Support Park City Non-Profits Today!

Today's the day, Park City fans!

This is the third annual "Live PC Give PC" fundraising event that benefits almost 80 local Park City Utah area non-profit organizations.  You can make a donation to your favorite organization, multiple groups, or make a general donation that benefits all of them!

Here's the link:
www.LivePCGivePC.org

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Thank you in advance to to all of our subscribers who donate and help make our community the exceptional place that it is!

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Just ran a quick snapshot of all of the pending & closed sales in Deer Valley since January 1st.

It's not surprising that buyers are getting frustrated finding quality properties in the higher end of the Deer Valley marketplace over $3 million.  In the first 9 months of 2013, 36 properties over $3M have pended/sold across Deer Valley, including Deer Crest, Empire Pass, Upper Deer Valley, and Lower Deer Valley.

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Warning:  If you're getting a loan for a real estate purchase in Park City or Deer Valley during the shutdown, beware these pitfalls....

I just spoke with a friend who owns a mortgage company here in Park City about how the US Government shutdown could impact real estate in Park City & Deer Valley. 

Fannie & Freddie loans can still be processed to a certain extent, as these entities are open for business.  However, there are still potential challenges for these conforming loans.  See below for details...

USDA Loans Not Available in Wasatch & Summit County at This Time

On the flip side, since the UDSA is not operating at full strength, the USDA rural loan programs that are popular here in Wasatch and Summit Counties will simply not be able to be…

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The real estate market in and around Park City continues to strengthen, with low inventory and much shorter marketing time for properties. Distressed sales are becoming rare and competition amongst buyers for deals is very strong. If you have been waiting and watching the market here for an opportunity, do not despair, there are still good deals to be had, but for how much longer?!

Both the number of sales and the median sales price are up over last year's numbers in the Greater Park City Area according to this press realease of 2nd quarter statistics released by the Park City Board of REALTORS®.

With a total of 991 sales to date — a 19% increase over the same time period in 2012 -

the first half of 2013 had the highest number of sales since the…

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In a clear sign of the rebound the real estate market has made here in Park City, Promontory has risen from near failure to a thriving mountain community unequalled in the West. This is where families can truly enjoy a mountain lifestyle for all seasons.

The pace of sales of lots and homes in Promontory has soared. Just a couple years ago the community was replete with half finished homes in foreclosure, and now it has a new clubhouse, The Shed, with more ameneties planned including a new pool, a dog park, and a million dollars being spent on trees and landscaping throughout the neighborhood.

Over 800 lots of the 1925  lots available in the 11 square miles of Promontory have been sold, and lot prices have risen above $300,000 again and homes over $3…

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Park City Real Estate Market Update 2013

If you were waiting for the market to hit bottom here in Park City before you made your move into the market you missed it...sorry...

The bottom of the market is clearly in the rear view mirror as evidenced by the year we had in 2012. Low inventory, multiple bidders, higher prices and a shrinking of distressed sales all indicate that we turned the corner and are now in an ascendiing market.

If you are interested in buying a Park City property, all is not lost, there are still deals to be had and interest rates are low, but the competition is fierce and frankly, time is not on your side.  Prices have not risen in all areas, but given current activity and inventory levels it is evident that prices are going to…

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 The Park City Board of Realtors just put out this press release, which is a must read for anyone interested in buying or selling real estate in this area

 

Park City, Utah -- The year-end 2012 statistical report released by the Park City Board of REALTORS® indicates an increase in the number of sales and total dollar volume, with inventory the lowest it has been in over six years. It also shows a slight gain in median prices compared to 2011. The total volume of real estate sold for the entire market area (Summit and Wasatch Counties) reached $1,240,542,783 in 2012 -- a 15% increase over 2011.

 

Sales
The number of sales continued to climb in 2012 with a nine percent increase over 2011 in all property types combined, reaching 1,817 total…

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Sorry, foreclosure fans.  This game is just getting harder and harder!

For the third straight quarter, the percentage of distress sales in the Park CIty marketplace dropped again.  Down from a high of over 33% of sales being distressed, in the third quarter of 2012, only 13.81% of sales were distressed.

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Click on the chart above to see the whole Park City Distress Sale report...

Our friend Rick Klein at Wells Fargo Mortgage in Park City performs an extensive analysis of the Park City distress sale market each quarter.  You can download his most recent research masterpiece here!

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We just posted our most recent Deer Valley & Park City Luxury Market Recap & Forecast!

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If you're not familiar with the report, here's what you'll find inside:

Recaps of the Deer Crest, Upper Deer Valley, Lower Deer Valley, Empire Pass, The Colony, and the greater Park City Luxury Market.

In the report, you'll be able to research specific sales, market trends in your favorite target neighborhoods, and read our forecast for the coming quarter and where we see the best opportunities for buyers and sellers of Deer Valley Real Esate.

You can download the full report here. 

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While much of the country is bemoaning their weather, Utah is celebrating the start of what could be another great winter. Late last week we transitioned the best way we know how, golfing in shorts on Thursday, to playing in the snow on Friday.

Thursday was windy and warm, and there were less golfers than turkeys and deer on the Wasatch Mountain State Park golf course, where yours truly was just six inches from carding his first ever hole in one on the 190 yard par 3 hole number 8.(Made the tap in birdie, thank you)

Then came 'Brutus'...apparently we are now naming winter storms...and the mountains were inundated with snow.

Four feet of snow fell in the Cottonwood Canyons. Alta Ski Resort is reporting 48 inches and a 43 inch mid mountain base…

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