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…

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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…

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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…

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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…

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Victory Ranch Has New Owner

Park City Golf Development 'Victory Ranch' Sold

A Chicago based developer just closed on their acquisition of the Victory Ranch development from Wells Fargo Bank.

This is a significant development in the Park City real estate marketplace.  We have been watching this with keen interest.  

Victory Ranch offers some of the best private Fly Fishing in the Park City area, and the river, combined with the spectacular golf course, will provide Victory Ranch property owners with an enviable package of lifestyle amenities!

The following article is an excerpt from the Salt Lake Tribune...

Chicago-based firm buys Utah's Victory Ranch development

| The Salt Lake Tribune

A luxury home development that spans almost 6,500 acres near Park City has changed…

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Park City Real Estate Market Stats Q1 2012

We just reviewed the 2012 first quarter Park City real estate market stats, with no real surprises.  

Existing market recovery trends continued.  Here are some of the highlights:

• The number of active property listings is down
• The number of pending sales is up
• The 6 andd 12 month moving averages for # of properties sold is stable
• Distress sales are a smaller percentage of the closed transactions...down to 19.1%
• Distress sales represent only 8.5% of the total inventory for sale
• The number of "Notices of Default" incresed in Summit County but decreased in Wasatch County in Q1

You can read the complete first quarter 2012 Park City Market Report here:

http://www.parkcityrealestateguide.com/documents/2012_Q1_PCMLS_Market_Stats.pdf

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NAR Chief Economist Visits Park City

Lunch with Dr. Lawrence Yun in Park City, Utah

We had lunch last week with Dr. Lawrence Yun, Chief Economist for the National Association of REALTORS®.  Dr. Yun was relatively bullish for the near-term future of resort real estate market conditions in the Park City & Deer Valley areas.  

Dr. Lawrence Yun-NAR Chief Economist & Erik Asarian-Branch Broker Keller Williams

One might suspect the Grand Poobah of REALTORS® might spin the data into a good news story, but he had the facts to back up his assertions.  

Key factors in his case for continued market recovery included: 

• Massive reduction in available properties for sale compared to a couple of years ago
• Anemic number of new housing starts in Summit County, Utah
• Affordability (low…

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Deer Valley Real Estate Stats - 2011 Recap and 2012 Forecast

We just finished compiling the Park City & Deer Valley luxury market real estate sales data from 2011.  You can read the complete report here...

Deer Valley 2011 Recap & 2012 Real Estate Forecast

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Park City Real Estate Market Stats

Want to pull back the curtain on the real numbers behind the Deer Valley & Park City real estate market?

We just finished compiling the year-end stats.  Here are the key takeaways:

1) Available inventory of properties for sale is substantially reduced in most Deer Valley and Park City neighborhoods

2) Properties are twice as likely to sell as they were a couple of years ago

3) Foreclosures and short sales represent about 25% of the closed sales in the Park City utah real estate marketplace

Here is the link to the rest of the story, including charts, graphs, and predictions about where we expect prices to go from here...

Park City Real Estate Sales Statistics 

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St. Regis Deer Valley...at HUGE discounts!

Remember back when the St. Regis Deer Valley was pre-selling condos & residences while the building was under construction?

Well, a handful of those buyers could not close on their purchase.  Their misfortune is now a huge opportunity for you!

Here is the rest of the story about the St. Regis Deer Valley condos on sale

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