Promontory the Ranch Club 2013 update

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…

8619 Views, 0 Comments

Park City Real Estate 2013: Transitioning to a Seller's Market

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…

2979 Views, 0 Comments

Park City Real Estate 2012 Year in Review-Press Release

 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…

3351 Views, 0 Comments

Park City & Deer Valley Distress Sale Update

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.

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!

2939 Views, 0 Comments

Deer Valley & Park City Luxury Real Estate Market Recap & Forecast 2012 YTD

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

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. 

2094 Views, 0 Comments

Snow in Utah

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…

2632 Views, 0 Comments

Buying Park City Utah Real Estate; Shoulda, Coulda, Woulda???

Our team's philosophy is to help our clients understand the market here in Park City so that they can be successful in the purchase or sale of real estate in our area. We strive to educate, not pontificate, and we let our clients set their own timetable without pressure from us.

I have recently been struggling as to how to communicate the realities of our market to buyers without sounding like a used car saleman. Nobody wants to hear that you must buy today or you will pay more tomorrow, it is too slick and smacks of self interest as a realtor to say that. But the realities of our market are clear to those of us that are actively involved in helping buyers search for properties, and here it is...

The longer you wait to purchase a property in and…

7941 Views, 0 Comments

Best of the West; Park City, Utah

It is easy for locals to love Park City, and maybe we brag about our town a bit too much, but there are times when the accolades must be shouted from the mountain tops. Such as now....

Ski Magazine readers have just ranked the three resorts in Park City in the Top Ten in North America,

Recognizing what locals and part time residents have long known. That is, Park City is the best ski town in this country, and possibly the best town period.

Deer Valley Resort ranked #2, Park City Mountain Resort ranked #4, and Canyons ranked # 10

For snow sliders, this easy to reach mountain mecca offers nearly 400 trails on more than 9000 acres of terrain on three world class resorts with the 'greatest snow on earth'. This picturesque town offers over 100 bars and…

2339 Views, 0 Comments

St Regis Deer Valley Ranked Best Family Hotel In the US

Deer Valley has a well deserved reputation for being a great place for family ski vacations and Travel & Leisure has just named the St. Regis at Deer Valley as the Number One Hotel for Families in the U.S.

That is high praise for this relative new comer to Park City especially considering the other 5 Star family friendly resorts such as the venerable Stein Eriksen Lodge and the acclaimed Montage at Deer Valley.

Now, the snowboarders in the family can not rip the famed courduroy of Deer Valley as it is a skiing only mountain, but Park City has a ridiculous abundance of ski and snowboarding choices, with no less than 9 world class resorts less than an hour's drive from this bucolic mountain town.

The ease of access from Salt Lake International…

2847 Views, 0 Comments

Park City Foreclosures: Going, going...

Deer Valley & Park City Real Estate Prices

Nobody rings a bell at the bottom...or do they?

If you've been reading our regular Park City Foreclosure Updates, you won't be surprised to learn that distress sales are becoming harder and harder for value-conscious buyers to find.  And if you're a skeptic, don't take our word for it.  Here are the cold, hard, facts...

See how the number of NOD's (Notices of Default--number of new borrowers 90+ days delinquent on their loan payments) has dropped in 7 of the past 11 quarters in Summit County?  Looking at the # of NOD's is a quick and easy way to forecast how many properties banks will take back at Trustee's Sales in the months ahead.  The chart above shows this lag, and it relates very closely with the…

4722 Views, 0 Comments