sale, a 5% off banner wouldn’t turn any heads. What happened to the big discounts? Only 39 of the 228 real estate sales in Park City were discounted by more than 10%.
This isn’t necessarily an indication that people are willing to pay full price, but rather that people are willing to pay for value. If full price is less than a comparable recent home sale and/or if the home or condo is better than other options or part of a limited supply, asking price can be a good value or deal.
Interestingly, not all of the sales that were not discounted moved quickly. Nearly half of the sales that show 5% or less discounting from their original price had been on the market for over 90 days.
Your YouInParkCity.com Group real estate professional can help you determine if a Park City or Deer Valley home or condominium is “on sale” and a value in our current market. Call us at (888)968-4672 or email info@youinparkcity.com to discuss current area home values.
Tags: buyers, condominiums, deals, homes, Park City, prices, Real Estate, UT, value
Posted in buyers, Park City Real Estate Notes, sellers |
0 Responses to "Are Buyers Paying Asking Price for Homes in Park City?"
By Todd Anderson
Feb 23, 2012
Days on market for real estate in the Park City adn Deer Valey, Utah area
Days on Market is a piece of information that can give us some information about home sales in an area, but it is not the end-all statistic. In Park City, Utah the current average days on market for real estate is about 150 days from initial list to sale. This statistic counts only those properties that have sold (not inventory or expired/removed properties).
In general a lower number of days on market relates to a “hotter” market and less of a “buyer’s market” but there are other factors that also have to be considered. Note that the 2007 timeframe has a relatively higher days on market; yet things were selling within days at this time. New construction is the reason in this case. Projects were selling out quickly, but the days on market statistic counts from the time the property goes under contract until the sale closes which in this case does not happen until the home or condominium is complete. Similarly, current days on market may be averaging a little longer due to the loan process taking longer now than it did a few years ago.
Buyers often ask how long something has been on the market and try and use that information in determining an initial offer. Unfortunately the correlation between days on market and accepted sales price does not always have a straight forward correlation. No two properties are exactly the same, so the sales price of two similar homes need not be the same. Similarly, the financial situation and reasons for selling are never the same for two individual sellers.
This is not to say that days on market does not have any value in determining a fair price. It is interesting to note that of the over 500 sales in the past 6 months, over 20% sold in less than 21 days (sales this quick are cash purchases). The average sales price of these quick sales was over 95% of the list price. Conversely, Park City properties that took longer than 180 days to sell had a sales price of about 90% of the list price.
Tags: buyers, days on market, Deer Valley, offers, Park City real estate, prices, sellers
Posted in buyers, Park City Real Estate Notes, Park City value, sellers |
0 Responses to "Park City Home & Condo Prices and Offers"
By Todd Anderson
Nov 10, 2011
Here is a new program designed to insure the value of the home you are buying. Equity Lock Solutions is offering a product called Home Price Protection.
Generally the plan works like this: The buyer or seller of a home or condominium in Park City can purchase a plan of up to $2 million for a one time fee of 1.8-3.0% of the plan amount (costs vary slightly but Keller Williams agents have access to the lowest rates). The plan is tied to a local House Price Index published by the Federal Housing Finance Agency (FHFA). The index for the Park City area is tied to the Salt Lake City metropolitan statistical area. If the index drops from the time of purchase to the time of sale, the plan pays the percentage difference in the fall to the owner at the time of the sale.
If you as a buyer purchased this price protection and bought a $1 million Park City home and five years from now when you go to sell the home the House Price Index has gone down 10%, the Home Price Protection Plan will pay you $100,000 when you sell the house. The plan is a hedge against the housing market going down, not the individual home, so choosing the correct home is still important.
For more in-depth information about this program as well as the current HPI for your area, go to: http://equityocksolutions.com/faq/ .
The NAR (National Association of Realtors) has picked Home Price Protection as their product of the year.
This may give a buyer the peace of mind they are searching for as they wonder if they are truly buying at the bottom of the market.
For more information about Home Price Protection or any Park City or Deer Valley, UT real estate questions contact a realty professional with the YouInParkCity.com Group of Keller Williams Park City Real Estate at (888)968-4672 or email us at info@YouInParkCity.com.
Tags: buyers, Deer Valley, hedge, homes, housing market, Park City, price protection
Posted in buyers, Park City Economy, Park City Real Estate Notes |
0 Responses to "Park City Home Buyers: Are You Worried the Market is Still Trending Down?"
By Todd Anderson
Nov 04, 2009
I recently read a blog post by another Utah real estate agent discussing Buyers in her area that were putting in offers on property that were sure to be accepted by sellers (as they would be the highest priced offers) with the background idea that the property would later not appraise for the offer price and then the seller would lower the price to the appraisal value and settle on that as the selling price.
It is an interesting type of bidding scheme and an idea that probably works well for short sales and bank owned properties in the current national real estate market where appraisers are bearing some of the blame for our financial crisis.
Buyers using the ‘offer high and hope to pay less' tactic are counting on the appraisal coming in lower than the offer price. This will mean that the Buyer can't get their expected loan or that they simply state that they are not willing to "overpay" for the home unless the price is lowered.
Appraisers in Park City currently have a tough time with property appraisals not only because they are under increased scrutiny, but also because there are relatively few sales and therefore finding a comparable property that has sold recently can be tough.
I have seen a few Park City real estate sales recently that were affected by low appraisals. The end result is not always a lower price. In one recent case, the seller did lower the sales price (although not to the appraised price). In another case of an appraisal lower than the agreed upon sales price, the seller just removed the property from the market; effectively stating that they would not sell for what the appraiser had established was market value. The Buyer did subsequently purchase the home at the original offer price.
The Buyer's side tactic of offering over what the buyer wants to pay in hopes of an appraisal effectively lowering the price may or may not work in Park City. It is probably best left to investors that have no emotional attachment to the property they are buying. The YouInParkCity.com group suggests finding a property that you want based on location, features and local amenities. Present an offer that makes sense to you as a buyer. The appraisal may give you an idea of fair market value or it may not. Appraisers only have data as to other "similar" sales, but no two properties are alike. In the end, fair market value can be defined by a willing Seller and a willing Buyer.
Tags: appraisal, buyers, homes, market, Park City, price, pricing, property, scheme, sellers, Utah
Posted in buyers, Park City Real Estate Notes, sellers |
0 Responses to "Pricing Schemes in Utah"
By Todd Anderson
Jul 28, 2009
Pricing trends in the Park City and Deer Valley real estate market are very interesting right now. As the national economy tries to find its bottom, Park City, Utah real estate is doing the same while making an effort to prop up its values.
There has been an uptick in the sales activity recently and there is a feel within the real estate community that Buyers are coming back to the marketplace. Recent sales activity confirms the feeling. While the second quarter of 2009 shows 121 sales of land, homes and condominiums in the greater Park City area, there have been 75 closings in the last 30 days. There are some very interesting stories within the numbers here. A third of the sales were for over $1 million which goes against recent trends leaning toward "starter homes" and condominiums. Approximately 30% of the recent real estate sales in Park City and Deer Valley, Utah fall into a category of having drastically reduced prices (at least 20% from original asking price), being a distressed sale (short sales or bank owned properties), or a large variance to current asking prices for a local community.
There is a definite trend toward value no matter what price level, and in the upper most price level there is a tendency to hide sales prices in an effort to keep neighborhood values up. The top 14 sales in this recent report show 5 sales at 20% or more off their original asking price and 6 sales reporting an undisclosed sales price. Utah is a non-disclosure state which means that the sales prices are not part of the necessary data for recording a sale and the sales price is not public record (this is one of the reasons that Zillow has such poor information for Utah). The MLS systems do report sales prices, but again, it is not public record. In an effort to keep data attached to a sale, an undisclosed sales price is recorded in the MLS as 95% of the list price at the time of the sale. The inordinate number of undisclosed sales prices at the top end of the market may artificially inflate the value of these areas, but it can be argued that it is better than no record at all. The number of undisclosed sales prices at the top combined with those sales showing a 20% price reduction (11 of 14 combined) shows that the top levels of the Park City and Deer Valley real estate markets are not immune to the market downturn and that the sellers in the luxury marketplace are also willing to make a deal.
The increased number of real estate transactions in Deer Valley and Park City show that there are strong values in the market and that there are "value shoppers" finding deals here. Not all of these values have a listed price that reflects a value, but with some negotiation, bargains can be found. Contact a YouInParkCity.com real estate professional to claim yours.
Tags: bank owned, buyers, community, condominiums, Deer Valley, distressed, homes, Luxury, market, neighborhood, Park City, prices, real estae, trend, value, Zillow
Posted in buyers, Park City Real Estate Notes, sellers |
0 Responses to "Park City Real Estate Value"
By Todd Anderson
Feb 08, 2009
The Park City Board of REALTORS® last week released statistics for the year ending December 31, 2008. The February press release shows that sales in the Park City, Utah area were down by nearly 50% in dollar volume versus 2007. The sales dollar volume at just over $1 billion was roughly equal to the sales of 2004.
Looking at the sales a little closer and narrowing the scope of the statistics to only include Park City (not outlying areas such as Kamas, Francis, Heber and Midway) and focusing on sales by property type and unit volume, the statistics show that: single family home sales were down by 43%, condominium sales were down 41%, and leading the fall was vacant land sales which fell by 75% in unit volume.
Local REALTORS® are quick to note that median sales prices have only fallen slightly and that Park City and Deer Valley fundamentals remain strong. The president of the Park City Board of REALTORS® was quoted as saying: "People buy homes in Park City because it is based on a lifestyle choice. Our market has never been primarily driven by speculation and investment our product is very diverse and buyers have a wide range of properties that fit their needs and budget. Park City's world class resort facilities and year-round recreation opportunities will continue to make our community an attractive choice for many buyers."
While this may be true, there is no denying that our market is affected by what goes on in the rest of the country and the rest of the world. The Park City and Deer Valley real estate markets have many opportunities and choices for buyers; something that wasn't true while the market was soaring.
Vacant lot sales indicate that home building is down (Park City building department permits concur) and will be for the near term. There are a number of very high-end properties due to open in the near future including the St. Regis Deer Crest Resort, Montage Resort at Deer Valley and Dakota Mountain Lodge which is being serviced by the Waldorf Astoria and includes the Golden Door Spa. The impact of these resorts and the associated real estate sales will be felt in the next two years.
Sales of new construction condominiums played a major part in Deer Valley sales in 2007 with over half of the 180 condominiums that sold being newly built. Sales of condominiums in Upper and Lower Deer Valley combined with Deer Crest and Empire pass were down 67% in 2008, but there were far fewer new condominiums available.
Real Estate numbers nationwide show slow sales and many point to the fact that we still have sales in the Park City area as a good sign. To discuss how these sales numbers affect you and your decision of whether or not to buy or sell realty in the Park City and Deer Valley, Utah area call or email your http://www.youinparkcity.com/ Keller Williams Park City Real Estate agent today.
Tags: buyers, condominiums, Deer Valley, homes, market, Park City, Real Estate, realtors, realty, sellers, statistics, trends, Utah
Posted in buyers, Park City Economy, Park City Real Estate Notes, sellers |
0 Responses to "Park City, Utah Real Estates Sales Statistics 2008"
By Todd Anderson
May 13, 2008
Short sale and foreclosure property always seem to catch people's attention. The idea of really getting a "steal" on property peaks investor and home-buyer interest. While a short sale can be a great deal, there are a few things to consider before you go searching for that "steal".
First we should define a short sale. A short sale is a sale of property in which the sale price is less than the value of the loans against the property. Short sales can be initiated by the seller (property owner), but must be approved by the parties with loans which are using the property as collateral. The purpose of the short sale is to try and sell the home before it is foreclosed upon (lenders tend to lose more money in a foreclosure sale than a short sale).
The parties on the selling side are losing money in the deal. The seller is losing whatever equity they had in the property (unless they got in with some type of "exotic" loan with no money down or cash out at the original loan origination (in this event the seller may not be losing real money, but is still damaging their credit)). The lien-holders are losing whatever money that was their original loan less the sale price. Secondary lien-holders stand to lose nearly all of their loan amounts. All of these parties have to agree to take their losses. None of them wants the loss and few of them want to admit they made a bad loan. The loss that a 1st mortgage holder is willing to accept is generally about 20%-40% (they usually stand to lose as much as 60% in a foreclosure). Second or junior lien-holders also have to approve the sale. If in anyone's judgment the sale price is too low, they can refuse or send a counter-offer back to the Buyer.
Timing may be the most confusing and frustrating issues that short sales present. Unlike a normal offer and acceptance type of negotiation, once the offer has been accepted by the seller, the contract must be approved by all parties holding liens on the property. These parties do not respond in a timely manner. There is often quite a bit of bureaucratic "red tape" to get through in approving a short sale and just finding the correct representatives that can approve the sale can be very frustrating. And while this process may take months (this is not an exaggeration) for the "third parties" to get approval back to the buyer, they will then ask for a closing within days.
This timing issue means that as a Buyer, you need to keep from getting emotionally attached to the property and have no need to move quickly into owning the property. On the other hand, the Buyer needs to be able to move very quickly through their due diligence, evaluations and approvals as the third parties may ask for the sale to close within 10 days of their approval (in a "normal" sale this would be a 25-30 day process).
Another curve that is thrown into the short sale is that the seller can (and will) keep marketing the home while the Buyer's offer is awaiting approval in hopes of another or better offers. So it may be months before you find out that your offer was bettered by someone else and you should have been trying to find something else instead.
Buying a home can be very stressful and buying a home in a short sale situation is even more stressful. That being said, there are some short sale properties available in the Park City area (though not nearly as many as in areas where the housing market is "depressed") and they may represent a good value for the Buyer. If you want to know more about the short sale process and whether it is an option that works for your Park City real estate needs, contact us at http://www.youinparkcity.com/
Tags: buyers, deal, foreclosure, home-buyer, investor, Park City, property, Real Estate, short sale, Utah
Posted in buyers, Park City Real Estate Notes |
0 Responses to "Short Sales in Park City, Utah"
By Todd Anderson
Apr 21, 2008
The Park City housing market has seen change recently. The rocketing upward of prices has slowed and Park City is returning to a more normal real estate market. The effect of the changing market varies greatly depending on the price, neighborhood and subdivision.
The entry level market appears to have been affected the least by the downward pricing pressure here in Park City, Utah. Finding a single family home in Park City that is under $400,000 is still very hard to do; the same goes for a truly affordable condominium. There are a number of factors keeping the entry level home pricing up while other Park City marketplaces flatten or fall.
The economy of Park City and most of Utah is still strong. Job losses and cutbacks have not been a problem here, and the resorts are still enjoying strong tourism. The fact that the job market hasn't changed much means that people living in Park City aren't falling behind on mortgage payments and aren't being forced to sell their homes.
The entry level tier of the housing market has the most resistance to falling prices. While no-one ever wants to take a loss on an investment, the people who scraped everything together to buy the home they live in truly can't afford and refuse to take a loss and start over. If these people aren't forced into selling their homes due to job-loss or some family tragedy, chances are they will just stay where they are until such time that the market changes or they have accumulated enough wealth to move upward within the area.
People still want to live in and raise their families in Park City. Demand for housing, especially entry level housing has not changed much. There is a very strong service industry in Park City and the wages that coincide with these jobs dictates that entry level housing in Park City is what these workers can afford. The recent changes affecting credit and financing have made it harder to get loans, but in truth these were not the people that needed sub-prime loans anyway.
Things do happen and people are forced into selling their homes at "rock bottom" prices at times in order to move them quickly, but there are few indicators that "the bottom is falling out" and that entry level pricing will fall dramatically in the near future. For more information regarding pricing in specific Park City real estate neighborhoods and/or subdivisions, visit http://www.youinparkcity.com/
Tags: buyers, condominiums, deals, entry level housing, homes, neighborhood, Park City, Real Estate, sellers, Utah
Posted in buyers, Park City Real Estate Notes, sellers |
0 Responses to "Entry Level housing Deals in Park City"
By Todd Anderson
Feb 24, 2008
Here is a great new way for potential Buyers of Park City area real estate to find out a bit more about the town and the neighborhoods. It is also a great new way for locals to obtain information about the goings in around the city. The Park City Police Department and Summit County Sheriff's Office have begun posting local crimes on a public web-site. The site is updated daily by 7 a.m. Simply go to http://www.crimereports.com/ and click on Utah then pick Park City from the drop down menu. A map will show up and be populated by the crimes that have been reported/acted on by the police for a given date range.
The vast majority of the crimes being posted are consistent with typical resort town problems. The site maps parking problems (a big issue this year due to all the snow we've had), traffic stops, noise complaints, assaults and property crimes. The site offers email alerts, and the ability to look up crime reports by the type of offense. It also gives addresses and information regarding registered sex offenders.
The website should become a great asset for locals and second home owners alike when determining what precautions if any may be prudent while living or vacationing in Park City. It will also give second home owners the ability to look at their neighborhood and see what has been happening while they aren't here.
All in all, I believe that in looking at the crime maps for Park City, people will be better able to appreciate the local police as well as feel safer in general about living in Park City and owning property here.
The Realtors at http://www.youinparkcity.com/ are familiar with the neighborhoods in town and can assist in pointing out areas that may be a problem (our Resort town contains few if any of these) and the new crime maps will provide additional data.
The website contains data for many other cities. A comparison to a major city puts a lot into perspective (take a look at San Diego for instance). When filing through the crimes there and comparing them to Park City, one can get a better sense of the relative safety of our Resort town.
Tags: buyers, crime, neighborhoods, Park City real estate, police, second homes, Summit County
Posted in buyers, Park City Neighborhoods, Park City Real Estate Notes |
0 Responses to "Park City Crime Stats posted on Internet"
By Todd Anderson
Feb 17, 2008
Buyers and Sellers Agency are possibly the most misunderstood portions of Utah real estate law. This may be more true in Park City real estate transactions than other portions of Utah as many of the buyers are second home buyers and their knowledge is based on another state's law. Agency is something that at first glance seems quite straightforward; that is, until the idea of dual or limited agency is introduced.
Agency is defined as: The relationship created when one person, the principal, delegates to another, the agent, the right to act on his or her behalf in business transactions and to exercise some degree of discretion while so acting. An agency gives rise to a fiduciary relationship and imposes on the agent, as the fiduciary of the principal, certain duties, obligations, and high standards of good faith and loyalty. To understand this we need to further define Fiduciary as: The relationship of trust, honesty and confidence between agent and principal; the faithful relationship owed by an agent to the principal.
In a straightforward real estate sale or purchase, there is an agent working for the Buyer and one working for the Seller. Things change though when the Buyer is not represented or is represented by the Seller's agent (Limited or Dual Agency in Utah). Utah law allows for these types of transactions to exist and many agents actually try to involve themselves in them. Why? Money of course!
Sellers, when agreeing to allow and agent to represent them in marketing and selling their home, agree to pay the agent a commission regardless of who sells the home. The agreement allows the agent to offer a commission to a Buyers agent for bringing a Buyer and taking care of the Buyers side of the sale. If the Seller's agent can find a Buyer, the agent doesn't have to share with a Buyers' Agent. The agent doubles up their commission.
The issue that presents itself here is: how can an agent act as a fiduciary in when their responsibility is to two different people with somewhat opposing interests. The Seller wants the most money for their home and the Buyer wants the home for the best price available. How can the agent work to get the most money for the Seller and the best deal for the Buyer at the same time? They can't. In fact all parties involved have to sign an agreement allowing for Limited or Dual Agency. The form effectively states that the Agent involved now works for no-one and is merely an intermediary making sure that all paperwork is understood by all parties and completed correctly. And for acting in neither party's best interest, the agent gets "both sides" of the commission the Seller agreed to pay.
Unfortunately, this situation presents itself due to an innocent mistake made by the Buyer thinking that they will get a better deal by dealing with the Seller's agent rather than getting their own. We at the YouInParkCity.com group attempt to not involve ourselves in the practice of "Dual" or "Limited Agency". We encourage all of our Park City real estate clients to be represented by a Realtor that is working solely in their best interest. Feel free to contact us by phone (888) 968-4672 or email so that we can start working for you!
Tags: Agency, buyers, Park City, Real Estate, realestate, search, sellers, Utah
Posted in buyers, sellers |
0 Responses to "Buyers and Agency in Utah"
By Todd Anderson
Feb 13, 2008
I have found that Buyers in the Park City market often share something in common. I am sure that what they share is true of not just Buyers of Park City real estate, but is true of real estate buyers everywhere. I've experienced that it is possible to show a home that seems perfect for what I was told the buyer wanted and was well within the price range we discussed, only to have no offer written. The affliction here is; not knowing what all the Buyers want.
It really isn't that the Buyer doesn't know, but the fact that Buyer is rarely a singular term. Buyers can represent a couple, a family, an extended family, a group of like-minded vacationing friends, investor group and more. Each person in these groups has their own "perfect" house, condominium or property in their head. Rarely is it the same as the others in their buying group. In fact I'd say never is it exactly the same.
Before going out to search for the perfect property, it is necessary to come to terms with what the perfect property is. I suggest that all members of a buying group (or all people affected by the new purchase) draw up a list (individually) of the ten most important features the new property needs to have. These should be ranked most important to least important. Once this is done, all interested parties in the Buying process should get together and come up with one list of the most important features their new property will have. This can be a very eye-opening exercise for all of the people involved.
The new list will definitely be longer than the original 10 features, but it will also be much more useful when trying to narrow down what homes you spend time looking at. The new list becomes the game plan and final goal for the Buyers and their Realtor. With this game plan in hand, winning is nearly a foregone conclusion. We will find a new home or property that works for you.
This same type of exercise can be used when building a new home or remodeling your current home. In the end some compromises are made and rarely are all of the wanted features met, but the time savings and understanding of what all the buyers involved will be worth the effort.
Take some time and start your list. We'd be more than happy to work with you on this and become the mediator when it's time to combine the list into one. Give us a call or email and we'll get started on finding the perfect Park City property for you. Get a head start by searching Park City properties on our website http://www.youinparkcity.com/ .
Tags: Buyer, buyers, home, investor, Park City, property, Real Estate, search
Posted in buyers, Park City Real Estate Notes |
0 Responses to "Park City Home Buyers Exercise"
By Todd Anderson
Feb 06, 2008
The Park City real estate market is compiling its year end data. Spin is surely soon to follow.
The two graphs here can tell different stories. There are more available Park City real estate listings on the market currently, and this number has been on the rise. During this same time-frame, pended sales numbers have been decreasing. First glance may indicate that there are more people trying to sell and fewer buyers. A second look may also show that properties that were sold to speculators are being completed, sold and put back on the market (no longer pending and becoming active listings).
The two graphs above tell a much different story when viewed together than they do apart. Park City total sales volume when viewed as a year-to-year comparison shows a very good year, with 2007 being not far from its peak in 2005. This graph or statistic is the one that people seem to cite the most when asked about the state of the Park City real estate market.
The second graph shows that the number of transactions for 2007 was down dramatically from its peak in 2005.
The two graphs together indicate that the average price of a sale in Park City has gone up while the number of sales has gone down.
The past year has seen the completion of many homes in the Empire Pass area of Deer Valley as well as many new high-end homes in the Promontory and Tuhaye golf communities. Many of these were speculative "flips" in the Empire Pass area and speculative builds in the others. All of these new available properties have been built for the luxury buyer and contribute to all of the different data shown here.
Another angle that has to be considered when looking at this data is location and scarcity. The boundaries of Park City, its ski resorts, its golf courses, its lack of available land for building, and peoples' desire to live and own homes here contribute greatly to Park City's property values.
It is very hard to consider any one piece of land, condominium, or home in Park City without considering nearby alternatives. This means that much of the data needs to be cropped down to much smaller sample sizes for true comparative analysis.
Interpreting data can lead to many different opinions about the state of real estate in Park City and a valid argument can be made for all of them. The http://www.youinparkcity.com/ group loves to discuss these numbers and help you to make sense of how they affect your Park City real estate buying or selling decisions.
Contact us for more information. http://www.YouInParkCity.com/contact.php
Tags: buyers, Deer Valley, market, Park City real estate, sales, sellers, statistics, transactions, volume, year end
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