By Todd Anderson
Dec 02, 2011
We are close to having one year of sales data for the Montage at Deer Valley and the sales data shows surprising strength given the overall market and world economy. Thirteen sales have been completed for Montage Deer Valley Residences. The sales represent just over 15% of the available units but were nearly 50% of all sales in Park City’s luxury real estate enclave of Empire Pass. Sales prices have ranged from $1.6M to $8M.
The latest release of residence models at Montage Deer Valley will feature a showcase residence that is a collaboration between interior designer Philip Gorrivan and One Kings Lane (a leading online site for designer décor, furnishings and accessories). The 3471 square foot home is a two story three bedroom, three bath model featuring a large great room, dining room, gourmet kitchen, and den. Three private balconies offer incomparable ski resort and valley views. The designer elements in the home have created a mountain modern feel in which each room has its own unique sense and appeal to the luxury Park City lifestyle. Our recent tour through this home was impressive.
The home will enjoy access to all of the Montage Deer Valley spa and resort services and amenities; not the least of which is its slope-side Deer Valley location.
For more information about this special Montage Deer Valley home or a private tour focused on luxury Park City and Deer Valley real estate contact YouInParkCity.com at (888)968-4672.
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Tags: Deer Valley, Empire Pass, home, montage, Park City, Real Estate, resort, Ski
Posted in buyers, Park City Neighborhoods, Park City Real Estate Notes |
0 Responses to "Montage Deer Valley Real Estate"
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
Aug 21, 2010
We have talked for years about what is or is not a best buy and at $16,000,000 this one of a kind home named Deerfield Estate, in the Deer Crest area of Deer Valley, Utah without a doubt, qualifies.
Every week we look at homes in the Park City Real Estate and Deer Valley markets. Very rarely are we awed by a condominium or home. In the Deer Crest area of Deer Valley there are many very well done homes, the “Ski Dream Home” and others come to mind but this estate home on 4 acres is a notch above. In looking for adjectives I landed on elegant, sophisticated and comfortable. While most of the Deer Crest homes and lots are ski in ski out very few provide direct skier access to Deer Valley’s Snow Park Lodge. At the end of the ski day there is a private gondola to take you home.
The home’s statement of detail and quality starts when you enter the private gate to Deerfield Estate and continue up the drive to a grand vaulted portico from which hangs a custom iron lantern. The entrance to the home is two massive hand carved oak doors with antique bronze hardware that originally graced a Chicago mansion.
Deerfield Estate has all of the amenities one would expect in a luxury Deer Valley home but the finishes are in a class of their own; hand hewn posts, beams and trusses, hand painted tiles, custom bronze sconces and lighting fixtures and much more. To my chagrin many of the items needed to be explained to me by Bruce Martin, owner of Bruce Martin Interiors of Sun Valley, Idaho. http://www.brucemartininteriors.com/index.html
Created as one of the crown jewels of the Achristavest group, its team of designers and craftsmen took full advantage of this site’s breathtaking ski area and Jordanelle Reservoir views. There is even a intimate sitting area above the gondola from which the view is truly 360 degrees. This luxurious home gives you the feeling of being in the heart of the Deer Valley Resort and yet in a world of your own
Deerfield Estate is conveniently located ½ mile from the St. Regis, 1 mile from the Deer Crest gate and only 2 miles from the base of the Deer Valley Ski Resort’s Snow Park Lodge. Through the back entrance to Deer Crest it is only about 20 minutes to the private airfield in Heber. So if you are looking for the privacy with convenience, sophisticated elegance, and want that one of a kind ski mountain estate in Park City, UT; this home might be right for you.
Originally priced at $28,975,000 and reduced to $15,875,000 for auction this estate quality home easily qualifies for the YouInParkCity.com Best Buys list.
For more information on Deerfield Estate or to register for the upcoming auction, contact Rob Harris or Todd Anderson at the YouInParkCity.com group (888)968-4672.
Tags: auction, Deer Crest, Deer Valley, Deerfield Estate, home, Luxury, Real Estate, resort, Ski, Utah
Posted in buyers, Park City Economy, Park City Real Estate Notes, sellers |
0 Responses to "A $16Million Real Estate Best Buy???"
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
May 29, 2010
More than just the skiing, it is the community and local amenities that make Park City Real Estate Valuable.
Ask a local why they make Park City, UT home 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 we think make Park City, Utah a special place to live and own real estate.
Today's topic: KPCW - Your Community Connection
KPCW is Park City, Utah's local radio station. As one of the few radio stations that sounds clear in your car while driving around Park City, it has a tremendous local following. KPCW is one of the best sources for news and events relevant to the Park City area.
KPCW dedicates five hours a day to award-winning, in-depth local news and interviews, with a focus on local Park City and Summit County issues. KPCW broadcasts timely information on local emergencies, road conditions and weather. The station also offers critical support to local not-for-profit organizations, providing interviews and producing over 26,000 free public service announcements each year to promote their activities.
Unique local programs created by KPCW include: The Morning Show and Local News Hour, Monday-Friday 6:00 - 9:00 AM with Leslie Thatcher presenting local news, traffic and interviews; Mountain Money, with Ann Johnson, a daily report on local businesses; PM Park City, each afternoon with Randy Barton featuring local news and interviews; Cada Domingo, a weekly three-hour program offering national and international news, music and interviews of importance to the area's Spanish speaking community; This Green Earth, a weekly program with local and national "green" news and experts who help listeners live a more environmentally informed life; and Miner Details, a one-hour weekly report on local activities and sports produced by students from Park City High School. The station also provides a Saturday morning Classifieds Show, on-line Ride Board and Lost and Found.
World News Service from the BBC is broadcast overnight starting at 10 PM through 5:00 AM. Throughout the rest of the day, music is played by over 50 local volunteer DJ's.
Many of the local news stories heard on air are posted on the station's website at http://www.kpcw.org/.
KPCW is one of the many things that while somewhat intangible definitely adds to the value of real estate in Park City and makes Park City a great place to live and call home.
If there is a Park City community amenity that you have questions about, drop The YouInParkCity.com Group an email.
Tags: community, home, information, KPCW, news, Park City, place to live, radio, UT real estate, Utah, value
Posted in Park City Economy, Park City Real Estate Notes, Park City value |
0 Responses to "What Makes Park City Real Estate Valuable? #2"
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
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
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 20, 2008
I was speaking with a fellow REALTOR® here in Park City last week and she stated that she was surprised that prices here in Park City and Deer Valley hadn't fallen as much as she had expected. While news articles from around the country show home values dropping as much as 30%, Park City hasn't seen very dramatic price changes. Many people ask "why?" Here are some of the contributing factors.
The reasons vary somewhat according to the property involved; primary residences and second or vacation properties. In this article we'll focus on the latter. Second homes and vacation properties are a luxury item and they are bought by people that can afford them. As much as 70% of Park City and Deer Valley area property can be attributed to second homes and vacation property. The majority of these property owners have relatively small or no mortgages on these properties and most have an "if it doesn't sell at this price, I'll just hold onto it" attitude. Few of the second home owners have a true need to sell. In the sellers mind, the property is worth ‘x' and in time it probably will be. Sellers here in Park City have "staying power" and while overall sales volumes are currently down 45%, prices are holding somewhat steady. Sellers are willing to wait, and Buyers are not necessarily willing to jump at prices that have held steady which leads to more property on the market. This Seller's resistance to drop their prices and ability to wait is a major reason that prices in resort towns don't fall as much as national averages in a down market.
A driving force behind the national market downturn was the sub-prime and "risky" mortgages. Park City saw relatively few of these mortgages. It may seem odd from the outside, but few of the second homes with values over $1M have any mortgage debt at all. Historically, fifty percent of real estate purchases in Park City and Deer Valley are cash. In general even with as easy as credit was recently, it was still tougher to mortgage secondary homes as creditors know that if there is trouble, these are the first thing debtors walk away from. That is not to say that sub-prime mortgages in our market don't exist or that there are no property owners that are in financial trouble, only that this number is smaller in relation to the Nation's trouble spots.
Another reason that Park City second home and vacation property values have stayed strong is that things the have not changed much here. People still want to be here, whether it is to vacation or to live. Park City is a beautiful, easily accessible. The city offers endless recreational opportunities and a great climate. Park City's economy has not been greatly impacted by the national "crisis". In addition, the Utah economy has been touted as one of the best in the country. Finally, there is scarcity built into Park City. There are only so many places in the world that are like our city, and much of the town is truly "built out".
These are some of the reasons that Park City has not seen a dramatic change in its prices as compared with other spots in the Country. That is not to say that prices in Deer Valley and Park City have not fallen; they have. As noted earlier, pricing remains fairly steady, but many of the properties that have sold were priced aggressively and represent pricing similar to 2005. There are good values and realty opportunities in Park City, and the situation for each seller is unique. Just don't expect to see rows of homes for sale with foreclosure signs in every other window as you search for a place to live or vacation in Park City.
For more detailed information about recent price trends in Park City, Utah and Deer Valley, UT go to: http://www.youinparkcity.com/. Price trends, highs and lows, averages and days on market information is available for each Park City neighborhood.
Tags: Buyer, change, home, homes, Park City, price, prices, Real Estate, realtor, realty, second, seller, UT, Utah, vacation
Posted in buyers, Park City Economy, sellers |
0 Responses to "Why Park City Prices Remain Strong"
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
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 |
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