By Todd Anderson
Dec 09, 2011
Park City Mountain Resort to Improve Base Area
Resort Officials of Park City Mountain Resort announced to the Park City Council and Planning Committee that they are beginning to explore new development around the resort base area.
In recent years the resort has positioned itself as a ski resort operator and not a developer. They now point to new base area development as a way to ensure that they are adequately taking care of their customers as well as increasing capacity for new resort guests.
There have been many rumors in the past about possible resort hotels going in at the base of the resort where the parking lots are currently located. The recent additions of the Hyatt Escala and Waldorf Astoria at Canyons Resort as well as the St Regis and Montage Hotels at Deer Valley leave Park City Mountain Resort without a luxury offering to compete with Deer Valley and Canyons. The lower lots near the base of the First Time Lift and Super-pipe would appear to be the most logical place for a new resort hotel and base area expansion. A Four Seasons Resort Hotel was once rumored for this location; maybe it is a step closer to reality (?).
The plans are still conceptual at this point, but as the supply of new luxury condominiums in Park City dwindles another resort property will make sense. The addition would be great for the Town of Park City as well as the Park City Mountain Resort.
Tags: canyons, condominium, Deer Valley, hotel, Luxury, Park City, Park City Mountain Resort, resort
Posted in Park City Real Estate Notes, Park City Skiing |
0 Responses to "Park City Luxury Ski-in/Ski-out Hotel"
By Todd Anderson
Feb 26, 2011
Two years ago two leading property management companies doing business in Park City went out of business. Their downfall led to many unpaid bills to local vendors and to the owners of the properties that the companies managed.
Recently the Summit County attorney has determined that according to the laws of the state, the firms did nothing illegal in not paying home and condominium owners their share of rental revenues. He was quoted as saying "It was bad business practices. Horrible decisions were made, but it was not fraud." Utah law and the contracts signed by owners allow for the co-mingling of funds and code leaves the oversight of nightly rental managers to local authorities. Other states require that the owners revenue share of nightly rentals be places in a trust account. Local Park City authorities as well as Utah lawmakers have no plans in changing the current laws.
One of the local property management companies quietly went away while the other has been the object of much ill will and speculation as to where the money went. The bankruptcy of Premier Resorts of Utah dba Deer Valley Lodging (not associated with Deer Valley Resort) left creditors and homeowners with unpaid bills totaling about $13 million. Since the company did not hold real property or many assets, it appears that most of the creditors will go unpaid as the bankruptcy concludes. Premier Resorts owners have been "tight lipped" about where all of the money went. It appears that while what happened was criminal, it was not illegal.
The YouInParkCity.com group encourages Park City home and condominium owners to carefully read property management and nightly rental contracts before placing their properties into rental pools. Make sure you understand not only splits, fees, rental rotations and possible revenue sharing or equalization strategies; but also how the property will be marketed and how and when revenues will be dispersed.
Tags: business, condominium, crimes, home, nightly rental, Park City, property management
Posted in buyers, Park City Economy, Park City Real Estate Notes |
0 Responses to "Park City Property Management Firms Cleared of Wrongdoing"
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
Posted in buyers, Park City Real Estate Notes, sellers |
0 Responses to "Park City Home Buyers Change"
By Todd Anderson
Nov 30, 2010
The Headline touts rental revenue, but what is "great revenue" in Park City, UT?
Park City, UT is home to many second homes and vacation homes that are used infrequently by their absentee owners. Many of these homes and getaways are available as short term rentals for vacationers. Also, the majority of the hotels in Park City are condominium hotels meaning that each unit is separately owned and a rental management company is running the hotel amenities while sharing room revenues with the owners. Thus when a property is listed for sale in Park City, the subject of rental revenue opportunity is often mentioned, if not by the seller, then by the prospective buyer.
Great rental revenue though is subjective. Will the purchase produce a positive cash flow? Will it be revenue neutral? Or will the buyer be making monthly payments to own a little piece of Park City? The answer is, it all depends.
I have a "rule of thumb" that generally holds true for nightly rentals in the Park City area. Enough revenue will be generated to cover taxes and HOA fees after the revenue split with the property manager. There are many variable in this simple equation: how much owner usage will there be and during what times? How well is the property marketed? What is the management split (in Park City it is usually around 50% for nightly rental property)? What amenities are available to the renters? Etc. etc.
Recent price changes have made many of the revenue opportunities look stronger, but you must also consider that rental revenues have been falling along with condominium prices in Park City. A recent travel symposium speaker estimated that nightly rental prices will be off by 17% this year after falling 10% last year and 10% the year before, so while nightly lodging tallies which count room nights show increasing visitor nights, rental revenues are far from their peaks. Buyers and Sellers should also note that added rooms in the Park City area bring more competition to fill each bed.
Will the "great rental revenue" on the property you buy in Park City prove to be a good retirement scheme? I doubt it. Will it provide you with a great place to vacation, create family memories, and provide a drive to keep you working in hopes of retiring here? Definitely. I always say "purchase a home or condo in Park City for the lifestyle it can provide and the enjoyment it will bring you".
Rarely does a property in Park City "pencil" when it comes to rental revenue. Note that I didn't say "never" and appreciation cures everything when it comes to investments. Besides, do you really want to stay in that great revenue producing storage facility you bought in Salt Lake City?
Let the
YouInParkCity.com Group assist you in finding a home or condominium in Park City, UT.
Tags: condominium, home, Investment, Park City, rental revenue, UT
Posted in buyers, Park City Economy, Park City Real Estate Notes |
0 Responses to "Great Rental Revenue"
By Todd Anderson
Jul 30, 2010
More than just the skiing, biking, golf, snowboarding, hiking or ...it is the local Park City community, people (residents and vacationers alike), and local amenities that make Park City Real Estate Valuable.
Ask a local why they live in Park City, UT and many will answer that they came here for a winter and never left. In this ongoing blog chapter we will talk about some of the many things that make Park City, Utah a special place to live and own real estate.
Today's topic: Park City Gallery Stroll
You spent the last year searching Park City Real Estate for your dream vacation home and you finally found one in Deer Valley. Now you need the perfect piece of Art to make this Deer Valley condominium yours. Where do you look? Park City's Friday Gallery Stoll is a great place to start. On the last Friday of every month (year around) from 6:00 to 9:00 the gallery doors are open and light refreshments are served just so you can meander through, get familiar with the Park City art scene.
There are 19 galleries within walking distance of each other in and around Historic Main St. Park City that take part in the monthly Gallery Stroll. The galleries feature a variety of local and nationally known artists. Even if you don't find the piece of art you want it is a great way to spend an evening in Park City.
I'll be the first to admit that we often use the gallery stroll as a nice walk before dinner on Main St; snacking along the way. The great variety of galleries and artwork give a great insight to your friends as you observe what each of you finds interesting or moving.
For more information go to: http://parkcitygalleryassociation.com/
Click here for a map to the Galleries: http://parkcitygalleryassociation.com/map.pdf
If there is a Park City community amenity that you have questions about, drop The YouInParkCity.com Group an email.
Tags: amenity, art, condominium, Deer Valley, gallery, local, Main St, Park City, Park City real estate, Real Estate, stroll, Utah, value, walk
Posted in buyers, Park City Real Estate Notes, Park City value |
0 Responses to "Park City Gallery Stroll"
By Todd Anderson
Jul 15, 2010
As the summer heats up, Park City Utah Real Estate Prices have continued to fall.
Outlying areas of Park City have been hit worst in terms of price depreciation with some areas seeing prices equivalent to those in 2001 and 2002. To give you a better feel for this, the largest increase in area prices happened in the 2004-2005 timeframe. There are now condominiums being offered at prices of over 50% off the peak sales prices of 2006-2007.
Granted, these sale prices refer to bank owned and distressed sales, but that currently makes up about 10% of the Park City real estate market. Also, purchasing homes and condominiums at these fire-sale prices requires patience, quick response to new listings and most times cash (no financing contingencies allowed). So the great deals are out of reach for many would be buyers.
There is evidence that these aggressive sales prices by banks and distressed sellers is having an impact on the neighborhoods around them. Prices continue to fall in an effort to compete with nearby distressed property. This is especially true within the condominium market where there is less variation between units than in the single family home market (some local areas have shown a surprising strength and stability with very little downward pricing pressure).
Stringent lending criteria and appraisals based on a falling marketplace is making the pool of qualified buyers smaller which adds to the downward pricing pressure.
Strong value can be found in almost all areas of Park City and Deer Valley real estate and we are approaching pricing in outlying areas that may make investment with positive cash flow possible.
As always, real estate is local and each segment of Park City and Deer Valley can be different. For assistance in finding the perfect home or condominium for you or to sell your current Park City, UT home; contact a professional with YouInparkCity.com at (888) 968-4672.
Tags: bank, Buyer, condominium, Deer Valley, distressed, home, Park City real estate, property, sale, seller, UT, Utah
Posted in buyers, Park City Economy, Park City Real Estate Notes, sellers |
0 Responses to "Park City On Sale!"
By Todd Anderson
Feb 21, 2010
As a real estate professional in Park City, Utah the most common question I hear after "How is the market?" is probably "What's the best deal in town?"
There are so many factors that go into what a deal is that the question is nearly impossible to answer without asking at least 20 more questions. I generally respond by trying to find out how the prospective Buyer will use the home. With nearly 1500 Single Family Homes and Condominiums available in the Greater Park City area, there are many deals.
Often times as we look at a deal, we are looking back and making a comparison to what things were a few years ago. With this as the criteria, there are a ton of great real estate deals in Park City. Unfortunately, they may also have been a deal back then when someone bought the property. We just don't have a crystal ball, and don't know what the future will be in terms of value.
The recent influx of bank owned and distressed sales bring many questions about the "deals" in our market. When we make comparisons between the asking price of the bank owned properties and a nearby home or condominium, a very close look needs to be taken in terms of deferred maintenance and what it will take to make this property a true equivalent of the other nearby properties. The risk factor in what may have been covered up (water damage is very common) and what you won't learn about a home due to banks' "as is" and ‘non-occupant" addendums. Distressed sales throw another variable into the picture: Can the home truly be purchased for the advertised price, and if so, how long will it take?
Best Buys can take on many different forms in Park City and will be very different for every buyer. A best buy may be the $4 million ski-in/ski-out home that needs $1 million in renovations or it may be the new studio condominium at the base of The Canyons that is auctioned off with an asking price of under $150,000. Sometimes the Best Buy is the home that hasn't been for sale that you've been watching for years that can finally be yours. In the end, it should be the place that is best for you the Buyer, the perfect home or weekend get-away that you will use to its fullest making memories and enjoying the Park City lifestyle.
Financing can also play a part of a Park City real estate Best Buy, not only what you can get from a conventional source, but Seller financing options and lease options can make a property a deal.
Let us help you in your search for your Park City Best Buy. Contact a real estate professional with YouInParkCity.com .
Tags: best buy, condominium, deal, distressed, financing, home, lifestyle, Park City real estate, sale, seller, Utah
Posted in buyers, Park City Real Estate Notes |
0 Responses to "What is a Real Estate Best Buy?"
By Todd Anderson
Nov 11, 2009
The Park Record reported Saturday that a portion of the Black Rock Ridge Development outside Park City, Utah has been sold to the Talisker Company and is slated to become employee/affordable housing. Talisker owns the Canyons, Tuhaye, Empire Canyon and other properties in Summit and Wasatch Counties. Black Rock Ridge was slated to be a community of approximately 250 condominiums and townhomes ranging form 800 to 2000 square feet. The development offered its first completed models for sale in early 2008.
Black Rock Ridge was promoted as affordable mountain style townhomes and condominiums in Park City, Utah. The development offered new construction homes at prices just below $300 per square foot. The product appeared well received, but the timing was poor. Black Rock Ridge is technically in Wasatch County and not Park City. This may have had something to do with its poor sales too as Wasatch County is outside of the nationally ranked Park City School District.
Five unit sales in Black Rock Ridge were recorded across the Park City MLS. The remaining project was foreclosed upon by the bank this past spring. What will happen with the uncompleted common area amenities and future phases of the development is unknown. The Talisker Corporation purchased 26 of the unfinished units and has an agreement with Park City which will allow Talisker to use them (along with other concessions) to satisfy some of their employee and affordable housing components of the Empire Pass development. A Talisker representative was quoted as saying the company would sell the 9 townhomes at market value and the 17 condominiums when complete for $200K - $240K. The current owners at Black Rock Ridge will welcome some completion to the project, but are unhappy (to say the least) that the development will become "affordable housing" as the impact on their investment is decidedly negative.
The location of Black Rock Ridge is less than 5 miles from the center of Park City making the area easily accessible. There are 2 other residential developments currently under construction in the area - Park's Edge and The Retreat at Jordanelle. There are also commercial development possibilities in the area which is home to Stock Building Supply. Presently the area is a bit of no-man's land and given the current economic state, it may be a while before this changes. The YouInParkCity.com group advises to carefully examine these and other unfinished Park City real estate developments before purchasing.
Tags: affordable, Black Rock Ridge, community, condominium, development, empire canyon, jordanelle, MLS, Park City, Parks edge, Real Estate, retreat, Talisker
Posted in buyers, Park City Economy, Park City Neighborhoods, Park City Real Estate Notes |
0 Responses to "Park City Failed Development"
By Todd Anderson
Oct 06, 2009
The Chateaux at Silver Lake in Deer Valley is a fantastic option for people who are considering the purchase of a condominium in Deer Valley and want the potential for rental income. The home owners recently signed a contract with the Stein Eriksen Lodge to manage the property which, in my opinion, makes the future even brighter.
When a client is interested in generating rental income one of the key factors I look for is the ability for a property to generate revenue on a year round basis. Obviously the Chateaux at Silver Lake's location at mid mountain in Deer Valley generates winter revenue. But what about the spring, summer and fall? With over 9,000 square feet of meeting space the Chateaux has the ability to attract meetings, weddings and other special events throughout the year. Contracting with the Stein Eriksen Lodge will go a long way toward enhancing the perception of the Chateaux in the mind of meeting planners. Convention services, banquets and room standards will all go up a notch. Under the watchful eye of the Stein Eriksen staff the Chateaux's impressive amenities and services which include a large atrium lobby, on-site check-in, evening turndown service, concierge and bell services, complimentary wireless service in each guest room, outdoor heated pool and hot tub, fitness center, specialty shops, underground parking and a gourmet restaurant and lounge will all shine a little brighter.
Another asset that the Stein Eriksen Lodge brings to the Chateaux is an experienced sales and marketing team. These people have been working for years developing relationships with groups that appreciate what Park City and Deer Valley have to offer and demand the high level of service and attention to detail that Stein's provides. This group will hit the street running and should have an immediate and positive impact on rental income for those fortunate enough to own a condominium at the Chateaux at Silver Lake.
Rob Harris
http://youinparkcity.com/
Tags: chateaux, condominium, Deer Valley, income, lodge, Luxury, Real Estate, rental, silver lake, stein, stein eriksen
Posted in buyers, Park City Neighborhoods, Park City Real Estate Notes, sellers |
0 Responses to "The Chateaux at Silver Lake"
By Todd Anderson
Oct 02, 2009
Buy It for All the Right Reasons
I recently had someone walk into the office asking questions based on what seems to be the most common theme right now: "What is the best deal in town?" This gentleman then went on to tell me he'd be flying in from Texas to use the home or condominium and reiterated that he was looking for a bargain.
I probed for some more background: Do you think you will be using it more in the summer or winter? Are you a skier, golfer, hiker, biker, fisherman, horseman, shopper? Will your family be coming with you? How many bedrooms would you like? Will you be renting it when you aren't using it yourself? Do you picture this as a retreat of sorts or an access point to recreation? Do you envision possibly living in the home full time at some point in the future? How familiar are you with the Park City area? Have you vacationed here in the past?
Almost all of the responses were at best vague and ended with "I'm just looking for a good deal". I went on to try and explain that there are great values in just about every neighborhood within Park City. Pricing has retreated back to pre 2005 levels and inventories are high, there is no contesting the fact that we are in a Buyers market.
"So what is the best deal in town under $1.5M?" the gentleman asked as he grabbed flyers ranging from a fractional interest condominium to a slope-side home to a horse ranch with 20+ acres and everything in between -asking "what about this area?" for each flyer.
During the flyer barrage he mentioned a home he'd seen yesterday and that he was working with another REALTOR® and planning to write an offer - what did I think of X as an offer price (about 35% off the asking price for what most that have been in the home would consider a very well priced Park City home already)? I offered the same advice that I give to my own clients.
Take some time and figure out how you will use the Park City or Deer Valley property you wish to purchase. Will it become home, a family vacation get-away, an income producing property, an investment flip or whatever? There are strong values and even some outright "steals" in our market, but many of the values should not be measured by a pure monetary value. What value can you put on the memories, lifestyle and pure enjoyment that owning Park City can bring?
While the end result of your purchase in Park City may well prove to be a good investment financially when you decide to sell, the rewards you receive while you own here are truly the right reason to buy Park City real estate.
Tags: Buyer, condominium, deal, Deer Valley, home, lifestyle, market, Park City real estate, property, realtor, value
Posted in buyers, Park City Golfing, Park City Real Estate Notes, Park City Skiing |
0 Responses to "Park City Real Estate"
By Todd Anderson
Jun 23, 2009
Park City & Deer Valley real estate can boast of having many fine golf communities completed or nearing completion. These include Glenwild, Tuhaye, Promontory Ranch, Hideout Canyon, Victory Ranch and Red Ledges. Promontory features two courses, an equestrian center, club houses and numerous kids programs. Tuhaye has one course (plus another in the works), a ski boat on the Jordanelle Reservoir, many kids programs but is unique in that its membership includes the Talisker Club amenities at Deer Valley ski resort. Victory Ranch will have an exceptional course but what separates it from the other clubs is that it has private river frontage on the Upper Provo River and fantastic fly fishing, Red Ledges will open its Jack Nicklaus designed course 4th of July weekend and will have world class tennis facilities and other amenities. Glenwild's crown jewel is its Fazio designed golf course. It is a golf country club type of community complete with workout room, restaurant and swimming pool. All of the above are gated communities.
I think Park Meadows Country Club, which often seems to fly under the radar screen, is worth considering when a family is deciding to purchase a primary residence or vacation home in a Park City and wants golf to be a part of their Park City lifestyle. It is not a gated real estate community and does not have many of the built in programs and amenities associated with these other clubs. On the other hand it is located within the Park City town limits which means all of the activities and amenities in Park City are readily available to families that purchase a home in Park Meadows and join the Park Meadows Country Club. Some of the amenities in Park City are the Racquet Club, the free bus system, the Skate Park and City Park. The Park City restaurants, clubs, events and shopping match its real estate in being world class.
Park Meadows Country Club, originally designed by Jack Nicklaus, was renovated last year by John Harbottle. Park Meadows has a swimming pool, restaurant and workout room. It is adjacent to the Park City Racquet Club and is part of the city-wide free Park City bus system, a real plus for getting kids to and from all that Park City, Utah has to offer.
No one knows what Park City real estate areas will appreciate more rapidly as we climb out of this recession but if I had to put money on it I would bet homes, condominiums and lots inside of the Park City town limits to bounce back more rapidly just based on the principle of scarcity.
If you are considering the purchase a home or condominium in the Park City or Deer Valley area and want to live on or near a golf course don't forget to take a peek at Park Meadows.
For more info on Park City Real Estate contact a YouInParkCity.com Keller Williams Park City Real Estate specialist.
Tags: condominium, Deer Valley, Glenwild, Golf, home, Nicklaus, Park City, Park Meadows, Promontory, Real Estate, Red Ledges, Skiing, Talisker, Tuhaye, Victory Ranch
Posted in Park City Golfing, Park City Neighborhoods |
0 Responses to "Park Meadows Golf Real Estate in Park City"
By Todd Anderson
Jun 15, 2009
Several clients have asked me if the new St. Regis at Deer Crest will be open for the 2009/2010 Deer Valley® ski season in Park City. And after my tour yesterday of this amenity rich hotel I have to say I believe it will. Everywhere I looked I saw people working, over 400 of them in fact. The 100% wool carpet is going in; kitchen equipment is being hooked up for the banquet kitchen as well as Chef Jean Georges new restaurant. The final touches are being added to features like the waterfall, and the fire garden (my name for it) next to the "ski beach" slope-side pool area. After watching the steady progress over the last couple of years all of the pieces seem to be coming together for the Park City and Deer Valley ski season opening.
Another question I can now answer is: what justifies the price? The condominium and residence units will be appointed at least as well as the other newer luxury homes and condominiums in the Canyons, Empire Pass, Old Town and Upper Deer Valley. I didn't see a residence or condominium without a fantastic view; even those on the first level appear to be about forty feet above the Deer Hollow ski run and look up to other ski runs. But when one considers the Five Star Services and amazing common area which owners of the Residence and Condominium units will include the price seems in line. In my opinion this will be one of the finest real estate offerings in Park City or Deer Valley.
Granted Park City Real Estate has experienced a down turn but I think scarcity will play a role in these condominiums and residences bucking the trend. If you want the level of service, the on hill location and the common area amenities that the St. Regis offers there are only 32 units still available, 8 residences and 24 condominiums. I can't help but think there are 32 more families out there that will see the value in this exceptional project.
For more information on the St. Regis and other Park City and Deer Valley real estate opportunities please contact us.
Rob Harris - YouInParkCity.com
Tags: condominium, Deer Valley, hotel, Jean Georges, Luxury, Park City, Real Estate, residence, Ski, st. regis
Posted in buyers, Park City Real Estate Notes |
0 Responses to "Park City's New St. Regis in Deer Valley"
By Todd Anderson
Oct 27, 2008
This is a follow-up post from Oct 20, 2008. On the 22nd of October Park City's local paper The Park Record ran an article stating that average home prices in Park City have shown only a 5% decrease while sales volume is down over 40%. In the previous YouInParkCity.com blog post it was noted that some Sellers "don't have/or need to sell" as a reason why prices have remained somewhat stable in Park City and Deer Valley. The homes and condominiums that are currently selling have represented strong values and have been some of the most aggressively priced. So the question is "why doesn't everyone lower their price?"
We want to explore a possibility beyond Sellers being "stubborn" or not truly needing to sell unless they get the price they want. Another reason why Sellers haven't lowered their price may be because they truly can't afford to do so.
While statistics can show that pricing has remained stable here in Park City and Deer Valley, it can also be shown that many of the properties that are selling have sales prices close to those of 2005. For a Seller that bought last year or on 2006, they are not necessarily "upside-down" but they may be "underwater" or in a negative equity position. These owners aren't necessarily in danger of losing their home, but they are in a position of being "stuck". While these owners may wish to move, they would need to bring a check to the closing and actually pay to sell their home. To a lesser extent, Sellers may lose the money they had put down originally. For many residential homeowners the majority of their wealth is tied to home equity. They don't have the ability to walk away from equity they had, or start over again with none.
Some national data has shown that nearly 20% of homeowners that bought their home since 2006 may be in a negative equity position. For many of these homeowners, there are only a few ways out of their home and most of them have very harsh financial impacts. Frequently, these homes stay on the market at a sales price that doesn't reflect the current market conditions. Prices may stay stable due to the fact that these owners truly can't afford to lower their price.
Submitted by Todd Anderson
Todd@youInParkCity.com
Tags: Buyer, condominium, equity, home, home owner, Park City, prices, Real Estate, residential, second, seller
Posted in buyers, Park City Economy, sellers |
0 Responses to "Park City, UT Price Stability"
By Todd Anderson
Oct 06, 2008
Saturday Morning TV seems to be filled with shows o
n HGTV and the DIY network among others that show people upgrading their homes followed by a Realtor telling them how much more it is worth.
The country's present real estate market shows us that those upgrades may not all be good and definitely don't necessarily make you money in the end. This is not to say that something can't be bought at a great price have a few cosmetic upgrades done and be sold for a profit, but the days of the easy fix and flip may be gone.
The Park City area, having a resort originally built in the 60's and 70's (not to mention miners shacks from the early 1900's), has some properties that are in need of a remodel. The majority of the guests coming here expect a world class resort and accommodations to match. Real estate buyers in Park City have come to expect granite countertops surrounding professional grade appliances, jetted tubs and travertine tile in bathrooms, LCD or Plasma screen TV's, hot tubs plus plenty of snow in the winter and sun in the summer.
Maybe your Park City home or condominium doesn't currently have all this. Do you have to upgrade? If so, what should you do and how much should you spend? To answer these questions you really need to consider what end result you are trying to accomplish. Are you looking to sell soon? Are you looking for better rental revenue? Are you looking to just please yourself or spouse by making your place more comfortable? Do you just want to smile when you turn the corner and see your home come into view? Each of theses answers may lead to a different upgrade and investment in your property.
If your intention is to fix up the property and sell it, consult your local Realtor about which project to tackle first and the resulting revenue difference it may make in the sales price of your home. Remember that the most important part will be to get people to come into your Park City house or condominium, so work on the outside "curb appeal" first (this is the first and last thing people see when they come to look at your property).
If your intention is to remodel the inside of your home, take a look at the cost of remodels and the average return on that investment in the Sellers section of our website. Remember why you are making an upgrade, if it brings you happiness while you are living in the home; consider that value in your return on investment calculation.
Also, for those of you that plan to "do-it-yourself" note that it is never as easy as the ½ hour TV show would lead you to believe. Think about what type of person you are (are you a perfectionist or do you settle for adequate?), make sure that you finish the project to the end and not just do "good enough" especially if your end wish is for better resale value.
Tags: condominium, home, Investment, market, Park City, property, Real Estate, remodel, revenue, upgrade, UT, Utah
Posted in Uncategorized, sellers |
0 Responses to "Remodeling your Home to Sell"
By Todd Anderson
Jul 15, 2008
The second quarter of 2008 has come to an end and the statistics are out for the Park City, Utah real estate market. It is always interesting to see how the numbers stack up to what your gut feeling about how the market is doing. A quick look at the numbers can show that my gut feeling is both right and wrong, as usual, the numbers can be spun to show whichever story you want to tell. Well, almost...
There is almost no classification in which it can be shown that sales volumes are up. Single Family home sales for the first 2 quarters of the year were off by 45%. Pricing though was effectively flat (up 1% in town, down 6% in the Snyderville Basin, up 1% in the Heber Valley). Bright spots can be found in single family home sales if you look at Woodland and Francis, sales prices were up 80% from the same period last year.
Over-all condominium sales showed a drop of 24% in sales volume, but prices were up by 18%. There were a few newly completed projects that skewed the numbers (please note that it can be argued that this is almost always true in the Park City real estate market). Sales at the Newpark Hotel in Kimball Junction totaled over $24 million and gave the Kimball Junction area a 95% boost in sales volume and a 131% boost is dollar volume of sales. Similarly, the Old Town area shows remarkable numbers unless you remove the sales of Silver Star (new ski-in / ski-out property at the Park City Mountain Resort) which showed over $54 million in sales.
Vacant land showed a 60% decrease in unit volume sold while overall pricing was up 14%. The telling number here might be that there are over 1300 active listings for vacant land on the Park City MLS and 109 sold in the first 2 quarters of 2008 leading to a 6 year supply of inventory at the current sales pace.
There are bright spots and dim spots throughout the sales report for the first 2 quarters of 2008. All real estate is local down to the block, side of the street, which ski run you're on, or on which hole of the golf course your home sits. For a more complete analysis of the Park City real estate area that you are most interested in, give the YouInParkCity.com Group a call at 888-968-4672 or email us at info@YouInParkCity.com.
Submitted by Todd Anderson
Statistics herein were derived from the Park City MLS. Numbers are deemed accurate and reliable, but not guaranteed.
Tags: condominium, Park City, prices, Real Estate, sales, single family, Utah, vacant land, volume
Posted in buyers, Park City Economy, Park City Real Estate Notes |
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